ShipOwner Orderbook Monitor

Volume 19, No.1 January-2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Orderbooks by Owner Country Major European Shipyards Rank Country No. m. cgt

1 China P.R. 789 15.5 7 26 2 Greece 552 14.7 SELECTED SHIPYARDS 3 Japan 379 8.8 1. Daewoo Mangalia, Rom. 14. Ferus Smit, Neths. 2. Santierul Naval, Romania 15. Brod. 3 Maj, Croatia 4 Germany 433 8.8 3. Meyer Werft, Germany 16. Sedef Gemi End., Turkey 4. Brod. Uljanik, Croatia 17. Brodosplit, Croatia 5 South Korea 201 4.8 5. STX Europe, France 18. Rousse Shipyard, Bulg. 6. Brod. Trogir, Croatia 19. Flensburger S.B, Ger. 19 21 7. STX Finnyards, Finland 20. Besiktas Shipyard, Tur. 6 United States 194 4.7 22 8. Schps. Bodewes, Neths. 21. P+S Werften, Germany 12 9. Celiktekne, Turkey 22. Damen S’yards, Neths. 8 3 7 Norway 288 4.6 11 10. Volgograd S.Y., Russia 23. UM Deniz Shipyard, Tur. 14 11. IHC Dredgers, Neths. 24. Bulyard, Varna, Bulgaria 8 Singapore 299 4.5 12. Peters Kampen, Neths. 25. Anadolu Shipyard, Tur. 13. Marmara Tersaneri, Tur. 26. Nevsky S.B., Russia

9 Taiwan 141 4.1 10 10 Denmark 142 3.7 5

11 Hong Kong 169 3.4 2 15 12 Israel 85 2.9 4 1 6 18 13 Turkey 170 2.8 17 24

13 14 Brazil 112 2.6 25 9 20 23 15 Italy 103 2.2 16 16 India 133 1.8 Other 1,706 25.1 GLOBAL TOTAL 5,896 115.0

Orderbook by Owner Major Far Eastern Shipyards Rank Company No. m. cgt

1 A.P. Moller 63 2.6 8 2 China Shipping Group 82 2.2 2 3 Mitsui O.S.K. Lines 67 2.2 4 COSCO Group 76 2.1

9 5Nippon Yusen Kaisha 70 1.8 SELECTED SHIPYARDS 7 1 7 3 4 China: 6 13 7 4 5 2 2 11 SELECTED SHIPYARDS 6Neptune Orient Lines 30 1.6 1. Hudong Zhonghua, Shanghai 5 3 8 Waigaoqiao SY, Shanghai 10 Japan: 7 Evergreen Mar. Corp. 30 1.4 Shanghai SY, Shanghai 12 1. Mitsubishi HI, Nagasaki Shanghai Jiangnan, S’hai 1 2. Tsuneishi Zosen, Numakuma 3. I.H.I., Kure Jiangnan Changxing, S’hai 6 8 Fredriksen Group 37 1.4 2. DSIC, Dalian 4. Oshima SB, Oshima 3 STX Dalian, Dalian 4 5. Kawasaki HI, Sakaide 9 Zodiac Maritime Agy. 40 1.3 3. New Times SB, Jingjiang 6. Universal SB, Ariake Jiangsu Eastern, Jingjiang 1 7. Universal SB, Tsu 10 Angelicoussis Group 25 1.3 Jiangsu New JZY, Jingjiang 8. Imabari SB, Marugame 4. Nantong COSCO, Nantong 5 9. Mitsui SB, Chiba Jiangsu Rongsheng, 10. Shin Kurushima,Onishi 11 STX Pan Ocean 52 1.3 Nantong 11. Koyo Dock KK, Mihara 5. Jinhai Heavy Ind., Zhoushan 12. Namura Zosensho, Imari 12 Grand China Logist. 45 1.2 Tsuneishi Zhoushan, Z’shan 13. Sanoyas, Mizushima 6. Guang.Longxue, Guangzhou South Korea: 13 Carnival Corp. 10 1.2 7. Beihai SY, Qingdao 1. Hyundai HI, Ulsan 8. Bohai SB, Huludao Hyundai Mipo, Ulsan Taiwan: 2. Samsung SB, Koje 14 Petrobras 49 1.2 1. CSBC, Kaohsiung 2 3. Daewoo SB, Okpo 2. CSBC, Keelung 4. Hyundai, Samho

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 15 Dynacom Tankers Mn 27 1.1 5. STX SB, Chinhae 6. Hanjin HI, Busan 6 1 7. Sungdong SB, Tongyeong Other 5,193 91.2 SPP Shipbuilding, Tongyeong GLOBAL TOTAL 5,896 115.0

Fifty years after the publication of World Fleet Register Clarkson Research's World Fleet our first hard copy register, Clarkson A powerful, web-based vessel database system Register covers over 90,000 vessels in Research has made its fleet database … a comprehensive view of the world fleet service, on order, under conversion or available on-line. recently removed from the global fleet. www.clarksons.net/wfr Shipowner - Index

Algeria 6 CHEC Changjiang Wuha PDA Logistics Lauritzen Bulkers Hermann Buss Diana Shipping Inc. China Huaneng PetroChina Lauritzen Kosan Hermann Lohmann Dilek Transporting Hyproc Shipping Co. China LNG Shpg. Qinhuangdao Wuxing Maersk Drilling Horst Zeppenfeld Dioryx Maritime Corp Sogeport-GICEP China Merchants Quanzhou Ansheng Maersk Line HS Schiffahrts DND Management Inc. Angola 6 China Minmetals Rewood Ocean Shpg. Maersk Supply Intership Nav. Co. Dryships Inc. China Nat. Petroleum Richamp Invest. Nielsen & Bresling Jacob Tankschiff. DST Shipping Inc. Sonangol China Oilfield Serv. Rizhao Steel Norden D/S A/S John T. Essberger Dynacom Tankers Mngt Total E&P Angola China Shpg. (H.K.) Seroja Zhushui Shpg Nordic Ferry Josef Möbius B-A Dynagas Ltd.

Australia 6 China Shpg. (Hainan) Shandong Bohai Ferry Othello Shpg. Co. Jungerhans & Co. Eastern Med. Mar. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 BHP Billiton China Shpg. Cont. Shandong Shipping OW Bunker Komrowski Befracht. Efploia Shpg. Co. Daltug Pty Ltd China Shpg. Pass. Shanghai China-Trust Royal Arctic Line Krey Schiffahrts Efshipping Co S.A. Mermaid Marine Group China Shpg. Tankers Shanghai Citic Shpg. Safmarine Cont. Line Leonhardt & Blumberg Eletson Corp. Rio Tinto Marine China Shpg. Tramp Shanghai Donghai Scandlines Denmark Manfred Lauterjung Elmira Shipping Strategic Marine Chinese Govt. Shanghai Jinhai Shpg Seatruck Ferries Marship Bereederungs Enesel S.A. ChinOc Shanghai Jiuhe Stella Shipping P/S MPC Steamship Enterprises Shpg. Bahamas 6 CNOOC Shanghai North Sea Tank. Herning A/S Nimmrich & Prahm Equinox Maritime Campbell Shipping COOEC Shanghai Offs Pet Tankers Inc Nord, Reederei, Ltd. European Navigation Bangladesh 6 COSCO Bulk Carrier Shanghai Salvage Co Torm, Dampskibss Nordcapital Eurotankers Inc. COSCO Group Shanghai Time Shpg. Nordic Hamburg Evalend Shpg. Nurjahan Group Egypt 18 COSCO Hunan Shanghai Youhao NSC Schiffahrt Everlast Shipping SA Belgium 6 COSCO Shenzhen Shenhua Zhonghai A.M.P.T.C. Oltmann, D. FreeSeas Inc. Alexandria Port Bocimar N.V. COSCO Shipping Co. Shenzhen Sanding Opielok Reederei GasLog Ltd. Damietta Cobelfret N.V. COSCON Sino Asia Shpg. Orion Bulkers General Mar. Enterp. Egyptian Govt. DAB Vloot CSC Nanjing Tanker Sinotrans Changjiang Oskar Wehr Gleamray Maritime Maridive & Oil Serv Delphis N.V. CSC Phoenix Sinotrans Shpg. Ltd. Ownership Golden Flame Shpg. Subsea Petroleum Dredging Int'l CSC Shenzhen SIPG Peter Dohle Schiff. Golden Union Euronav (UK) Agen. CSIC-IMC Shipping Sirius Marine Estonia 18 Rass Reederei Goldenport Holdgs. Da Tang Shipping SITC Reederei C.-P. Offen Goulandris Bros. Jan De Nul N.V. BLRT-UMM Shipping Seatrend Shipping Da Tong Shipping S.A South China Marine Reederei H. Vogemann Gourdomichalis Mar. Dalian Deepwater South Farocean Ethiopia 18 Reederei O. Marten GrandUnion Inc. Brazil 6 Dalian Five South Ocean Shpg. Ethiopian Shpg. RF Forschungs Grecomar S.A. Astromaritima Nav. Dalian Jifa Sumec Marine Rickmers Reederei Halcoussis Z. & G. Faroe Islands 18 Boldini Dato Marine Co. Ltd. Taihang Shipping Rord Braren Harbor Shpg. & Trdg. Brasil Supply Dongguan Yongxiang Taizhou Jinxin Shpg. Supply Service, P/F Salamon AG Harmonia Shpg. Mngt. Brasileira Offshore Dragon Treasure Shpg Taizhou Petrochaina Finland 18 Schepers Reederei Helikon Shpg. Ent. BSCO East Sunrise Group Tianhong Shipping Schoeller Holdings Hellenic Carriers ESL Shipping Oy Deep Sea Brazil Elegant Shipping Tianjin Guo Dian Schulte Group Iason Hellenic Finferries Delba Perforadora Fangchenggang South. Tianjin Zhonghai Sea Cloud Cruises Interglobal Agencies Finnlines Plc Etesco Far East Leasing Unknown Chinese Siegfried Bojen Iolcos Hellenic Meriaura Oy Galaxia Maritima Farenco Shipping Vision Ship Sloman Neptun Schiff Ionia Mgmt. S.A. Viking Line Abp Global Transoceanico Flexi-fit Weilun Shipping TB Marine Hamburg Irika Shipping Guanabara Nav Fortune Ocean Shpg. Wenzhou Huashun France 18 Thomas Schulte JM Maritime Log-In Logistica Fujian Guanhai Wenzhou Shipping Bourbon Offshore Tom Worden Schiffs Kassian Maritime Magallanes de Nav. Fujian Hongfa Group Whim Star Shipping Cie. Fluviale Tui Cruises Kyla Shipping Co. Odebrecht SA Fujian Huarong Winning Alliance CMA-CGM Uniteam Marine GmbH Lamda Maritime S.A. Petrobras Fujian Ocean Shpg Xiamen C&D Delmas Lines Vega-Reederei Larus S.A. Sao Miguel Nav. Fujian Provincial Xiamen Hongxin Evergas AS W. Bockstiegel Laskaridis Shpg Schahin Engenharia Fujian Shipping Co. Xiamen ITG Iles du Ponant Wessels Reederei Leros Management Siem Consub S.A. Fujian Yuanyuan Yangtze Estuary Louis Dreyfus Wetfeet Offshore Liquimar Tankers Sky Mar Fuzhou Haitong Yantai Salvage Co. Maritime Nantaise Greece 23 Livanos N.G. Starnav Brasil Fuzhou Minfuda Shg. Zhehai Shipping Setaf-Saget Load Line A.M. Nomikos Transpetro Global Union Shpg Zhejiang Gaoyu SOCATRA Lomar Shpg. & Mngt. Adelfia Shpg. Ent. UP Offshore Glory Asia Zhejiang Helicetude STFMO Lyras Maritime Ltd. Vale GMG Guangdong Zhejiang Hongxin Aegean Bulk Co. Inc. Maran Gas Maritime Germany 19 Aegean Shipping Mngt Bulgaria 8 Grand China Logist. Zhejiang Share-Ever Maran Tankers Mngt. Greathorse Shipping Zhejiang Shpg Group Aug. Bolten Aeolos Management Marinter Nav. S.A. Industrial Holding Guangdong Lanhai Zhejiang Wenling CSE Bernd Meyering Schif Alba Maritime Svcs. Meadway Shpg. & Trdg Navibulgar Guangdong Lanyue Zhejiang Wugang Blumenthal, Johann Alloceans Shpg. Co. Meandros Lines S.A. Canada 8 Guangxi Beibu Zhonghai Puyuan Shpg Briese-Schiffahrts Almi Tankers S.A. Metrostar Management Guangzhou Salvage Zhoushan Bishenglong Brise Bereederungs Alpha Sigma Shpg. Mykonos Shpg. Co. Algoma Central Corp. Guo Yun Ocean Zhoushan Luoda Shpg Buss Capital Alpha Tankers & Frt. Navios Acquisition Canada Feeder Lines Haibao Shipping Zhoushan Port Group Carsten Rehder Anangel Shpg. Ent. Navios Holdings Canadian Forest Nav. Heng Li Marine Ch. F. Ahrenkiel Ancora Investment Navitas Cia. Mar. CSL Group Inc. Colombia 16 Henghou Industries Chemikalien Seetrans Ariston Navigation Neda Maritime Agency Fednav Ltd Hong Kong Qinfa Shpg Grancolombiana S.A. Conti Reederei Athenian Tankers Neptune Shipping Le Groupe Desgagnes HongXiang Shipping E.R. Schiffahrt Atlantis Mngt. Inc. Nereus Shipping Ocean Groupe Croatia 16 HOSCO Erwin Strahlmann Attica Group NewLead Holdings Seaspan Corp. Atlantska Plovidba HTM Shipping Co. Ltd ESF Avin International Niki Shpg. Co. Inc. Seaspan Marine Jadranski Pomorski Hua Sheng Shipping F. A. Vinnen & Co. Benelux Overseas Nomikos, Evangelos Teekay Offshore Tankerska Plovidba Huahai Petroleum F. H. Bertling Benetech S.A. OceanFreight Inc. Teekay Petrojarl Uljanik Plovidba Huayuan Star Shpg. F. Laeisz Blue Planet Shpg. Oceangold Tankers Unknown Canadian Jiahe Shipping Cuba 16 Fehn Bereederungs Bright Navigation Oceania Shipholding Byzantine Maritime. Chile 8 Jiangsu Huayuan Nordstrand Maritime FMMH Omega Navigation Cape Shipping Chilean Navy Jiangsu Ocean Shpg. Freese, Reederei Paragon Shpg. Cyprus 16 Cardiff Marine Inc. CSAV Jiangsu S.S. Gebruder Winter Perosea Shipping Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Carras Hellas U-Sea Bulk Shipping Jiangyin Hailan Shpg EDT Offshore Grona Shipping Phoenix Energy Nav. Jimei Shipping Co Interorient Nav. Co. Hamburger Lloyd Chios Navigation Pitiousa Shipping China P.R. 8 Classic Maritime Lianyungang Port Denmark 16 Hamburg-Sud. PL Shipping Co. Amoysailing Maritime Minsheng Financial Hammonia Reederei Clemko Shipmngt. Plutofylax Shipping A.P. Moller AVIC Xiamen Nanhai Rescue Hansa Heavy Lift Common Progress Polembros Shpg. Clipper Group Bao-Island Nanjing Twin Rivers Hansa Shipping GmbH. Consolidated Marine Polyar Tankers AS Dannebrog Rederi A/S Baosteel Group NASCO Hansa Treuhand Container Carrier Primal Shipmngmnt. DFDS A/S CCCC GDC New Century (Cyprus) Hanseatic Lloyd Cosmoship Management Primebulk Erria A/S CCCC SDC Ningbo Fonwa Shpg Hapag-Lloyd Cont. Costamare Shipping Primerose Shipping Esvagt CCCC TDC Ningbo Joyson Hapag-Lloyd Cruises Dalnave Nav. Rethymnis & Kuluk. Hundested-Rørvig Centrans Ocean Ningbo Longsheng Sh. Harren & Partner Danaos Shpg. Roxana Shipping S.A. ID Shipping Changjiang Bunker Ningbo Marine Corp. Harry Brohan DBHH Safe Bulkers Inc. J. Lauritzen Chaozhou Yatai Shpg. Oriental Ocean Shpg. Hartmann Schiff. Delphin Shipping Saint Michael Shpg. World Shipyard Monitor Database Page 3 1st January 2012 Shipowner - Index

Samos Steamship Tata NYK Fukushima Kisen Syarikat Borcos Shpg Gram P.D. Gazprom Sea Pioneer Shpg. Tata Power Glocal Japan Inc. Tanjung Offshore Grieg Shipping A/S Murmansk Shpg. Co. Seacrest Shpg. Co. Tebma Shipyards Ltd Hachiuma Steamship Mexico 39 Havila Shipping North-Western Shpg. Seatask Corp. Tolani Group of Shpg Idemitsu Tanker Co. Hoegh LNG Novorossiysk Port Star Bulk Carriers Unknown Indian Iino Kaiun Kaisha Blue Marine Island Offshore Mngt Novoship (UK) Ltd. Oceanografia S.A StealthGas Inc. Indonesia 32 Inui S.S. Co. Ltd. Jo Tankers A/S Palmali Shipping Target Marine S.A. Itochu Corp. Monaco 39 K. G. Jebsen Primorsk Shpg. Corp. Technomar Shpg. Inc. Baruna Raya Logistic K Line Kinkai Knutsen NYK Rosmorport Gestion Maritime Teo Shipping Corp. Berlian Laju Tanker Kambara Kisen Mokster Shipping Rosnefteflot Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Transocean Maritime Thenamaris (Mgmt.) Pelayaran Bina Buana Kawasaki Kisen Mosvold Supply Sea & River Transp Third Millenium Shpg Pertamina Direktorat Keishin Kaiun K.K. Montenegro 39 NDLO Sovcomflot JSC Pertamina Tongkang Tomasos Brothers Keymax Maritime Crnogorska Plovidba noasa Unknown Russian Top Ships Inc. Trans Parau Sorat K-Line Bulk Shpg. NOCC Volga Shipping Co. Netherlands 39 Transmed Shipping Iran 32 Kobe Shpg.Co. Ltd. Nor Lines AS Volga-Don Shipping Trojan Maritime Inc Komaya Shipping Co. ABIS Shpg. Co. B.V. Norbulk Shpg. UK Ltd Volgo-Balt HDS Lines Tsakos Energy Nav. Kotoku Kaiun Amasus Shipping Norse Mngt. U.K. Volgotrans Iranian Offshore Oil Tsakos Shpg. & Trad. Kumiai Nav. Pte. Ltd Anthony Veder NorSea Western Shipping Co. Iranian Ports & Shpg Union Commercial Kumiai Senpaku K.K. Baggermaat. Boskalis Norshore Irano-Hind Shpg. Co. Saudi Arabia 46 Union Marine Ent. Meiji Shipping Co. BigLift Shipping Norside IRISL Unisea Shipping Ltd. MiNT LNG Damen Shipyards NorSkan Offshore Nat. Chem. Carriers Nat. Iranian Tanker Unknown Greek Owner Misuga Kaiun Co. Ltd Danser van Gent Norw. Cruise Line Nat.Shpg.Of S.Arabia Safinat An-Najaat Vergos Marine Mngt. Mitsubishi Corp. Dockwise N.V. Norwegian Shpg. Ltd. Samco Shipholding World Tankers Mngt. Iraq 32 Mitsui & Co. Ltd. Fairstar Hvy. Trans. NorWind Zamil Offshore Flinter Shipping Hong Kong 29 ISCMT Mitsui O.S.K. Lines Ocean Hotels Norway Singapore 46 Mitsui Warehouse Co. Fugro Brasil Oceanteam Power Unknown Iraqi Owner ACS Shipping A Fai Ships Miyawa Kaiun Fugro NV Odfjell ASA Ireland 33 Adhart Shipping Aquarius Ltd. Mizuho Sangyo Co. Glomar Groen Olympic Shipping AS Assoc. Bulk Carrs. Brightoil Petroleum Ardmore Shipping Nakanishi Marine Hanzevast Shipping Ostensjo Rederi AS Basic Offshore Chellaram Shpg. Arklow Shipping Ltd. Nakata Maritime Hartman Seatrade Pareto AS Berge Bulk AS China Navigation Co. Nippon Oil Tanker Heerema Marine PGS Israel 33 Consolidated Pipe Chun An Shpg. Nippon Yusen Kaisha Heuvelman Shpg. Polycrest Israel Port & Rail Da Sin Shpg. Pte. Courage Marine Nissen Kaiun K.K. Hollander Scholtens Rem Maritime AS Ofer (Ships Holdgs.) East Ocean Shpg. Decent Special Mtime Nisshin Kaiun K.K. IHDA Shipbuild. Rieber Shipping Ofer Bros (Ships) Eastern Navigation Fairweather S.S. Co. Nisshin Kisen Iver Ships B.V. Saga Forest Carrs. Ray Shipping Emas Offshore Constr German Ocean Invest Nisshin Shpg.Co.Ltd. Kahn Scheepvaart Sanco Holding Tanker Pacific Mngt. Executive Offshore Goldwin Shipping Nissho Shpg. Co. Ltd Koerts Sartor Offshore Zim Integrated Shpg. Ezion Holdings Grand Bulk Shpg. NS United K.K. maXXL Shipping Sea-Cargo AS Zodiac Maritime Agy. Ezra Holdings Haina Marine NYK Global Bulk. MK Shipping BV Seadrill Fast Offshore Hong Da Intl. Shpg. Italy 33 Orient Line Co. Ltd. Navigia Group Sevan Marine Foong Sun Shpg. HTC Securities Ltd. Orix Maritime Corp. Nile Dutch Africa Ship Finance Inter. Amoretti Armatori Hai Soon Diesel Jinhui Shpg. & Trans Osaka Gas Co. Ltd. Rederij Groen Siem Offshore Augusta Due S.r.l. Hallin Marine Noble Group Ltd. Saga Shipholding Rolldock B.V. Sigba A/S Augusta Offshore Jaya Holdings Ltd. Ocean Longevity Sanko S.S. SBM Offshore SinOceanic Shipping Bottiglieri, Rizzo Jaya Offshore Pte OOCL Sansho Kaiun Co.Ltd. Schurink, H Skibs. Solvang Coeclerici Logistics Keppel Smit Towage OSI (H.K.) Ltd. Santoku Senpaku Seatrade Groningen Solstad Shipping d'Amico Ireland Labroy Marine Pte. OSL Shipping Shin Nihonkai Ferry Shell Stolt-Nielsen Trans. D'Amico Soc. di Nav. Lanpan Pacific Basin Shpg. Shunzan Kaiun K.K. Spliethoff Torghatten Trafikk. Deiulemar Cia. Nav. Lewek Shpg Pte Parakou Shpg. Sumitomo Corp Unifleet B.V. Torvald Klaveness Euroceanica (UK) Marco Polo Marine San Feng Shipping Tabuchi Kaiun Kaisha Universal Marine BV Transviking AS Four Handy Ltd. Marco Polo Shipping Shun Shine Tamai S.S. Co. Ltd. Unknown Dutch Troms Offshore AS Fratelli D'Amato Marten Singapore Swire Pacific Temm Maritime Co. Van Oord Ugland Marine Fratelli D'Amico Miclyn Express Offsh Teh-Hu Cargocean Tokyo Marine Co. Ltd Veka Group B.V. Ulstein MSN G. D'Alesio S.A.S. MSI Unique Shpg. (H.K.) Unknown Japanese Vroon Utkilens, Anders Gestioni Armatoriali MT Maritime Mngt. United Faith Group Usui Kaiun Co. Ltd. Vroon Offshore Serv. Varada Marine Grimaldi Group Neptune Orient Lines Unknown Hong Kong Uyeno Transtech W&R Shipping BV Vestoff Ignazio Messina Newcruz Valles Steamship Yaegawa Kaiun K.K. Wagenborg Kazakhstan Viken Shipping Int. Andromeda Shpg. Nordic Maritime Vanship Holdings Yuyo S.S. Wagenborg Shpg. B.V. Volstad Maritime Levantina Trasporti Norr Systems Vermont Shipping Ltd Wijnne & Barends Vroon Offshore LGR di Navigazione Jordan 38 Nova Shpg & Logist. Wah Kwong Shpg. Westfal-Larsen LMD Nigeria 41 Ocean Tankers Pte Iceland 31 JMI Wilh Wilhelmsen Marnavi S.P.A. C & I Leasing Opus Offshore Kazakhstan 38 Wilson Shp Mngt Eimskip Mediterranea di Nav. Oil & Ind. Services Otto Industrial Mediterranean Shpg. WWS India 31 Caspian Offshore SLOK Nigeria Ltd Pacific Carriers MSC Cruises OMS Shipping Walvis Intl. (C.I.) Oman 44 Pacific Crest ABG Cement Perseveranza di Nav. Pacific Int. Lines Kuwait 38 Norway 41 Oman Shipping Co. ABG Shipping Ltd. Premuda S.P.A.N. Pacific Ocean Adani Enterprises Rimorch. Riuniti Kuwait Oil Tanker Aker DOF Supply Philippines 44 Pacific Shipping Apeejay Shipping Saipem S.P.A UACC Aker Oilfield Serv. Chelsea Shipping Pacsari Pte Ltd. ArcelorMittal Shpg. Scerni Di Nav United Arab Shpg. Argali Holdings Poland 44 Panoil Tankers Chowgule S.S. Ltd. Scinicariello Latvia 38 Awilco AS Paradigm Shpg. Pte. DCI Scorpio Tankers Blue Sea Gdansk Sea Lines Posh Maritime Unimars Group Essar Shipping Seaarland Shpg.Mgmnt Boa Offshore Polish Steamship Co. POSH Semco Five Stars Shpg. Setsea S.p.A. Malaysia 38 Bryggen Shipping Portugal 44 RKOffshore Mngt Garware Offshore Siba Ships AET Tanker BW Gas Sea Consortium Good Earth Maritime Portline S.A. Sider Navi S.p.A. Alam Maritim Cecon ASA Seaspec Marine Serv. Great Offshore Ltd Socomar S.R.L. Deep Sea Supply Qatar 44 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bumi Armada Nav. Sentinel Marine Greatship India Unknown Italian Coastal Contracts DOF Management MEDCO Seroja Marine Gujarat Ambuja Japan 35 Coastal Offshore Eide Marine Services Qatar Petroleum Singapore Star Indian Govt. Inai Kiara Eidesvik Offshore Qatar Shipping Sino Noble Holdings J.B. Ugland Shpg. A Line Ferry Co. Jasa Merin Eni Norge Qatar Uni Smit Intl Singapore KC Maritime Ltd. AST Inc. JCB Oil Farstad Shipping Soon Fong Shipping MSPL Limited Chugoku Sogyo Co. Romania 45 MISC Fjord Line AS Stanford Asia NIO - Goa Daiichi Chuo Nam Cheong Fjord1 Histria Shipmngt. Stellar Shpmgmt. ONGC Daiichi Chuo Marine Omni Marine Frontline 2012 Russia 45 Swiber Holdings Pacific First Shpg. Dorval Kaiun K.K. Sapura Crest Pet. Frontline Ltd. Swissco Marine Pte Pallonji & Co. Doun Kisen K.K. Argo Shipping JSC Sealink Internat. Gearbulk Ltd. Teras Offshore SE Shipping Lines Dowa Line Co.Ltd. DD Shipping Ltd. SEDC Terengganu Golar LNG TeraSea Shpg. Corp. of India Eagle Maritime Co. Erico Shipping Shin Yang Shipping Golden Ocean Titan Ocean Shreyas Shpg. Ltd. Eiyu Kaiun Co. Ltd. Far-Eastern Shpg. Co World Shipyard Monitor Database Page 4 1st January 2012 Shipowner - Index

Singapore 49 Chinese Mar. Trans. Emarat Maritime LLC Otto Candies Chinese Petroleum Emirates Trading Overseas Shipholding United Ocean Evergreen Mar. Corp. Govt. of UAE Pacific Drilling Unknown Singapore First S.S. Gulf Energy Maritime Pasha Hawaii VM Marine Sg Formosa Plastics Co. Gulf Navigation Pearl Seas Cruises Wilmar Holdings Hsin Chien Marine Gulmar Offshore ME Princess Cruises Inc Yujin International Shih Wei Navigation Halul Offshore Rowan Companies South Africa 49 Simosa Shipping Inter Gulf Marine Royal Caribbean Sincere Navigation Lamnalco Ltd. SeaRiver Maritime Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Island View Shpg. Taiwan Navigation Mubarak Marine LLC Signet Maritime South African Govt. Ta-Tong Marine Co. NPCC Tidewater Marine Transnet TMT Co. Ltd. P&O Maritime Serv. Transocean Unicorn Shipping U-Ming Marine Tran. Polarcus DMCC Trico Marine South Korea 49 Unison Marine Seaways Intl Vantage Drilling Cido Shipping Unknown Taiwanese Stanford Marine Washington State CK Line Co. Wan Hai Lines Topaz Mar Weeks Marine Daelim Corporation Wisdom Marine Lines Ukraine 56 Unknown 59 Daelim H&L Co. Ltd. Yang Ming Chernomortekhflot Builders Account DK S& Co., Ltd Tanzania 53 Ukrrichflot Shpg. Co Cabot Shipping Dong-A Tanker Co. Chinese-Tanzanian Global Bulk Carriers Dusung Shipping Co. United Kingdom 56 Ionic Holdings Inc Fortune Marine Co. Thailand 53 Anglo-Swiss Kirgan Holding Global Marine Finan. Precious Shpg. Ltd. Bank of Scotland Mineral Deposit Glovis Group Regional Cont. Lines Bibby Line Rayspeed Shipping Golden Bridge Thoresen Thai Agen. Carisbrooke Shipping Smart Shipinvest Hanjin Shpg Co. Tipco Maritime Co. Dolphin Drilling Ltd Sommet Finance HI Investments Tunisia 53 Graig Ship Mngt. Unknown HS Line Marine Capital Ltd. Hyundai M.M. COTUNAV Marine Cross Uruguay 62 Jooway Shpg. Turkey 53 NOC Los Cipreses S.A. KMTC Norstar Group Active Shipping Venezuela 62 Korea Express Co.Ltd North Star Shipping Akar Deniz Tasimac. Korea Line Ocean Agencies Ltd. PDV Marina S.A. Akdeniz Gemi Korea Ship Finance P&O Cruises Ltd. Akmar Shpg. & Trdg. Vietnam 62 KSS Line Ltd. P&O Ferries Ltd. Aksay Denizcilik Can Tho Shpg. Nam Sung Shpg. Co. Petredec S.A.M. Aktif Denizcilik Nghison Cement Ocean Rex Rix Shipping Ltd. Anadolu Kim. Tanker. PTSC Samho Tongyoung Sea Shipping Holdg. ARKAS Line PV TRANS Sammok Shipping Co. Sealion Shipping Aruna Shipping Tay Nam Shpg. Samsun Logix Hellas Serco Denholm Atlantik Denizcilik Unknown Vietnamese Samsung C&T Shetland Towage Ltd Bayraktar Denizcilik Vietsovpetro Sekwang Shipping Co. Subsea 7 Beks Shipmngt. Vinalines Seoul Marine Finance Technip Offshore UK Ciner Denizcilik Vinashin Maritime Shipping Land Co. Union Transport Plc Shippingbank Co. Denak Depoculuk Vinashin Ocean Sinokor Merchant Mar Deniz Endustrisi United States 56 Vinaship SK Shipping Co. Ltd. Densa Shipping ACP STX Pan Ocean Densan Deniz ADM Shipping STX Pan Singapore Densay Shpg & T'dg Aida Cruises Ltd. Sunwoo Merchant Den-Ta Denizcilik American Petroleum TPC Korea Dunya Denizcilik Apex Marine Corp. Unico Logistics Duzgit Shipholding APL Limited Unknown Korean Er Denizcilik Atlantic Marine Svs Eregli Denizcilik Spain 51 Atwood Oceanics Pac. FORS Denizcilik BeeMar Elcano (Brazil) Galata Denizcilik Bram OTM Naviera Armas Geden Line C & C Tech W.W. Marpetrol S.A. Gungen Denizcilik Carnival Cruise Line St. Vincent & G. 51 Icdas Celik Enerji Celebrity Cruises Ince Denizcilik Chevron Green Offshore Kaptanoglu Shpg. Grp Chevron Global Tech. Sweden 51 Kasif Kalkavan Group Chevron Thailand KGS Denizcilik Anglo-Atlantic S.S. Costa Crociere Korfez Denizcilik AtoB@C Shipping Crowley Maritime Manta Denizcilik Concordia Maritime CS Liftboats Mardeniz Shpg. Mngt. Erik Thun AB Diamond Offshore Med Marine Gotland Rederi AB Diamond S Shpg. MRC Shipping Nynas Bitumen Disney Cruise Lines Principal Maritime Stena Bulk AB E N Bisso & Sons Inc Selay Deniz. Sanayi Stena Drilling Ltd. ECO Tanmarin Denizcilik Tarbit Shpg. AB ENSCO Offshore TUBITAK Unknown Swedish Excelerate Energy Ulusoy Denizyollari Ventrafiken AB ExxonMobil Unknown Turkish Wallenius Lines AB Foremost Maritime Volum Denizcilik Wisby Tankers AB Global Industries Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Yardimci Shpg. Group Gulf Offsh. Logistic Switzerland 51 Yasa Shpg. Industry Gulf Offshore NS Allseas Marine Cont Yildirim Group Harvey Gulf Intl Enzian Shipping AG Yilmar Shipping Hornbeck Offshore Geogas Maritime SAS YSG Shipmanagement Kyma Shp Mngt Navimar(Switzerland) Turkmenistan 55 McDermott Intl. Overseas Maritime MidOcean Tanker Co. Unknown Turkmenistan SAM S.A. Military Sealift ST Shipping & Trans. U.A.E. 55 Montco Offshore Inc Viking Ocean Cruises Abu Dhabi National O Navigator Gas Western Petroleum Asia Faran Neu Seeschiffahrt Taiwan 52 Dragon Oil Noble Corporation Oceania Cruises Inc. World Shipyard Monitor Database Page 5 1st January 2012 Orderbook by Shipowner Algeria

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

World Shipyard Monitor DatabaseAl g*eria -Ch&O = Chem & Oil, OH = Open H Bulk 432-0608 32,500 Jiangsu Zhenjiang Feb 2012 Hyproc Shipping Co. Bulk ZJG026 33,500 Zhejiang Jingang Mar 2012 Bulk PN-050 205,000 HHIC-Phil. Inc. May 2012 Asp.& Bit. 4,999 Rousse Shipyard 2012 Bulk 2345 181,399 Koyo Dock K.K. Jun 2012 On Order:- 1 Vessel(s); 4,999 DWT. Bulk SC-145 58,000 Tsuneishi Cebu Jul 2012 Sogeport-GICEP Bulk PN-051 205,000 HHIC-Phil. Inc. Aug 2012 O. Salv. Tug Grandweld Mar 2012 Bulk 36,000 Weihai Samjin 2013 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 O. Salv. Tug Grandweld Mar 2012 Bulk 36,000 Weihai Samjin 2013 O. Salv. Tug Grandweld Mar 2012 Bulk 36,000 Weihai Samjin 2013 On Order:- 3 Vessel(s); DWT. Bulk 36,000 Weihai Samjin 2013 Bulk 36,000 Weihai Samjin 2014 Angola Bulk 36,000 Weihai Samjin 2014 Sonangol On Order:- 14 Vessel(s); 1,194,399 DWT. Tanker 5351 157,500 Daewoo Sep 2012 Cobelfret N.V. Tanker 5352 157,500 Daewoo Dec 2012 Ro-Ro S501 6,600 Kyokuyo S.Y. Jan 2012 Tanker 5353 157,500 Daewoo Mar 2013 Ro-Ro 6,600 Kyokuyo S.Y. Feb 2012 On Order:- 3 Vessel(s); 472,500 DWT. Ro-Ro 6,600 Kyokuyo S.Y. Apr 2012 Total E&P Angola Bulk 35,000 Zhejiang Yangfan Mar 2013 FPSO Daewoo 2014 Bulk 35,000 Zhejiang Yangfan May 2013 On Order:- 1 Vessel(s); DWT. On Order:- 5 Vessel(s); 89,800 DWT. Australia DAB Vloot BHP Billiton Harbour Tug Damen Shipyards 2012 Escort Tug Damen Changde SY Jun 2012 On Order:- 1 Vessel(s); DWT. Escort Tug Damen Changde SY Aug 2012 Delphis N.V. On Order:- 2 Vessel(s); DWT. Bulk N-242 179,397 HHIC-Phil. Inc. Feb 2012 Daltug Pty Ltd Container 52,000 3,800 TEU HHIC-Phil. Inc. 2013 Coastal Tug 220 Damen Shipyards 2012 Container 52,000 3,800 TEU HHIC-Phil. Inc. 2013 On Order:- 1 Vessel(s); 220 DWT. Container 52,000 3,800 TEU HHIC-Phil. Inc. 2013 Container 52,000 3,800 TEU HHIC-Phil. Inc. 2013 Mermaid Marine Group On Order:- 5 Vessel(s); 387,397 DWT. Supply 2,000 1,379 GT Unknown Yard Apr 2012 Dredging Int'l PSV 3,000 2,323 GT Otto Industrial Jun 2012 On Order:- 2 Vessel(s); 5,000 DWT. CS/BW Dredg C01255 1,240 IHC Beaver Dredgers Jan 2012 B/D/G Dredger 423 Ravestein BV Jan 2012 Rio Tinto Marine CS/BW Dredg 1268 2,600 IHC Dredgers Jun 2012 Bulk 73,000 Oshima S.B. Co. 2012 On Order:- 3 Vessel(s); 3,840 DWT. Bulk PN-065 205,000 HHIC-Phil. Inc. Jun 2012 Euronav (UK) Agen. Bulk PN-066 205,000 HHIC-Phil. Inc. Sep 2012 Ore 358 250,000 Namura Shipbuilding Nov 2012 Tanker 1894 318,000 Samsung H.I. Apr 2012 Bulk 364 92,125 Namura Shipbuilding Nov 2012 Tanker 1904 158,000 Samsung H.I. Sep 2012 Ore 360 250,000 Namura Shipbuilding Dec 2012 Tanker 1905 158,000 Samsung H.I. Aug 2013 Bulk PN-067 205,000 HHIC-Phil. Inc. Dec 2012 On Order:- 3 Vessel(s); 634,000 DWT. Bulk 73,000 Oshima S.B. Co. 2013 Jan De Nul N.V. Bulk 365 92,125 Namura Shipbuilding Jan 2013 TSH Dredger 1005 11,800 STX Shipbuild. 2012 Bulk PN-068 205,000 HHIC-Phil. Inc. Feb 2013 TSH Dredger 1006 11,800 STX Shipbuild. 2012 Ore 359 250,000 Namura Shipbuilding Apr 2013 Other Dredger 6,310 Xinhe Shipyard 2012 Bulk PN-069 205,000 HHIC-Phil. Inc. Apr 2013 Other Dredger 6,310 Xinhe Shipyard 2012 Bulk PN-070 205,000 HHIC-Phil. Inc. Jun 2013 Other Dredger 6,310 Xinhe Shipyard 2012 Bulk PN-071 205,000 HHIC-Phil. Inc. Aug 2013 Other Dredger 6,310 Xinhe Shipyard 2012 Bulk PN-072 205,000 HHIC-Phil. Inc. Oct 2013 TSH Dredger 714 4,800 Xinhe Shipyard 2012 On Order:- 15 Vessel(s); 2,720,250 DWT. Gravel/Stone 1007 6,000 4,500 GT STX Shipbuild. Jan 2012 Strategic Marine TSH Dredger 22,500 Brod. Uljanik Jun 2012 Crew/Fast Sup 500 GT Strategic Marine (M) Feb 2012 Dump/Fallpipe 8628 36,000 Const. Nav del Norte Dec 2012 On Order:- 1 Vessel(s); DWT. TSH Dredger 22,500 Brod. Uljanik Dec 2012 On Order:- 11 Vessel(s); 140,640 DWT. Bahamas Seatrend Shipping Campbell Shipping Chem & Oil 06-043 6,450 Xixiakou S/yard May 2012 Bulk 360-3 37,479 Tianjin Xingang Jan 2012 On Order:- 1 Vessel(s); 6,450 DWT. Bulk 37,000 Tsuji H.I. Jun 2013 Bulk 37,000 Tsuji H.I. Sep 2013 Brazil On Order:- 3 Vessel(s); 111,479 DWT. Astromaritima Nav. Bangladesh PSV 4,000 3,097 GT Eisa Shipyard Sep 2012 Nurjahan Group PSV 520 4,000 3,097 GT Eisa Shipyard Sep 2012 On Order:- 2 Vessel(s); 8,000 DWT. Edible Oil 1,350 Western Marine 2013 Edible Oil 1,350 Western Marine 2013 Boldini Edible Oil 1,350 Western Marine 2013 PSV 4,500 3,485 GT Eastern S.B. Mar 2013 Edible Oil 1,350 Western Marine 2013 PSV 4,500 3,485 GT Eastern S.B. Jun 2013 GCargo 1,800 Western Marine 2013 PSV 4,500 3,485 GT Eastern S.B. Sep 2013

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 GCargo 1,800 Western Marine 2013 PSV 4,500 3,485 GT Eastern S.B. Dec 2013 GCargo 1,800 Western Marine 2013 PSV 4,500 3,485 GT Eastern S.B. Mar 2014 GCargo 1,800 Western Marine 2013 On Order:- 5 Vessel(s); 22,500 DWT. GCargo 1,800 Western Marine 2014 Brasil Supply GCargo 1,800 Western Marine 2014 On Order:- 10 Vessel(s); 16,200 DWT. PSV 4,500 3,485 GT Eisa Shipyard Sep 2013 PSV 4,500 3,485 GT Eisa Shipyard Sep 2013 Belgium PSV 4,500 3,485 GT Eisa Shipyard Sep 2013 Bocimar N.V. PSV 4,500 3,485 GT Eisa Shipyard Nov 2013 Bulk SC-144 58,000 Tsuneishi Cebu Jan 2012 On Order:- 4 Vessel(s); 18,000 DWT. Bulk PN-049 205,000 HHIC-Phil. Inc. Feb 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 6 1st January 2012 Brazil Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Brasileira Offshore PSV Pro-32 4,700 3,700 GT STX Brazil Offshore Jun 2013 PSV 15 3,960 3,067 GT Alianca Shipyard Jan 2012 On Order:- 4 Vessel(s); 12,000 DWT. PSV 14 3,960 3,067 GT Alianca Shipyard Feb 2012 Sky Mar PSV AL-016 4,750 3,000 GT Alianca Shipyard Aug 2012 AHTS 001/10 2,000 1,200 GT Sao Miguel Shipyard Jul 2012 PSV AL-017 4,750 3,000 GT Alianca Shipyard Dec 2012 On Order:- 1 Vessel(s); 2,000 DWT. PSV AL-18 4,700 3,640 GT Alianca Shipyard Feb 2013 PSV AL-19 4,700 3,640 GT Alianca Shipyard Jul 2013 Starnav Brasil Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 On Order:- 6 Vessel(s); 26,820 DWT. PSV 4,500 3,485 GT Detroit Brasil Oct 2012 BSCO PSV 4,500 3,485 GT Detroit Brasil Jan 2013 PSV 4,500 3,485 GT Detroit Brasil Apr 2013 Crew/Fast Sup 1,000 606 GT Arpoador Sep 2012 PSV 4,500 3,485 GT Detroit Brasil Oct 2013 On Order:- 1 Vessel(s); 1,000 DWT. On Order:- 4 Vessel(s); 18,000 DWT. Deep Sea Brazil Transpetro PSV PRO-28 4,700 3,700 GT STX Brazil Offshore Mar 2012 Tanker EAS-C-001 150,000 Atlantico Sul Jan 2012 On Order:- 1 Vessel(s); 4,700 DWT. Products M-200 48,300 Maua Jurong Feb 2012 Delba Perforadora Tanker EAS-C-002 150,000 Atlantico Sul Mar 2012 Drillship Samsung H.I. Jul 2012 Tanker EAS-C-003 150,000 Atlantico Sul May 2012 Drillship Samsung H.I. Sep 2012 Tanker EAS-C-004 150,000 Atlantico Sul Jul 2012 On Order:- 2 Vessel(s); DWT. Tanker 511 75,000 Eisa Shipyard Aug 2012 Products M-203 48,300 Maua Jurong Aug 2012 Etesco Products 30,000 Rio Nave Sep 2012 Drillship 1899 97,000 Samsung H.I. Jan 2012 Tanker EAS-C-005 150,000 Atlantico Sul Oct 2012 On Order:- 1 Vessel(s); 97,000 DWT. Tanker 512 75,000 Eisa Shipyard Nov 2012 Galaxia Maritima Products M-204 48,300 Maua Jurong Nov 2012 Products 30,000 Rio Nave Dec 2012 PSV 3,000 2,323 GT Wilsons Sons Jun 2013 Shuttle 150,000 Atlantico Sul 2013 PSV 3,000 2,323 GT Wilsons Sons Jun 2013 Shuttle 150,000 Atlantico Sul 2013 On Order:- 2 Vessel(s); 6,000 DWT. Shuttle 150,000 Atlantico Sul 2013 Global Transoceanico Shuttle 107,000 Atlantico Sul 2013 Products 45,000 Unknown Yard /Brazil 2012 Shuttle 107,000 Atlantico Sul 2013 Products 45,000 Unknown Yard /Brazil 2012 Tanker EAS-C-006 150,000 Atlantico Sul Jan 2013 Products 45,000 Unknown Yard /Brazil 2012 Products 30,000 Rio Nave Mar 2013 On Order:- 3 Vessel(s); 135,000 DWT. Tanker EAS-C-007 150,000 Atlantico Sul Apr 2013 Tanker 513 75,000 Eisa Shipyard May 2013 Guanabara Nav Products 30,000 Rio Nave Jun 2013 PSV 4,500 3,485 GT Singmarine Brasil Oct 2013 Tanker EAS-C-008 150,000 Atlantico Sul Jul 2013 On Order:- 1 Vessel(s); 4,500 DWT. L.P.G. 4,500 4,000 cbm Promar Jul 2013 Log-In Logistica Tanker 107,000 Atlantico Sul Aug 2013 L.P.G. 8,500 7,000 cbm Promar Aug 2013 Bulk 509 80,000 Eisa Shipyard 2012 Tanker 514 75,000 Eisa Shipyard Sep 2013 Bulk 510 80,000 Eisa Shipyard 2012 Products 30,000 Rio Nave Sep 2013 Container 506 37,800 2,700 TEU Eisa Shipyard 2012 L.P.G. 13,500 12,000 cbm Promar Sep 2013 Container 507 37,800 2,700 TEU Eisa Shipyard 2012 Tanker EAS-C-009 150,000 Atlantico Sul Oct 2013 Container 508 37,800 2,700 TEU Eisa Shipyard 2013 Tanker 107,000 Atlantico Sul Oct 2013 On Order:- 5 Vessel(s); 273,400 DWT. L.P.G. 4,500 4,000 cbm Promar Oct 2013 Magallanes de Nav. Tanker 107,000 Atlantico Sul Dec 2013 PSV 130 4,100 2,600 GT Wilsons Sons Mar 2012 L.P.G. 13,500 12,000 cbm Promar Dec 2013 PSV 552016 4,100 2,600 GT Wilsons Sons Mar 2012 L.P.G. 8,500 7,000 cbm Promar Dec 2013 On Order:- 2 Vessel(s); 8,200 DWT. Shuttle 107,000 Atlantico Sul 2014 Shuttle 107,000 Atlantico Sul 2014 Odebrecht SA Tanker EAS-C-010 150,000 Atlantico Sul Jan 2014 Drillship 80,000 Daewoo Mar 2012 Tanker 107,000 Atlantico Sul Feb 2014 Drillship 80,000 Daewoo Apr 2012 Tanker 107,000 Atlantico Sul Apr 2014 Drillship Daewoo Aug 2013 L.P.G. 8,500 7,000 cbm Promar Apr 2014 Cable Lay 10,323 GT Daewoo Aug 2014 L.P.G. 8,500 7,000 cbm Promar Aug 2014 Cable Lay 10,323 GT Daewoo Aug 2014 On Order:- 42 Vessel(s); 3,577,900 DWT. On Order:- 5 Vessel(s); 160,000 DWT. UP Offshore Petrobras PSV 382 4,200 2,900 GT Bharati S.Y. Mar 2012 Drillship Atlantico Sul Jan 2015 PSV 386 4,200 2,900 GT Bharati S.Y. Mar 2012 Drillship Atlantico Sul Jul 2015 PSV 381 4,200 2,900 GT Bharati S.Y. Apr 2012 Drillship Atlantico Sul Jan 2016 PSV 387 4,200 2,900 GT Bharati S.Y. Jun 2012 Drillship Atlantico Sul Jul 2016 On Order:- 4 Vessel(s); 16,800 DWT. Drillship Atlantico Sul Jan 2017 Vale Drillship Atlantico Sul Jul 2017 Drillship Atlantico Sul Jan 2018 Ore 1204 402,303 Daewoo Jan 2012 On Order:- 7 Vessel(s); DWT. Ore H1106 400,000 Jiangsu Rongsheng Jan 2012 Ore H1107 400,000 Jiangsu Rongsheng Mar 2012 Sao Miguel Nav. Ore 1212 402,303 Daewoo Apr 2012 Bunkering 4,500 Sao Miguel Shipyard 2012 Ore H1108 400,000 Jiangsu Rongsheng Jun 2012 Bunkering 4,500 Sao Miguel Shipyard 2012 Ore 1213 402,303 Daewoo Aug 2012

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bunkering 4,500 Sao Miguel Shipyard 2012 Ore H1109 400,000 Jiangsu Rongsheng Sep 2012 On Order:- 3 Vessel(s); 13,500 DWT. Ore H1110 400,000 Jiangsu Rongsheng Dec 2012 Schahin Engenharia Ore H1111 400,000 Jiangsu Rongsheng Mar 2013 Ore H1112 400,000 Jiangsu Rongsheng Jun 2013 Drillship 1870 97,000 Samsung H.I. Jan 2012 Ore 1214 402,303 Daewoo Jul 2013 On Order:- 1 Vessel(s); 97,000 DWT. Ore H1113 400,000 Jiangsu Rongsheng Sep 2013 Siem Consub S.A. Ore H1114 400,000 Jiangsu Rongsheng Dec 2013 PSV 22 1,300 1,006 GT ETP Brazil Jan 2012 Ore H1115 400,000 Jiangsu Rongsheng Mar 2014 PSV Pro-29 4,700 3,700 GT STX Brazil Offshore Jun 2012 Ore H1116 400,000 Jiangsu Rongsheng Jun 2014 PSV 23 1,300 1,006 GT ETP Brazil Jun 2012 On Order:- 15 Vessel(s); 6,009,212 DWT.

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 7 1st January 2012 Orderbook by Shipowner Bulgaria

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Bulgaria Ocean Groupe Industrial Holding Coastal Tug Industries Ocean 2012 Bulk 104 55,800 Bulyard Jan 2012 On Order:- 1 Vessel(s); DWT. Bulk 105 55,800 Bulyard Apr 2012 Seaspan Corp. Bulk 102 55,800 Bulyard Jun 2012 Container 2180 145,000 13,092 TEU Hyundai H.I. Feb 2012 On Order:- 3 Vessel(s); 167,400 DWT. Container S454 145,000 13,092 TEU Hyundai Samho Feb 2012 Navibulgar Container 2178 145,000 13,092 TEU Hyundai H.I. Apr 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 035 34,604 Shanhaiguan S/Y 2012 Container S452 145,000 13,092 TEU Hyundai Samho Apr 2012 Bulk 501 17,500 MTG-Dolphin Jan 2012 Container 120,000 10,000 TEU Jiangsu New YZJ Jun 2013 Bulk 031 30,686 Shanhaiguan S/Y Feb 2012 Container 120,000 10,000 TEU Jiangsu New YZJ Aug 2013 Bulk 502 17,500 MTG-Dolphin Jun 2012 Container 120,000 10,000 TEU Jiangsu New YZJ Oct 2013 Bulk 106 55,800 Bulyard Jul 2012 Container 120,000 10,000 TEU Jiangsu New YZJ Dec 2013 Bulk 107 55,800 Bulyard Oct 2012 Container 120,000 10,000 TEU Jiangsu New YZJ Feb 2014 Bulk 108 55,800 Bulyard Jan 2013 Container 120,000 10,000 TEU Jiangsu New YZJ Apr 2014 On Order:- 7 Vessel(s); 267,690 DWT. Container 120,000 10,000 TEU Jiangsu New YZJ Jun 2014 Container 120,000 10,000 TEU Jiangsu New YZJ Aug 2014 Canada Container 120,000 10,000 TEU Jiangsu New YZJ Oct 2014 Algoma Central Corp. On Order:- 13 Vessel(s); 1,660,000 DWT. Bulk MD149 39,400 Nantong Mingde Feb 2013 Seaspan Marine Bulk MD150 39,400 Nantong Mingde Feb 2013 Harbour Tug Sanmar Ltd 2012 Bulk MD151 39,400 Nantong Mingde Apr 2013 Harbour Tug Sanmar Ltd 2012 Bulk MD152 39,400 Nantong Mingde Apr 2013 Harbour Tug Sanmar Ltd 2012 Bulk MD153SUL01 38,000 Nantong Mingde Apr 2013 On Order:- 3 Vessel(s); DWT. Bulk MD154SUL02 38,000 Nantong Mingde Aug 2013 Bulk MD155SUL03 38,000 Nantong Mingde Nov 2013 Teekay Offshore Bulk MD156SUL04 38,000 Nantong Mingde Jan 2014 Shuttle 155,000 Samsung H.I. 2013 Bulk MD157SUL05 38,000 Nantong Mingde Mar 2014 Shuttle 155,000 Samsung H.I. 2013 Bulk MD158SUL06 38,000 Nantong Mingde Apr 2014 Shuttle 155,000 Samsung H.I. 2013 On Order:- 10 Vessel(s); 385,600 DWT. Shuttle 155,000 Samsung H.I. 2013 Canada Feeder Lines On Order:- 4 Vessel(s); 620,000 DWT. MPP 904 10,000 Peters Kampen Jan 2012 Teekay Petrojarl MPP 905 10,000 Peters Kampen Sep 2012 FPSO 200,000 Samsung H.I. Jan 2014 MPP 906 10,000 Peters Kampen Sep 2012 On Order:- 1 Vessel(s); 200,000 DWT. MPP 907 10,000 Peters Kampen Sep 2013 Unknown Canadian On Order:- 4 Vessel(s); 40,000 DWT. Ro-Ro/Cnt 19,500 Flensburger S.B Nov 2013 Canadian Forest Nav. On Order:- 1 Vessel(s); 19,500 DWT. Bulk 2149 56,880 Zhejiang Yangfan 2012 Bulk 2171 33,000 Zhejiang Yangfan Jan 2012 Chile Bulk 2172 33,000 Zhejiang Yangfan Mar 2012 Chilean Navy Bulk 2173 33,000 Zhejiang Yangfan Jun 2012 Oceanograph. AGS 61 1,245 3,068 GT Asmar Chile Apr 2013 Bulk 2174 33,000 Zhejiang Yangfan Sep 2012 On Order:- 1 Vessel(s); 1,245 DWT. On Order:- 5 Vessel(s); 188,880 DWT. CSAV CSL Group Inc. Container 1906 94,526 8,004 TEU Samsung H.I. Jan 2012 Bulk 75,000 Chengxi Shipyd. Mar 2012 Container 101,000 8,000 TEU Samsung H.I. Jun 2012 Bulk 35,500 Chengxi Shipyd. Aug 2012 Container 101,000 8,000 TEU Samsung H.I. Jul 2012 Bulk 75,000 Chengxi Shipyd. Oct 2012 On Order:- 3 Vessel(s); 296,526 DWT. Bulk 35,500 Chengxi Shipyd. Nov 2012 U-Sea Bulk Shipping Bulk 75,000 Chengxi Shipyd. Jan 2013 Bulk 35,500 Chengxi Shipyd. Feb 2013 Bulk 030 61,000 Shin Kasado Dock Jan 2012 Bulk 75,000 Chengxi Shipyd. Apr 2013 Bulk 720 61,000 Imabari S.B. Jan 2012 Bulk 35,500 Chengxi Shipyd. May 2013 Bulk 10550 61,684 Oshima S.B. Co. Apr 2012 Bulk 75,000 Chengxi Shipyd. Jul 2013 Bulk 716 61,000 Imabari S.B. Jun 2012 Bulk 75,000 Chengxi Shipyd. Oct 2013 Bulk 10668 60,000 Oshima S.B. Co. Jun 2012 Bulk 75,000 Chengxi Shipyd. Dec 2013 Bulk 10576 61,684 Oshima S.B. Co. Sep 2012 Bulk 75,000 Chengxi Shipyd. 2014 Bulk 10669 60,000 Oshima S.B. Co. Sep 2012 Bulk 75,000 Chengxi Shipyd. 2014 Bulk 043 61,000 Shin Kasado Dock 2013 On Order:- 13 Vessel(s); 817,000 DWT. Bulk 10666 61,684 Oshima S.B. Co. Mar 2013 Bulk 10643 60,000 Oshima S.B. Co. Jun 2013 Fednav Ltd Bulk 10665 61,684 Oshima S.B. Co. Dec 2013 Bulk 632 37,200 Zhejiang Ouhua 2012 Bulk 045 61,000 Shin Kasado Dock 2014 Bulk 633 37,200 Zhejiang Ouhua 2012 On Order:- 12 Vessel(s); 731,736 DWT. Bulk 601 37,200 Zhejiang Ouhua Jan 2012 China P.R. Bulk 602 37,200 Zhejiang Ouhua Feb 2012 Bulk 603 37,200 Zhejiang Ouhua Mar 2012 Amoysailing Maritime Bulk 626 37,200 Zhejiang Ouhua Mar 2012 Bulk XSI407E 57,000 Xiamen S.B. Jan 2012 Bulk 10582 35,300 Oshima S.B. Co. May 2012 Bulk XSI407F 57,000 Xiamen S.B. Jan 2012 Bulk 10580 35,300 Oshima S.B. Co. Jan 2013 On Order:- 2 Vessel(s); 114,000 DWT. Bulk 627 37,200 Zhejiang Ouhua Mar 2013 AVIC Xiamen Bulk 628 37,200 Zhejiang Ouhua May 2013 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 AHTS 2,500 GT Tongfang Jiangxin Jun 2012 Bulk 55,500 Oshima S.B. Co. Jun 2014 AHTS 2,500 GT Tongfang Jiangxin Jun 2012 Bulk 55,500 Oshima S.B. Co. Aug 2014 On Order:- 2 Vessel(s); DWT. Bulk 55,500 Oshima S.B. Co. Oct 2014 Bulk 55,500 Oshima S.B. Co. Dec 2014 Bao-Island On Order:- 14 Vessel(s); 590,200 DWT. Bulk BC180-68 180,000 Beihai Shipyard Sep 2012 Le Groupe Desgagnes Bulk BC180-69 180,000 Beihai Shipyard Dec 2012 On Order:- 2 Vessel(s); 360,000 DWT. Pass/Cargo 555 1,000 5,000 GT Kraljevica Mar 2012 On Order:- 1 Vessel(s); 1,000 DWT. Baosteel Group Bulk 23,000 Jiangsu Eastern 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 8 1st January 2012 China P.R. Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Bulk GH406C 23,000 Fujian Guanhai 2012 On Order:- 2 Vessel(s); 69,600 DWT. Bulk GH406D 23,000 Fujian Guanhai 2012 China Nat. Petroleum Bulk GH406B 23,000 Fujian Guanhai Feb 2012 Bulk 23,000 Jiangsu Eastern Apr 2012 Tanker KJ-09088 28,000 Yangzhou Kejin Jan 2012 Bulk 23,000 Jiangsu Eastern Jul 2012 On Order:- 1 Vessel(s); 28,000 DWT. On Order:- 6 Vessel(s); 138,000 DWT. China Oilfield Serv. CCCC GDC AHTS A201L 4,700 6,000 GT Wuchang S.B. Feb 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 TSH Dredger 10,330 Guangzhou Wenchong Jan 2012 AHTS A202L 4,700 6,000 GT Wuchang S.B. Feb 2012 TSH Dredger 10,330 Guangzhou Wenchong Mar 2012 AHTS 2269 1,800 1,535 GT Guangzhou Huangpu Feb 2012 On Order:- 3 Vessel(s); 11,200 DWT. TSH Dredger Guangzhou Wenchong Mar 2012 On Order:- 3 Vessel(s); 20,660 DWT. China Shpg. (H.K.) CCCC SDC Bulk CIS5700004 56,606 CIC (Jiangsu) Jan 2012 TSH Dredger GWS412 12,750 Guangzhou Wenchong Mar 2012 On Order:- 1 Vessel(s); 56,606 DWT. TSH Dredger Zhenhua Jiangyin Jun 2012 China Shpg. (Hainan) On Order:- 2 Vessel(s); 12,750 DWT. Tanker 76,000 Dalian Shipbuilding 2012 CCCC TDC Bulk 2300 32,005 Guangzhou Huangpu Jan 2012 TSH Dredger 15,590 CMHI 2012 Bulk 2301 32,005 Guangzhou Huangpu Mar 2012 TSH Dredger GWS410 Guangzhou Wenchong Jan 2012 Bulk 2302 32,005 Guangzhou HuangpuMay 2012 Bulk 2303 32,005 Guangzhou Huangpu Jul 2012 TSH Dredger CCCC Bomesc Marine Jun 2012 On Order:- 3 Vessel(s); 15,590 DWT. Bulk BC350-01 35,000 Shanhaiguan S/Y Sep 2012 Bulk 35,000 Shanhaiguan S/Y Dec 2012 Centrans Ocean Bulk 48,000 CIC (Jiangsu) May 2013 Bulk 180,000 Beihai Shipyard 2012 On Order:- 8 Vessel(s); 322,020 DWT. Bulk 180,000 Beihai Shipyard 2012 China Shpg. Cont. Bulk 76,000 Jiangsu Rongsheng 2012 Bulk 76,000 Jiangsu Rongsheng 2012 Container H1050A 55,000 4,700 TEU Jiangnan Changxing Jan 2012 Bulk JLZ080405 92,500 Jinling Shipyard Jan 2012 Container H1051A 55,000 4,700 TEU Jiangnan Changxing Jan 2012 Bulk JLZ080406 92,500 Jinling Shipyard Jan 2012 Container H1052A 55,000 4,700 TEU Jiangnan Changxing Feb 2012 Bulk JLZ080409 92,500 Jinling Shipyard Jan 2012 Container 1825 155,470 14,074 TEU Samsung H.I. Mar 2012 Bulk 9100408 57,000 Jinling Shipyard Jan 2012 Container H1053A 55,000 4,700 TEU Jiangnan Changxing Mar 2012 Bulk 9100415 57,000 Jinling Shipyard Jan 2012 Container H1054A 55,000 4,700 TEU Jiangnan Changxing Apr 2012 Bulk 20100302 56,628 Qingshan Shipyard Jan 2012 Container 1826 155,470 14,074 TEU Samsung H.I. May 2012 Bulk 20100303 56,628 Qingshan Shipyard Mar 2012 Container H1055A 55,000 4,700 TEU Jiangnan Changxing May 2012 Bulk 20100304 56,628 Qingshan Shipyard Mar 2012 Container H1056A 55,000 4,700 TEU Jiangnan Changxing Jul 2012 Bulk JLZ080410 92,500 Jinling Shipyard Apr 2012 Container H1057A 55,000 4,700 TEU Jiangnan Changxing Aug 2012 Bulk 9100409 57,000 Jinling Shipyard Apr 2012 Container 120,000 10,000 TEU Hudong Zhonghua 2013 Hvy Dk Cargo 8100902 70,000 55,093 GT Jinling Shipyard Jun 2012 Container 120,000 10,000 TEU Dalian Shipbuilding 2013 Bulk 92,500 Jinling Shipyard Jul 2012 Container 120,000 10,000 TEU Dalian Shipbuilding 2013 Bulk 9100416 57,000 Jinling Shipyard Jul 2012 Container 120,000 10,000 TEU Hudong Zhonghua 2013 Bulk 57,000 Jiangdong Shipyard Sep 2012 Container 120,000 10,000 TEU Hudong Zhonghua 2013 Hvy Dk Cargo 8100901 70,000 55,093 GT Jinling Shipyard Sep 2012 Container 120,000 10,000 TEU Dalian Shipbuilding 2013 Bulk 92,500 Jinling Shipyard Oct 2012 Container 120,000 10,000 TEU Hudong Zhonghua 2013 Bulk 57,000 Jiangdong Shipyard Dec 2012 Container 120,000 10,000 TEU Dalian Shipbuilding 2013 Bulk 76,000 Jiangsu Rongsheng 2013 On Order:- 18 Vessel(s); 1,710,940 DWT. Bulk 76,000 Jiangsu Rongsheng 2013 China Shpg. Pass. Bulk 76,000 Jiangsu Rongsheng 2013 RoPax 30004 7,500 Guangzhou S.Y. Int. 2012 Bulk 76,000 Jiangsu Rongsheng 2013 RoPax 30003 7,500 Guangzhou S.Y. Int. Apr 2012 Bulk 76,000 Jiangsu Rongsheng 2014 On Order:- 2 Vessel(s); 15,000 DWT. Bulk 76,000 Jiangsu Rongsheng 2014 Bulk 76,000 Jiangsu Rongsheng 2014 China Shpg. Tankers Bulk 76,000 Jiangsu Rongsheng 2014 Products 7,000 Zhejiang Zhenxing 2012 On Order:- 29 Vessel(s); 2,326,884 DWT. Products 6,000 Guangzhou S.Y. Int. 2012 Products PC760-27 75,588 Dalian Shipbuilding Jan 2012 Changjiang Bunker Products 48,000 Guangzhou S.Y. Int. Mar 2012 Tanker 3,000 Zijinshan Shipyard Feb 2012 Products 48,000 Guangzhou S.Y. Int. Jun 2012 On Order:- 1 Vessel(s); 3,000 DWT. Products PC1100-38 110,000 Dalian Shipbuilding Aug 2012 Chaozhou Yatai Shpg. Products 48,000 Guangzhou S.Y. Int. Sep 2012 Bulk H1611A 76,000 Hudong Zhonghua Feb 2012 Tanker PC1100-39 110,000 Dalian Shipbuilding Oct 2012 Bulk H1612A 76,000 Hudong Zhonghua May 2012 Products 48,000 Guangzhou S.Y. Int. Oct 2012 On Order:- 2 Vessel(s); 152,000 DWT. Products 48,000 Guangzhou S.Y. Int. Nov 2012 Products 48,000 Guangzhou S.Y. Int. Nov 2012 CHEC Changjiang Wuha Tanker PC1100-40 110,000 Dalian Shipbuilding Dec 2012 CS/BW Dredg Wuchang S.B. Mar 2012 Products 48,000 Guangzhou S.Y. Int. Dec 2012 On Order:- 1 Vessel(s); DWT. Products 48,000 Guangzhou S.Y. Int. Dec 2012 China Huaneng Tanker 320,000 Dalian Shipbuilding Jun 2013 Tanker 320,000 Dalian Shipbuilding Sep 2013 Bulk 53,000 Chengxi Shipyd. Jan 2012 On Order:- 16 Vessel(s); 1,442,588 DWT. On Order:- 1 Vessel(s); 53,000 DWT. China Shpg. Tramp China LNG Shpg. Ore OC3000-1 300,000 Dalian Shipbuilding Jan 2012 L.N.G. H1621A 73,000 147,100 cbm Hudong Zhonghua Oct 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Ore L0016 230,000 Guangzhou Longxue Jan 2012 On Order:- 1 Vessel(s); 73,000 DWT. Bulk 57300-21 57,300 CIC (Jiangsu) Jan 2012 China Merchants Ore OC3000-2 300,000 Dalian Shipbuilding Feb 2012 Bulk BC1800-17 180,000 Dalian Shipbuilding Jan 2012 Bulk H2472 76,000 Jiangnan SY Group Feb 2012 Bulk BC180-19 180,000 Beihai Shipyard Jan 2012 Ore OC3000-3 300,000 Dalian Shipbuilding Mar 2012 On Order:- 2 Vessel(s); 360,000 DWT. Bulk 48,000 CIC (Jiangsu) May 2012 Ore OC3000-4 300,000 Dalian Shipbuilding Jun 2012 China Minmetals Bulk H2473 76,000 Jiangnan SY Group Jun 2012 Bulk BHSC20084071 34,800 Huludao Bohai S.B. Jan 2012 Bulk 48,000 CIC (Jiangsu) Jun 2012 Bulk BHSC20084072 34,800 Huludao Bohai S.B. Mar 2012 Bulk 48,000 CIC (Jiangsu) Jul 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 9 1st January 2012 Orderbook by Shipowner China P.R.

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Ore OC3000-7 300,000 Dalian Shipbuilding Aug 2012 MPP/Hvy. Lift HCY-81 28,451 Shandong Huanghai Mar 2012 Bulk H2474 76,000 Jiangnan SY Group Aug 2012 MPP/Hvy. Lift 27,000 Guangzhou Huangpu Mar 2012 Bulk 48,000 CIC (Jiangsu) Aug 2012 MPP/Hvy. Lift TK0504 27,000 Kouan S.B. Mar 2012 Bulk 48,000 CIC (Jiangsu) Sep 2012 MPP/Hvy. Lift 27,000 Kouan S.B. May 2012 Ore OC3000-8 300,000 Dalian Shipbuilding Oct 2012 MPP/Hvy. Lift 27,000 Guangzhou Huangpu Jun 2012 Bulk H2475 76,000 Jiangnan SY Group Oct 2012 MPP/Hvy. Lift 27,000 Kouan S.B. Jul 2012 Bulk 48,000 CIC (Jiangsu) Oct 2012 MPP/Hvy. Lift 27,000 Guangzhou HuangpuSep 2012 Bulk H1061A 180,000 Shanghai Jiangnan Nov 2012 MPP/Hvy. Lift 28,000 Shanghai S.Y. 2013 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk H1062A 180,000 Shanghai Jiangnan Nov 2012 MPP/Hvy. Lift 28,000 Shanghai S.Y. 2013 Bulk 48,000 CIC (Jiangsu) Nov 2012 MPP/Hvy. Lift 28,000 Shanghai S.Y. 2013 Ore OC3000-9 300,000 Dalian Shipbuilding Dec 2012 MPP/Hvy. Lift 28,000 Shanghai S.Y. 2013 Bulk H1063A 180,000 Shanghai Jiangnan Dec 2012 MPP/Hvy. Lift 28,000 Nantong Cosco KHI Jun 2013 Bulk H1064A 180,000 Shanghai Jiangnan Dec 2012 MPP/Hvy. Lift 28,000 Nantong Cosco KHI Jul 2013 Bulk 76,000 Jiangnan SY Group Dec 2012 MPP/Hvy. Lift 28,000 Nantong Cosco KHI Sep 2013 Bulk 48,000 CIC (Jiangsu) Dec 2012 MPP/Hvy. Lift 28,000 Nantong Cosco KHI Oct 2013 Bulk 48,000 CIC (Jiangsu) Jan 2013 On Order:- 17 Vessel(s); 469,902 DWT. Bulk 48,000 CIC (Jiangsu) Feb 2013 COSCON Ore OC3000-10 300,000 Dalian Shipbuilding Mar 2013 Bulk 48,000 CIC (Jiangsu) Mar 2013 Container 2007-867 52,000 4,250 TEU Jiangsu New YZJ Jul 2012 Bulk 48,000 CIC (Jiangsu) Apr 2013 Container 2007-866 52,000 4,250 TEU Jiangsu New YZJ Aug 2012 On Order:- 31 Vessel(s); 4,363,300 DWT. Container 2007-868 52,000 4,250 TEU Jiangsu New YZJ Sep 2012 Container 2007-870 52,000 4,250 TEU Jiangsu New YZJ Oct 2012 Chinese Govt. Container 2007-869 52,000 4,250 TEU Jiangsu New YZJ Nov 2012 Pass/Car F. 1,000 GT Tongfang Jiangxin 2012 Container 2007-871 52,000 4,250 TEU Jiangsu New YZJ Dec 2012 Pass/Car F. 1,000 GT Tongfang Jiangxin 2012 Container 2007-872 52,000 4,250 TEU Jiangsu New YZJ Jan 2013 On Order:- 2 Vessel(s); DWT. Container 2007-874 52,000 4,250 TEU Jiangsu New YZJ Mar 2013 ChinOc Container 111 142,500 13,500 TEU Nantong Cosco KHI Apr 2013 Container 2007-873 52,000 4,250 TEU Jiangsu New YZJ Apr 2013 Research 6,348 GT Wuchang S.B. Mar 2012 Container 2007-875 52,000 4,250 TEU Jiangsu New YZJ May 2013 On Order:- 1 Vessel(s); DWT. Container 2007-877 52,000 4,250 TEU Jiangsu New YZJ Jun 2013 CNOOC Container 112 142,500 13,500 TEU Nantong Cosco KHI Jul 2013 Hvy Dk Cargo 53,500 42,107 GT CMHI Mar 2012 Container 113 142,500 13,500 TEU Nantong Cosco KHI Sep 2013 On Order:- 1 Vessel(s); 53,500 DWT. Container 2007-876 52,000 4,250 TEU Jiangsu New YZJ Sep 2013 Container 2007-878 52,000 4,250 TEU Jiangsu New YZJ Oct 2013 COOEC Container 2007-881 52,000 4,250 TEU Jiangsu New YZJ Oct 2013 Diving Spt 9,650 14,988 GT Unknown Yard Aug 2012 Container 52,000 4,250 TEU Jiangsu New YZJ Nov 2013 On Order:- 1 Vessel(s); 9,650 DWT. Container 52,000 4,250 TEU Jiangsu New YZJ Nov 2013 COSCO Bulk Carrier Container 2007-880 52,000 4,250 TEU Jiangsu New YZJ Nov 2013 Container 114 142,500 13,500 TEU Nantong Cosco KHI Dec 2013 Bulk 115,000 Jiangnan Changxing Jan 2012 Container 52,000 4,250 TEU Jiangsu New YZJ Dec 2013 Bulk 115,000 Jiangnan Changxing Mar 2012 Container 52,000 4,250 TEU Jiangsu New YZJ Dec 2013 Bulk 115,000 Jiangnan Changxing Jun 2012 Container 2007-879 52,000 4,250 TEU Jiangsu New YZJ Dec 2013 Bulk 115,000 Jiangnan Changxing Aug 2012 Container 115 142,500 13,500 TEU Nantong Cosco KHI Feb 2014 Bulk 115,000 Jiangnan Changxing Oct 2012 Container 116 142,500 13,500 TEU Nantong Cosco KHI May 2014 Bulk 115,000 Jiangnan Changxing Dec 2012 Container 117 142,500 13,500 TEU Nantong Cosco KHI Jun 2014 Bulk 115,000 Jiangnan Changxing Mar 2013 Container 118 142,500 13,500 TEU Nantong Cosco KHI Sep 2014 Bulk 115,000 Jiangnan Changxing May 2013 On Order:- 28 Vessel(s); 2,180,000 DWT. On Order:- 8 Vessel(s); 920,000 DWT. CSC Nanjing Tanker COSCO Group Tanker 1184 316,000 Shanghai Waigaoqiao Jan 2012 Bulk 205,000 DACOS 2012 Tanker 512-6 296,440 Bohai Shipbld. Jan 2012 Bulk 205,000 DACOS 2012 Tanker 3,000 Zijinshan Shipyard Jan 2012 Bulk 205,000 DACOS 2012 Tanker 3,000 Zijinshan Shipyard Feb 2012 Bulk 205,000 DACOS 2012 Tanker 1185 316,000 Shanghai Waigaoqiao Apr 2012 Bulk 205,000 Nantong Cosco KHI 2012 Products T004 27,035 Zijinshan Shipyard May 2012 Bulk 205,000 Nantong Cosco KHI 2012 Tanker L0030 320,000 Guangzhou Longxue Sep 2012 Bulk 205,000 Nantong Cosco KHI 2012 Ethy/LPG 6,500 6,500 cbm Jiangnan SY Group Mar 2013 Bulk 205,000 Nantong Cosco KHI 2012 Tanker L0031 320,000 Guangzhou Longxue Aug 2013 Tanker T3000-36 297,305 Dalian Shipbuilding Jan 2012 On Order:- 9 Vessel(s); 1,607,975 DWT. Bulk DE002 205,000 DACOS Feb 2014 Bulk DE004 205,000 DACOS May 2014 CSC Phoenix On Order:- 11 Vessel(s); 2,347,305 DWT. Bulk 418-8 58,057 Bohai Shipbld. Jan 2012 COSCO Hunan Bulk 45,000 Bohai Shipbld. Jan 2012 Bulk SL713 45,000 Fujian Baima Jan 2012 Bulk 76,000 Guangzhou Huangpu 2013 Bulk 418-9 58,057 Bohai Shipbld. Mar 2012 Bulk 76,000 Guangzhou Huangpu 2013 Bulk 28,000 Zhejiang Changhong May 2012 Bulk 76,000 Guangzhou Huangpu 2013 Bulk 58,057 Bohai Shipbld. Jun 2012 Bulk 76,000 Guangzhou Huangpu 2013 Bulk 58,057 Bohai Shipbld. Aug 2012 On Order:- 4 Vessel(s); 304,000 DWT. Bulk 28,000 Zhejiang Changhong Aug 2012 COSCO Shenzhen Bulk 45,000 Bohai Shipbld. Sep 2012 Bulk 65,000 Guangzhou Huangpu 2013 Bulk 58,057 Bohai Shipbld. Nov 2012 Bulk 65,000 Guangzhou Huangpu 2013 Bulk 45,000 Bohai Shipbld. Nov 2012

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 65,000 Guangzhou Huangpu 2013 Bulk 45,000 Bohai Shipbld. Jan 2013 Bulk 65,000 Guangzhou Huangpu 2013 Bulk 58,057 Bohai Shipbld. Feb 2013 Bulk 50,000 Guangzhou S.Y. Int. 2013 Bulk 45,000 Bohai Shipbld. Mar 2013 Bulk 50,000 Guangzhou S.Y. Int. 2013 Bulk 58,057 Bohai Shipbld. May 2013 Bulk 50,000 Guangzhou S.Y. Int. 2013 Bulk 45,000 Bohai Shipbld. May 2013 Bulk 50,000 Guangzhou S.Y. Int. 2013 Bulk 45,000 Bohai Shipbld. Jul 2013 On Order:- 8 Vessel(s); 460,000 DWT. On Order:- 17 Vessel(s); 822,399 DWT. COSCO Shipping Co. CSC Shenzhen MPP/Hvy. Lift HCY-80 28,451 Shandong Huanghai Jan 2012 PCC 5,593 Jinling Shipyard Jan 2012 MPP/Hvy. Lift 27,000 Guangzhou Huangpu Jan 2012 PCC 5,593 Jinling Shipyard Jan 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 10 1st January 2012 China P.R. Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

PCC 5,593 Jinling Shipyard Jul 2012 Fujian Guanhai On Order:- 3 Vessel(s); 16,779 DWT. Bulk 47,500 Fujian Guanhai 2012 CSIC-IMC Shipping Bulk 47,500 Fujian Guanhai 2012 Chem & Oil 6,575 Chongqing Chuandong Jan 2012 Bulk 47,500 Fujian Guanhai 2012 Chem & Oil 6,575 Chongqing Chuandong Apr 2012 Bulk 23,000 Fujian Guanhai 2012 Chem & Oil 6,575 Chongqing Chuandong Jul 2012 Bulk 23,000 Fujian Guanhai 2012 Bulk GH405A 47,500 Fujian Guanhai Jan 2012 Chem & Oil 6,575 Chongqing Chuandong Oct 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 On Order:- 4 Vessel(s); 26,300 DWT. On Order:- 6 Vessel(s); 236,000 DWT. Da Tang Shipping Fujian Hongfa Group Bulk 76,000 Jiangnan SY Group May 2012 Bulk L0020 82,000 Guangzhou Longxue Jan 2012 Bulk 76,000 Jiangnan SY Group Aug 2012 Bulk L0021 82,000 Guangzhou Longxue Mar 2012 On Order:- 2 Vessel(s); 152,000 DWT. On Order:- 2 Vessel(s); 164,000 DWT. Da Tong Shipping S.A Fujian Huarong Bulk 0108212 82,000 New Century S/Y Nov 2012 Bulk HC101 53,000 Fujian Huadong SY Jun 2012 Bulk 82,000 New Century S/Y 2013 On Order:- 1 Vessel(s); 53,000 DWT. Bulk 82,000 New Century S/Y 2013 Fujian Ocean Shpg Bulk 0108213 82,000 New Century S/Y Jan 2013 Bulk W1011 82,500 Wuhu Shipyard Jan 2012 On Order:- 4 Vessel(s); 328,000 DWT. Bulk W1012 82,500 Wuhu Shipyard Mar 2012 Dalian Deepwater Bulk W1013 82,500 Wuhu Shipyard Jun 2012 Drillship MPF01 120,000 COSCO Dalian Aug 2012 Bulk W1014 82,500 Wuhu Shipyard Sep 2012 On Order:- 1 Vessel(s); 120,000 DWT. Bulk W1015 82,500 Wuhu Shipyard Dec 2012 Bulk W1016 82,500 Wuhu Shipyard Mar 2013 Dalian Five Bulk W1017 82,500 Wuhu Shipyard Jun 2013 GCargo 12,000 Dalian Lushun S.B. Jun 2012 Bulk W1018 82,500 Wuhu Shipyard Jul 2013 On Order:- 1 Vessel(s); 12,000 DWT. Bulk W1019 82,500 Wuhu Shipyard Sep 2013 Dalian Jifa Bulk W1020 82,500 Wuhu Shipyard Nov 2013 On Order:- 10 Vessel(s); 825,000 DWT. Bulk 013 29,100 Nantong Nikka S.B. Jan 2012 On Order:- 1 Vessel(s); 29,100 DWT. Fujian Provincial Dato Marine Co. Ltd. Bulk 408G 57,000 Xiamen S.B. Feb 2012 On Order:- 1 Vessel(s); 57,000 DWT. Bulk TK0115 57,000 Kouan S.B. Jan 2012 On Order:- 1 Vessel(s); 57,000 DWT. Fujian Shipping Co. Dongguan Yongxiang Bulk 50,000 Nantong Sohen 2012 Bulk 50,000 Nantong Sohen 2012 L.P.G. 2,250 3,700 cbm Guangzhou Hangtong Mar 2012 Bulk YZL2010935 47,500 Jiangsu New YZJ Mar 2012 On Order:- 1 Vessel(s); 2,250 DWT. Bulk YZL2010936 47,500 Jiangsu New YZJ Jul 2012 Dragon Treasure Shpg Bulk YZL2010937 47,500 Jiangsu New YZJ Oct 2012 Bulk GH402D 82,500 Fujian Guanhai Jan 2012 Bulk YZL2010938 47,500 Jiangsu New YZJ Jan 2013 Bulk GH402E 82,500 Fujian Guanhai Apr 2012 On Order:- 6 Vessel(s); 290,000 DWT. On Order:- 2 Vessel(s); 165,000 DWT. Fujian Yuanyuan East Sunrise Group Bulk 82000T1 82,000 Fujian Baima Mar 2012 Bulk H1642A 76,116 Hudong Zhonghua Jan 2012 On Order:- 1 Vessel(s); 82,000 DWT. Bulk 82,000 Jiangsu Yangzijiang 2013 Fuzhou Haitong Bulk 82,000 Jiangsu Yangzijiang 2013 Bulk 51,000 Taizhou Sanfu Jul 2012 On Order:- 3 Vessel(s); 240,116 DWT. Bulk 100116 51,000 Taizhou Sanfu Sep 2012 Elegant Shipping Bulk 51,000 Taizhou Sanfu Dec 2012 AHTS T202 2,400 2,100 GT DDW Nanindah Apr 2012 On Order:- 3 Vessel(s); 153,000 DWT. On Order:- 1 Vessel(s); 2,400 DWT. Fuzhou Minfuda Shg. Fangchenggang South. Bulk 42,000 Qidong Haowei SB 2012 L.P.G. 5,000 5,000 cbm Guangzhou Hangtong 2012 Bulk 42,000 Qidong Haowei SB 2012 L.P.G. 5,000 5,000 cbm Guangzhou Hangtong 2012 Bulk 42,000 Qidong Haowei SB 2012 On Order:- 2 Vessel(s); 10,000 DWT. Bulk 42,000 Qidong Haowei SB Jan 2012 On Order:- 4 Vessel(s); 168,000 DWT. Far East Leasing Global Union Shpg Bulk 81,200 Dalian Shipbuilding Feb 2012 Bulk 81,200 Dalian Shipbuilding Apr 2012 Tanker 157,000 Jiangsu Rongsheng 2013 Bulk 81,200 Dalian Shipbuilding Jun 2012 Tanker 157,000 Jiangsu Rongsheng 2013 Bulk 81,200 Dalian Shipbuilding Aug 2012 Tanker 157,000 Jiangsu Rongsheng 2013 On Order:- 4 Vessel(s); 324,800 DWT. Tanker 157,000 Jiangsu Rongsheng 2013 Tanker 157,000 Jiangsu Rongsheng 2013 Farenco Shipping Tanker 157,000 Jiangsu Rongsheng 2014 Bulk 2197 56,854 Zhejiang Yangfan Jan 2012 Tanker 157,000 Jiangsu Rongsheng 2014 On Order:- 1 Vessel(s); 56,854 DWT. Tanker 157,000 Jiangsu Rongsheng 2014 Flexi-fit Tanker 157,000 Jiangsu Rongsheng 2014 Tanker 157,000 Jiangsu Rongsheng 2014 AHTS 082X08 1,500 GTGuangzhou Hangtong Mar 2012 On Order:- 10 Vessel(s); 1,570,000 DWT. AHTS 082X07 1,500 GT Guangzhou Hangtong May 2012 On Order:- 2 Vessel(s); DWT. Glory Asia Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Fortune Ocean Shpg. Bulk S-1011 30,000 Tsuji H.I. Jan 2012 Bulk S-21 30,150 Tsuji H.I. Mar 2012 Bulk L0022 82,000 Guangzhou Longxue Jan 2012 Bulk S-1012 30,000 Tsuji H.I. Mar 2012 Bulk L0024 82,000 Guangzhou Longxue Feb 2012 Bulk S-22 30,150 Tsuji H.I. May 2012 Bulk L0042 82,000 Guangzhou Longxue Apr 2012 Bulk S-23 30,150 Tsuji H.I. Jun 2012 Bulk L0028 82,000 Guangzhou Longxue May 2012 Bulk S-24 30,150 Tsuji H.I. Jul 2012 Bulk L0043 82,000 Guangzhou Longxue Jun 2012 On Order:- 6 Vessel(s); 180,600 DWT. Bulk L0029 82,000 Guangzhou Longxue Aug 2012 On Order:- 6 Vessel(s); 492,000 DWT. GMG Guangdong Products 6,876 Shantou S.B. 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 11 1st January 2012 Orderbook by Shipowner China P.R.

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Products 6,876 Shantou S.B. 2012 Bulk YC012 79,659 Nanjing Wujiazui May 2012 AHTS 2,990 2,550 GT Guangxin S.B. Jan 2012 Bulk 57,300 CIC (Jiangsu) 2013 AHTS 082X09 2,100 2,759 GT Guangzhou Hangtong Feb 2012 Bulk 57,300 CIC (Jiangsu) 2013 AHTS HT082X10 2,100 2,759 GT Guangzhou Hangtong Mar 2012 Bulk 57,300 CIC (Jiangsu) 2013 AHTS 2,990 2,550 GT Guangxin S.B. Mar 2012 Bulk 57,300 CIC (Jiangsu) 2013 AHTS 2,990 2,550 GT Guangxin S.B. Apr 2012 Bulk 51,000 Taizhou Sanfu 2013 AHTS 0758 2,500 2,150 GT Guangxin S.B. Apr 2012 Bulk 51,000 Taizhou Sanfu 2013 AHTS 0759 2,500 1,092 GT Guangxin S.B. Apr 2012 Bulk 51,000 Taizhou Sanfu 2013 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 AHTS 2,990 2,550 GT Guangxin S.B. May 2012 Bulk 51,000 Taizhou Sanfu 2013 AHTS 2,990 2,550 GT Guangxin S.B. Jun 2012 Bulk 51,000 Taizhou Sanfu 2013 AHTS 2,990 2,550 GT Guangxin S.B. Jun 2012 Bulk 51,000 Taizhou Sanfu 2013 On Order:- 12 Vessel(s); 40,892 DWT. Bulk 48,000 CIC (Jiangsu) 2013 Grand China Logist. Bulk 48,000 CIC (Jiangsu) 2013 Bulk 48,000 CIC (Jiangsu) 2013 Bulk 176,000 Jinhai Heavy Ind. 2012 Bulk 48,000 CIC (Jiangsu) 2013 Bulk 176,000 Jinhai Heavy Ind. 2012 On Order:- 28 Vessel(s); 1,695,672 DWT. Bulk 176,000 Jinhai Heavy Ind. 2012 Bulk 176,000 Jinhai Heavy Ind. 2012 Guangdong Lanyue Bulk 176,000 Jinhai Heavy Ind. 2012 Bulk 80,000 Zhejiang Yangfan 2012 Bulk 79,467 Jinhai Heavy Ind. 2012 Bulk 80,000 Zhejiang Yangfan 2012 Bulk 79,467 Jinhai Heavy Ind. Jan 2012 Bulk 80,000 Zhejiang Yangfan 2012 Bulk 79,467 Jinhai Heavy Ind. Mar 2012 Bulk 80,000 Zhejiang Yangfan 2012 Bulk 79,467 Jinhai Heavy Ind. May 2012 Bulk 80,000 Zhejiang Yangfan Jan 2012 Tanker 320,000 Jinhai Heavy Ind. Jun 2012 Bulk 80,000 Zhejiang Yangfan Mar 2012 Bulk 79,600 Jinhai Heavy Ind. Jun 2012 Bulk 76,000 Zhejiang Yangfan Jul 2013 Tanker 320,000 Jinhai Heavy Ind. Aug 2012 Bulk 76,000 Zhejiang Yangfan Aug 2013 Bulk 79,600 Jinhai Heavy Ind. Aug 2012 Bulk 76,000 Zhejiang Yangfan Sep 2013 Tanker 320,000 Jinhai Heavy Ind. Oct 2012 Bulk 76,000 Zhejiang Yangfan Oct 2013 Bulk 176,000 Jinhai Heavy Ind. Oct 2012 Bulk 76,000 Zhejiang Yangfan Nov 2013 Bulk 176,000 Jinhai Heavy Ind. Oct 2012 Bulk 76,000 Zhejiang Yangfan Dec 2013 Bulk 176,000 Jinhai Heavy Ind. Oct 2012 Bulk 76,000 Zhejiang Yangfan Jan 2014 Bulk 176,000 Jinhai Heavy Ind. Oct 2012 Bulk 76,000 Zhejiang Yangfan Feb 2014 Bulk 176,000 Jinhai Heavy Ind. Oct 2012 Bulk 76,000 Zhejiang Yangfan Mar 2014 Bulk 176,000 Jinhai Heavy Ind. Oct 2012 Bulk 76,000 Zhejiang Yangfan Apr 2014 Bulk 79,600 Jinhai Heavy Ind. Oct 2012 On Order:- 16 Vessel(s); 1,240,000 DWT. Tanker 320,000 Jinhai Heavy Ind. Dec 2012 Guangxi Beibu Bulk 79,600 Jinhai Heavy Ind. Dec 2012 Bulk 81,700 Wuchang S.B. 2012 Bulk 176,000 Jinhai Heavy Ind. 2013 Bulk 176,000 Jinhai Heavy Ind. 2013 Bulk 81,700 Wuchang S.B. 2012 Bulk 176,000 Jinhai Heavy Ind. 2013 Bulk 81,700 Wuchang S.B. Jan 2012 Bulk 81,700 Beihai Shipyard Jan 2012 Bulk 176,000 Jinhai Heavy Ind. 2013 Bulk 176,000 Jinhai Heavy Ind. 2013 Bulk 81,700 Wuchang S.B. Apr 2012 Bulk 176,000 Jinhai Heavy Ind. 2013 Bulk 81,700 Beihai Shipyard May 2012 On Order:- 6 Vessel(s); 490,200 DWT. Bulk 176,000 Jinhai Heavy Ind. 2013 Bulk 176,000 Jinhai Heavy Ind. 2013 Guangzhou Salvage Bulk 176,000 Jinhai Heavy Ind. 2013 Hvy Dk Cargo 068 30,000 23,611 GT CMHI Jan 2012 Bulk 79,467 Jinhai Heavy Ind. 2013 On Order:- 1 Vessel(s); 30,000 DWT. Bulk 79,467 Jinhai Heavy Ind. 2013 Bulk 79,467 Jinhai Heavy Ind. 2013 Guo Yun Ocean Bulk 79,467 Jinhai Heavy Ind. 2013 Bulk 82,000 Xiamen S.B. 2012 Bulk 79,467 Jinhai Heavy Ind. 2013 Bulk 82,000 Xiamen S.B. 2012 Bulk 79,467 Jinhai Heavy Ind. 2013 Bulk 82,000 Xiamen S.B. 2012 Tanker 320,000 Jinhai Heavy Ind. Feb 2013 Bulk 82,000 Xiamen S.B. 2012 Bulk 79,600 Jinhai Heavy Ind. Feb 2013 On Order:- 4 Vessel(s); 328,000 DWT. Bulk 79,600 Jinhai Heavy Ind. May 2013 Haibao Shipping Bulk 79,600 Jinhai Heavy Ind. May 2013 Bulk 81,200 Dalian Shipbuilding Oct 2012 Tanker 320,000 Jinhai Heavy Ind. Jun 2013 Bulk 180,000 Dalian Shipbuilding Nov 2012 Bulk 79,600 Jinhai Heavy Ind. Sep 2013 Bulk 81,200 Dalian Shipbuilding Jan 2013 Bulk 79,600 Jinhai Heavy Ind. Sep 2013 Bulk 180,000 Dalian Shipbuilding Feb 2013 On Order:- 45 Vessel(s); 6,951,070 DWT. On Order:- 4 Vessel(s); 522,400 DWT. Greathorse Shipping Heng Li Marine Bulk 76,000 Shanhaiguan S/Y Jul 2012 GCargo 9,200 Fujian Ruili Jan 2012 Bulk 76,000 Shanhaiguan S/Y Sep 2012 On Order:- 1 Vessel(s); 9,200 DWT. Bulk 76,000 Shanhaiguan S/Y Dec 2012 Bulk 76,000 Shanhaiguan S/Y Feb 2013 Henghou Industries On Order:- 4 Vessel(s); 304,000 DWT. Bulk 062 179,929 HHIC-Phil. Inc. May 2012 Guangdong Lanhai Bulk H1643A 76,000 Hudong Zhonghua May 2012 Bulk H1644A 76,000 Hudong Zhonghua Aug 2012 Bulk YC013 79,659 Nanjing Wujiazui 2012 On Order:- 3 Vessel(s); 331,929 DWT. Bulk YC015 79,659 Nanjing Wujiazui 2012 Bulk YC016 79,659 Nanjing Wujiazui 2012 Hong Kong Qinfa Shpg

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk YC017 79,659 Nanjing Wujiazui 2012 Bulk L0026 82,000 Guangzhou Longxue Mar 2012 Bulk YC018 79,659 Nanjing Wujiazui 2012 Bulk L0027 82,000 Guangzhou Longxue Sep 2012 Bulk YC019 79,659 Nanjing Wujiazui 2012 On Order:- 2 Vessel(s); 164,000 DWT. Bulk 57,300 CIC (Jiangsu) 2012 Bulk 57,300 CIC (Jiangsu) 2012 HongXiang Shipping Bulk 57,300 CIC (Jiangsu) 2012 Bulk 205,000 Qingdao Yangfan 2012 Bulk 57,300 CIC (Jiangsu) 2012 Bulk 205,000 Qingdao Yangfan 2013 Bulk 51,000 Taizhou Sanfu 2012 On Order:- 2 Vessel(s); 410,000 DWT. Bulk 51,000 Taizhou Sanfu 2012 HOSCO Bulk YC011 79,659 Nanjing Wujiazui Mar 2012 Bulk 82,000 Wuchang S.B. 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 12 1st January 2012 China P.R. Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Bulk 82,000 Wuchang S.B. 2012 Bulk 47,500 Jiangsu Eastern 2012 Bulk 82,000 Wuchang S.B. 2012 Bulk 47,500 Jiangsu Eastern 2012 Bulk 82,000 Wuchang S.B. 2012 Bulk 47,500 Jiangsu Eastern 2012 Bulk BC8.2-9 82,000 Beihai Shipyard Jan 2012 Bulk H1130 75,971 Jiangsu Rongsheng Jan 2012 Bulk HBC93-03 93,721 Shanhaiguan S/Y Mar 2012 Bulk 1143 76,000 Jiangsu Rongsheng 2013 Bulk HBC93-04 93,721 Shanhaiguan S/Y May 2012 Bulk 1145 76,000 Jiangsu Rongsheng 2013 Bulk BC8.2-10 82,000 Beihai Shipyard May 2012 Bulk 1146 76,000 Jiangsu Rongsheng 2013 Bulk BC8.2-11 82,000 Beihai Shipyard Sep 2012 Bulk 1147 76,000 Jiangsu Rongsheng 2013 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk BC8.2-12 82,000 Beihai Shipyard Jan 2013 Bulk 1148 76,000 Jiangsu Rongsheng 2013 On Order:- 10 Vessel(s); 843,442 DWT. Bulk H1137 75,971 Jiangsu Rongsheng 2013 HTM Shipping Co. Ltd Bulk 47,500 Jiangsu Eastern 2013 Bulk 47,500 Jiangsu Eastern 2013 Bulk HT086 56,775 Hantong Shipyard Jan 2012 Bulk 47,500 Jiangsu Eastern 2013 On Order:- 1 Vessel(s); 56,775 DWT. Bulk 47,500 Jiangsu Eastern 2013 Hua Sheng Shipping On Order:- 25 Vessel(s); 1,643,326 DWT. Bulk HM0025 31,000 Jiangsu Hongming 2012 Nanhai Rescue On Order:- 1 Vessel(s); 31,000 DWT. AHTS YJLZ08-32 1,500 GT Yantai Salvage Mar 2012 Huahai Petroleum On Order:- 1 Vessel(s); DWT. Products 48,000 Guangzhou S.Y. Int. 2013 Nanjing Twin Rivers On Order:- 1 Vessel(s); 48,000 DWT. Bulk 47,500 Jiangsu Eastern Mar 2012 Huayuan Star Shpg. Bulk 47,500 Jiangsu Eastern Jun 2012 Bulk 45,000 Shanghai S.Y. Mar 2012 On Order:- 2 Vessel(s); 95,000 DWT. On Order:- 1 Vessel(s); 45,000 DWT. NASCO Jiahe Shipping Bulk NB002-01 57,000 Tianjin Xingang Jan 2012 Bulk 53,000 Chengxi Shipyd. 2012 Bulk NB002-02 57,000 Tianjin Xingang Jan 2012 On Order:- 1 Vessel(s); 53,000 DWT. Bulk S1202 56,920 Shanghai S.Y. Jan 2012 Bulk NB002-03 57,000 Tianjin Xingang Mar 2012 Jiangsu Huayuan On Order:- 4 Vessel(s); 227,920 DWT. Bulk YJZ2010946 47,500 Jiangsu Yangzijiang Jan 2012 New Century (Cyprus) Bulk YJZ2010947 47,500 Jiangsu Yangzijiang Apr 2012 Bulk YJZ2010948 47,500 Jiangsu Yangzijiang Jun 2012 Bulk 0110301 103,000 New Century S/Y Jul 2013 Bulk YJZ2010949 47,500 Jiangsu Yangzijiang Sep 2012 Bulk 0110302 103,000 New Century S/Y Oct 2013 On Order:- 4 Vessel(s); 190,000 DWT. Bulk 0110303 103,000 New Century S/Y Dec 2013 Bulk 0110304 103,000 New Century S/Y Jan 2014 Jiangsu Ocean Shpg. Bulk 0110305 103,000 New Century S/Y Apr 2014 Bulk 120 58,670 Nantong Cosco KHI Nov 2012 Bulk 0110306 103,000 New Century S/Y Jun 2014 Bulk 121 58,670 Nantong Cosco KHI Dec 2012 Bulk 0110307 103,000 New Century S/Y Sep 2014 Bulk 58,670 Nantong Cosco KHI 2013 Bulk 0110308 103,000 New Century S/Y Nov 2014 Bulk 58,670 Nantong Cosco KHI 2013 Bulk 0110309 103,000 New Century S/Y Mar 2015 On Order:- 4 Vessel(s); 234,680 DWT. Bulk 0110310 103,000 New Century S/Y May 2015 Jiangsu S.S. On Order:- 10 Vessel(s); 1,030,000 DWT. Bulk 34,000 Jiangsu Yangzijiang 2012 Ningbo Fonwa Shpg Bulk 34,000 Jiangsu Yangzijiang 2012 Bulk 53,000 Zhejiang Donghong Jan 2012 Bulk YZJ2010962 47,500 Jiangsu Yangzijiang Apr 2012 Bulk 75,704 Shanghai S.Y. Mar 2012 Bulk YZJ2010963 47,500 Jiangsu Yangzijiang Aug 2012 On Order:- 2 Vessel(s); 128,704 DWT. Bulk YZJ2010950 47,500 Jiangsu Yangzijiang Jul 2013 Ningbo Joyson Bulk YZJ2010951 47,500 Jiangsu Yangzijiang Sep 2013 On Order:- 6 Vessel(s); 258,000 DWT. Bulk ZH1041 57,000 Zhejiang Zhenghe SB Feb 2012 On Order:- 1 Vessel(s); 57,000 DWT. Jiangyin Hailan Shpg Ningbo Longsheng Sh. MPP SN351 28,400 Shandong Weihai SY Feb 2012 MPP SN352 28,400 Shandong Weihai SY May 2012 Bulk 76,032 Hudong Zhonghua 2012 MPP SN353 28,400 Shandong Weihai SY Jul 2012 Bulk H1639A 76,032 Hudong Zhonghua 2012 MPP 28,400 Shandong Weihai SY Aug 2012 Bulk 76,032 Hudong Zhonghua 2013 MPP 28,400 Shandong Weihai SY Oct 2012 Bulk 76,032 Hudong Zhonghua 2013 MPP SN354 28,400 Shandong Weihai SY Oct 2012 On Order:- 4 Vessel(s); 304,128 DWT. On Order:- 6 Vessel(s); 170,400 DWT. Ningbo Marine Corp. Jimei Shipping Co Bulk 43,000 Jiangsu Hongming 2012 Bulk HT82-001 82,000 New Hantong Shipyard May 2012 Bulk 43,000 Jiangsu Hongming 2012 Bulk HT82-002 82,000 New Hantong Shipyard Aug 2012 Bulk CIS47500/B02 47,500 CIC (Jiangsu) Feb 2012 Bulk HT82-003 82,000 New Hantong Shipyard Nov 2012 Bulk CIS47500/B03 47,500 CIC (Jiangsu) Apr 2012 Bulk HT82-004 82,000 New Hantong Shipyard Feb 2013 On Order:- 4 Vessel(s); 181,000 DWT. On Order:- 4 Vessel(s); 328,000 DWT. Oriental Ocean Shpg. Lianyungang Port Bulk 2006-919 93,146 Jiangsu New YZJ Jan 2012 CS/BW Dredg GWS417 Guangzhou Wenchong Dec 2012 On Order:- 1 Vessel(s); 93,146 DWT. On Order:- 1 Vessel(s); DWT. PDA Logistics Minsheng Financial MPP HCY-141 29,000 Shandong Huanghai 2012 Bulk 1138 76,000 Jiangsu Rongsheng 2012 MPP HCY-142 29,000 Shandong Huanghai 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 1139 76,000 Jiangsu Rongsheng 2012 On Order:- 2 Vessel(s); 58,000 DWT. Bulk 1140 76,000 Jiangsu Rongsheng 2012 PetroChina Bulk 1141 76,000 Jiangsu Rongsheng 2012 Tanker 518-3 320,000 Bohai Shipbld. Jun 2012 Bulk 1142 76,000 Jiangsu Rongsheng 2012 Tanker 518-4 320,000 Bohai Shipbld. Sep 2012 Bulk H1132 75,971 Jiangsu Rongsheng 2012 On Order:- 2 Vessel(s); 640,000 DWT. Bulk H1133 75,971 Jiangsu Rongsheng 2012 Bulk H1135 75,971 Jiangsu Rongsheng 2012 Qinhuangdao Wuxing Bulk H1136 75,971 Jiangsu Rongsheng 2012 Bulk N277 57,000 COSCO Guangdong Jan 2012 Bulk 47,500 Jiangsu Eastern 2012 On Order:- 1 Vessel(s); 57,000 DWT. Bulk 47,500 Jiangsu Eastern 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 13 1st January 2012 Orderbook by Shipowner China P.R.

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Quanzhou Ansheng On Order:- 2 Vessel(s); 15,600 DWT. MPP 28,400 Shandong Weihai SY 2012 Shanghai Jiuhe MPP 28,400 Shandong Weihai SY 2012 L.P.G. 2,877 3,700 cbm Wuhan Nanhua HJ Apr 2012 On Order:- 2 Vessel(s); 56,800 DWT. L.P.G. 2,877 3,700 cbm Wuhan Nanhua HJ Apr 2012 Rewood Ocean Shpg. On Order:- 2 Vessel(s); 5,754 DWT. Bulk 82,000 Jiangsu New YZJ 2012 Shanghai North Sea Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 82,000 Jiangsu New YZJ 2012 Tanker 115,000 Guangzhou Longxue 2013 Bulk 82,000 Jiangsu New YZJ 2012 Tanker L0034 115,000 Guangzhou Longxue 2013 Bulk 82,000 Jiangsu New YZJ 2013 Shuttle 75,000 Jiangsu Rongsheng 2013 Bulk 82,000 Jiangsu New YZJ 2013 Shuttle 75,000 Jiangsu Rongsheng 2013 Bulk 82,000 Jiangsu New YZJ 2013 On Order:- 4 Vessel(s); 380,000 DWT. On Order:- 6 Vessel(s); 492,000 DWT. Shanghai Offs Pet Richamp Invest. Seis. Survey 5,731 GT Shanghai S.Y. Mar 2013 Bulk BC180-26 180,000 Beihai Shipyard Mar 2012 On Order:- 1 Vessel(s); DWT. Bulk BC180-27 180,000 Beihai Shipyard Apr 2012 Bulk BC180-28 180,000 Beihai Shipyard Jun 2012 Shanghai Salvage Co Bulk BC180-29 180,000 Beihai Shipyard Jul 2012 MSV 7,000 7,660 GT Wuchang S.B. Mar 2012 Bulk BC180-30 180,000 Beihai Shipyard Sep 2012 On Order:- 1 Vessel(s); 7,000 DWT. Bulk BC180-31 180,000 Beihai Shipyard Oct 2012 Shanghai Time Shpg. Bulk BC180-32 180,000 Beihai Shipyard Nov 2012 Bulk 45,000 Wuchang S.B. Jan 2012 Bulk BC1800-33 180,000 Beihai Shipyard Dec 2012 Bulk 49,000 Chengxi Shipyd. Mar 2012 On Order:- 8 Vessel(s); 1,440,000 DWT. Bulk 45,000 Wuchang S.B. Apr 2012 Rizhao Steel Bulk 76,000 Jiangnan SY Group Jun 2012 Bulk 1205 180,000 Shanghai Waigaoqiao Jan 2012 Bulk 49,000 Chengxi Shipyd. Jun 2012 Bulk 82,000 Shanghai Waigaoqiao 2013 Bulk 45,000 Wuchang S.B. Jul 2012 Bulk 82,000 Shanghai Waigaoqiao 2013 Bulk 76,000 Jiangnan SY Group Aug 2012 On Order:- 3 Vessel(s); 344,000 DWT. Bulk 49,000 Chengxi Shipyd. Sep 2012 Seroja Zhushui Shpg Bulk 76,000 Jiangnan SY Group Oct 2012 Bulk 45,000 Wuchang S.B. Oct 2012 Bulk J0033 79,600 Jinhai Heavy Ind. Jan 2012 Bulk 76,000 Jiangnan SY Group Dec 2012 Bulk J0034 79,600 Jinhai Heavy Ind. Jan 2012 Bulk 49,000 Chengxi Shipyd. Dec 2012 On Order:- 2 Vessel(s); 159,200 DWT. On Order:- 12 Vessel(s); 680,000 DWT. Shandong Bohai Ferry Shanghai Youhao Pass/Car F. 8,000 27,000 GT Shandong Huanghai Feb 2012 Bulk 47,500 CIC (Jiangsu) Feb 2012 Pass/Car F. 8,000 27,000 GT Shandong Huanghai Jun 2012 Bulk 47,500 CIC (Jiangsu) May 2012 Pass/Car F. 8,000 27,000 GT Shandong Huanghai Oct 2012 On Order:- 2 Vessel(s); 95,000 DWT. Pass/Car F. 8,000 27,000 GT Shandong Huanghai Feb 2013 On Order:- 4 Vessel(s); 32,000 DWT. Shenhua Zhonghai Shandong Shipping Bulk 46,000 CIC (Jiangsu) Feb 2012 Bulk 46,000 CIC (Jiangsu) Apr 2012 Bulk 180,000 Beihai Shipyard 2012 Bulk 46,000 Chengxi Shipyd. May 2012 Bulk 180,000 Beihai Shipyard 2012 Bulk 46,000 CIC (Jiangsu) Jun 2012 Bulk 180,000 Beihai Shipyard 2012 Bulk 46,000 Bohai Shipbld. Jun 2012 Bulk JLZ9110401 57,000 Jinling Shipyard Apr 2012 Bulk 46,000 CIC (Jiangsu) Aug 2012 Bulk JLZ9110402 57,000 Jinling Shipyard Jul 2012 Bulk 46,000 Bohai Shipbld. Aug 2012 On Order:- 5 Vessel(s); 654,000 DWT. Bulk 46,000 Chengxi Shipyd. Aug 2012 Shanghai China-Trust Bulk 46,000 CIC (Jiangsu) Oct 2012 PSV 3,500 2,710 GT Fujian Mawei Jul 2012 Bulk 46,000 Bohai Shipbld. Oct 2012 PSV 3,500 2,710 GT Fujian Mawei Oct 2012 Bulk 46,000 Chengxi Shipyd. Nov 2012 PSV 3,500 2,710 GT Fujian Mawei Jan 2013 Bulk 46,000 Bohai Shipbld. Dec 2012 PSV 3,500 2,710 GT Fujian Mawei Apr 2013 Bulk 46,000 CIC (Jiangsu) Dec 2012 PSV 3,500 2,710 GT Fujian Mawei Jul 2013 Bulk 46,000 Bohai Shipbld. Feb 2013 PSV 3,500 2,710 GT Fujian Mawei Oct 2013 Bulk 46,000 Chengxi Shipyd. Feb 2013 PSV 3,500 2,710 GT Fujian Mawei Jan 2014 Bulk 46,000 Bohai Shipbld. Apr 2013 PSV 3,500 2,710 GT Fujian Mawei Apr 2014 Bulk 46,000 Chengxi Shipyd. May 2013 PSV 3,500 2,710 GT Fujian Mawei Jul 2014 On Order:- 17 Vessel(s); 782,000 DWT. PSV 3,500 2,710 GT Fujian Mawei Oct 2014 Shenzhen Sanding PSV 3,500 2,710 GT Fujian Mawei Jan 2015 Tanker 76,000 Dalian Shipbuilding Apr 2012 PSV 3,500 2,710 GT Fujian Mawei Apr 2015 On Order:- 1 Vessel(s); 76,000 DWT. On Order:- 12 Vessel(s); 42,000 DWT. Sino Asia Shpg. Shanghai Citic Shpg. Bulk 123 32,500 Jiangmen Nanyang Jan 2012 Bulk H1020A 115,581 Jiangnan Changxing 2012 Bulk 124 32,500 Jiangmen Nanyang Mar 2012 Bulk H1021A 115,581 Jiangnan Changxing 2012 Bulk 125 32,500 Jiangmen Nanyang May 2012 Bulk H1041A 115,581 Jiangnan Changxing 2012 Bulk 126 32,500 Jiangmen Nanyang May 2012 Bulk H1042A 115,581 Jiangnan Changxing 2012 Bulk 607 32,500 Jiangmen Nanyang May 2012 Bulk H1044A 115,581 Jiangnan Changxing 2012 On Order:- 5 Vessel(s); 162,500 DWT. Bulk H1045A 115,581 Jiangnan Changxing 2012 Bulk H1046A 115,581 Jiangnan Changxing 2012 Sinotrans Changjiang Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk H1019A 115,581 Jiangnan Changxing Jan 2012 Container 5,000 303 TEU Zijinshan Shipyard May 2012 On Order:- 8 Vessel(s); 924,648 DWT. On Order:- 1 Vessel(s); 5,000 DWT. Shanghai Donghai Sinotrans Shpg. Ltd. Products HM-0021 15,600 Jiangsu Hongming Jan 2012 Bulk 0706 75,570 Chengxi Shipyd. Jan 2012 On Order:- 1 Vessel(s); 15,600 DWT. MPP 12,300 Yichang Shipyard Jan 2012 Shanghai Jinhai Shpg Bulk 76,000 Guangzhou Huangpu Feb 2012 MPP 12,300 Yichang Shipyard Mar 2012 Chem & Oil 7,800 Chongqing Chuandong Sep 2012 MPP 12,300 Yichang Shipyard Jun 2012 Chem & Oil 7,800 Chongqing Chuandong Dec 2012 MPP 12,300 Yichang Shipyard Sep 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 14 1st January 2012 China P.R. Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Container 25,000 1,800 TEU Qingshan Shipyard Oct 2012 Tianjin Zhonghai Container 25,000 1,800 TEU Qingshan Shipyard Nov 2012 Bulk 45,000 Bohai Shipbld. Jul 2012 Container 13,700 1,100 TEU Qingshan Shipyard Nov 2012 Bulk 45,000 Bohai Shipbld. Oct 2012 Container 13,700 1,100 TEU Qingshan Shipyard Dec 2012 Bulk 76,000 Jiangnan SY Group Jan 2013 Container 550 12,500 1,040 TEU Dae Sun S.B. 2013 Bulk 45,000 Bohai Shipbld. Jan 2013 Container 551 12,500 1,040 TEU Dae Sun S.B. 2013 Bulk 45,000 Bohai Shipbld. Apr 2013 On Order:- 12 Vessel(s); 303,170 DWT. Bulk 45,000 Bohai Shipbld. May 2013 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 SIPG Bulk 45,000 Bohai Shipbld. Jul 2013 CS/BW Dredg Guangzhou Wenchong Jan 2012 Bulk 45,000 Bohai Shipbld. Sep 2013 On Order:- 1 Vessel(s); DWT. Bulk 45,000 Bohai Shipbld. Nov 2013 On Order:- 9 Vessel(s); 436,000 DWT. Sirius Marine Unknown Chinese Products MCL TK 02 6,500 Haigang Shipyard 2012 On Order:- 1 Vessel(s); 6,500 DWT. Bulk HT64-005 64,000 Hantong Shipyard 2012 Bulk HT64-006 64,000 Hantong Shipyard 2012 SITC Bulk HT103 57,000 Hantong Shipyard 2012 Container 545 12,000 953 TEU Dae Sun S.B. Jan 2012 Bulk HT104 57,000 Hantong Shipyard 2012 Bulk 76,600 Zhejiang Yangfan Apr 2012 Bulk HT105 57,000 Hantong Shipyard 2012 Container 11,850 1,100 TEU Zhejiang Yangfan May 2012 Bulk 42,000 Qidong Haowei SB 2012 Container 11,850 1,100 TEU Zhejiang Yangfan Jul 2012 Bulk 10,000 Jiangsu Yangzijiang 2012 Bulk 76,600 Zhejiang Yangfan Aug 2012 Bulk 10,000 Jiangsu Yangzijiang 2012 Container 546 12,500 1,040 TEU Dae Sun S.B. Aug 2012 Container 12,000 734 TEU Yuhuan County SB 2012 Container 12,000 1,100 TEU Unkn. Japanese Sep 2012 Bulk 10C-066 79,800 Jiangsu Eastern Jan 2012 Container 11,850 1,100 TEU Zhejiang Yangfan Sep 2012 Bulk 30,000 Nanjing Chenglang Jan 2012 Container 11,850 1,100 TEU Zhejiang Yangfan Nov 2012 Bulk 76,000 Jiangsu Rongsheng Nov 2012 Container 547 12,500 1,040 TEU Dae Sun S.B. Nov 2012 Bulk 42,000 Qidong Haowei SB 2013 Bulk 76,600 Zhejiang Yangfan Dec 2012 Bulk 42,000 Qidong Haowei SB 2013 Container 12,000 1,100 TEU Unkn. Japanese Dec 2012 Bulk 82,000 COSCO Dalian Jan 2013 Container 11,850 1,100 TEU Zhejiang Yangfan Dec 2012 Bulk 76,000 Jiangsu Rongsheng Feb 2013 Container 11,850 1,100 TEU Zhejiang Yangfan 2013 Bulk 76,000 Jiangsu Rongsheng May 2013 Container 11,850 1,100 TEU Zhejiang Yangfan 2013 Bulk 76,000 Jiangsu Rongsheng Aug 2013 Container 11,850 1,100 TEU Zhejiang Yangfan 2013 Bulk 76,000 Jiangsu Rongsheng Nov 2013 Bulk 76,600 Zhejiang Yangfan Apr 2013 Bulk 76,000 Jiangsu Rongsheng Feb 2014 Bulk 76,600 Zhejiang Yangfan Sep 2013 On Order:- 20 Vessel(s); 1,104,800 DWT. On Order:- 18 Vessel(s); 538,800 DWT. Vision Ship South China Marine Bulk TBC93-03 93,764 Shanhaiguan S/Y Jan 2012 AHTS 202 1,560 GT South China Shipyd. Apr 2012 On Order:- 1 Vessel(s); 93,764 DWT. AHTS 203 1,560 GT South China Shipyd. Jul 2012 Weilun Shipping AHTS 204 1,560 GT South China Shipyd. Aug 2012 On Order:- 3 Vessel(s); DWT. Bulk 17,000 Yangzhou Longchuan 2012 On Order:- 1 Vessel(s); 17,000 DWT. South Farocean Wenzhou Huashun Bulk XSI482A 82,000 Xiamen S.B. Mar 2013 Bulk XSI482B 82,000 Xiamen S.B. Jun 2013 Bulk 52,000 Xintian Shipyard Feb 2012 Bulk XSI482C 82,000 Xiamen S.B. Sep 2013 On Order:- 1 Vessel(s); 52,000 DWT. On Order:- 3 Vessel(s); 246,000 DWT. Wenzhou Shipping South Ocean Shpg. Bulk 47,500 Jinling Shipyard 2012 Bulk 81,200 Dalian Shipbuilding Oct 2012 Bulk 47,500 Jinling Shipyard 2012 Bulk 81,200 Dalian Shipbuilding Dec 2012 On Order:- 2 Vessel(s); 95,000 DWT. On Order:- 2 Vessel(s); 162,400 DWT. Whim Star Shipping Sumec Marine Bulk 82,000 Guangzhou Longxue Jan 2012 Bulk DZ06H-92 35,000 Nanjing Dongze Jan 2012 On Order:- 1 Vessel(s); 82,000 DWT. Bulk DZ06H-93 35,000 Nanjing Dongze Apr 2012 Winning Alliance On Order:- 2 Vessel(s); 70,000 DWT. Bulk 131 58,000 Nantong Cosco KHI Sep 2012 Taihang Shipping Bulk 132 58,000 Nantong Cosco KHI Oct 2012 Bulk 47,500 CIC (Jiangsu) Jan 2012 On Order:- 2 Vessel(s); 116,000 DWT. Bulk 47,500 CIC (Jiangsu) 2013 Xiamen C&D Bulk 47,500 CIC (Jiangsu) 2013 Bulk 57,000 Xiamen S.B. 2012 Bulk 47,500 CIC (Jiangsu) 2013 On Order:- 1 Vessel(s); 57,000 DWT. On Order:- 4 Vessel(s); 190,000 DWT. Xiamen Hongxin Taizhou Jinxin Shpg. Bulk XSI409G 57,000 Xiamen S.B. Mar 2012 Bulk HM-0020 47,000 Jiangsu Hongming Jan 2012 Bulk XSI409H 57,000 Xiamen S.B. Jun 2012 On Order:- 1 Vessel(s); 47,000 DWT. On Order:- 2 Vessel(s); 114,000 DWT. Taizhou Petrochaina Xiamen ITG Tanker KJ-09087 28,000 Yangzhou Kejin Jan 2012 Bulk H1645A 76,000 Hudong Zhonghua Sep 2012 On Order:- 1 Vessel(s); 28,000 DWT. Bulk H1646A 76,000 Hudong Zhonghua Nov 2012 Tianhong Shipping On Order:- 2 Vessel(s); 152,000 DWT.

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk XSI409D 57,000 Xiamen S.B. Jan 2012 Yangtze Estuary On Order:- 1 Vessel(s); 57,000 DWT. TSH Dredger 1259 17,535 IHC Dredgers Sep 2012 Tianjin Guo Dian TSH Dredger 1260 17,535 IHC Dredgers Apr 2013 Bulk 76,000 Tianjin Xingang Jul 2012 On Order:- 2 Vessel(s); 35,070 DWT. Bulk 76,000 Tianjin Xingang Aug 2012 Yantai Salvage Co. Bulk 76,000 Tianjin Xingang Dec 2012 AHTS YJLZ08-33 1,500 GT Yantai Salvage Mar 2012 Bulk 76,000 Tianjin Xingang Jan 2013 On Order:- 1 Vessel(s); DWT. Bulk 76,000 Tianjin Xingang Mar 2013 On Order:- 5 Vessel(s); 380,000 DWT. Zhehai Shipping Bulk WZ0706 57,000 Zhoushan Wuzhou Jan 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 15 1st January 2012 Orderbook by Shipowner China P.R.

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

On Order:- 1 Vessel(s); 57,000 DWT. On Order:- 4 Vessel(s); 206,300 DWT. Zhejiang Gaoyu Cuba Tanker 4,900 Taizhou Hongda 2012 Nordstrand Maritime Tanker 4,900 Taizhou Hongda 2012 Bulk 1185 34,938 Shanghai S.Y. Jan 2012 Tanker 4,900 Taizhou Hongda 2012 Bulk 1186 34,938 Shanghai S.Y. Jan 2012 On Order:- 3 Vessel(s); 14,700 DWT. Bulk 1187 34,938 Shanghai S.Y. Mar 2012 Zhejiang Helicetude Bulk 1188 34,938 Shanghai S.Y. May 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 1189 34,938 Shanghai S.Y. Jul 2012 PSV HT092201 3,000 2,990 GT Guangzhou Hangtong Mar 2012 Bulk 1190 34,938 Shanghai S.Y. Sep 2012 On Order:- 1 Vessel(s); 3,000 DWT. Bulk 1191 34,938 Shanghai S.Y. Nov 2012 Zhejiang Hongxin Bulk 1192 34,938 Shanghai S.Y. Jan 2013 Bulk 0108214 82,000 New Century S/Y Aug 2012 On Order:- 8 Vessel(s); 279,504 DWT. Bulk 0108215 82,000 New Century S/Y Oct 2012 Cyprus On Order:- 2 Vessel(s); 164,000 DWT. EDT Offshore Zhejiang Share-Ever PSV 008 4,750 3,910 GT Ast. de Sevilla Jun 2012 Hvy Dk Cargo 38,000 29,908 GT Zhejiang Peninsula Mar 2012 PSV 009 4,731 3,941 GT Ast. de Sevilla Jul 2012 On Order:- 1 Vessel(s); 38,000 DWT. On Order:- 2 Vessel(s); 9,481 DWT. Zhejiang Shpg Group Interorient Nav. Co. Bulk WZ0702 35,000 Zhoushan Wuzhou Feb 2012 Bulk 2286 36,892 Hyundai Mipo Jan 2012 Bulk WZ0709 35,000 Zhoushan Wuzhou Apr 2012 Bulk 1008 33,500 Weihai Samjin Jan 2012 On Order:- 2 Vessel(s); 70,000 DWT. Bulk 1019 33,500 Weihai Samjin Feb 2012 Zhejiang Wenling CSE Bulk 0111505 115,000 New Century S/Y Mar 2012 Bulk 2287 36,892 Hyundai Mipo Mar 2012 Bulk JZ-001 35,000 Zhejiang Jiuzhou Jan 2012 Bulk 1020 33,500 Weihai Samjin Apr 2012 On Order:- 1 Vessel(s); 35,000 DWT. Bulk 0111506 115,000 New Century S/Y May 2012 Zhejiang Wugang Bulk 0111508 115,000 New Century S/Y Jul 2012 Bulk 47,500 Zhejiang Tai Tong 2013 Bulk 0111507 115,000 New Century S/Y Aug 2012 Bulk 47,500 Zhejiang Tai Tong 2013 On Order:- 9 Vessel(s); 634,284 DWT. On Order:- 2 Vessel(s); 95,000 DWT. Denmark Zhonghai Puyuan Shpg A.P. Moller Bulk L0040 82,000 Guangzhou Longxue May 2012 Tanker 2417 318,376 Hyundai H.I. Jan 2012 Bulk L0041 82,000 Guangzhou Longxue Dec 2012 Chem & Oil 06130030 39,708 Guangzhou S.Y. Int. Jan 2012 On Order:- 2 Vessel(s); 164,000 DWT. Tanker 1459 320,000 STX Shipbuild. Feb 2012 Zhoushan Bishenglong Container S518 53,820 4,496 TEU Hyundai Samho Feb 2012 Tanker 2418 318,376 Hyundai H.I. Mar 2012 Bulk 47,500 Zhejiang Zhenghe SB 2012 Chem & Oil 06130031 39,708 Guangzhou S.Y. Int. Mar 2012 Bulk 47,500 Zhejiang Zhenghe SB 2013 Tanker 2419 318,376 Hyundai H.I. Apr 2012 On Order:- 2 Vessel(s); 95,000 DWT. Tanker 1433 320,000 STX Shipbuild. Jun 2012 Zhoushan Luoda Shpg On Order:- 8 Vessel(s); 1,728,364 DWT. Bulk T001 79,600 Jinhai Heavy Ind. Jan 2012 Clipper Group Bulk T002 79,600 Jinhai Heavy Ind. Feb 2012 Bulk 368 20,000 Bharati S.Y. 2012 On Order:- 2 Vessel(s); 159,200 DWT. Bulk 369 20,000 Bharati S.Y. 2012 Zhoushan Port Group Bulk 370 20,000 Bharati S.Y. 2012 Bulk 45,000 Zhoushan Zengzhou Feb 2012 Tanker T3000-45 297,052 Dalian Shipbuilding Jan 2012 Bulk 45,000 Zhoushan Zengzhou Aug 2012 MPP/Hvy. Lift 2144 9,100 Zhejiang Yangfan Jan 2012 On Order:- 2 Vessel(s); 90,000 DWT. MPP/Hvy. Lift JX622 17,500 Tongfang Jiangxin Feb 2012 MPP/Hvy. Lift 2145 9,100 Zhejiang Yangfan Mar 2012 Colombia MPP/Hvy. Lift 2146 9,100 Zhejiang Yangfan May 2012 Grancolombiana S.A. MPP/Hvy. Lift 2147 9,100 Zhejiang Yangfan Jul 2012 GCargo 290 7,800 Ast. De Murueta Apr 2012 Bulk 371 20,000 Bharati S.Y. 2013 On Order:- 1 Vessel(s); 7,800 DWT. Bulk 372 20,000 Bharati S.Y. 2013 Bulk 373 20,000 Bharati S.Y. 2013 Croatia Bulk 37,000 Jinling Shipyard 2014 Atlantska Plovidba Bulk 37,000 Jinling Shipyard 2014 Bulk 08C-003 80,300 Jiangsu Eastern Jan 2012 On Order:- 14 Vessel(s); 544,952 DWT. Bulk 1431 57,700 STX Shipbuild. Jan 2012 Dannebrog Rederi A/S Bulk 1432 57,700 STX Shipbuild. Feb 2012 Bulk 08C-004 80,300 Jiangsu Eastern Mar 2012 MPP/Hvy. Lift 12,580 Taizhou Sanfu Feb 2012 Bulk 1382 57,700 STX Shipbuild. Apr 2012 MPP/Hvy. Lift 12,580 Taizhou Sanfu May 2012 Bulk 10C-001 79,800 Jiangsu Eastern Jun 2012 On Order:- 2 Vessel(s); 25,160 DWT. Bulk 08C-005 80,300 Jiangsu Eastern Sep 2012 DFDS A/S Bulk 10C-002 79,800 Jiangsu Eastern Sep 2012 Ro-Ro 500 12,000 P+S Werften GmbH May 2012 On Order:- 8 Vessel(s); 573,600 DWT. Ro-Ro 501 12,000 P+S Werften GmbH Jul 2012 Jadranski Pomorski On Order:- 2 Vessel(s); 24,000 DWT. Escort Tug 265 Med Marine Towage 2012 Erria A/S On Order:- 1 Vessel(s); 265 DWT. Chem & Oil 516 6,500 Rushan Shipbuilding Jan 2012 Chem & Oil 517 6,500 Rushan Shipbuilding May 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Tankerska Plovidba Chem & Oil S5054 50,000 SPP Shipbuilding Mar 2012 On Order:- 2 Vessel(s); 13,000 DWT. Chem & Oil S5065 50,000 SPP Shipbuilding Apr 2012 Esvagt On Order:- 2 Vessel(s); 100,000 DWT. Standby/Resc. 160 3,680 GT Marin S.A. Mar 2012 Uljanik Plovidba Standby/Resc. 2,000 2,104 GT Ast. Zamakona Jul 2012 Chem & Oil 713 51,800 Brod. 3 Maj Jan 2012 On Order:- 2 Vessel(s); 2,000 DWT. Bulk 489 51,500 Brod. Uljanik May 2012 Hundested-Rørvig Bulk 490 51,500 Brod. Uljanik Jan 2013 Pass/Car F. 1,000 GT Western Marine Feb 2012 Bulk 491 51,500 Brod. Uljanik Jun 2013 On Order:- 1 Vessel(s); DWT.

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 16 1st January 2012 Denmark Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

ID Shipping Maersk Supply Bulk MLBC3180030 31,800 Taizhou Maple Leaf Jan 2012 PSV 1,500 GT Marystown S.Y. Mar 2012 Bulk 28,050 Imabari S.B. Dec 2012 PSV 1,500 GT Marystown S.Y. Jun 2012 On Order:- 2 Vessel(s); 59,850 DWT. AHTS 3,500 2,985 GT ASENAV Feb 2014 J. Lauritzen AHTS 3,500 2,985 GT ASENAV Feb 2015 On Order:- 4 Vessel(s); 7,000 DWT. Shuttle N266 59,000 COSCO Nantong Jan 2012

Chem & Oil 06310055 50,326 Guangzhou S.Y. Int. Mar 2012 Nielsen & Bresling Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Chem & Oil 06310059 50,326 Guangzhou S.Y. Int. Jun 2012 MPP 684 3,481 Schps. Bodewes Jan 2012 Chem & Oil 06310060 50,326 Guangzhou S.Y. Int. Aug 2012 On Order:- 1 Vessel(s); 3,481 DWT. Chem & Oil 50,326 Guangzhou S.Y. Int. Jan 2013 Norden D/S A/S Chem & Oil 06310062 50,326 Guangzhou S.Y. Int. Jan 2013 On Order:- 6 Vessel(s); 310,630 DWT. Bulk 6009 36,781 Hyundai Mipo 2012 Bulk 6010 36,781 Hyundai Mipo 2012 Lauritzen Bulkers Bulk L0018 81,838 Guangzhou Longxue Jan 2012 Bulk 745 37,800 Naikai S.B. Jan 2012 Bulk 6075 33,232 Hyundai Mipo Jan 2012 Bulk 749 37,800 Naikai S.B. Jan 2012 Bulk 6085 33,232 Hyundai Mipo Jan 2012 Bulk 608 32,500 Jiangmen Nanyang May 2012 Bulk 10578 60,700 Oshima S.B. Co. Jul 2012 Bulk 750 37,800 Naikai S.B. Jun 2012 Bulk S062 37,000 Hyundai Vinashin Jul 2012 Bulk 610 32,500 Jiangmen Nanyang Jun 2012 Bulk S063 37,000 Hyundai Vinashin Sep 2012 Bulk 751 37,800 Naikai S.B. Dec 2012 Bulk 37,000 Onomichi Dockyd Oct 2012 Bulk 117 32,500 Jiangmen Nanyang Jan 2013 Products 1535 49,600 STX Shipbuild. 2013 Bulk 118 32,500 Jiangmen Nanyang Mar 2013 Products 1536 49,600 STX Shipbuild. 2013 Bulk 854 31,719 Hakodate Dock Sep 2013 Products 1537 49,600 STX Shipbuild. 2013 On Order:- 9 Vessel(s); 312,919 DWT. Products 1538 49,600 STX Shipbuild. 2013 Lauritzen Kosan Bulk 37,000 Onomichi Dockyd Mar 2013 On Order:- 14 Vessel(s); 628,964 DWT. L.P.G. KJ-07076 3,800 3,678 cbm Yangzhou Kejin Jan 2012 On Order:- 1 Vessel(s); 3,800 DWT. Nordic Ferry Maersk Drilling Pass/Car F. 1295 750 4,400 GT J. J. Sietas Jan 2012 Pass/Car F. 1296 750 4,400 GT J. J. Sietas Jun 2012 Drillship 90,000 Samsung H.I. Jan 2013 Pass/Car F. 1297 750 4,400 GT J. J. Sietas Aug 2012 Drillship 90,000 Samsung H.I. Aug 2013 On Order:- 3 Vessel(s); 2,250 DWT. Drillship 90,000 Samsung H.I. May 2014 Drillship 90,000 Samsung H.I. Aug 2014 Othello Shpg. Co. On Order:- 4 Vessel(s); 360,000 DWT. Ethy/LPG 6,000 6,800 cbm STX Shipbuild. Sep 2012 Maersk Line Ethy/LPG 6,000 6,800 cbm STX Shipbuild. Apr 2013 On Order:- 2 Vessel(s); 12,000 DWT. Container 4223 97,000 8,500 TEU Daewoo 2012 Container 4224 97,000 8,500 TEU Daewoo 2012 OW Bunker Container 4225 97,000 8,500 TEU Daewoo 2012 Chem & Oil SP0701 8,000 Zhenjiang Sopo Jan 2012 Container 4226 97,000 8,500 TEU Daewoo 2012 Chem & Oil SP0702 8,000 Zhenjiang Sopo Mar 2012 Container 4227 97,000 8,500 TEU Daewoo 2012 On Order:- 2 Vessel(s); 16,000 DWT. Container 4228 97,000 8,500 TEU Daewoo 2012 Royal Arctic Line Container 4229 97,000 8,500 TEU Daewoo 2012 Container 61,614 4,496 TEU Hyundai H.I. 2012 MPP 2,500 P+S Werften GmbH 2012 Container 61,614 4,496 TEU Hyundai H.I. 2012 MPP 2,500 P+S Werften GmbH 2012 Container 61,614 4,496 TEU Hyundai H.I. 2012 GCargo 600 P+S Werften GmbH 2012 Container 61,614 4,496 TEU Hyundai H.I. 2012 GCargo 600 P+S Werften GmbH 2012 Container 2347 61,614 4,496 TEU Hyundai H.I. 2012 Container 2100 8,400 606 TEU P+S Werften GmbH Jun 2012 Container 2348 61,614 4,496 TEU Hyundai H.I. 2012 On Order:- 5 Vessel(s); 14,600 DWT. Container 2349 61,614 4,496 TEU Hyundai H.I. 2012 Safmarine Cont. Line Container 2350 61,614 4,496 TEU Hyundai H.I. 2012 MPP W0823 18,000 Wuhu Shipyard Jan 2012 Container S496 61,614 4,496 TEU Hyundai Samho 2012 MPP W0824 18,000 Wuhu Shipyard Mar 2012 Container S497 61,614 4,496 TEU Hyundai Samho 2012 On Order:- 2 Vessel(s); 36,000 DWT. Container S498 61,614 4,496 TEU Hyundai Samho 2012 Container S499 61,614 4,496 TEU Hyundai Samho 2012 Scandlines Denmark Container S500 61,614 4,496 TEU Hyundai Samho 2012 Pass/Car F. 502 4,200 24,000 GT P+S Werften GmbH Mar 2012 Container 4222 97,000 8,500 TEU Daewoo Jan 2012 Pass/Car F. 503 4,200 24,000 GT P+S Werften GmbH May 2012 Container 4221 91,531 7,450 TEU Daewoo Jan 2012 On Order:- 2 Vessel(s); 8,400 DWT. Container 2346 61,614 4,496 TEU Hyundai H.I. Feb 2012 Seatruck Ferries Container 165,000 18,000 TEU Daewoo 2013 Ro-Ro 747 5,255 Flensburger S.B Feb 2012 Container 165,000 18,000 TEU Daewoo 2013 Ro-Ro 751 5,255 Flensburger S.B Mar 2012 Container 165,000 18,000 TEU Daewoo 2013 Ro-Ro 5,255 Flensburger S.B Jun 2012 Container 165,000 18,000 TEU Daewoo 2013 On Order:- 3 Vessel(s); 15,765 DWT. Container 165,000 18,000 TEU Daewoo 2013 Container 165,000 18,000 TEU Daewoo 2014 Stella Shipping P/S Container 165,000 18,000 TEU Daewoo 2014 MPP 55 4,100 Western Marine Jan 2012 Container 165,000 18,000 TEU Daewoo 2014 MPP 56 4,100 Western Marine Mar 2012 Container 165,000 18,000 TEU Daewoo 2014 MPP 57 4,100 Western Marine May 2012 Container 165,000 18,000 TEU Daewoo 2014 On Order:- 3 Vessel(s); 12,300 DWT. Container 165,000 18,000 TEU Daewoo 2015 Container 165,000 18,000 TEU Daewoo 2015 Tank. Herning A/S Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Container 165,000 18,000 TEU Daewoo 2015 C&O* MD047800009 8,025 Nantong Mingde Jan 2012 Container 165,000 18,000 TEU Daewoo 2015 C&O* MD048800010 8,025 Nantong Mingde Apr 2012 Container 165,000 18,000 TEU Daewoo 2015 On Order:- 2 Vessel(s); 16,050 DWT. Container 165,000 18,000 TEU Daewoo 2016 Tankers Inc Container 165,000 18,000 TEU Daewoo 2016 Chem & Oil CP750-2 75,000 Dalian Shipbuilding 2013 Container 165,000 18,000 TEU Daewoo 2016 Chem & Oil CP750-1 75,000 Dalian Shipbuilding 2013 Container 165,000 18,000 TEU Daewoo 2016 On Order:- 2 Vessel(s); 150,000 DWT. Container 165,000 18,000 TEU Daewoo 2016 On Order:- 43 Vessel(s); 5,030,127 DWT. Torm, Dampskibss Chem & Oil 08130005 53,160 Guangzhou S.Y. Int. Jan 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 17 1st January 2012 Orderbook by Shipowner Denmark

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Bulk SS065 82,800 Tsuneishi Zhoushan Nov 2012 On Order:- 1 Vessel(s); 4,000 DWT. Chem & Oil 08130008 53,160 Guangzhou S.Y. Int. May 2014 Viking Line Abp On Order:- 3 Vessel(s); 189,120 DWT. Pass/Car F. 57,000 GT STX Finnyards Jan 2013 Egypt On Order:- 1 Vessel(s); DWT. A.M.P.T.C. France Products 2491 112,000 Hyundai H.I. Jul 2012 Bourbon Offshore Products 2492 112,000 Hyundai H.I. Mar 2013 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 AHTS ZJ3001 1,800 2,200 GT Dayang S.B. Jan 2012 On Order:- 2 Vessel(s); 224,000 DWT. PSV ZJ3021 1,700 1,316 GT Dayang S.B. Jan 2012 Alexandria Port PSV DH1002 5,000 3,910 GT Zhejiang S.B. Feb 2012 Harbour Tug Egyptian S.B. 2012 PSV ZJ3022 1,700 1,316 GT Dayang S.B. Feb 2012 Harbour Tug Egyptian S.B. 2012 Crew/Fast Sup 048/07 370 335 GT Grandweld Feb 2012 On Order:- 2 Vessel(s); DWT. PSV DH1003 4,450 3,950 GT Zhejiang S.B. Mar 2012 Damietta AHTS 1,450 2,000 GT Dayang S.B. Mar 2012 AHTS ZJ3002 1,800 1,535 GT Dayang S.B. Mar 2012 Harbour Tug Timsah S.B. 2012 AHTS ZJ3003 1,800 1,535 GT Dayang S.B. Mar 2012 Harbour Tug Timsah S.B. 2012 PSV ZJ3023 1,700 1,316 GT Dayang S.B. Mar 2012 On Order:- 2 Vessel(s); DWT. MSV 4,858 6,000 GT Zhejiang S.B. Apr 2012 Egyptian Govt. PSV DH1004 4,400 3,910 GT Zhejiang S.B. Apr 2012 Ro-Ro N29 11,350 Alexandria S.Y. 2012 AHTS ZJ3004 1,800 2,200 GT Dayang S.B. Apr 2012 On Order:- 1 Vessel(s); 11,350 DWT. PSV 1,509 1,517 GT Dayang S.B. Apr 2012 PSV ZJ3024 1,700 1,316 GT Dayang S.B. Apr 2012 Maridive & Oil Serv AHTS 354 2,100 2,310 GT Bharati S.Y. May 2012 PSV 1461 3,500 2,710 GT Jingjiang Nanyang Jan 2012 AHTS ZJ3005 1,800 2,200 GT Dayang S.B. May 2012 PSV 1460 3,200 2,478 GT Jingjiang Nanyang Jan 2012 AHTS ZJ3006 1,800 2,200 GT Dayang S.B. May 2012 On Order:- 2 Vessel(s); 6,700 DWT. AHTS ZJ3007 1,800 2,200 GT Dayang S.B. May 2012 Subsea Petroleum PSV 1,509 1,517 GT Dayang S.B. May 2012 PSV ZJ3025 1,700 1,316 GT Dayang S.B. May 2012 AHTS 205 1,500 1,279 GT Panyu Lingshan S.Y. Feb 2012 AHTS 356 2,100 2,310 GT Bharati S.Y. Jun 2012 On Order:- 1 Vessel(s); 1,500 DWT. AHTS 27 1,450 2,000 GT West Atlantic SY Jun 2012 Estonia AHTS DY1023ZJ 1,450 2,000 GT Dayang S.B. Jun 2012 BLRT-UMM Shipping AHTS DY2024DYZJ 1,450 2,000 GT Dayang S.B. Jun 2012 PSV 1,509 1,517 GT Dayang S.B. Jun 2012 GCargo 45 4,600 SC Western Shipyard Feb 2012 PSV ZJ3026 1,700 1,316 GT Dayang S.B. Jun 2012 GCargo 46 4,600 SC Western Shipyard Apr 2012 AHTS 28 1,500 1,279 GT West Atlantic SY Jun 2012 GCargo 47 4,600 SC Western Shipyard Jul 2012 AHTS ZJ3008 1,800 2,200 GT Dayang S.B. Jul 2012 GCargo 48 4,600 SC Western Shipyard Oct 2012 AHTS ZJ3009 1,800 2,200 GT Dayang S.B. Jul 2012 GCargo 49 4,600 SC Western Shipyard Jan 2013 AHTS ZJ3010 1,800 2,200 GT Dayang S.B. Jul 2012 GCargo 50 4,600 SC Western Shipyard Apr 2013 AHTS DH2022DYZJ 1,450 2,000 GT Dayang S.B. Jul 2012 GCargo 51 4,600 SC Western Shipyard Jul 2013 PSV ZJ3027 1,700 1,316 GT Dayang S.B. Jul 2012 GCargo 52 4,600 SC Western Shipyard Oct 2013 AHTS ZJ3011 1,800 2,200 GT Dayang S.B. Aug 2012 On Order:- 8 Vessel(s); 36,800 DWT. AHTS ZJ3012 1,800 2,200 GT Dayang S.B. Aug 2012 Ethiopia AHTS DY1025ZJ 1,450 2,000 GT Dayang S.B. Aug 2012 Ethiopian Shpg. PSV 1,509 1,517 GT Dayang S.B. Aug 2012 PSV ZJ3028 1,700 1,316 GT Dayang S.B. Aug 2012 MPP/Hvy. Lift HCY-137 28,000 Shandong Huanghai Aug 2012 AHTS ZJ3013 1,800 2,200 GT Dayang S.B. Sep 2012 MPP/Hvy. Lift 28,000 Shandong Huanghai Nov 2012 AHTS ZJ3014 1,800 2,200 GT Dayang S.B. Sep 2012 Tanker 41,500 Jinling Shipyard 2013 AHTS DY1026ZJ 1,450 2,000 GT Dayang S.B. Sep 2012 Tanker 41,500 Jinling Shipyard 2013 PSV ZJ3029 1,700 1,316 GT Dayang S.B. Sep 2012 MPP/Hvy. Lift 28,000 Shandong Huanghai Feb 2013 AHTS ZJ3015 1,800 2,200 GT Dayang S.B. Oct 2012 MPP/Hvy. Lift 28,000 Shandong Huanghai May 2013 AHTS ZJ3016 1,800 2,200 GT Dayang S.B. Oct 2012 MPP/Hvy. Lift 28,000 Shandong Huanghai Aug 2013 PSV ZJ3030 1,700 1,316 GT Dayang S.B. Oct 2012 MPP/Hvy. Lift 28,000 Shandong Huanghai Nov 2013 AHTS ZJ3017 1,800 2,200 GT Dayang S.B. Nov 2012 MPP/Hvy. Lift 28,000 Shandong Huanghai Feb 2014 AHTS ZJ3018 1,800 2,200 GT Dayang S.B. Nov 2012 On Order:- 9 Vessel(s); 279,000 DWT. MSV 4,858 5,316 GT Zhejiang S.B. Dec 2012 Faroe Islands AHTS ZJ3019 1,800 2,200 GT Dayang S.B. Dec 2012 Supply Service, P/F AHTS ZJ3020 1,800 2,200 GT Dayang S.B. Dec 2012 PSV 1681 4,000 3,000 GT Fjellstrand A/S Feb 2012 Supply 1,193 GT Grandweld Dec 2012 PSV 106 4,700 3,640 GT Havyard Leirvik Mar 2012 Supply 500 344 GT Grandweld Dec 2012 PSV 4,200 3,252 GT Havyard Leirvik Jul 2012 Supply 500 344 GT Grandweld Dec 2012 On Order:- 3 Vessel(s); 12,900 DWT. Supply 500 344 GT Grandweld Dec 2012 Supply 500 344 GT Grandweld Dec 2012 Finland Supply 500 344 GT Grandweld Dec 2012 ESL Shipping Oy PSV ZJ3034 1,700 1,316 GT Dayang S.B. Feb 2013 Bulk S042 56,150 Hyundai Vinashin Mar 2012 PSV ZJ3035 1,700 1,316 GT Dayang S.B. Feb 2013 Bulk S043 56,150 Hyundai Vinashin Mar 2012 PSV 1,193 GT Dayang S.B. Feb 2013 On Order:- 2 Vessel(s); 112,300 DWT. PSV 3,700 2,865 GT Zhejiang S.B. Apr 2013 PSV ZJ3032 1,700 1,316 GT Dayang S.B. Apr 2013 Finferries PSV ZJ3033 1,700 1,316 GT Dayang S.B. Apr 2013 Pass/Car F. 1380 355 1,000 GT STX Finnyards Nov 2012 PSV 3,700 2,865 GT Zhejiang S.B. Jul 2013 On Order:- 1 Vessel(s); 355 DWT. PSV 3,700 2,865 GT Zhejiang S.B. Oct 2013 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Finnlines Plc PSV 3,700 2,865 GT Zhejiang S.B. Jan 2014 MSV 4,858 6,000 GT Zhejiang S.B. Apr 2014 Ro-Ro 07-0440 10,500 Jinling Shipyard Jan 2012 MSV 4,858 6,000 GT Zhejiang S.B. Apr 2014 Ro-Ro 07-0441 10,500 Jinling Shipyard Feb 2012 MSV 4,858 6,000 GT Zhejiang S.B. Apr 2014 Ro-Ro 07-0442 10,500 Jinling Shipyard Jun 2012 MSV 4,858 6,000 GT Zhejiang S.B. Apr 2014 Ro-Ro 07-0443 10,500 Jinling Shipyard Sep 2012 MSV 4,858 6,000 GT Zhejiang S.B. Apr 2014 On Order:- 4 Vessel(s); 42,000 DWT. MSV 4,858 6,000 GT Zhejiang S.B. Apr 2014 Meriaura Oy MSV 4,858 6,000 GT Zhejiang S.B. Apr 2014 Heavy Lift 4,000 STX Finnyards 2012 MSV 4,858 6,000 GT Zhejiang S.B. Apr 2014 MSV 4,858 6,000 GT Zhejiang S.B. Apr 2014

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 18 1st January 2012 France Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

MSV 4,858 6,000 GT Zhejiang S.B. Apr 2014 Maritime Nantaise PSV 3,700 2,865 GT Zhejiang S.B. Apr 2014 Ro-Ro 12,600 Hyundai Mipo 2013 PSV 3,700 2,865 GT Zhejiang S.B. Jul 2014 Ro-Ro 12,600 Hyundai Mipo 2013 PSV 3,700 2,865 GT Zhejiang S.B. Oct 2014 On Order:- 2 Vessel(s); 25,200 DWT. PSV 3,700 2,865 GT Zhejiang S.B. Jan 2015 PSV 1,700 1,316 GT Dayang S.B. Jan 2015 Setaf-Saget Utility 1,000 806 GT Dayang S.B. Jan 2015 Bulk DY4001 63,200 Dayang S.B. May 2012 Utility 1,000 806 GT Dayang S.B. Jan 2015 Bulk DY4002 63,200 Dayang S.B. May 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Utility 1,000 806 GT Dayang S.B. Jan 2015 Bulk DY4003 63,200 Dayang S.B. Jul 2012 Utility 1,000 806 GT Dayang S.B. Jan 2015 Bulk DY4004 63,200 Dayang S.B. Jul 2012 Utility 1,000 806 GT Dayang S.B. Jan 2015 Bulk DY4005 63,200 Dayang S.B. Sep 2012 Utility 1,000 806 GT Dayang S.B. Jan 2015 Bulk DY4006 63,200 Dayang S.B. Sep 2012 Utility 1,000 806 GT Dayang S.B. Jan 2015 Bulk DY4007 63,200 Dayang S.B. Nov 2012 Utility 1,000 806 GT Dayang S.B. Jan 2015 Bulk DY4008 63,200 Dayang S.B. Nov 2012 Utility 1,000 806 GT Dayang S.B. Jan 2015 On Order:- 8 Vessel(s); 505,600 DWT. Utility 1,000 806 GT Dayang S.B. Jan 2015 SOCATRA Utility 1,000 806 GT Dayang S.B. Jan 2015 C&O* GHCY 750006 7,500 Jiangsu Ganghua 2012 Utility 1,000 806 GT Dayang S.B. Jan 2015 C&O* GHCY 750008 7,500 Jiangsu Ganghua 2012 Utility 1,000 806 GT Dayang S.B. Jan 2015 C&O* GHCY 750005 7,500 Jiangsu Ganghua Jan 2012 Utility 1,000 806 GT Dayang S.B. Jan 2015 C&O* GHCY 750007 7,500 Jiangsu Ganghua Jan 2012 Utility 1,000 806 GT Dayang S.B. Jan 2015 Chem & Oil 37,690 Hyundai Mipo Oct 2012 Utility 1,000 806 GT Dayang S.B. Jan 2015 Chem & Oil 37,690 Hyundai Mipo Jan 2013 Utility 1,000 806 GT Dayang S.B. Jan 2015 On Order:- 6 Vessel(s); 105,380 DWT. Utility 1,000 806 GT Dayang S.B. Jan 2015 Utility 1,000 806 GT Dayang S.B. Jan 2015 STFMO Utility 1,000 806 GT Dayang S.B. Jan 2015 TSH Dredger STX France (Lorient) Jun 2012 PSV 1,193 GT Zhejiang S.B. Apr 2015 On Order:- 1 Vessel(s); DWT. PSV 3,700 2,865 GT Zhejiang S.B. Jul 2015 PSV 3,700 2,865 GT Zhejiang S.B. Oct 2015 Germany PSV 3,700 2,865 GT Zhejiang S.B. Jan 2016 Aug. Bolten On Order:- 104 Vessel(s); 219,102 DWT. Bulk HR53-HL12 53,538 Ha Long Shipyd. 2012 Cie. Fluviale Bulk HR53-HL14 53,538 Ha Long Shipyd. 2012 On Order:- 2 Vessel(s); 107,076 DWT. Bunkering 105 3,500 STX Braila Jan 2012 Bunkering 107 3,500 STX Braila Mar 2012 Bernd Meyering Schif On Order:- 2 Vessel(s); 7,000 DWT. Container 9,300 804 TEU Damen Galati Jan 2012 CMA-CGM On Order:- 1 Vessel(s); 9,300 DWT. Container 4161 165,000 16,000 TEU Daewoo Apr 2012 Blumenthal, Johann Container 4162 165,000 16,000 TEU Daewoo Jul 2012 Bulk 0117614 174,943 New Times S.B. Jan 2012 Container 4163 165,000 16,000 TEU Daewoo Oct 2012 Bulk 766 38,225 Imabari S.B. Jan 2012 Container PN-020 46,000 3,650 TEU HHIC-Phil. Inc. Apr 2013 Bulk 0117615 174,943 New Times S.B. Feb 2012 Container PN-021 46,000 3,650 TEU HHIC-Phil. Inc. Jun 2013 Bulk 0117616 174,943 New Times S.B. Feb 2012 Container PN-022 46,000 3,650 TEU HHIC-Phil. Inc. Aug 2013 Bulk 861 31,885 Hakodate Dock Dec 2013 Container PN-023 46,000 3,650 TEU HHIC-Phil. Inc. Oct 2013 Bulk 840 31,950 Hakodate Dock Mar 2014 Container 026 143,000 12,562 TEU HHIC-Phil. Inc. 2014 On Order:- 6 Vessel(s); 626,889 DWT. Container 027 143,000 12,562 TEU HHIC-Phil. Inc. 2014 Briese-Schiffahrts On Order:- 9 Vessel(s); 965,000 DWT. MPP 355-15 17,300 Tianjin Xingang 2012 Delmas Lines MPP 355-16 17,300 Tianjin Xingang 2012 Ro-Ro/Cnt 8056 29,000 Hyundai MipoApr 2014 MPP/Hvy. Lift 901 7,620 Rousse Shipyard 2012 Ro-Ro/Cnt 8057 29,000 Hyundai MipoMay 2014 MPP/Hvy. Lift 903 7,620 Rousse Shipyard 2012 Ro-Ro/Cnt 8058 29,000 Hyundai Mipo Jun 2014 MPP 2007-1201 7,500 Liaoning Marine 2012 Ro-Ro/Cnt 8059 29,000 Hyundai Mipo Jul 2014 MPP 2007-1202 7,500 Liaoning Marine 2012 Ro-Ro/Cnt 8060 29,000 Hyundai MipoAug 2014 MPP 2007-1203 7,500 Liaoning Marine 2012 Ro-Ro/Cnt 8061 29,000 Hyundai Mipo Oct 2014 MPP 2007-1204 7,500 Liaoning Marine 2012 On Order:- 6 Vessel(s); 174,000 DWT. MPP/Hvy. Lift 357-4 9,600 Tianjin Xingang Jan 2012 Evergas AS MPP BBTSB801 8,000 Shandong Baibuting Jan 2012 MPP 07-012 7,700 Jiangsu Changbo Jan 2012 L.P.G. DJ1001 4,900 5,000 cbm Qidong Dajiang Mar 2012 MPP 2008-1203 6,159 Liaoning Marine Jan 2012 L.P.G. DJ1002 4,900 5,000 cbm Qidong Dajiang Apr 2012 GCargo 9419 2,550 Thanh Long S.B. Jan 2012 L.P.G. DJ1003 4,900 5,000 cbm Qidong Dajiang May 2012 MPP/Hvy. Lift 357-5 9,600 Tianjin Xingang Mar 2012 L.P.G. DJ1004 4,900 5,000 cbm Qidong Dajiang Jul 2012 MPP BBTSB802 8,000 Shandong Baibuting Mar 2012 L.P.G. DJ1005 4,900 5,000 cbm Qidong Dajiang Aug 2012 MPP 008 3,500 LISEMCO Mar 2012 L.P.G. DJ1006 4,900 5,000 cbm Qidong Dajiang Oct 2012 MPP/Hvy. Lift 357-6 9,600 Tianjin Xingang May 2012 Ethy/LPG 10,500 12,000 cbm Qidong Dajiang Jan 2013 MPP BBTSB803 8,000 Shandong Baibuting May 2012 Ethy/LPG 10,500 12,000 cbm Qidong Dajiang Apr 2013 MPP/Hvy. Lift 357-8 9,600 Tianjin Xingang Jun 2012 Ethy/LPG 10,500 12,000 cbm Qidong Dajiang Jul 2013 MPP/Hvy. Lift 357-7 9,600 Tianjin Xingang Jul 2012 Ethy/LPG 10,500 12,000 cbm Qidong Dajiang Oct 2013 GCargo 9421 2,550 Thanh Long S.B. Jul 2012 Ethy/LPG 10,500 12,000 cbm Qidong Dajiang Dec 2013 MPP BBTSB804 8,000 Shandong Baibuting Aug 2012 Ethy/LPG 10,500 12,000 cbm Qidong Dajiang Mar 2014 GCargo 9427 2,550 Thanh Long S.B. Nov 2012 On Order:- 12 Vessel(s); 92,400 DWT. GCargo 9429 2,550 Thanh Long S.B. Jan 2013

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Iles du Ponant On Order:- 24 Vessel(s); 187,399 DWT. Cruise 1,400 10,944 GT Fincantieri Jun 2013 Brise Bereederungs On Order:- 1 Vessel(s); 1,400 DWT. Container JD1000-10 13,000 1,036 TEU Jiangdong Shipyard 2012 Louis Dreyfus Container JD1000-9 13,000 1,036 TEU Jiangdong Shipyard 2012 Bulk 180,000 Tianjin Xingang 2013 On Order:- 2 Vessel(s); 26,000 DWT. Bulk 180,000 Tianjin Xingang 2013 Buss Capital Bulk 41,000 Tianjin Xingang 2013 Container JD1000-12 13,000 1,036 TEU Jiangdong Shipyard 2012 Bulk 41,000 Tianjin Xingang 2013 Container JD1000-11 13,000 1,036 TEU Jiangdong Shipyard Feb 2012 On Order:- 4 Vessel(s); 442,000 DWT. Container 22,000 1,700 TEU Guangzhou Wenchong Apr 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 19 1st January 2012 Orderbook by Shipowner Germany

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Container 22,000 1,700 TEU Guangzhou Wenchong Jun 2013 On Order:- 11 Vessel(s); 633,000 DWT. Container 22,000 1,700 TEU Guangzhou Wenchong Sep 2013 F. Laeisz Container 22,000 1,700 TEU Guangzhou Wenchong Dec 2013 On Order:- 6 Vessel(s); 114,000 DWT. PCC 2085 11,760 Lujiashi Zhoushan 2012 PCC 2086 11,760 Lujiashi Zhoushan 2012 Carsten Rehder PCC 2087 11,760 Lujiashi Zhoushan 2012 Bulk 1005 34,000 Seko Hvy. Ind. 2012 PCC 2088 11,760 Lujiashi Zhoushan 2012

Container WJZ034 14,220 1,085 TEU Nanjing Wujiazui Jan 2012 On Order:- 4 Vessel(s); 47,040 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Container TC0203 50,000 3,820 TEU Taizhou Catic Jan 2013 Fehn Bereederungs Container TC0204 50,000 3,820 TEU Taizhou Catic Mar 2013 MPP PBZ04-41A 8,000 Penglai Bohai 2012 On Order:- 4 Vessel(s); 148,220 DWT. MPP/Hvy. Lift 902 7,620 Rousse Shipyard 2012 Ch. F. Ahrenkiel On Order:- 2 Vessel(s); 15,620 DWT. Bulk H4044 35,000 SPP Shipbuilding Feb 2012 FMMH Bulk H4041 35,000 SPP Shipbuilding Apr 2013 Bulk H4042 35,000 SPP Shipbuilding May 2013 PSV 6,200 4,801 GT Unknown Yard Feb 2012 On Order:- 3 Vessel(s); 105,000 DWT. PSV 6,200 4,801 GT Unknown Yard Mar 2012 On Order:- 2 Vessel(s); 12,400 DWT. Chemikalien Seetrans Freese, Reederei Bulk N236 92,776 COSCO Zhoushan Mar 2012 Bulk N237 92,776 COSCO Zhoushan May 2012 MPP/Hvy. Lift HCY-67 28,000 Shandong Huanghai Feb 2012 On Order:- 1 Vessel(s); 28,000 DWT. On Order:- 2 Vessel(s); 185,552 DWT. Conti Reederei Gebruder Winter Bulk N199 92,776 COSCO Zhoushan Jan 2012 Container 383 39,947 2,758 TEU Guangzhou Wenchong Jan 2012 Bulk N307 92,776 COSCO Zhoushan Jan 2012 Container 431-5 12,356 877 TEU Fujian Mawei Jan 2012 Bulk 848 92,500 Jiangsu New YZJ Jan 2012 Container 431-6 12,356 877 TEU Fujian Mawei Mar 2012 Bulk N217 57,000 COSCO Guangdong Jan 2012 Container 397 35,000 2,758 TEU Guangzhou Wenchong Jun 2013 Bulk HT058 57,000 Hantong Shipyard Feb 2012 On Order:- 4 Vessel(s); 99,659 DWT. Bulk N218 57,000 COSCO Guangdong Feb 2012 Grona Shipping Bulk 849 92,500 Jiangsu New YZJ Mar 2012 C&O* XS1650001 16,500 Jiujiang Xiangsheng 2012 Bulk HT059 57,000 Hantong Shipyard Jun 2012 C&O* XS1650002 16,500 Jiujiang Xiangsheng 2012 Bulk HT060 57,000 Hantong Shipyard Sep 2012 C&O* XS1650003 16,500 Jiujiang Xiangsheng 2012 Bulk HT061 57,000 Hantong Shipyard Dec 2012 C&O* XS1650004 16,500 Jiujiang Xiangsheng 2012 On Order:- 10 Vessel(s); 712,552 DWT. C&O* XS1650005 16,500 Jiujiang Xiangsheng 2012 E.R. Schiffahrt C&O* XS1650006 16,500 Jiujiang Xiangsheng 2012 Container 2154 145,000 13,092 TEU Hyundai H.I. 2012 MPP 331 6,500 Bharati S.Y. Jan 2012 MPP 928/07 5,200 Western Marine Jan 2012 Container 2164 145,000 13,092 TEU Hyundai H.I. Feb 2012 Container 2166 145,000 13,092 TEU Hyundai H.I. Jun 2012 MPP 332 6,500 Bharati S.Y. Mar 2012 Container 2167 145,000 13,092 TEU Hyundai H.I. Aug 2012 MPP 928/08 5,200 Western Marine Mar 2012 pr 2012 Bulk S-025 55,783 Hyundai Vinashin Oct 2012 MPP 928/09 5,200 Western Marine A Bulk S-026 55,783 Hyundai Vinashin Jan 2013 MPP 333 6,500 Bharati S.Y. May 2012 On Order:- 6 Vessel(s); 691,566 DWT. MPP 928/10 5,200 Western Marine May 2012 MPP 334 6,500 Bharati S.Y. Jul 2012 Erwin Strahlmann MPP 928/11 5,200 Western Marine Jul 2012 MPP 762 8,250 Schps. Bodewes 2012 MPP 928/12 5,200 Western Marine Sep 2012 MPP 776 8,200 Schps. Bodewes Jan 2012 On Order:- 16 Vessel(s); 156,200 DWT. MPP 4801 4,820 SLKB Komarno Jan 2012 Hamburger Lloyd MPP 2970 3,671 SLKB Komarno Jan 2012 MPP 4802 4,820 SLKB Komarno Mar 2012 Container 1181 57,500 4,620 TEU Shanghai S.Y. Jan 2012 MPP 761 8,250 Schps. Bodewes Apr 2012 Container 1182 57,500 4,620 TEU Shanghai S.Y. Jan 2012 MPP 777 8,200 Schps. Bodewes May 2012 Container H1025 57,500 4,620 TEU Jiangnan Changxing Sep 2012 MPP 4803 4,820 SLKB Komarno May 2012 Container H1026 57,500 4,620 TEU Jiangnan Changxing Nov 2012 MPP 4804 4,820 SLKB Komarno Jul 2012 On Order:- 4 Vessel(s); 230,000 DWT. MPP 778 8,200 Schps. Bodewes Aug 2012 Hamburg-Sud. MPP 4805 4,820 SLKB Komarno Sep 2012 Container 4233 93,404 7,090 TEU Daewoo Jan 2012 MPP 779 8,200 Schps. Bodewes Dec 2012 Container 47,000 3,800 TEU Shanghai S.Y. Jan 2012 MPP 4806 4,820 SLKB Komarno Dec 2012 Container 4234 93,404 7,090 TEU Daewoo Mar 2012 MPP 763 8,250 Schps. Bodewes 2013 Container 47,000 3,800 TEU Shanghai S.Y. Apr 2012 On Order:- 14 Vessel(s); 90,141 DWT. Container 4235 93,404 7,090 TEU Daewoo Jul 2012 ESF Container 47,000 3,800 TEU Shanghai S.Y. Jul 2012 Research 11,747 GT Unknown Yard 2014 Container 47,000 3,800 TEU Shanghai S.Y. Oct 2012 Container 115,000 9,700 TEU Hyundai H.I. 2013 On Order:- 1 Vessel(s); DWT. Container 115,000 9,700 TEU Hyundai H.I. 2013 F. A. Vinnen & Co. Container 115,000 9,700 TEU Hyundai H.I. 2013 Container S419 51,450 4,255 TEU Hyundai Samho Feb 2012 Container 115,000 9,700 TEU Hyundai H.I. 2013 Container 47,000 3,800 TEU Shanghai S.Y. Jul 2013 Container 115,000 9,700 TEU Hyundai H.I. 2013 Container 47,000 3,800 TEU Shanghai S.Y. Oct 2013 Container 47,000 3,800 TEU Shanghai S.Y. Jan 2013 On Order:- 3 Vessel(s); 145,450 DWT. Container 47,000 3,800 TEU Shanghai S.Y. Apr 2013 F. H. Bertling Container 115,000 9,700 TEU Hyundai H.I. 2014 On Order:- 15 Vessel(s); 1,252,212 DWT. Open Hatch HYDM001 50,000 Zhejiang Friendship Jan 2012 Bulk ZC3001 35,000 Zhong Chuan H.I. Jan 2012 Hammonia Reederei Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Open Hatch HYDM002 50,000 Zhejiang Friendship Feb 2012 Container YZJ777C 57,500 4,771 TEU Jiangsu New YZJ Dec 2012 Bulk 35,000 Zhong Chuan H.I. Mar 2012 Container YZJ778C 57,500 4,771 TEU Jiangsu New YZJ Mar 2013 Open Hatch HYDM003 50,000 Zhejiang Friendship Apr 2012 On Order:- 2 Vessel(s); 115,000 DWT. Open Hatch HYDM004 50,000 Zhejiang Friendship Jun 2012 Hansa Heavy Lift Bulk ZC3008 35,000 Zhong Chuan H.I. Jun 2012 Bulk W1021 82,000 Wuhu Shipyard Jul 2012 MPP/Hvy. Lift 20,000 Hudong Zhonghua Jan 2012 MPP/Hvy. Lift 19,350 Qingshan Shipyard Jan 2012 Bulk W1022 82,000 Wuhu Shipyard Sep 2012 Bulk W1023 82,000 Wuhu Shipyard Nov 2012 MPP/Hvy. Lift 20060322 19,350 Qingshan Shipyard Jan 2012 Bulk W1024 82,000 Wuhu Shipyard Mar 2013 MPP/Hvy. Lift 12,744 Jiangdong Shipyard Jan 2012 MPP/Hvy. Lift 19,350 Qingshan Shipyard Feb 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 20 1st January 2012 Germany Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

MPP/Hvy. Lift H1535A 20,100 Hudong Zhonghua Mar 2012 On Order:- 2 Vessel(s); 110,000 DWT. MPP/Hvy. Lift 20,000 Hudong Zhonghua Mar 2012 HS Schiffahrts MPP/Hvy. Lift 12,744 Jiangdong Shipyard Mar 2012 MPP/Hvy. Lift 20,000 Hudong Zhonghua May 2012 Container 07STIG236 13,000 1,036 TEU Sainty SB (Jiangsu) Jan 2012 MPP/Hvy. Lift 20,000 Hudong Zhonghua Jul 2012 MPP 06-009 6,100 Jiangsu Changbo Jan 2012 MPP/Hvy. Lift 20,000 Hudong Zhonghua Jul 2012 On Order:- 2 Vessel(s); 19,100 DWT. MPP/Hvy. Lift 20,000 Hudong Zhonghua Nov 2012 Intership Nav. Co. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 On Order:- 12 Vessel(s); 223,638 DWT. MPP 24 6,500 Shandong Rongcheng Jan 2012 Hansa Shipping GmbH. MPP 26 6,500 Shandong Rongcheng Jan 2012 MPP 25 6,500 Shandong Rongcheng Mar 2012 Container SF303 42,000 3,405 TEU Rongcheng Shenfei Jan 2012 Container SF305 42,000 3,405 TEU Rongcheng Shenfei Feb 2012 MPP 27 6,500 Shandong Rongcheng Mar 2012 On Order:- 2 Vessel(s); 84,000 DWT. On Order:- 4 Vessel(s); 26,000 DWT. Hansa Treuhand Jacob Tankschiff. Container H1101 84,660 6,588 TEU Jiangsu Rongsheng 2012 Products PC760-21 75,598 Dalian Shipbuilding Jan 2012 Container H1102 84,660 6,588 TEU Jiangsu Rongsheng 2012 Products PC760-22 75,598 Dalian Shipbuilding Mar 2012 Container H1103 84,660 6,588 TEU Jiangsu Rongsheng 2012 On Order:- 2 Vessel(s); 151,196 DWT. Container H1104 84,660 6,588 TEU Jiangsu Rongsheng 2012 John T. Essberger Container 57,800 4,800 TEU Jiangsu New YZJ 2013 Chem & Oil 200-1-35 3,400 Third Internat. Jan 2012 Container 57,800 4,800 TEU Jiangsu New YZJ 2013 Chem & Oil DH5201-5 8,500 AVIC Dingheng SB Feb 2012 Container 2007-842 57,800 4,800 TEU Jiangsu New YZJ 2013 Chem & Oil 26 5,300 Eregli Shipyard Apr 2012 Container 2007-843 57,800 4,800 TEU Jiangsu New YZJ 2013 Bulk 35,000 Zhejiang Yangfan Apr 2012 On Order:- 8 Vessel(s); 569,840 DWT. Bulk 35,000 Zhejiang Yangfan Jul 2012 Hanseatic Lloyd Bulk 35,000 Zhejiang Yangfan Oct 2012 Chem & Oil 111 19,800 Amursky S.B. Jan 2012 Bulk 35,000 Zhejiang Yangfan Dec 2012 On Order:- 7 Vessel(s); 157,200 DWT. Chem & Oil 112 19,800 Amursky S.B. Jan 2012 On Order:- 2 Vessel(s); 39,600 DWT. Josef Möbius B-A Hapag-Lloyd Cont. TSH Dredger J. J. Sietas Jan 2012 Container 2241 140,500 13,200 TEU Hyundai H.I. Jul 2012 On Order:- 1 Vessel(s); DWT. Container 2242 140,500 13,200 TEU Hyundai H.I. Sep 2012 Jungerhans & Co. Container 2243 140,500 13,200 TEU Hyundai H.I. Nov 2012 Container 07STIG237 13,000 1,036 TEU Sainty SB (Jiangsu) Apr 2012 Container 2244 140,500 13,200 TEU Hyundai H.I. Jan 2013 Container 07STIG238 13,000 1,036 TEU Sainty SB (Jiangsu) Aug 2012 Container 2245 140,500 13,200 TEU Hyundai H.I. Mar 2013 Container 07STIG239 13,000 1,036 TEU Sainty SB (Jiangsu) Dec 2012 Container 2246 140,500 13,200 TEU Hyundai H.I. May 2013 Container 07STIG240 13,000 1,036 TEU Sainty SB (Jiangsu) Apr 2013 Container 2497 140,500 13,200 TEU Hyundai H.I. Jul 2013 On Order:- 4 Vessel(s); 52,000 DWT. Container 2498 140,500 13,200 TEU Hyundai H.I. Sep 2013 Container 2499 140,500 13,200 TEU Hyundai H.I. Nov 2013 Komrowski Befracht. Container 2500 140,500 13,200 TEU Hyundai H.I. Jan 2014 Container WJZ025 14,236 1,085 TEU Nanjing Wujiazui Jan 2012 On Order:- 10 Vessel(s); 1,405,000 DWT. MPP 6,100 Ananda Shipyard May 2012 MPP 6,100 Ananda Shipyard Jul 2012 Hapag-Lloyd Cruises On Order:- 3 Vessel(s); 26,436 DWT. Cruise 4,000 30,000 GT STX France Cruise 2013 On Order:- 1 Vessel(s); 4,000 DWT. Krey Schiffahrts MPP/Hvy. Lift SF100101 12,580 Taizhou Sanfu Jan 2012 Harren & Partner On Order:- 1 Vessel(s); 12,580 DWT. Bulk 76,000 Taizhou Catic 2012 Bulk TK0702 76,000 Taizhou Catic 2012 Leonhardt & Blumberg Bulk 76,000 Taizhou Catic 2013 Container 1159 45,000 3,646 TEU Shanghai S.Y. Jan 2012 Bulk 76,000 Taizhou Catic 2013 Container 391 23,400 1,740 TEU Guangzhou Wenchong Jan 2012 Bulk 76,000 Taizhou Catic 2013 Container 392 23,400 1,740 TEU Guangzhou Wenchong Feb 2012 Bulk 76,000 Taizhou Catic 2013 Container 1160 45,000 3,646 TEU Shanghai S.Y. Apr 2012 On Order:- 6 Vessel(s); 456,000 DWT. Container 1161 45,000 3,646 TEU Shanghai S.Y. Jun 2012 Container 407 23,400 1,740 TEU Guangzhou Wenchong Jul 2012 Harry Brohan Container 1162 45,000 3,646 TEU Shanghai S.Y. Aug 2012 MPP DF80-11 7,950 China Dongfang SB Jan 2012 Container 408 23,400 1,740 TEU Guangzhou Wenchong Oct 2012 MPP DF80-12 7,950 China Dongfang SB Jan 2012 On Order:- 8 Vessel(s); 273,600 DWT. On Order:- 2 Vessel(s); 15,900 DWT. Manfred Lauterjung Hartmann Schiff. MPP 06-052 5,700 Xixiakou S/yard Jan 2012 MPP 665 5,455 Schps. Bodewes 2012 MPP DD012 5,700 Qidong Daoda Jan 2012 MPP 7,880 Nanjing Huatai Jan 2012 MPP 06-053 5,700 Xixiakou S/yard Mar 2012 MPP 664 5,490 Schps. Bodewes Jan 2012 MPP DD013 5,700 Qidong Daoda Mar 2012 On Order:- 3 Vessel(s); 18,825 DWT. MPP 06-054 5,700 Xixiakou S/yard May 2012 Hermann Buss MPP DD014 5,700 Qidong Daoda Jun 2012 Container 525 21,206 1,496 TEU Zhejiang Ouhua Jan 2012 MPP DD015 5,700 Qidong Daoda Sep 2012 MPP DD016 5,700 Qidong Daoda Dec 2012 MPP 584 33,175 Zhejiang Ouhua Jan 2012 MPP 721 5,490 Schps. Bodewes Jan 2012 On Order:- 8 Vessel(s); 45,600 DWT. Container 564 21,206 1,496 TEU Zhejiang Ouhua Feb 2012 Marship Bereederungs MPP 722 5,490 Schps. Bodewes Mar 2012 MPP 07-018 9,739 Jiangsu Changbo Jan 2012 On Order:- 5 Vessel(s); 86,567 DWT. MPP 07-019 9,739 Jiangsu Changbo Feb 2012

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Hermann Lohmann MPP 07-020 9,739 Jiangsu Changbo May 2012 MPP 7,100 Ananda Shipyard Jan 2012 On Order:- 3 Vessel(s); 29,217 DWT. MPP 7,100 Ananda Shipyard May 2012 MPC Steamship MPP 7,100 Ananda Shipyard Sep 2012 Bulk HT82-015 82,000 Hantong Shipyard 2012 MPP 7,100 Ananda Shipyard Jan 2013 Bulk N-234 180,000 Hanjin H.I. Jan 2012 On Order:- 4 Vessel(s); 28,400 DWT. Container 2230 140,500 13,100 TEU Hyundai H.I. Feb 2012 Horst Zeppenfeld Bulk N-235 180,000 Hanjin H.I. Mar 2012 yundai Samho Mar 2012 Container 55,000 4,700 TEU Weihai Samjin 2013 Container S420 51,450 4,255 TEU H Container 55,000 4,700 TEU Weihai Samjin 2013 Container 2231 140,500 13,100 TEU Hyundai H.I. Apr 2012 Container 2232 140,500 13,100 TEU Hyundai H.I. Jun 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 21 1st January 2012 Orderbook by Shipowner Germany

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Container 2233 140,500 13,100 TEU Hyundai H.I. Aug 2012 Container 1831 142,388 12,552 TEU Samsung H.I. Dec 2013 Container 2234 140,500 13,100 TEU Hyundai H.I. Oct 2012 Container 1832 142,388 12,552 TEU Samsung H.I. Feb 2014 Container 2007-818 38,788 2,546 TEU Jiangsu Yangzijiang Oct 2012 On Order:- 9 Vessel(s); 944,668 DWT. Container 2235 140,500 13,100 TEU Hyundai H.I. Dec 2012 Rass Reederei Bulk HT82-016 82,000 Hantong Shipyard 2013 Container 2007-820 38,788 2,546 TEU Jiangsu Yangzijiang Jan 2013 Container 2069 11,500 957 TEU Zhejiang Yangfan Jan 2012 Container 2236 140,500 13,100 TEU Hyundai H.I. Feb 2013 On Order:- 1 Vessel(s); 11,500 DWT. Container 2237 140,500 13,100 TEU Hyundai H.I. Apr 2013 Reederei C.-P. Offen Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Container 2238 140,500 13,100 TEU Hyundai H.I. Jun 2013 Container 4183 165,887 14,000 TEU Daewoo 2012 On Order:- 16 Vessel(s); 1,917,526 DWT. Container 4185 165,300 14,000 TEU Daewoo 2012 Nimmrich & Prahm Container 4197 166,101 13,050 TEU Daewoo 2012 MPP 878 4,850 Rousse Shipyard Jan 2012 Container 4199 166,101 13,050 TEU Daewoo Jan 2012 galia Jan 2012 MPP 879 4,850 Rousse Shipyard Mar 2012 Container 4086 73,840 5,550 TEU Daewoo-Man MPP 880 4,850 Rousse Shipyard May 2012 Container 1815 142,500 12,552 TEU Samsung H.I. Feb 2012 On Order:- 3 Vessel(s); 14,550 DWT. Container 4087 73,840 5,550 TEU Daewoo-Mangalia Feb 2012 Container 4201 166,101 13,050 TEU Daewoo Apr 2012 Nord, Reederei, Ltd. Container 1816 142,500 12,552 TEU Samsung H.I. May 2012 Bulk 618 82,000 Zhejiang Ouhua Mar 2012 Container 1817 142,500 12,552 TEU Samsung H.I. Aug 2012 Tanker 1365 104,200 Sumitomo H.I. May 2012 Container 4203 166,101 13,050 TEU Daewoo Nov 2012 Bulk 621 82,000 Zhejiang Ouhua Jul 2012 On Order:- 11 Vessel(s); 1,570,771 DWT. Tanker 104,200 Sumitomo H.I. Sep 2012 Reederei H. Vogemann Tanker 1376 104,200 Sumitomo H.I. Sep 2012 Tanker 1366 104,200 Sumitomo H.I. Oct 2012 Bulk N326 79,409 COSCO Dalian 2012 Bulk 611 37,200 Zhejiang Ouhua Oct 2012 Bulk 298 35,000 ABG S.Y. 2012 Bulk 613 37,200 Zhejiang Ouhua Oct 2012 Bulk 299 35,000 ABG S.Y. 2012 Bulk 614 37,200 Zhejiang Ouhua Dec 2012 Bulk 300 35,000 ABG S.Y. 2012 Container 23,800 1,730 TEU Zhejiang Ouhua 2013 Bulk 301 35,000 ABG S.Y. 2012 Container 23,800 1,730 TEU Zhejiang Ouhua 2013 Bulk 302 35,000 ABG S.Y. 2012 Container 23,800 1,730 TEU Zhejiang Ouhua 2013 Bulk 303 35,000 ABG S.Y. 2013 Container 23,800 1,730 TEU Zhejiang Ouhua 2013 Bulk 304 35,000 ABG S.Y. 2013 Bulk 615 37,200 Zhejiang Ouhua Feb 2013 Bulk 306 35,000 ABG S.Y. 2013 On Order:- 14 Vessel(s); 824,800 DWT. Bulk 307 35,000 ABG S.Y. 2013 Bulk 320 35,000 ABG S.Y. 2014 Nordcapital Bulk 321 35,000 ABG S.Y. 2014 PSV 376 3,200 2,200 GT Bharati S.Y. Jun 2012 Bulk 322 35,000 ABG S.Y. 2014 On Order:- 1 Vessel(s); 3,200 DWT. On Order:- 13 Vessel(s); 499,409 DWT. Nordic Hamburg Reederei O. Marten Bulk BC350-4 35,000 Nantong Jinghua Jan 2012 Container 325 16,855 1,304 TEU Shandong Weihai SY May 2012 Bulk BC350-6 35,000 Nantong Jinghua Mar 2012 On Order:- 1 Vessel(s); 16,855 DWT. On Order:- 2 Vessel(s); 70,000 DWT. RF Forschungs NSC Schiffahrt Research 3,500 GT Neptun Werft Jan 2015 Container 50,000 3,600 TEU Sungdong S.B. 2013 On Order:- 1 Vessel(s); DWT. Container 50,000 3,600 TEU Sungdong S.B. 2013 Rickmers Reederei On Order:- 2 Vessel(s); 100,000 DWT. MPP/Hvy. Lift W0811 24,000 Wuhu Shipyard Jan 2012 Oltmann, D. MPP/Hvy. Lift W0812 24,000 Wuhu Shipyard Mar 2012 Container S589 62,260 4,700 TEU Hyundai Samho Oct 2012 MPP/Hvy. Lift W0813 24,000 Wuhu Shipyard Jun 2012 Container S590 62,260 4,700 TEU Hyundai Samho Nov 2012 MPP/Hvy. Lift W0814 24,000 Wuhu Shipyard Sep 2012 Container S591 62,260 4,700 TEU Hyundai Samho Apr 2013 On Order:- 4 Vessel(s); 96,000 DWT. On Order:- 3 Vessel(s); 186,780 DWT. Rord Braren Opielok Reederei MPP 720 4,507 Schps. Bodewes Jan 2012 PSV 160 3,000 2,323 GT Italthai Marine Feb 2012 On Order:- 1 Vessel(s); 4,507 DWT. PSV 161 3,000 2,323 GT Italthai Marine Jun 2012 Salamon AG On Order:- 2 Vessel(s); 6,000 DWT. Bulk 1016 179,700 Orient Shipyard 2012 Orion Bulkers On Order:- 1 Vessel(s); 179,700 DWT. Bulk SS048 58,000 Tsuneishi Zhoushan 2012 Schepers Reederei Bulk SS049 58,000 Tsuneishi Zhoushan 2012 Bulk SS050 58,000 Tsuneishi Zhoushan 2012 Bulk 92,500 Jiangsu New YZJ 2012 Bulk 1152 178,006 Shanghai Waigaoqiao Jan 2012 Bulk 92,500 Jiangsu New YZJ 2012 Bulk 10565 82,000 Oshima S.B. Co. Sep 2012 On Order:- 2 Vessel(s); 185,000 DWT. Bulk 10566 82,000 Oshima S.B. Co. Dec 2012 Schoeller Holdings On Order:- 6 Vessel(s); 516,006 DWT. MPP/Hvy. Lift 31,000 Shandong Huanghai 2012 Oskar Wehr MPP/Hvy. Lift 19,000 Sekwang Shipbuilding 2012 y. Lift 129 19,000 Sekwang Shipbuilding 2012 Bulk 0117618 176,000 New Times S.B. Jan 2012 MPP/Hv On Order:- 1 Vessel(s); 176,000 DWT. MPP/Hvy. Lift 31,000 Shandong Huanghai Jan 2012 MPP/Hvy. Lift 31,000 Shandong Huanghai Feb 2012 Ownership Container 406 39,947 2,758 TEU Guangzhou Wenchong Jun 2012 Container 395 35,000 2,758 TEU Guangzhou Wenchong Jan 2013 MPP/Hvy. Lift 31,000 Shandong Huanghai 2013 Container 396 35,000 2,758 TEU Guangzhou Wenchong Mar 2013 MPP/Hvy. Lift 31,000 Shandong Huanghai 2013 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 On Order:- 2 Vessel(s); 70,000 DWT. MPP/Hvy. Lift 31,000 Shandong Huanghai 2013 Peter Dohle Schiff. MPP/Hvy. Lift 31,000 Shandong Huanghai 2014 On Order:- 10 Vessel(s); 294,947 DWT. Bulk ZJB09-202 118,936 Zhejiang S.B. Jan 2012 Container S512 70,590 5,595 TEU Hyundai Samho Jun 2012 Schulte Group Container S514 70,590 5,595 TEU Hyundai Samho Sep 2012 Container 112,500 8,760 TEU Hyundai Samho 2012 Container YZJ912 57,500 4,771 TEU Jiangsu New YZJ May 2013 Container 112,500 8,760 TEU Hyundai Samho 2012 Container 1829 142,388 12,552 TEU Samsung H.I. Jun 2013 Container 112,500 8,760 TEU Hyundai Samho 2012 Container YZJ913 57,500 4,771 TEU Jiangsu New YZJ Jul 2013 C&O* MD0952500005 25,000 Nantong Mingde Mar 2012 Container 1830 142,388 12,552 TEU Samsung H.I. Oct 2013 C&O* MD0962500006 25,000 Nantong Mingde May 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 22 1st January 2012 Germany Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

C&O* MD1012500007 25,000 Nantong Mingde Jul 2012 MPP/Hvy. Lift JZ1048 12,000 Jiangzhou S/Y Jan 2012 Container S513 70,590 5,595 TEU Hyundai Samho Aug 2012 GCargo MPC68-5 9,500 Zhejiang Zhenyu Jan 2012 C&O* MD1022500008 25,000 Nantong Mingde Sep 2012 MPP 07-4-07 9,500 Nanjing Huatai Mar 2012 Ethy/LPG 6,000 6,800 cbm STX Shipbuild. Jan 2013 GCargo MPC68-6 9,500 Zhejiang Zhenyu Mar 2012 Container S511 70,590 5,595 TEU Hyundai Samho Jan 2013 Container 07STIG226 13,000 1,036 TEU Sainty SB (Jiangsu) May 2012 Ethy/LPG 6,000 6,800 cbm STX Shipbuild. Jun 2013 Container 07STIG227 13,000 1,036 TEU Sainty SB (Jiangsu) May 2012 Container 105,000 8,948 TEU Jiangnan Changxing Jun 2013 GCargo MPC68-7 9,500 Zhejiang ZhenyuMay 2012 Container 105,000 8,948 TEU Jiangnan Changxing Aug 2013 MPP 07-4-08 9,500 Nanjing Huatai Jun 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Container 105,000 8,948 TEU Jiangnan Changxing Oct 2013 GCargo MPC68-8 9,500 Zhejiang ZhenyuAug 2012 On Order:- 14 Vessel(s); 905,680 DWT. Container 07STIG281 13,000 1,036 TEU Sainty SB (Jiangsu) Nov 2012 Sea Cloud Cruises Container 07STIG282 13,000 1,036 TEU Sainty SB (Jiangsu) Nov 2012 MPP/Hvy. Lift 12,000 Jiangzhou S/Y 2013 Cruise 158 4,228 GT Marin S.A. 2012 MPP/Hvy. Lift 12,000 Jiangzhou S/Y 2013 On Order:- 1 Vessel(s); DWT. MPP/Hvy. Lift JZ1032 12,000 Jiangzhou S/Y 2013 Siegfried Bojen MPP/Hvy. Lift JZ1038 12,000 Jiangzhou S/Y 2013 MPP 2115 3,630 SLKB Komarno Jan 2012 GCargo 9,500 Zhejiang Zhenyu 2013 MPP 2118 3,630 SLKB Komarno Mar 2012 GCargo 9,500 Zhejiang Zhenyu 2013 MPP 2122 3,630 SLKB Komarno May 2012 On Order:- 31 Vessel(s); 353,000 DWT. MPP 2123 3,630 SLKB Komarno Jul 2012 Wessels Reederei MPP 2124 3,630 SLKB Komarno Sep 2012 Container JD1000-7 13,000 1,036 TEU Jiangdong Shipyard Jan 2012 MPP 2125 3,630 SLKB Komarno Nov 2012 Container JD1000-8 13,000 1,036 TEU Jiangdong Shipyard Feb 2012 On Order:- 6 Vessel(s); 21,780 DWT. On Order:- 2 Vessel(s); 26,000 DWT. Sloman Neptun Schiff Wetfeet Offshore Ethy/LPG 6,000 6,800 cbm STX Shipbuild. Jun 2012 Lift Boat 2,553 GT Keppel Verolme Mar 2012 Ethy/LPG 6,000 6,800 cbm STX Shipbuild. Feb 2013 On Order:- 1 Vessel(s); DWT. On Order:- 2 Vessel(s); 12,000 DWT. Greece TB Marine Hamburg A.M. Nomikos Chem & Oil 0705 16,500 Liaoning Hongguan 2012 Bulk 3328 55,804 I.H.I. Jan 2012 Chem & Oil 0706 16,500 Liaoning Hongguan 2012 Bulk 3296 55,804 I.H.I. Mar 2012 Chem & Oil 0707 16,500 Liaoning Hongguan 2012 On Order:- 2 Vessel(s); 111,608 DWT. Chem & Oil 0708 16,500 Liaoning Hongguan 2012 Bulk ZH3001 37,300 Zhejiang Zhenghe SB 2012 Adelfia Shpg. Ent. Bulk ZH3002 37,300 Zhejiang Zhenghe SB 2012 Bulk H1070 82,000 SPP Shipbuilding Mar 2013 Bulk ZH3003 37,300 Zhejiang Zhenghe SB 2012 On Order:- 1 Vessel(s); 82,000 DWT. Bulk ZH3004 37,300 Zhejiang Zhenghe SB 2012 Bulk TK0206 92,500 Taizhou Catic Jan 2012 Aegean Bulk Co. Inc. Bulk TK0207 92,500 Taizhou Catic Apr 2012 Bulk S5073 58,399 SPP Shipbuilding Jan 2012 On Order:- 10 Vessel(s); 400,200 DWT. Bulk S5077 58,399 SPP Shipbuilding Feb 2012 Bulk 82,000 Sungdong S.B. Mar 2012 Thomas Schulte Bulk 82,000 Sungdong S.B. Apr 2012 Container 1145 47,027 3,600 TEU Shanghai S.Y. 2012 On Order:- 4 Vessel(s); 280,798 DWT. Container 1146 47,027 3,600 TEU Shanghai S.Y. 2012 Bulk H1058A 115,000 Jiangnan Changxing Jan 2012 Aegean Shipping Mngt Container 1144 47,027 3,600 TEU Shanghai S.Y. Jan 2012 Bunkering 228 5,364 Qingdao Hyundai Feb 2012 Container 50,000 4,250 TEU Jiangsu New YZJ Mar 2012 On Order:- 1 Vessel(s); 5,364 DWT. Bulk H1059A 115,000 Jiangnan Changxing Apr 2012 Aeolos Management Container 50,000 4,250 TEU Jiangsu New YZJ May 2012 Container 85,000 6,700 TEU Hyundai Samho 2013 On Order:- 7 Vessel(s); 471,081 DWT. Container 85,000 6,700 TEU Hyundai Samho 2013 Tom Worden Schiffs Container 85,000 6,700 TEU Hyundai Samho 2013 MPP 226/34 6,100 Ananda Shipyard Jan 2012 On Order:- 3 Vessel(s); 255,000 DWT. MPP 226/38 6,100 Ananda Shipyard Mar 2012 Alba Maritime Svcs. On Order:- 2 Vessel(s); 12,200 DWT. Bulk S1077 180,000 Sungdong S.B. 2012 Tui Cruises Bulk 011 74,500 Pipavav Shipyd. Jan 2012 Cruise 97,000 GT STX Finnyards 2014 Bulk S1076 180,000 Sungdong S.B. Mar 2012 On Order:- 1 Vessel(s); DWT. Bulk 012 74,500 Pipavav Shipyd. Mar 2012 Bulk 013 74,500 Pipavav Shipyd. Jun 2012 Uniteam Marine GmbH Bulk 014 74,500 Pipavav Shipyd. Sep 2012 Bulk DY141 58,000 Dayang S.B. Feb 2012 On Order:- 6 Vessel(s); 658,000 DWT. On Order:- 1 Vessel(s); 58,000 DWT. Alloceans Shpg. Co. Vega-Reederei Bulk 6057 34,018 Hyundai Mipo Jan 2012 Bulk 451-8 32,000 Fujian Mawei Jan 2012 Bulk 6058 33,997 Hyundai Mipo Jan 2012 Container 2096 11,500 957 TEU Zhejiang Yangfan Jan 2012 Bulk 6059 33,997 Hyundai Mipo Mar 2012 On Order:- 2 Vessel(s); 43,500 DWT. Bulk 6060 33,997 Hyundai MipoMay 2012 W. Bockstiegel On Order:- 4 Vessel(s); 136,009 DWT. MPP/Hvy. Lift JZ1028 12,000 Jiangzhou S/Y 2012 Almi Tankers S.A. MPP/Hvy. Lift JZ1029 12,000 Jiangzhou S/Y 2012 Tanker 5355 158,000 Daewoo Feb 2012 MPP/Hvy. Lift JZ1030 12,000 Jiangzhou S/Y 2012 Tanker 5356 158,000 Daewoo Jun 2012 MPP/Hvy. Lift JZ1031 12,000 Jiangzhou S/Y 2012 Tanker 5357 158,000 Daewoo Oct 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 MPP/Hvy. Lift JZ1036 12,000 Jiangzhou S/Y 2012 Tanker 5358 158,000 Daewoo Dec 2012 MPP/Hvy. Lift JZ1037 12,000 Jiangzhou S/Y 2012 Tanker 5359 158,000 Daewoo Feb 2013 MPP/Hvy. Lift JZ1039 12,000 Jiangzhou S/Y 2012 Tanker 5360 158,000 Daewoo Apr 2013 MPP/Hvy. Lift JZ1046 12,000 Jiangzhou S/Y 2012 Tanker 5361 158,000 Daewoo Jun 2013 MPP/Hvy. Lift JZ1047 12,000 Jiangzhou S/Y 2012 Tanker 5365 317,000 Daewoo Jul 2013 GCargo 9,500 Zhejiang Zhenyu 2012 Tanker 5366 317,000 Daewoo Sep 2013 GCargo 9,500 Zhejiang Zhenyu 2012 Tanker 5362 158,000 Daewoo Sep 2013 Container 07STIG147 13,000 1,036 TEU Sainty SB (Jiangsu) Jan 2012 Tanker 5363 158,000 Daewoo Nov 2013 Container 07STIG148 13,000 1,036 TEU Sainty SB (Jiangsu) Jan 2012 On Order:- 11 Vessel(s); 2,056,000 DWT. MPP/Hvy. Lift JZ1027 12,000 Jiangzhou S/Y Jan 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 23 1st January 2012 Orderbook by Shipowner Greece

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Alpha Sigma Shpg. On Order:- 1 Vessel(s); 50,100 DWT. Bulk H2458 76,000 Jiangnan SY Group Nov 2012 Cape Shipping Bulk H2459 76,000 Jiangnan SY Group Nov 2012 Bulk 1152 81,600 Sungdong S.B. May 2012 On Order:- 2 Vessel(s); 152,000 DWT. Bulk 1153 81,600 Sungdong S.B. May 2012 Alpha Tankers & Frt. Bulk 1154 81,600 Sungdong S.B. Jul 2012 Bulk S552 82,000 Hyundai Samho Apr 2012 On Order:- 3 Vessel(s); 244,800 DWT. Bulk S553 82,000 Hyundai Samho Jun 2012 Cardiff Marine Inc. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk S554 82,000 Hyundai Samho Aug 2012 Tanker H1149 157,000 Jiangsu Rongsheng Mar 2012 Bulk 1237 176,000 Shanghai Waigaoqiao Sep 2012 Tanker H1150 157,000 Jiangsu Rongsheng Jun 2012 Bulk S555 82,000 Hyundai Samho Oct 2012 Tanker H1151 157,000 Jiangsu Rongsheng Jul 2012 L.N.G. 85,000 160,000 cbm STX Shipbuild. Feb 2015 Tanker H1163 157,000 Jiangsu Rongsheng Sep 2012 On Order:- 6 Vessel(s); 589,000 DWT. Tanker H1164 157,000 Jiangsu Rongsheng Jan 2013 Anangel Shpg. Ent. Tanker 320,000 Jiangsu Rongsheng Feb 2013 Bulk 1163 114,078 Shanghai S.Y. Jan 2012 Tanker 320,000 Jiangsu Rongsheng May 2013 Bulk 1320 181,000 STX Shipbuild. Feb 2012 L.N.G. 2297 85,000 159,800 cbm Daewoo 2014 Bulk 1325 181,000 STX Shipbuild. Mar 2012 L.N.G. 2298 85,000 159,800 cbm Daewoo 2014 Bulk 1195 179,700 Daewoo Mar 2012 On Order:- 9 Vessel(s); 1,595,000 DWT. Bulk 1340 181,000 STX Shipbuild. Apr 2012 Carras Hellas Bulk 1164 114,078 Shanghai S.Y. Apr 2012 Bulk 1205 82,000 Daewoo Jan 2012 Bulk 1345 181,000 STX Shipbuild. Jun 2012 Bulk 1206 82,000 Daewoo Jan 2012 Bulk 1199 114,078 Shanghai S.Y. Jun 2012 On Order:- 2 Vessel(s); 164,000 DWT. Bulk 1196 180,000 Daewoo Jul 2012 Bulk 1200 114,078 Shanghai S.Y. Sep 2012 Chios Navigation Bulk 1243 205,000 Shanghai Waigaoqiao Feb 2013 Bulk JLZ8100423 82,000 Jinling Shipyard Apr 2012 Bulk 1244 205,000 Shanghai Waigaoqiao May 2013 Bulk JLZ8100424 82,000 Jinling Shipyard Jun 2012 On Order:- 12 Vessel(s); 1,950,012 DWT. Products 52,000 Hyundai Mipo 2013 Ancora Investment Products 52,000 Hyundai Mipo 2013 On Order:- 4 Vessel(s); 268,000 DWT. Chem & Oil 427 8,000 Nokbong S.B. 2012 On Order:- 1 Vessel(s); 8,000 DWT. Classic Maritime Ariston Navigation Bulk 206,000 Shanghai Waigaoqiao 2013 Bulk 206,000 Shanghai Waigaoqiao 2013 Bulk 37,000 Jinling Shipyard 2013 On Order:- 2 Vessel(s); 412,000 DWT. Bulk 37,000 Jinling Shipyard 2013 Bulk 37,000 Jinling Shipyard 2014 Clemko Shipmngt. Bulk 37,000 Jinling Shipyard 2014 Bulk 6063 81,827 Hyundai Mipo 2012 Bulk 37,000 Jinling Shipyard 2014 Bulk 6064 81,827 Hyundai Mipo 2012 Bulk 37,000 Jinling Shipyard 2014 Bulk 6062 81,827 Hyundai Mipo Feb 2012 On Order:- 6 Vessel(s); 222,000 DWT. On Order:- 3 Vessel(s); 245,481 DWT. Athenian Tankers Common Progress Tanker 2478 317,000 Hyundai H.I. Nov 2012 Bulk N298 57,078 COSCO Dalian Mar 2012 Tanker 2479 317,000 Hyundai H.I. Feb 2013 On Order:- 1 Vessel(s); 57,078 DWT. On Order:- 2 Vessel(s); 634,000 DWT. Consolidated Marine Atlantis Mngt. Inc. Products 2472 112,000 Hyundai H.I. Apr 2012 Bulk 634 37,200 Zhejiang Ouhua May 2012 Products 2473 112,000 Hyundai H.I. May 2012 On Order:- 1 Vessel(s); 37,200 DWT. Products 2345 52,000 Hyundai Mipo Oct 2012 Attica Group Products 2346 52,000 Hyundai MipoDec 2012 On Order:- 4 Vessel(s); 328,000 DWT. Pass/Car F. 7510 4,000 17,000 GT Daewoo Jan 2012 On Order:- 1 Vessel(s); 4,000 DWT. Container Carrier Avin International Container 2536 62,335 5,023 TEU Hyundai H.I. Nov 2012 Container 2537 62,335 5,023 TEU Hyundai H.I. Jan 2013 Products CT115 6,250 Hubei Jiangyan Mar 2012 Container 2538 62,335 5,023 TEU Hyundai H.I. Mar 2013 Chem & Oil CT101 3,475 Fujian Dongming Mar 2012 Container 2539 62,335 5,023 TEU Hyundai H.I. May 2013 Chem & Oil CT102 3,475 Fujian Dongming Mar 2012 Container 2540 62,335 5,023 TEU Hyundai H.I. May 2013 Products CT116 6,250 Hubei Jiangyan May 2012 On Order:- 5 Vessel(s); 311,675 DWT. On Order:- 4 Vessel(s); 19,450 DWT. Cosmoship Management Benelux Overseas Bulk 6022 37,000 Hyundai Mipo 2012 L.P.G. 5044 8,000 9,000 cbm STX Shipbuild. Jan 2012 Bulk 6023 37,000 Hyundai Mipo 2012 L.P.G. 5046 8,000 9,000 cbm STX Shipbuild. May 2012 Bulk 6024 37,000 Hyundai Mipo 2012 Ethy/LPG 5048 8,000 9,000 cbm STX Shipbuild. May 2013 Bulk 6025 37,000 Hyundai Mipo 2012 On Order:- 3 Vessel(s); 24,000 DWT. Bulk 501 34,375 Dae Sun S.B. Jan 2012 Benetech S.A. Bulk 0103007 28,414 New Century S/Y Jan 2012 Chem & Oil S5042 50,122 SPP Shipbuilding Apr 2013 Container 500 14,000 1,000 TEU Dae Sun S.B. Feb 2012 On Order:- 1 Vessel(s); 50,122 DWT. Bulk 6020 37,000 Hyundai Mipo Mar 2012 Bulk 0103008 28,414 New Century S/Y Mar 2012 Blue Planet Shpg. Container 502 14,000 1,000 TEU Dae Sun S.B. Apr 2012 Bulk 10C-036 180,000 Jiangsu Eastern Jan 2012 Bulk 6021 37,000 Hyundai Mipo Jun 2012 Bulk 10C-030 95,000 Jiangsu Eastern Jan 2012 On Order:- 11 Vessel(s); 341,203 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 10C-037 180,000 Jiangsu Eastern Apr 2012 Costamare Shipping On Order:- 3 Vessel(s); 455,000 DWT. Container 112,500 8,800 TEU Sungdong S.B. 2012 Bright Navigation Container 112,500 8,800 TEU Sungdong S.B. 2012 Bulk H1049 81,000 SPP Shipbuilding Jan 2012 Container 112,500 8,800 TEU Sungdong S.B. 2013 Bulk 62,000 Dae Sun S.B. Jan 2012 Container 112,500 8,800 TEU Sungdong S.B. 2013 On Order:- 2 Vessel(s); 143,000 DWT. Container 112,500 8,800 TEU Sungdong S.B. 2013 Byzantine Maritime. Container 112,500 8,800 TEU Sungdong S.B. 2013 Container 112,500 8,800 TEU Sungdong S.B. 2013 Chem & Oil S5053 50,100 SPP Shipbuilding Feb 2012 Container 105,000 9,000 TEU Jiangnan Changxing Jan 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 24 1st January 2012 Greece Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Container 105,000 9,000 TEU Jiangnan Changxing Jan 2013 Dynacom Tankers Mngt Container 105,000 9,000 TEU Jiangnan Changxing Apr 2013 Tanker 2462 158,000 Hyundai H.I. 2012 On Order:- 10 Vessel(s); 1,102,500 DWT. Tanker 2463 158,000 Hyundai H.I. 2012 Dalnave Nav. Tanker 0316313 149,998 New Times S.B. Jan 2012 Bulk 1055 81,940 Daewoo-Mangalia Mar 2012 Bulk N299 57,000 COSCO Guangdong Jan 2012 Bulk 1056 81,940 Daewoo-Mangalia Jun 2012 Bulk N345 57,000 COSCO Guangdong Mar 2012 Tanker 0316314 149,998 New Times S.B. Jun 2012 On Order:- 2 Vessel(s); 163,880 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk N346 57,000 COSCO Guangdong Jun 2012 Danaos Shpg. Tanker 2520 318,000 Hyundai H.I. Jul 2012 Container S456 145,000 12,600 TEU Hyundai Samho Feb 2012 Tanker 0332001 320,000 New Times S.B. Sep 2012 Container H1022A 101,386 8,533 TEU Jiangnan Changxing Feb 2012 Bulk 0108216 82,000 New Century S/Y Sep 2012 Container S457 145,000 12,600 TEU Hyundai Samho May 2012 Bulk 2464 82,000 Hyundai H.I. Sep 2012 Container S458 145,000 12,600 TEU Hyundai Samho Jul 2012 Bulk 2465 82,000 Hyundai H.I. Sep 2012 Container S459 145,000 12,600 TEU Hyundai Samho Aug 2012 Tanker 2456 318,000 Hyundai H.I. Oct 2012 Container S460 145,000 12,600 TEU Hyundai Samho Aug 2012 Tanker 2457 318,000 Hyundai H.I. Oct 2012 On Order:- 6 Vessel(s); 826,386 DWT. Tanker 0332002 320,000 New Times S.B. Nov 2012 DBHH Tanker 0316315 149,998 New Times S.B. Dec 2012 Container 85,000 6,600 TEU Jiangsu Rongsheng 2013 Bulk 58,000 Tsuneishi Zosen 2012 Container 85,000 6,600 TEU Jiangsu Rongsheng 2013 Bulk 61,000 Shin Kasado Dock 2013 Tanker 0332003 320,000 New Times S.B. Jan 2013 Bulk 61,000 Shin Kasado Dock 2013 Tanker 0332004 320,000 New Times S.B. Mar 2013 On Order:- 3 Vessel(s); 180,000 DWT. Tanker 0316316 149,998 New Times S.B. Apr 2013 Delphin Shipping Bulk 0108217 82,000 New Century S/Y Apr 2013 Bulk HT090 57,000 Hantong Shipyard Jan 2012 Tanker 0316317 149,998 New Times S.B. May 2013 Bulk HT091 57,000 Hantong Shipyard Feb 2012 On Order:- 23 Vessel(s); 3,968,990 DWT. Bulk HT092 57,000 Hantong Shipyard Mar 2012 Dynagas Ltd. Bulk HT093 57,000 Hantong Shipyard Apr 2012 L.N.G. 85,000 155,000 cbm Hyundai H.I. 2013 Bulk HT094 57,000 Hantong Shipyard May 2012 L.N.G. 85,000 155,000 cbm Hyundai H.I. 2013 Bulk HT095 57,000 Hantong Shipyard Jun 2012 L.N.G. 85,000 155,000 cbm Hyundai H.I. 2014 Bulk HT096 57,000 Hantong Shipyard Jul 2012 L.N.G. 85,000 155,000 cbm Hyundai H.I. 2014 Bulk HT097 57,000 Hantong Shipyard Aug 2012 On Order:- 4 Vessel(s); 340,000 DWT. Bulk HT098 57,000 Hantong Shipyard Sep 2012 Bulk HT099 57,000 Hantong Shipyard Nov 2012 Eastern Med. Mar. Bulk HT106 57,000 Hantong Shipyard Jan 2013 Container 23,000 1,700 TEU SPP Shipbuilding 2012 Bulk HT107 57,000 Hantong Shipyard Feb 2013 Container 23,000 1,700 TEU SPP Shipbuilding 2012 On Order:- 12 Vessel(s); 684,000 DWT. Products 52,000 SPP Shipbuilding 2013 Diana Shipping Inc. Products 52,000 SPP Shipbuilding 2013 Container 23,000 1,700 TEU SPP Shipbuilding 2013 Bulk 1234 206,000 Shanghai Jiangnan Feb 2012 Container 23,000 1,700 TEU SPP Shipbuilding 2013 Bulk 1235 206,000 Shanghai Jiangnan Apr 2012 Container 418 23,000 1,700 TEU Guangzhou Wenchong 2013 On Order:- 2 Vessel(s); 412,000 DWT. Container 419 23,000 1,700 TEU Guangzhou Wenchong 2013 Dilek Transporting Container 432 23,000 1,700 TEU Guangzhou Wenchong 2013 Bulk 1420 81,000 STX Shipbuild. 2013 Container 433 23,000 1,700 TEU Guangzhou Wenchong 2013 Bulk 1437 81,000 STX Shipbuild. 2014 On Order:- 10 Vessel(s); 288,000 DWT. On Order:- 2 Vessel(s); 162,000 DWT. Efploia Shpg. Co. Dioryx Maritime Corp Bulk 1831 82,966 STX Shipbuild. May 2012 Container S438 51,440 4,498 TEU Hyundai Samho Jan 2012 Bulk 81,000 STX Shipbuild. Jun 2012 Container S439 51,440 4,498 TEU Hyundai Samho Jun 2012 On Order:- 2 Vessel(s); 163,966 DWT. On Order:- 2 Vessel(s); 102,880 DWT. Efshipping Co S.A. DND Management Inc. Bulk 1134 82,000 Sungdong S.B. 2012 Bulk BC340-01 35,000 Huigang S/yard 2012 Bulk 1135 82,000 Sungdong S.B. Apr 2012 Bulk BC340-02 35,000 Huigang S/yard 2012 On Order:- 2 Vessel(s); 164,000 DWT. Bulk BC340-04 35,000 Huigang S/yard 2012 Eletson Corp. Bulk BC340-03 35,000 Huigang S/yard Jan 2012 L.P.G. 8072 25,710 35,000 cbm Hyundai Mipo Jan 2012 On Order:- 4 Vessel(s); 140,000 DWT. On Order:- 1 Vessel(s); 25,710 DWT. Dryships Inc. Elmira Shipping Tanker 1874 115,738 Samsung H.I. Jan 2012 Bulk DY3071 58,000 Dayang S.B. Jan 2012 Bulk H1637A 76,000 Hudong Zhonghua Jan 2012 On Order:- 1 Vessel(s); 58,000 DWT. Bulk H1638A 76,000 Hudong Zhonghua Jan 2012 Tanker 115,738 Samsung H.I. Mar 2012 Enesel S.A. Tanker 115,738 Samsung H.I. May 2012 Container 2527 115,000 9,700 TEU Hyundai H.I. 2014 Tanker 1888 158,551 Samsung H.I. Jun 2012 Container 2528 115,000 9,700 TEU Hyundai H.I. 2014 Tanker 1889 158,551 Samsung H.I. Sep 2012 Container 2529 115,000 9,700 TEU Hyundai H.I. 2014 Bulk H1241 176,000 Shanghai Jiangnan Sep 2012 Container 2530 115,000 9,700 TEU Hyundai H.I. 2014 Bulk H1242 176,000 Shanghai Jiangnan Dec 2012 On Order:- 4 Vessel(s); 460,000 DWT. Tanker 1890 158,551 Samsung H.I. Jun 2013 Enterprises Shpg. Tanker 1948 158,551 Samsung H.I. Jun 2013 Drillship Samsung H.I. Jul 2013 Bulk 2421 82,000 Hyundai H.I. Jan 2012 Tanker 1949 158,551 Samsung H.I. Oct 2013 Bulk 2420 81,500 Hyundai H.I. Jan 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Tanker 1950 158,551 Samsung H.I. Oct 2013 Bulk 2422 82,000 Hyundai H.I. Mar 2012 Drillship Samsung H.I. Oct 2013 Bulk 2426 82,000 Hyundai H.I. Jun 2012 Drillship Samsung H.I. Nov 2013 Bulk 205,000 Jiangsu Rongsheng 2013 On Order:- 16 Vessel(s); 1,802,520 DWT. Bulk 205,000 Jiangsu Rongsheng 2013 Bulk 205,000 Jiangsu Rongsheng 2013 DST Shipping Inc. Bulk 205,000 Jiangsu Rongsheng 2013 Bulk 56,300 I.H.I. Dec 2012 On Order:- 8 Vessel(s); 1,147,500 DWT. On Order:- 1 Vessel(s); 56,300 DWT. Equinox Maritime Bulk 085 58,680 Nantong Cosco KHI Jan 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 25 1st January 2012 Orderbook by Shipowner Greece

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

On Order:- 1 Vessel(s); 58,680 DWT. Gourdomichalis Mar. European Navigation Bulk 56,750 Jinling Shipyard Dec 2012 Shuttle 155,000 STX Shipbuild. 2012 On Order:- 1 Vessel(s); 56,750 DWT. Shuttle 155,000 STX Shipbuild. 2012 GrandUnion Inc. On Order:- 2 Vessel(s); 310,000 DWT. Bulk H4033 35,000 SPP Shipbuilding Apr 2013 Eurotankers Inc. Bulk H4037 35,000 SPP Shipbuilding Jun 2013 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 1039 33,500 Weihai Samjin Jan 2012 Bulk H4036 35,000 SPP Shipbuilding Aug 2013 Bulk 1037 33,500 Weihai Samjin Feb 2012 On Order:- 3 Vessel(s); 105,000 DWT. On Order:- 2 Vessel(s); 67,000 DWT. Grecomar S.A. Evalend Shpg. Bulk 554 35,000 Dae Sun S.B. 2013 Tanker 1371 104,280 Sumitomo H.I. Jan 2012 On Order:- 1 Vessel(s); 35,000 DWT. Bulk 606 37,200 Zhejiang Ouhua Jan 2012 Halcoussis Z. & G. Tanker 1372 104,280 Sumitomo H.I. Feb 2012 Bulk 10C-031 95,000 Jiangsu Eastern Feb 2012 Bulk 607 37,200 Zhejiang Ouhua Mar 2012 On Order:- 1 Vessel(s); 95,000 DWT. Bulk 608 37,200 Zhejiang Ouhua May 2012 Bulk 609 37,200 Zhejiang Ouhua Jun 2012 Harbor Shpg. & Trdg. Bulk 610 37,200 Zhejiang Ouhua Sep 2012 Bulk 57,000 COSCO Guangdong Jun 2012 Container 55,000 4,800 TEU Zhejiang Ouhua Jan 2014 Bulk 35,000 COSCO Guangdong Jan 2013 Container 55,000 4,800 TEU Zhejiang Ouhua Mar 2014 On Order:- 2 Vessel(s); 92,000 DWT. On Order:- 9 Vessel(s); 504,560 DWT. Harmonia Shpg. Mngt. Everlast Shipping SA Asp.& Bit. 5,887 Unknown Yard 2012 Bulk 1045 36,000 Weihai Samjin 2012 On Order:- 1 Vessel(s); 5,887 DWT. Bulk 1046 36,000 Weihai Samjin 2012 Helikon Shpg. Ent. Bulk MD08331800BC01 31,800 Nantong Mingde Jan 2012 Bulk 2103 57,300 STX Dalian Oct 2012 Bulk JL0025 75,200 Jinglu Shipyard Feb 2012 Bulk 2104 57,300 STX Dalian Jan 2013 Bulk MD08431800BC02 31,800 Nantong Mingde Mar 2012 Bulk 2105 57,300 STX Dalian Apr 2013 Bulk 1047 36,000 Weihai Samjin 2013 Bulk 2109 57,300 STX Dalian Jun 2013 Bulk 1048 36,000 Weihai Samjin 2013 On Order:- 4 Vessel(s); 229,200 DWT. On Order:- 7 Vessel(s); 282,800 DWT. FreeSeas Inc. Hellenic Carriers Bulk 629 82,000 Zhejiang Ouhua Jan 2013 Bulk YZJ2010944 33,600 Jiangsu Yangzijiang May 2012 Bulk 630 82,000 Zhejiang Ouhua Mar 2013 Bulk YZJ2010945 33,600 Jiangsu Yangzijiang Aug 2012 On Order:- 2 Vessel(s); 164,000 DWT. On Order:- 2 Vessel(s); 67,200 DWT. GasLog Ltd. Iason Hellenic Bulk S5090 81,000 SPP Shipbuilding Jan 2012 L.N.G. 1946 82,000 155,000 cbm Samsung H.I. Oct 2013 Bulk S5091 81,000 SPP Shipbuilding Mar 2012 L.N.G. 1947 82,000 155,000 cbm Samsung H.I. Jan 2014 Bulk 620 82,000 Zhejiang Ouhua Jun 2012 L.N.G. 82,000 155,000 cbm Samsung H.I. Apr 2014 On Order:- 3 Vessel(s); 244,000 DWT. L.N.G. 82,000 155,000 cbm Samsung H.I. Jul 2014 L.N.G. 82,000 155,000 cbm Samsung H.I. Oct 2014 Interglobal Agencies L.N.G. 82,000 155,000 cbm Samsung H.I. Jan 2015 Bulk 2064 81,000 STX Shipbuild. Dec 2014 L.N.G. 82,000 155,000 cbm Samsung H.I. Apr 2015 Bulk 4008 81,000 STX Shipbuild. Dec 2014 L.N.G. 82,000 155,000 cbm Samsung H.I. Jul 2015 Bulk 4011 81,000 STX Shipbuild. Dec 2014 On Order:- 8 Vessel(s); 656,000 DWT. On Order:- 3 Vessel(s); 243,000 DWT. General Mar. Enterp. Iolcos Hellenic Bulk H1064 81,000 SPP Shipbuilding Jun 2012 Bulk H1590A 87,000 Hudong Zhonghua Jan 2012 On Order:- 1 Vessel(s); 81,000 DWT. Bulk H1591A 87,000 Hudong Zhonghua Feb 2012 Gleamray Maritime Bulk H1603A 87,000 Hudong Zhonghua Jun 2012 Bulk H1604A 87,000 Hudong Zhonghua Sep 2012 Bulk N333 82,000 COSCO Dalian Apr 2012 Bulk H1647A 76,000 Hudong Zhonghua Sep 2012 Bulk N334 82,000 COSCO Dalian Jul 2012 Bulk H1648A 76,000 Hudong Zhonghua Dec 2012 On Order:- 2 Vessel(s); 164,000 DWT. On Order:- 6 Vessel(s); 500,000 DWT. Golden Flame Shpg. Ionia Mgmt. S.A. Bulk 1051 207,000 Daehan S.B. Mar 2012 Bulk 0108005 80,000 New Century S/Y May 2012 Bulk 1052 207,000 Daehan S.B. Apr 2012 On Order:- 1 Vessel(s); 80,000 DWT. On Order:- 2 Vessel(s); 414,000 DWT. Golden Union Irika Shipping Bulk 1120 82,000 Sungdong S.B. Jan 2012 Bulk N206 79,023 COSCO Dalian Jan 2012 On Order:- 1 Vessel(s); 82,000 DWT. Bulk N207 79,500 COSCO Dalian Sep 2012 Bulk N208 79,500 COSCO Dalian Dec 2012 JM Maritime Bulk 3026 181,000 STX Shipbuild. Jan 2013 Tanker 1860 157,672 Samsung H.I. Jan 2012 Bulk N209 79,500 COSCO Dalian Apr 2013 Tanker 1893 157,672 Samsung H.I. Mar 2012 Bulk N210 79,500 COSCO Dalian Jul 2013 On Order:- 2 Vessel(s); 315,344 DWT. Bulk 1197 76,000 Jiangsu Rongsheng Jul 2013 Bulk 1198 76,000 Jiangsu Rongsheng Nov 2013 Kassian Maritime On Order:- 8 Vessel(s); 730,023 DWT. Bulk L0025 82,000 Guangzhou Longxue Mar 2013 On Order:- 1 Vessel(s); 82,000 DWT.

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Goldenport Holdgs. Container 85,000 6,600 TEU Jiangsu Rongsheng 2013 Kyla Shipping Co. Container 85,000 6,600 TEU Jiangsu Rongsheng 2013 Bulk 1181 82,000 Sungdong S.B. May 2012 On Order:- 2 Vessel(s); 170,000 DWT. Bulk S566 82,000 Hyundai Samho Aug 2012 Bulk S567 82,000 Hyundai Samho Sep 2012 Goulandris Bros. On Order:- 3 Vessel(s); 246,000 DWT. Tanker S570 164,730 Hyundai Samho Feb 2012 Tanker S571 164,730 Hyundai Samho Apr 2012 Lamda Maritime S.A. On Order:- 2 Vessel(s); 329,460 DWT. Bulk 1428 81,000 STX Shipbuild. May 2012 Bulk 1430 81,000 STX Shipbuild. Jul 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 26 1st January 2012 Greece Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

On Order:- 2 Vessel(s); 162,000 DWT. On Order:- 4 Vessel(s); 180,000 DWT. Larus S.A. Mykonos Shpg. Co. Bulk 1053 81,970 Daewoo-Mangalia Feb 2012 Bulk 81,000 Tsuneishi Zhoushan 2013 Bulk 1054 81,970 Daewoo-Mangalia May 2012 Bulk 81,000 Tsuneishi Zhoushan 2013 On Order:- 2 Vessel(s); 163,940 DWT. On Order:- 2 Vessel(s); 162,000 DWT. Laskaridis Shpg Navios Acquisition Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk JL0021 75,200 Jinglu Shipyard 2012 Products S3058 74,960 Sungdong S.B. Feb 2012 Bulk JL0007 75,200 Jinglu Shipyard Feb 2012 Products 495 50,000 Dae Sun S.B. May 2012 On Order:- 2 Vessel(s); 150,400 DWT. Products S3059 75,000 Sungdong S.B. Jun 2012 Leros Management Products S3060 75,000 Sungdong S.B. Aug 2012 Products 496 50,000 Dae Sun S.B. Aug 2012 Bulk N193 57,000 COSCO Zhoushan Jan 2012 Products S3061 75,000 Sungdong S.B. Sep 2012 Bulk 538 34,146 Dae Sun S.B. Jan 2012 Products 497 50,000 Dae Sun S.B. Sep 2012 Bulk N194 57,000 COSCO Zhoushan Apr 2012 Products 498 50,000 Dae Sun S.B. Nov 2012 Bulk 539 34,146 Dae Sun S.B. Apr 2012 Products 508 50,000 Dae Sun S.B. Dec 2012 Bulk N195 57,000 COSCO Zhoushan Jul 2012 Products S3062 75,000 Sungdong S.B. Jan 2013 Bulk N196 57,000 COSCO Zhoushan Oct 2012 Products 509 50,000 Dae Sun S.B. Jan 2013 Bulk 57,000 COSCO Zhoushan 2013 Products 510 50,000 Dae Sun S.B. Feb 2013 Bulk 57,000 COSCO Zhoushan 2013 On Order:- 12 Vessel(s); 724,960 DWT. On Order:- 8 Vessel(s); 410,292 DWT. Navios Holdings Liquimar Tankers Bulk 1121 82,000 Sungdong S.B. Apr 2012 Tanker 1346 320,000 STX Shipbuild. Jan 2014 On Order:- 1 Vessel(s); 82,000 DWT. Tanker 1349 320,000 STX Shipbuild. Apr 2014 Tanker 1415 320,000 STX Shipbuild. Jul 2014 Navitas Cia. Mar. On Order:- 3 Vessel(s); 960,000 DWT. Bulk 122 58,000 Nantong Cosco KHI Oct 2012 Livanos N.G. On Order:- 1 Vessel(s); 58,000 DWT. Chem & Oil 6,436 Zhenjiang Sopo Jan 2012 Neda Maritime Agency Chem & Oil 6,436 Zhenjiang Sopo Feb 2012 Tanker 320,000 Daewoo 2012 On Order:- 2 Vessel(s); 12,872 DWT. Tanker 5326 320,000 Daewoo Jan 2012 Load Line On Order:- 2 Vessel(s); 640,000 DWT. Bulk 556 34,000 Dae Sun S.B. 2012 Neptune Shipping Bulk 64,000 Hantong Shipyard Mar 2013 PCC 8025 10,900 Hyundai Mipo 2012 On Order:- 2 Vessel(s); 98,000 DWT. PCC 8026 10,900 Hyundai Mipo 2012 Lomar Shpg. & Mngt. On Order:- 2 Vessel(s); 21,800 DWT. Bulk 114,500 Shanghai S.Y. Jun 2012 Nereus Shipping On Order:- 1 Vessel(s); 114,500 DWT. Bulk S5046 59,000 SPP Shipbuilding Jan 2012 Lyras Maritime Ltd. Bulk S5083 59,000 SPP Shipbuilding Jan 2012 Bulk S5081 59,000 SPP Shipbuilding Feb 2012 Bulk 2398 81,276 Hyundai H.I. Feb 2012 Bulk S5084 59,000 SPP Shipbuilding Apr 2012 On Order:- 1 Vessel(s); 81,276 DWT. On Order:- 4 Vessel(s); 236,000 DWT. Maran Gas Maritime NewLead Holdings L.N.G. 2288 85,000 159,800 cbm Daewoo Jul 2013 Bulk H4029 35,000 SPP Shipbuilding Jun 2012 L.N.G. 2295 86,000 159,800 cbm Daewoo Oct 2013 On Order:- 1 Vessel(s); 35,000 DWT. L.N.G. 86,000 164,000 cbm Hyundai Samho Dec 2013 L.N.G. 2296 86,000 159,800 cbm Daewoo Feb 2014 Niki Shpg. Co. Inc. L.N.G. 86,000 164,000 cbm Hyundai Samho Apr 2014 Container 3018 139,419 12,400 TEU STX Shipbuild. Jan 2012 L.N.G. 2291 85,000 159,800 cbm Daewoo Jun 2014 PCC 1006 21,500 STX Dalian Jan 2012 L.N.G. 86,000 164,000 cbm Hyundai Samho Dec 2014 PCC 1009 21,500 STX Dalian Feb 2012 L.N.G. 86,000 164,000 cbm Hyundai Samho Apr 2015 PCC 1010 21,500 STX Dalian Apr 2012 L.N.G. 2292 85,000 159,800 cbm Daewoo Jun 2015 PCC 1007 21,500 STX Dalian Sep 2012 On Order:- 9 Vessel(s); 771,000 DWT. Container 3023 139,419 12,400 TEU STX Shipbuild. Oct 2012 Maran Tankers Mngt. PCC 1008 21,500 STX Dalian Nov 2012 Container 3024 139,419 12,400 TEU STX Shipbuild. Jan 2013 Tanker 5377 320,000 Daewoo Jun 2012 On Order:- 8 Vessel(s); 525,757 DWT. Tanker 1230 320,000 Shanghai Waigaoqiao Aug 2013 Tanker 1231 320,000 Shanghai Waigaoqiao Dec 2013 Nomikos, Evangelos Tanker 1236 320,000 Shanghai Waigaoqiao Apr 2014 Bulk 1734 81,000 STX Shipbuild. Feb 2012 On Order:- 4 Vessel(s); 1,280,000 DWT. On Order:- 1 Vessel(s); 81,000 DWT. Marinter Nav. S.A. OceanFreight Inc. Products 3,200 Ruian Jiangnan Jan 2012 Bulk 1227 206,000 Shanghai Jiangnan Feb 2012 Products HF104 3,200 Ruian Jiangnan May 2012 Bulk 1228 206,000 Shanghai Jiangnan Jun 2012 Products HF105 3,200 Ruian Jiangnan Jul 2012 Bulk 1229 206,000 Shanghai Jiangnan Oct 2012 Products HF106 3,200 Ruian Jiangnan Sep 2012 Bulk 1239 206,000 Shanghai Jiangnan Dec 2012 On Order:- 4 Vessel(s); 12,800 DWT. Bulk 1240 206,000 Shanghai Jiangnan Feb 2013 Meadway Shpg. & Trdg On Order:- 5 Vessel(s); 1,030,000 DWT. Bulk S539 81,502 Hyundai Samho Jan 2012 Oceangold Tankers On Order:- 1 Vessel(s); 81,502 DWT. Chem & Oil H4091 50,100 SPP Shipbuilding Oct 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Meandros Lines S.A. On Order:- 1 Vessel(s); 50,100 DWT. Tanker S2021 158,000 Sungdong S.B. Mar 2012 Oceania Shipholding On Order:- 1 Vessel(s); 158,000 DWT. Drillship 96,000 Samsung H.I. Jul 2013 Metrostar Management On Order:- 1 Vessel(s); 96,000 DWT. Container 45,000 3,600 TEU SPP Shipbuilding Jan 2013 Omega Navigation Container 45,000 3,600 TEU SPP Shipbuilding Apr 2013 Products 2299 74,606 Hyundai Mipo Mar 2012 Container 45,000 3,600 TEU SPP Shipbuilding Jul 2013 On Order:- 1 Vessel(s); 74,606 DWT. Container 45,000 3,600 TEU SPP Shipbuilding Oct 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 27 1st January 2012 Orderbook by Shipowner Greece

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Paragon Shpg. Samos Steamship Bulk 604 37,200 Zhejiang Ouhua Jan 2012 Bulk 1778 56,000 Mitsui SB Mar 2012 Bulk 605 37,200 Zhejiang Ouhua Feb 2012 Tanker 1375 156,000 Sumitomo H.I. Aug 2012 Bulk 612 37,200 Zhejiang Ouhua Nov 2012 Products 52,000 Hyundai Mipo 2013 Bulk 625 37,200 Zhejiang Ouhua Nov 2012 Bulk 579 37,000 Onomichi DockydDec 2013 Bulk 81,600 Zhejiang Ouhua Dec 2012 Bulk 37,000 Saiki Hvy. Ind. Jan 2014 Bulk 81,600 Zhejiang Ouhua 2013 On Order:- 5 Vessel(s); 338,000 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Container 656 56,300 4,800 TEU Zhejiang Ouhua Oct 2013 Sea Pioneer Shpg. Container 657 56,300 4,800 TEU Zhejiang Ouhua Dec 2013 On Order:- 8 Vessel(s); 424,600 DWT. Chem & Oil 06130023 50,500 Guangzhou S.Y. Int. Aug 2013 On Order:- 1 Vessel(s); 50,500 DWT. Perosea Shipping Seacrest Shpg. Co. Bulk 523 34,000 Dae Sun S.B. 2013 Bulk 524 34,000 Dae Sun S.B. 2013 Bulk H1145 177,000 Shanghai Jiangnan Jan 2012 Bulk 525 34,000 Dae Sun S.B. 2013 On Order:- 1 Vessel(s); 177,000 DWT. On Order:- 3 Vessel(s); 102,000 DWT. Seatask Corp. Phoenix Energy Nav. Bulk H1054 81,000 SPP Shipbuilding Apr 2012 k H1057 81,000 SPP Shipbuilding Jun 2012 Tanker 2378 105,000 Hyundai H.I. Jan 2012 Bul On Order:- 1 Vessel(s); 105,000 DWT. On Order:- 2 Vessel(s); 162,000 DWT. Pitiousa Shipping Star Bulk Carriers Bulk 10C-050 95,000 Jiangsu Eastern Jun 2012 Bulk 1232 37,000 Saiki Hvy. Ind. May 2012 On Order:- 1 Vessel(s); 95,000 DWT. On Order:- 1 Vessel(s); 37,000 DWT. PL Shipping Co. StealthGas Inc. L.P.G. 425 6,500 7,500 cbm Kanrei Zosen KK Jan 2012 Bulk 80,000 Jinhai Heavy Ind. Jan 2012 On Order:- 1 Vessel(s); 80,000 DWT. L.P.G. 424 6,500 7,500 cbm Kanrei Zosen KK May 2012 On Order:- 2 Vessel(s); 13,000 DWT. Plutofylax Shipping Target Marine S.A. Bulk 6069 82,000 Hyundai MipoMay 2012 Bulk 6070 82,000 Hyundai Mipo Oct 2012 Bulk H1058 82,000 SPP Shipbuilding Jan 2012 On Order:- 2 Vessel(s); 164,000 DWT. On Order:- 1 Vessel(s); 82,000 DWT. Polembros Shpg. Technomar Shpg. Inc. Bulk DD034 205,000 Qidong Daoda Nov 2012 Container 85,000 6,700 TEU Hyundai Samho 2013 Bulk DD035 205,000 Qidong Daoda Feb 2013 Container 85,000 6,700 TEU Hyundai Samho 2013 Container 85,000 6,700 TEU Hyundai Samho 2013 Bulk DD036 205,000 Qidong Daoda May 2013 Bulk 206,000 Shanghai Waigaoqiao Jun 2013 Container 85,000 6,700 TEU Hyundai Samho 2013 Bulk DD037 205,000 Qidong Daoda Aug 2013 On Order:- 4 Vessel(s); 340,000 DWT. Bulk 206,000 Shanghai Waigaoqiao Sep 2013 Teo Shipping Corp. Bulk 206,000 Shanghai Waigaoqiao Dec 2013 Bulk H1561A 87,000 Hudong Zhonghua Jan 2012 Bulk 206,000 Shanghai Waigaoqiao Mar 2014 Bulk H1566A 87,000 Hudong Zhonghua Mar 2012 On Order:- 8 Vessel(s); 1,644,000 DWT. Bulk H1567A 87,000 Hudong Zhonghua Jun 2012 Polyar Tankers AS On Order:- 3 Vessel(s); 261,000 DWT. Tanker 1437 107,518 Tsuneishi Zosen Jan 2012 Thenamaris (Mgmt.) On Order:- 1 Vessel(s); 107,518 DWT. Products 1531 50,800 STX Shipbuild. 2012 Primal Shipmngmnt. Products 1532 50,800 STX Shipbuild. 2012 Bulk YN-012 29,256 Yangzhou Nakanishi Mar 2012 Tanker 157,000 Jiangsu Rongsheng Apr 2012 Tanker 157,000 Jiangsu Rongsheng Jul 2012 On Order:- 1 Vessel(s); 29,256 DWT. Products 1533 50,800 STX Shipbuild. 2013 Primebulk Products 1534 50,800 STX Shipbuild. 2013 Bulk 507 34,000 Dae Sun S.B. Dec 2012 Container 55,000 4,800 TEU Zhejiang Ouhua Jun 2013 On Order:- 1 Vessel(s); 34,000 DWT. Container S616 62,000 5,000 TEU Hyundai Samho Aug 2013 Primerose Shipping L.N.G. 2045 84,000 160,000 cbm Samsung H.I. Sep 2013 Container 55,000 4,800 TEU Zhejiang Ouhua Sep 2013 Bulk YC001 79,600 Nanjing Wujiazui Jan 2012 Container S617 62,000 5,000 TEU Hyundai Samho Oct 2013 On Order:- 1 Vessel(s); 79,600 DWT. Tanker 319,000 Shanghai Waigaoqiao Jan 2014 Rethymnis & Kuluk. L.N.G. 2046 84,000 160,000 cbm Samsung H.I. Jan 2014 Bulk Y001 58,000 DSME Shandong Feb 2012 L.N.G. 2049 84,000 160,000 cbm Samsung H.I. Feb 2014 Bulk Y002 58,000 DSME Shandong Apr 2012 On Order:- 14 Vessel(s); 1,322,200 DWT. Bulk Y003 58,000 DSME Shandong Jun 2012 Third Millenium Shpg k Y004 58,000 DSME Shandong Jun 2012 Bul Bulk 10C-032 95,000 Jiangsu Eastern Mar 2012 On Order:- 4 Vessel(s); 232,000 DWT. On Order:- 1 Vessel(s); 95,000 DWT. Roxana Shipping S.A. Tomasos Brothers Chem & Oil H1038 74,060 SPP Shipbuilding Oct 2012 Products 52,000 Guangzhou S.Y. Int. 2013 On Order:- 1 Vessel(s); 74,060 DWT. Products 52,000 Guangzhou S.Y. Int. 2013 Safe Bulkers Inc. Products 37,500 Guangzhou S.Y. Int. 2013 Bulk 616 82,000 Zhejiang Ouhua Jan 2012 Products 37,500 Guangzhou S.Y. Int. 2013 Bulk 631 82,000 Zhejiang Ouhua Jan 2012 Products 37,500 Guangzhou S.Y. Int. 2014 Bulk 617 82,000 Zhejiang Ouhua Feb 2012 Products 37,500 Guangzhou S.Y. Int. 2014 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 804 74,773 Sasebo H.I. Feb 2012 On Order:- 6 Vessel(s); 254,000 DWT. Bulk J0131 176,000 Jinhai Heavy Ind. Aug 2012 Top Ships Inc. Bulk 1154 76,000 Jiangsu Rongsheng Jan 2013 Tanker 157,000 Jiangsu Rongsheng 2013 Bulk 74,773 Sasebo H.I. Mar 2014 Tanker 157,000 Jiangsu Rongsheng 2013 Bulk 74,500 Unkn. Japanese May 2014 On Order:- 2 Vessel(s); 314,000 DWT. On Order:- 8 Vessel(s); 722,046 DWT. Transmed Shipping Saint Michael Shpg. Bulk 410-11 175,000 Bohai Shipbld. 2012 Bulk S061 82,000 Hyundai Vinashin Nov 2012 Bulk 410-12 175,000 Bohai Shipbld. 2012 On Order:- 1 Vessel(s); 82,000 DWT. Bulk 410-13 175,000 Bohai Shipbld. 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 28 1st January 2012 Greece Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Bulk 410-14 175,000 Bohai Shipbld. 2012 On Order:- 1 Vessel(s); DWT. Bulk 203,000 Bohai Shipbld. Jan 2012 Aquarius Ltd. Bulk 410-10 175,000 Bohai Shipbld. Jan 2012 Bulk 410-9 174,000 Bohai Shipbld. Jan 2012 Bulk BC240-01 24,600 Shanhaiguan S/Y Aug 2012 Bulk SN334 92,500 Shandong Weihai SY Jan 2012 Bulk BC240-02 24,600 Shanhaiguan S/Y Nov 2012 Bulk SN335 92,500 Shandong Weihai SY Jan 2012 Bulk BC240-03 24,600 Shanhaiguan S/Y Feb 2013 Bulk SN336 92,500 Shandong Weihai SY Mar 2012 Bulk BC240-04 24,600 Shanhaiguan S/Y Apr 2013 Bulk 203,000 Bohai Shipbld. Apr 2012 On Order:- 4 Vessel(s); 98,400 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk SN343 92,500 Shandong Weihai SY Jun 2012 Brightoil Petroleum Bulk 203,000 Bohai Shipbld. Jul 2012 Products 4,100 Rizhao Kingda 2012 Bulk SN344 92,500 Shandong Weihai SY Aug 2012 Products 4,100 Rizhao Kingda 2012 Bulk 203,000 Bohai Shipbld. Oct 2012 Products 4,100 Rizhao Kingda 2012 Bulk SN345 92,500 Shandong Weihai SY Nov 2012 Products 4,100 Rizhao Kingda 2012 Bulk SN346 92,500 Shandong Weihai SY Jan 2013 Products 4,100 Rizhao Kingda 2012 On Order:- 17 Vessel(s); 2,508,500 DWT. Products 4,100 Rizhao Kingda 2012 Trojan Maritime Inc Products 4,100 Rizhao Kingda 2012 Bulk 2008 57,700 STX Dalian Jan 2012 Products 4,100 Rizhao Kingda 2012 Bulk 2057 81,000 STX Shipbuild. Apr 2012 Products 4,100 Rizhao Kingda 2012 Products 4,100 Rizhao Kingda 2012 Bulk 4007 57,700 STX Shipbuild. Apr 2012 Bulk 4009 81,000 STX Shipbuild. May 2012 Products 4,100 Rizhao Kingda 2012 Bulk 4017 57,700 STX Shipbuild. Nov 2012 Products 4,100 Rizhao Kingda 2012 Products 4,100 Rizhao Kingda 2012 On Order:- 5 Vessel(s); 335,100 DWT. Products 4,100 Rizhao Kingda 2012 Tsakos Energy Nav. Products 4,100 Rizhao Kingda 2012 Shuttle 157,000 Sungdong S.B. Dec 2012 Tanker 2484 319,000 Hyundai H.I. Jul 2012 Shuttle 157,000 Sungdong S.B. Jan 2013 Tanker 2485 319,000 Hyundai H.I. Sep 2012 On Order:- 2 Vessel(s); 314,000 DWT. Tanker 2486 319,000 Hyundai H.I. Nov 2012 Tsakos Shpg. & Trad. Tanker 2487 319,000 Hyundai H.I. Dec 2012 Tanker 2488 319,000 Hyundai H.I. Feb 2013 Tanker S2032 158,000 Sungdong S.B. Mar 2012 On Order:- 20 Vessel(s); 1,656,500 DWT. Tanker S2033 158,000 Sungdong S.B. May 2012 Container 4008 58,500 4,700 TEU Sungdong S.B. Feb 2013 Chellaram Shpg. Container 4009 58,500 4,700 TEU Sungdong S.B. Apr 2013 Bulk 6120 37,000 Hyundai Mipo Jan 2012 On Order:- 4 Vessel(s); 433,000 DWT. Bulk 1570 80,505 STX Shipbuild. Feb 2012 Union Commercial Bulk 6121 37,000 Hyundai Mipo Mar 2012 On Order:- 3 Vessel(s); 154,505 DWT. Bulk H4060 34,750 SPP Shipbuilding Jan 2012 On Order:- 1 Vessel(s); 34,750 DWT. China Navigation Co. Union Marine Ent. MPP 31,000 Zhejiang Ouhua Jan 2013 MPP 31,000 Zhejiang Ouhua Feb 2013 Bulk N376 82,000 COSCO Dalian Sep 2012 MPP 31,000 Zhejiang Ouhua Mar 2013 Bulk N377 82,000 COSCO Dalian Nov 2012 MPP 31,000 Zhejiang Ouhua Apr 2013 On Order:- 2 Vessel(s); 164,000 DWT. MPP 31,000 Zhejiang Ouhua May 2013 Unisea Shipping Ltd. MPP 31,000 Zhejiang Ouhua Jun 2013 Tanker 1945 115,000 Samsung H.I. Jan 2012 MPP 31,000 Zhejiang Ouhua Jul 2013 Tanker 1971 115,000 Samsung H.I. Apr 2012 MPP 31,000 Zhejiang Ouhua Aug 2013 Tanker 1959 115,000 Samsung H.I. May 2012 On Order:- 8 Vessel(s); 248,000 DWT. Tanker 52,000 Hyundai Mipo 2013 Chun An Shpg. Tanker 52,000 Hyundai Mipo 2013 Bulk HT100 57,000 Hantong Shipyard Aug 2012 Tanker 52,000 Hyundai Mipo 2013 On Order:- 1 Vessel(s); 57,000 DWT. Tanker 52,000 Hyundai Mipo 2013 On Order:- 7 Vessel(s); 553,000 DWT. Courage Marine Unknown Greek Owner Bulk ZZSB003 57,080 Zhoushan Zengzhou Jan 2012 On Order:- 1 Vessel(s); 57,080 DWT. Bulk 80,500 STX Shipbuild. 2012 Bulk HT64-115 64,000 Hantong Shipyard 2012 Decent Special Mtime Tanker 1931 115,500 Samsung H.I. Jan 2012 Bulk 20100311 57,000 Qingshan Shipyard Jan 2012 Bulk 180,000 Sungdong S.B. Jan 2012 On Order:- 1 Vessel(s); 57,000 DWT. Tanker 1932 115,500 Samsung H.I. Feb 2012 Fairweather S.S. Co. Tanker 1933 115,500 Samsung H.I. Mar 2012 Tanker 1934 115,500 Samsung H.I. Jun 2012 Bulk 127 58,000 Nantong Cosco KHI Jun 2012 Tanker 1935 115,500 Samsung H.I. Aug 2012 On Order:- 1 Vessel(s); 58,000 DWT. Bulk 57,000 COSCO Zhoushan Aug 2012 German Ocean Invest Bulk 57,000 COSCO Zhoushan Oct 2012 Bulk SF110101 57,000 Taizhou Sanfu Jul 2012 Bulk 57,000 COSCO Zhoushan Dec 2012 Bulk SF110102 57,000 Taizhou Sanfu Sep 2012 Bulk 57,000 COSCO Zhoushan Feb 2013 On Order:- 2 Vessel(s); 114,000 DWT. Products H4095 51,800 SPP Shipbuilding Jul 2013 On Order:- 13 Vessel(s); 1,181,800 DWT. Goldwin Shipping Bulk 64,000 Chengxi Shipyd. 2013 Vergos Marine Mngt. On Order:- 1 Vessel(s); 64,000 DWT. Bulk 0108205 81,500 New Century S/Y Oct 2012 Bulk 0108206 81,500 New Century S/Y Oct 2012 Grand Bulk Shpg.

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 0108207 81,500 New Century S/Y Jan 2013 Bulk 3007 75,700 Guangzhou Huangpu Jan 2012 On Order:- 3 Vessel(s); 244,500 DWT. Bulk 3008 75,700 Guangzhou Huangpu Feb 2012 Bulk 3009 75,700 Guangzhou HuangpuMay 2012 World Tankers Mngt. Bulk 3010 75,700 Guangzhou HuangpuAug 2012 Chem & Oil S5079 50,100 SPP Shipbuilding Mar 2012 On Order:- 4 Vessel(s); 302,800 DWT. On Order:- 1 Vessel(s); 50,100 DWT. Haina Marine Hong Kong Bulk 10-801 79,800 Jiangsu Eastern 2012 A Fai Ships Bulk 10-802 79,800 Jiangsu Eastern 2012 Fast PassCat 500 GT Damen Shipyards Aug 2012 Bulk 10-028 79,800 Jiangsu Eastern Jan 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 29 1st January 2012 Orderbook by Shipowner Hong Kong

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

On Order:- 3 Vessel(s); 239,400 DWT. Parakou Shpg. Hong Da Intl. Shpg. Bulk 35,000 Changqingsha SY 2012 Bulk NB001-02 57,000 Tianjin Xingang Mar 2012 Bulk 35,000 Changqingsha SY 2012 Bulk NB001-03 57,000 Tianjin Xingang May 2012 Bulk 35,000 Changqingsha SY 2012 On Order:- 2 Vessel(s); 114,000 DWT. Bulk 35,000 Changqingsha SY 2012 Bulk 0811 35,283 Changqingsha SY Jan 2012 HTC Securities Ltd. Bulk 0812 35,283 Changqingsha SY Feb 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk M5003 58,000 DSME Shandong Mar 2012 Bulk ZJ82K1001 82,000 Zhejiang Judger S.B. Apr 2012 Bulk M5004 58,000 DSME Shandong May 2012 Bulk ZJ82K1002 82,000 Zhejiang Judger S.B. Jun 2012 Bulk M5005 58,000 DSME Shandong Aug 2012 On Order:- 8 Vessel(s); 374,566 DWT. Bulk M5006 58,000 DSME Shandong Oct 2012 San Feng Shipping Bulk M5007 58,000 DSME Shandong Dec 2012 Bulk M5008 58,000 DSME Shandong Mar 2013 Bulk XSI433A 57,000 Xiamen S.B. Aug 2012 Bulk M5009 58,000 DSME Shandong May 2013 Bulk XSI433B 57,000 Xiamen S.B. Nov 2012 Bulk M5010 58,000 DSME Shandong Jul 2013 On Order:- 2 Vessel(s); 114,000 DWT. Bulk M5011 58,000 DSME Shandong Sep 2013 Shun Shine Bulk M5012 58,000 DSME Shandong Nov 2013 GCargo 2,500 Highspeed S.B. 2012 On Order:- 10 Vessel(s); 580,000 DWT. GCargo 2,500 Highspeed S.B. 2012 Jinhui Shpg. & Trans GCargo 2,500 Highspeed S.B. 2012 Bulk 58,000 Tsuneishi Cebu Mar 2012 On Order:- 3 Vessel(s); 7,500 DWT. Bulk 752 38,000 Naikai S.B. Jul 2012 Swire Pacific Bulk 10577 60,400 Oshima S.B. Co. Sep 2012 AHTS 192 4,300 1,678 GT Drydocks World Sing. Jan 2012 Bulk SC-178 58,000 Tsuneishi Cebu Feb 2013 AHTS 193 4,300 1,678 GT Drydocks World Sing.May 2012 On Order:- 4 Vessel(s); 214,400 DWT. AHTS 1191 3,600 4,600 GT Sekwang H.I. Jun 2012 Noble Group Ltd. AHTS 1190 3,600 4,600 GT Sekwang H.I. Jul 2012 Bulk N241 92,500 COSCO Dalian Jan 2012 AHTS 1192 3,600 4,600 GT Sekwang H.I. Sep 2012 Bulk N354 92,500 COSCO Dalian Jan 2012 AHTS 194 4,300 1,678 GT Drydocks World Sing.Sep 2012 Bulk N355 92,500 COSCO Dalian Jan 2012 AHTS 4,000 3,411 GT ST Marine Jun 2013 Bulk N254 92,500 COSCO Dalian Dec 2012 AHTS 195 3,500 1,678 GT Drydocks World Sing. Jun 2013 On Order:- 4 Vessel(s); 370,000 DWT. AHTS 4,000 3,411 GT ST Marine Dec 2013 PSV 5,000 3,872 GT Keihin Shipyard Mar 2014 Ocean Longevity AHTS 4,000 3,411 GT ST Marine Mar 2014 Ore L0011 230,000 Guangzhou Longxue Jan 2012 PSV 5,000 3,872 GT Keihin Shipyard Jun 2014 Ore L0012 230,000 Guangzhou Longxue Feb 2012 AHTS 4,000 3,411 GT ST Marine Jun 2014 On Order:- 2 Vessel(s); 460,000 DWT. PSV 5,000 3,872 GT Keihin Shipyard Sep 2014 OOCL PSV 5,000 3,872 GT Keihin Shipyard Dec 2014 On Order:- 15 Vessel(s); 63,200 DWT. Container 140,000 13,000 TEU Samsung H.I. 2013 Container 140,000 13,000 TEU Samsung H.I. 2013 Teh-Hu Cargocean Container 140,000 13,000 TEU Samsung H.I. 2013 Bulk 206,000 Shanghai Jiangnan 2013 Container 140,000 13,000 TEU Samsung H.I. 2013 On Order:- 1 Vessel(s); 206,000 DWT. Container 140,000 13,000 TEU Samsung H.I. 2013 Unique Shpg. (H.K.) Container 140,000 13,000 TEU Samsung H.I. 2013 Container H1564 101,588 8,888 TEU Hudong Zhonghua Jul 2013 Products 564 50,000 Onomichi Dockyd Jan 2012 Container H1565 101,588 8,888 TEU Hudong Zhonghua Oct 2013 Products 569 50,000 Onomichi Dockyd Jan 2012 Container 140,000 13,000 TEU Samsung H.I. 2014 On Order:- 2 Vessel(s); 100,000 DWT. Container 140,000 13,000 TEU Samsung H.I. 2014 United Faith Group Container 140,000 13,000 TEU Samsung H.I. 2014 Hvy Dk Cargo 50,000 39,352 GT Yantai CIMC Raffles Sep 2013 Container 140,000 13,000 TEU Samsung H.I. 2014 Hvy Dk Cargo 50,000 39,352 GT Yantai CIMC Raffles Dec 2013 Container 106,000 8,888 TEU Hudong Zhonghua Jan 2014 On Order:- 2 Vessel(s); 100,000 DWT. Container 106,000 8,888 TEU Hudong Zhonghua Jan 2014 Container H1584 101,588 8,888 TEU Hudong Zhonghua Jan 2014 Unknown Hong Kong Container H1585 101,588 8,888 TEU Hudong Zhonghua Apr 2014 Bulk 176,000 Jinhai Heavy Ind. 2012 On Order:- 16 Vessel(s); 2,018,352 DWT. GCargo CL1585 13,600 Zhejiang Cheng Lu 2012 OSI (H.K.) Ltd. Bulk 82,000 Sainty SB (Yangzhou) Jun 2012 Bulk 2216 57,000 Zhejiang Yangfan Jun 2012 Chem & Oil 120 17,000 Sekwang Shipbuilding Mar 2012 Bulk 82,000 Sainty SB (Yangzhou) Sep 2012 Chem & Oil 121 17,000 Sekwang Shipbuilding Jul 2012 Bulk 2217 57,000 Zhejiang Yangfan Sep 2012 Chem & Oil 122 17,000 Sekwang Shipbuilding Sep 2012 Bulk 82,000 Sainty SB (Yangzhou) Dec 2012 Chem & Oil 123 17,000 Sekwang Shipbuilding Dec 2012 Bulk 176,000 Jinhai Heavy Ind. 2013 Chem & Oil 124 17,000 Sekwang Shipbuilding 2013 Bulk TC0104 82,000 Taizhou Catic 2013 On Order:- 5 Vessel(s); 85,000 DWT. On Order:- 9 Vessel(s); 807,600 DWT. OSL Shipping Valles Steamship Bulk 36,000 Qingshan Shipyard May 2013 Products 08130009 49,999 Guangzhou S.Y. Int. 2012 Bulk 36,000 Qingshan Shipyard Aug 2013 On Order:- 1 Vessel(s); 49,999 DWT. On Order:- 2 Vessel(s); 72,000 DWT. Vanship Holdings Pacific Basin Shpg. Bulk N268 79,500 COSCO Dalian Mar 2012 Ro-Ro 234 11,500 Odense Lindo Jan 2012 On Order:- 1 Vessel(s); 79,500 DWT. Bulk 130 35,000 Jiangmen Nanyang Aug 2012 Bulk 131 35,000 Jiangmen Nanyang Oct 2012 Vermont Shipping Ltd Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 132 35,000 Jiangmen Nanyang Dec 2012 Bunkering 6,500 GMG Guangdong Jan 2012 Bulk 58,100 Tsuneishi Zhoushan 2013 On Order:- 1 Vessel(s); 6,500 DWT. Bulk 58,100 Tsuneishi Zhoushan 2013 Wah Kwong Shpg. Bulk 58,100 Tsuneishi Zhoushan 2013 Tanker T3000-43 298,000 Dalian Shipbuilding Jan 2012 Bulk 58,100 Tsuneishi Zhoushan 2013 Asp.& Bit. 601 6,100 Wuhan Nanhua HJ Jan 2012 Bulk 613 35,000 Jiangmen Nanyang Mar 2013 Bulk 32,500 Zhejiang Hongxin Feb 2012 Bulk 614 35,000 Jiangmen Nanyang Jun 2013 Bulk 35,000 Chengxi Shipyd. Sep 2012 Bulk 133 35,000 Jiangmen Nanyang Jul 2013 Bulk 35,000 Chengxi Shipyd. Dec 2012 On Order:- 11 Vessel(s); 453,900 DWT. Tanker 318,000 Shanghai Waigaoqiao May 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 30 1st January 2012 Hong Kong Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Tanker 318,000 Shanghai Waigaoqiao Jul 2013 PSV 4,090 3,500 GT Havyard Leirvik Jun 2013 On Order:- 7 Vessel(s); 1,042,600 DWT. On Order:- 2 Vessel(s); 8,180 DWT. Iceland Good Earth Maritime Eimskip Bulk 11138 53,000 Hindustan S.Y. Jan 2012 Container 10,000 875 TEU Rongcheng Shenfei 2013 Bulk 11139 53,000 Hindustan S.Y. Jan 2012 Container 10,000 875 TEU Rongcheng Shenfei 2013 Bulk 11140 53,000 Hindustan S.Y. May 2012

On Order:- 2 Vessel(s); 20,000 DWT. Bulk 11141 53,000 Hindustan S.Y. Nov 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 On Order:- 4 Vessel(s); 212,000 DWT. India Great Offshore Ltd ABG Cement MSV 4,000 4,377 GT Bharati Goa Jun 2013 Bulk 383 10,000 ABG S.Y. 2012 MSV 4,000 4,377 GT Bharati Goa Jun 2013 Bulk 384 10,000 ABG S.Y. 2012 MSV 4,000 4,377 GT Bharati Goa Jun 2013 Bulk 385 10,000 ABG S.Y. 2013 On Order:- 3 Vessel(s); 12,000 DWT. Bulk 387 10,000 ABG S.Y. 2013 Bulk 388 10,000 ABG S.Y. 2013 Greatship India Bulk 389 10,000 ABG S.Y. 2013 MSV 26775 4,600 4,925 GT Mazagon Dock Jan 2012 Bulk 390 10,000 ABG S.Y. 2014 MSV 26784 4,925 GT Mazagon Dock Jan 2012 Bulk 391 10,000 ABG S.Y. 2014 ROV/Sub Spt 5,497 GT Unknown Yard Mar 2012 Bulk 392 10,000 ABG S.Y. 2014 ROV/Sub Spt 5,497 GT Unknown Yard Mar 2012 Bulk 393 10,000 ABG S.Y. 2014 PSV 3,240 2,200 GT STX Brattvaag Mar 2012 Bulk 394 10,000 ABG S.Y. 2015 AHTS 197 3,500 2,985 GT Drydocks World Sing. Jun 2012 Bulk 396 10,000 ABG S.Y. 2015 PSV 222 3,500 2,710 GT Colombo Dockyd. Jun 2012 On Order:- 12 Vessel(s); 120,000 DWT. PSV 223 3,500 2,710 GT Colombo Dockyd. Jun 2012 ABG Shipping Ltd. AHTS 198 2,950 2,516 GT Drydocks World Sing. Jun 2012 PSV 221 3,500 2,710 GT Colombo Dockyd. May 2013 Diving Spt 283 2,100 2,600 GT ABG S.Y. Jan 2012 On Order:- 10 Vessel(s); 24,790 DWT. On Order:- 1 Vessel(s); 2,100 DWT. Gujarat Ambuja Adani Enterprises Cement 314 4,000 Ramsar Shipyard Jun 2012 Bulk PN-073 180,000 HHIC-Phil. Inc. Jan 2012 On Order:- 1 Vessel(s); 4,000 DWT. Bulk PN-074 180,000 HHIC-Phil. Inc. Apr 2012 On Order:- 2 Vessel(s); 360,000 DWT. Indian Govt. Apeejay Shipping Pass/Cargo 1,200 2,000 GT Colombo Dockyd. 2013 Pass/Cargo 1,200 2,000 GT Colombo Dockyd. 2013 Bulk N221 57,000 COSCO Guangdong Jan 2012 On Order:- 2 Vessel(s); 2,400 DWT. On Order:- 1 Vessel(s); 57,000 DWT. J.B. Ugland Shpg. ArcelorMittal Shpg. Chem & Oil 503 19,865 Kitanihon Zosen Jan 2012 Bulk 0108208 82,000 New Times S.B. Sep 2012 PSV 353 5,000 3,872 GT Myklebust Verft Jun 2012 Bulk 0108209 82,000 New Times S.B. Oct 2012 PSV 619-15 5,145 3,671 GT Fujian Mawei Aug 2012 Bulk 0108210 82,000 New Times S.B. Nov 2012 PSV 619-16 3,500 2,710 GT Fujian Mawei Aug 2012 Bulk 0108211 82,000 New Times S.B. Jan 2013 On Order:- 4 Vessel(s); 33,510 DWT. On Order:- 4 Vessel(s); 328,000 DWT. KC Maritime Ltd. Chowgule S.S. Ltd. Bulk 1211 81,874 Daewoo Mar 2012 MPP 202 4,450 Chowgule S.B. 2012 Bulk 81,874 Daewoo May 2012 MPP 203 4,450 Chowgule S.B. 2012 Bulk 1057 81,930 Daewoo-Mangalia Aug 2012 MPP 199 4,450 Chowgule S.B. Feb 2012 Bulk 1058 81,930 Daewoo-Mangalia Dec 2012 MPP 198 4,450 Chowgule S.B. Mar 2012 On Order:- 4 Vessel(s); 327,608 DWT. Bulk 1215 37,221 Saiki Hvy. Ind. Apr 2012 Bulk 855 31,948 Hakodate Dock Nov 2012 MSPL Limited Bulk 1225 37,221 Saiki Hvy. Ind. Mar 2013 Bulk SF060139 92,988 Taizhou Sanfu Oct 2012 Bulk 860 31,948 Hakodate Dock Aug 2013 Bulk SF060140 92,988 Taizhou Sanfu Dec 2012 Bulk 870 31,948 Hakodate Dock Sep 2014 On Order:- 2 Vessel(s); 185,976 DWT. On Order:- 9 Vessel(s); 188,086 DWT. NIO - Goa DCI Research 4,702 GT ABG S.Y. Feb 2012 B/D/G Dredger Shipyard de Donge 2012 On Order:- 1 Vessel(s); DWT. TSH Dredger 1264 IHC Dredgers Jun 2012 ONGC TSH Dredger 1265 IHC Dredgers Oct 2012 TSH Dredger IHC Dredgers Mar 2014 Supply H024 2,500 1,724 GT Pipavav Shipyd. Feb 2012 On Order:- 4 Vessel(s); DWT. Supply H025 2,500 1,724 GT Pipavav Shipyd. Mar 2012 Supply H026 2,500 1,724 GT Pipavav Shipyd. Apr 2012 Essar Shipping Supply H027 2,500 1,724 GT Pipavav Shipyd. May 2012 Bulk 2045 106,661 STX Dalian 2012 Supply H028 2,500 1,724 GT Pipavav Shipyd. Jun 2012 Bulk 2046 106,661 STX Dalian 2012 Supply H034 2,500 1,724 GT Pipavav Shipyd. Jun 2012 Bulk 2048 106,661 STX Dalian 2012 Supply H029 2,500 1,724 GT Pipavav Shipyd. Jul 2012 Bulk 2038 106,661 STX Dalian Jan 2012 Supply H023 2,500 1,724 GT Pipavav Shipyd. Aug 2012 Bulk 2040 106,661 STX Dalian Jan 2012 Supply H030 2,500 1,724 GT Pipavav Shipyd. Aug 2012 Bulk 291 54,000 ABG S.Y. Jan 2012 Supply H031 2,500 1,724 GT Pipavav Shipyd. Sep 2012 Bulk 2042 106,661 STX Dalian Feb 2012 Supply H032 2,500 1,724 GT Pipavav Shipyd. Oct 2012 Bulk 292 54,000 ABG S.Y. Apr 2012 Supply H033 2,500 1,724 GT Pipavav Shipyd. Nov 2012 Bulk 293 54,000 ABG S.Y. Jul 2012 On Order:- 12 Vessel(s); 30,000 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 294 54,000 ABG S.Y. Oct 2012 Pacific First Shpg. Bulk 295 54,000 ABG S.Y. Jan 2013 Bulk 297 54,000 ABG S.Y. Apr 2013 Bulk 289 54,000 ABG S.Y. 2012 On Order:- 12 Vessel(s); 963,966 DWT. Bulk 290 54,000 ABG S.Y. 2012 Bulk 288 54,000 ABG S.Y. Jan 2012 Five Stars Shpg. AHT 328 1,500 1,600 GT ABG S.Y. Mar 2012 AHTS 339 6,000 5,117 GT Bharati S.Y. Jan 2012 On Order:- 4 Vessel(s); 163,500 DWT. On Order:- 1 Vessel(s); 6,000 DWT. Pallonji & Co. Garware Offshore Bulk 92,000 Unknown Yard Jul 2012 PSV 4,090 3,500 GT Havyard Leirvik Apr 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 31 1st January 2012 Orderbook by Shipowner India

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

On Order:- 1 Vessel(s); 92,000 DWT. Pertamina Direktorat SE Shipping Lines Products 29,756 Zhejiang Chen Ye Jan 2012 MPP/Hvy. Lift Z0001 25,000 Zhongou S.B. Jan 2012 Products 3,500 P.T. Dumas Jan 2012 MPP/Hvy. Lift Z0002 25,000 Zhongou S.B. Mar 2012 Products 3,500 Daya Radar Utama Jan 2012 MPP/Hvy. Lift Z0003 25,000 Zhongou S.B. Oct 2012 Products 29,756 Zhejiang Chen Ye Apr 2012 MPP/Hvy. Lift Z0004 25,000 Zhongou S.B. Dec 2012 Chem & Oil 08602 6,500 PT Dok SurabayaApr 2012 Products 10604 6,500 PT Dok SurabayaApr 2012 On Order:- 4 Vessel(s); 100,000 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Products 29,756 Zhejiang Chen Ye Jun 2012 Shpg. Corp. of India Products 17,800 PT Pal Sep 2012 Bulk 2047 57,144 STX Dalian Feb 2012 Products 17,800 PT Pal Dec 2012 Bulk 80,000 Jiangsu Eastern Mar 2012 On Order:- 9 Vessel(s); 144,868 DWT. Bulk 2049 57,144 STX Dalian Apr 2012 Pertamina Tongkang AHTS BY-78 3,940 3,360 GT Cochin S.Y. Apr 2012 AHTS 395 2,000 1,705 GT Bharati S.Y. Apr 2012 Products 0310501 85,000 New Times S.B. Jan 2013 Bulk 2050 57,144 STX Dalian May 2012 On Order:- 1 Vessel(s); 85,000 DWT. PSV BY-85 3,060 2,369 GT Cochin S.Y. May 2012 Trans Parau Sorat Bulk 1085 81,000 STX Dalian Jun 2012 Harbour Tug Keppel Singmarine 2012 Bulk 80,000 Jiangsu Eastern Jun 2012 On Order:- 1 Vessel(s); DWT. AHTS BY-79 1,970 2,000 GT Cochin S.Y. Jun 2012 AHTS 397 2,000 1,705 GT Bharati S.Y. Jun 2012 Iran AHTS BY-80 1,970 1,680 GT Cochin S.Y. Jun 2012 HDS Lines Bulk 1086 81,000 STX Dalian Jul 2012 Container 104 30,238 2,188 TEU ISOICO 2012 PSV BY-86 3,060 2,369 GT Cochin S.Y. Jul 2012 On Order:- 1 Vessel(s); 30,238 DWT. Bulk 1087 81,000 STX Dalian Aug 2012 Bulk 1088 81,000 STX Dalian Sep 2012 Iranian Offshore Oil Bulk 80,000 Jiangsu Eastern Sep 2012 AHTS 2,000 1,705 GT Sadra Shipyard Mar 2012 AHTS 3,940 3,360 GT Cochin S.Y. Sep 2012 On Order:- 1 Vessel(s); 2,000 DWT. Bulk 80,000 Jiangsu Eastern Dec 2012 Iranian Ports & Shpg Container 80,000 6,500 TEU STX Dalian 2013 Harbour Tug Damen Shipyards 2012 Container 80,000 6,500 TEU STX Dalian 2013 Harbour Tug 510811 Damen Shipyards 2012 Container 80,000 6,500 TEU STX Dalian 2013 On Order:- 2 Vessel(s); DWT. Container 43,000 3,500 TEU Rongcheng Shenfei 2013 Tanker 1195 320,000 Jiangsu Rongsheng Oct 2013 Irano-Hind Shpg. Co. Tanker 1196 320,000 Jiangsu Rongsheng Dec 2013 Tanker S432 159,000 Hyundai Samho Jan 2012 On Order:- 25 Vessel(s); 1,760,372 DWT. On Order:- 1 Vessel(s); 159,000 DWT. Shreyas Shpg. Ltd. IRISL Container 401 23,400 1,740 TEU Guangzhou Wenchong Jan 2012 Bulk 6012 56,000 Hyundai Mipo 2012 Container 402 23,400 1,740 TEU Guangzhou Wenchong Apr 2012 Bulk 6014 56,000 Hyundai Mipo 2012 On Order:- 2 Vessel(s); 46,800 DWT. Bulk 6016 56,000 Hyundai Mipo 2012 Tata NYK Bulk 6013 36,075 Hyundai Mipo 2012 Bulk 6015 36,075 Hyundai Mipo 2012 Bulk 58,000 Tsuneishi Zhoushan 2012 Bulk 6017 36,075 Hyundai Mipo 2012 Bulk 58,000 Tsuneishi Zhoushan 2013 Bulk H4049 35,000 SPP Shipbuilding 2012 Bulk 56,000 Oshima S.B. Co. 2013 Bulk H4051 35,000 SPP Shipbuilding 2012 On Order:- 3 Vessel(s); 172,000 DWT. Bulk H4053 35,000 SPP Shipbuilding 2012 Tata Power Bulk H4054 35,000 SPP Shipbuilding 2012 Bulk 205,000 Beihai Shipyard 2012 Bulk H4055 35,000 SPP Shipbuilding 2012 Bulk 205,000 Beihai Shipyard 2012 Bulk H4057 35,000 SPP Shipbuilding 2012 On Order:- 2 Vessel(s); 410,000 DWT. Bulk H4059 35,000 SPP Shipbuilding 2012 Bulk H8005 35,000 SPP Shipbuilding 2012 Tebma Shipyards Ltd Bulk H8006 35,000 SPP Shipbuilding 2012 MSV 119 3,100 3,500 GT Tebma Shipyards Ltd Jun 2012 Bulk H8007 35,000 SPP Shipbuilding 2012 On Order:- 1 Vessel(s); 3,100 DWT. MPP HCY-85 28,000 Shandong Huanghai 2012 Tolani Group of Shpg MPP HCY-86 28,000 Shandong Huanghai 2012 MPP HCY-87 28,000 Shandong Huanghai 2012 Bulk 2425 81,340 Hyundai H.I. May 2012 MPP HCY-88 28,000 Shandong Huanghai 2012 On Order:- 1 Vessel(s); 81,340 DWT. MPP HCY-90 28,000 Shandong Huanghai 2012 Unknown Indian MPP HCY-91 28,000 Shandong Huanghai 2012 Products 310 1,500 Ramsar Shipyard Jan 2012 Chem & Oil 2225 37,500 Hyundai Mipo Feb 2013 On Order:- 1 Vessel(s); 1,500 DWT. Chem & Oil 2226 37,500 Hyundai MipoAug 2013 Chem & Oil 2227 37,500 Hyundai MipoSep 2013 Indonesia Chem & Oil 2228 37,500 Hyundai Mipo Oct 2013 Baruna Raya Logistic Chem & Oil 2229 37,500 Hyundai MipoNov 2013 Crew/Fast Sup 120 GT Strategic Marine (S) Apr 2012 Chem & Oil 2230 37,500 Hyundai MipoDec 2013 Crew/Fast Sup 323 GT Strategic Marine (S) May 2012 Chem & Oil 2231 37,500 Hyundai Mipo Jan 2014 On Order:- 2 Vessel(s); DWT. Chem & Oil 2232 37,500 Hyundai Mipo Feb 2014 Berlian Laju Tanker Chem & Oil 2233 37,500 Hyundai Mipo Mar 2014 Chem & Oil 2234 37,500 Hyundai MipoMay 2014 L.P.G. 1298 5,292 5,000 cbm Shitanoe Zosen Jan 2012 On Order:- 32 Vessel(s); 1,169,225 DWT. L.P.G. 3,500 3,500 cbm Shitanoe Zosen Apr 2012 L.P.G. 3,500 3,500 cbm Shitanoe Zosen May 2012 Nat. Iranian Tanker Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 L.P.G. 3,500 3,500 cbm Shitanoe Zosen Jun 2012 L.P.G. 9,500 12,000 cbm Dayang S.B. 2012 Chem & Oil 2035 25,000 Fukuoka S.B. Dec 2012 On Order:- 1 Vessel(s); 9,500 DWT. Chem & Oil 2036 25,000 Fukuoka S.B. Dec 2012 Safinat An-Najaat On Order:- 6 Vessel(s); 65,792 DWT. Products 19619/7 13,030 Krasnoy Sormovo 2012 Pelayaran Bina Buana On Order:- 1 Vessel(s); 13,030 DWT. AHTS 3,500 2,985 GT MP Shipyard Dec 2012 Iraq AHTS 3,500 2,985 GT MP Shipyard Dec 2012 On Order:- 2 Vessel(s); 7,000 DWT. ISCMT MPP 17,500 Dae Sun S.B. Oct 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 32 1st January 2012 Iraq Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

MPP 17,500 Dae Sun S.B. Dec 2013 Container 1842 143,000 12,600 TEU Samsung H.I. Jul 2013 MPP 17,500 Dae Sun S.B. Mar 2014 Container 1843 143,000 12,600 TEU Samsung H.I. Oct 2013 On Order:- 3 Vessel(s); 52,500 DWT. Container 1844 143,000 12,600 TEU Samsung H.I. Jan 2014 Unknown Iraqi Owner Container S355 116,440 10,070 TEU Hyundai Samho Mar 2014 Container 1845 143,000 12,600 TEU Samsung H.I. Apr 2014 MPP 7,850 AVIC Dingheng SB 2012 Container S393 116,440 10,070 TEU Hyundai Samho May 2014 On Order:- 1 Vessel(s); 7,850 DWT. Container 1846 143,000 12,600 TEU Samsung H.I. Jul 2014 Ireland Container S394 116,440 10,070 TEU Hyundai Samho Aug 2014 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Ardmore Shipping Container 1847 143,000 12,600 TEU Samsung H.I. Oct 2014 Container S395 116,440 10,070 TEU Hyundai Samho Oct 2014 Chem & Oil 17,045 Sekwang Shipbuilding Apr 2012 Container 1863 143,000 12,600 TEU Samsung H.I. Jan 2015 Chem & Oil 17,045 Sekwang Shipbuilding Jun 2012 On Order:- 13 Vessel(s); 1,752,760 DWT. Chem & Oil S-5100 50,000 SPP Shipbuilding Dec 2012 Chem & Oil S-5101 50,000 SPP Shipbuilding Mar 2013 Zodiac Maritime Agy. Chem & Oil S-5118 50,000 SPP Shipbuilding Jun 2013 Ore 1353 297,980 STX Shipbuild. Jan 2012 Chem & Oil S-5119 50,000 SPP Shipbuilding Sep 2013 Chem & Oil 536 19,800 Kitanihon Zosen Feb 2012 On Order:- 6 Vessel(s); 234,090 DWT. Chem & Oil 537 19,800 Kitanihon Zosen Apr 2012 Arklow Shipping Ltd. Ore 298,000 Nantong Cosco KHI Apr 2012 Chem & Oil 19,800 Kitanihon Zosen Jun 2012 Bulk 14,450 Sekwang Shipbuilding 2012 Ore 1670 298,000 DACOS Jun 2012 Bulk 548 34,500 Dae Sun S.B. 2013 Chem & Oil 531 19,800 Kitanihon Zosen Dec 2012 Bulk 549 34,500 Dae Sun S.B. 2013 Chem & Oil 533 19,800 Kitanihon Zosen Dec 2012 Bulk 14,450 Sekwang Shipbuilding 2013 Chem & Oil 19,800 Kitanihon Zosen 2013 Bulk 14,450 Sekwang Shipbuilding 2013 Chem & Oil 19,800 Kitanihon Zosen 2013 MPP 7,700 Ferus Smit 2013 Chem & Oil 19,800 Kitanihon Zosen 2013 MPP 7,700 Ferus Smit 2013 Ore 1671 298,000 DACOS 2013 MPP 7,700 Ferus Smit 2013 Bulk 180,000 STX Shipbuild. 2013 MPP 7,700 Ferus Smit 2014 Bulk 180,000 STX Shipbuild. 2013 MPP 7,700 Ferus Smit 2014 Chem & Oil 19,800 Kitanihon Zosen Feb 2013 MPP 7,700 Ferus Smit 2014 Container 4028 50,000 3,600 TEU Sungdong S.B. Feb 2013 GCargo 540 14,000 Dae Sun S.B. 2014 Bulk 1567 76,000 STX Shipbuild. Mar 2013 On Order:- 12 Vessel(s); 172,550 DWT. Container 4029 50,000 3,600 TEU Sungdong S.B. Apr 2013 Israel Bulk 1568 76,000 STX Shipbuild. May 2013 Israel Port & Rail Container 4030 50,000 3,600 TEU Sungdong S.B. May 2013 Bulk 1569 76,000 STX Shipbuild. Jun 2013 Harbour Tug Union Naval 2012 Container 4091 113,000 8,600 TEU Daewoo-Mangalia Jun 2013 On Order:- 1 Vessel(s); DWT. Container 4031 50,000 3,600 TEU Sungdong S.B. Jul 2013 Ofer (Ships Holdgs.) Container 4092 113,000 8,600 TEU Daewoo-Mangalia Sep 2013 Bulk 81,000 Jinhai Heavy Ind. 2012 Container PN084 78,700 6,612 TEU HHIC-Phil. Inc. Oct 2013 Bulk 81,000 Jinhai Heavy Ind. 2012 Container PN085 78,700 6,612 TEU HHIC-Phil. Inc. Nov 2013 Bulk 53-NTA04 53,000 Nam Trieu S.B. 2012 Ore 298,000 Nantong Cosco KHI Dec 2013 Container 22,500 1,800 TEU CSBC 2012 Container 4093 113,000 8,600 TEU Daewoo-Mangalia Dec 2013 Bulk 81,000 Jinhai Heavy Ind. 2013 Chem & Oil 19,800 Kitanihon Zosen 2014 Bulk 81,000 Jinhai Heavy Ind. 2013 Chem & Oil 19,800 Kitanihon Zosen 2014 Container 22,500 1,800 TEU CSBC 2013 Chem & Oil 19,800 Kitanihon Zosen 2014 On Order:- 7 Vessel(s); 422,000 DWT. Container 78,700 6,612 TEU HHIC-Phil. Inc. 2014 Container 78,700 6,612 TEU HHIC-Phil. Inc. 2014 Ofer Bros (Ships) Container 4094 113,000 8,600 TEU Daewoo-Mangalia Mar 2014 Container 112,000 8,800 TEU Hyundai Samho 2012 Container 1527 155,000 16,000 TEU STX Shipbuild. Aug 2014 Container 112,000 8,800 TEU Hyundai Samho 2012 Container 1528 155,000 16,000 TEU STX Shipbuild. Nov 2014 Container 112,000 8,800 TEU Hyundai Samho 2012 Container 1529 155,000 16,000 TEU STX Shipbuild. Feb 2015 Container 85,000 6,600 TEU Jiangsu Rongsheng 2013 Container 1530 155,000 16,000 TEU STX Shipbuild. May 2015 Container 85,000 6,600 TEU Jiangsu Rongsheng 2013 Container 155,000 16,000 TEU STX Shipbuild. Aug 2015 On Order:- 5 Vessel(s); 506,000 DWT. Container 155,000 16,000 TEU STX Shipbuild. Nov 2015 Ray Shipping On Order:- 40 Vessel(s); 4,212,380 DWT. Bulk 56,000 Hyundai Mipo 2012 Italy Bulk 56,000 Hyundai Mipo 2012 Amoretti Armatori PCC CR4900HL04 13,000 Ha Long Shipyd. 2012 Chem & Oil 827 15,000 Ast. de Huelva Jan 2012 PCC 8041 20,700 Hyundai Mipo Jan 2012 On Order:- 1 Vessel(s); 15,000 DWT. PCC CR4900HL03 13,000 Ha Long Shipyd. Jan 2012 PCC 8042 20,700 Hyundai Mipo Mar 2012 Augusta Due S.r.l. PCC 8043 20,700 Hyundai Mipo Jun 2012 Chem & Oil 492T 18,000 Cant. Trapani Jan 2012 PCC 8044 20,700 Hyundai MipoSep 2012 On Order:- 1 Vessel(s); 18,000 DWT. PCC 8045 20,700 Hyundai MipoDec 2012 Augusta Offshore Bulk 56,000 Hyundai Mipo 2013 Bulk 56,000 Hyundai Mipo 2013 AHTS 107 2,750 3,500 GT Rosetti Marino Jul 2012 On Order:- 11 Vessel(s); 353,500 DWT. On Order:- 1 Vessel(s); 2,750 DWT. Tanker Pacific Mngt. Bottiglieri, Rizzo Tanker 059 159,500 HHIC-Phil. Inc. Mar 2012 Products 1461 110,000 Tsuneishi Zosen Jan 2012 Tanker 060 159,500 HHIC-Phil. Inc. Jun 2012 On Order:- 1 Vessel(s); 110,000 DWT. Tanker 075 159,500 HHIC-Phil. Inc. Sep 2012

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Coeclerici Logistics Tanker 076 159,500 HHIC-Phil. Inc. Dec 2012 Misc. Bulk HT081 54,300 Hantong Shipyard Jan 2012 Products 1519 74,500 STX Shipbuild. Dec 2012 On Order:- 1 Vessel(s); 54,300 DWT. Products 1520 74,500 STX Shipbuild. Mar 2013 Products 1521 74,500 STX Shipbuild. Jun 2013 d'Amico Ireland Products 1522 74,500 STX Shipbuild. Sep 2013 Chem & Oil 2164 52,000 Hyundai Mipo Jan 2012 On Order:- 8 Vessel(s); 936,000 DWT. Chem & Oil 2188 52,000 Hyundai Mipo Mar 2012 Zim Integrated Shpg. Bulk 1315 116,000 Sanoyas Mar 2013 Bulk 1316 116,000 Sanoyas Mar 2013 Container 1840 143,000 12,600 TEU Samsung H.I. Jan 2013 On Order:- 4 Vessel(s); 336,000 DWT. Container 1841 143,000 12,600 TEU Samsung H.I. Apr 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 33 1st January 2012 Orderbook by Shipowner Italy

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

D'Amico Soc. di Nav. AHTS 354 2,500 2,300 GT ABG S.Y. Mar 2012 Bulk 6095 37,000 Hyundai Mipo Feb 2012 AHTS H65 1,900 1,620 GT Selah Shipyard Mar 2012 Chem & Oil 2307 52,000 Hyundai Mipo Mar 2012 AHTS 355 2,500 2,132 GT ABG S.Y. Jun 2012 Chem & Oil 2308 52,000 Hyundai MipoApr 2012 On Order:- 6 Vessel(s); 53,900 DWT. Bulk 6096 37,000 Hyundai MipoApr 2012 Mediterranea di Nav. Bulk 116,000 Sanoyas Aug 2013 Asp.& Bit.7000BTCBD01 7,000 Bach Dang S/Y 2012 Bulk 116,000 Sanoyas Oct 2013 Chem & Oil 260 6,200 PT Pal 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 On Order:- 6 Vessel(s); 410,000 DWT. Asp.& Bit.7000BTCBD02 7,000 Bach Dang S/Y Jan 2012 Deiulemar Cia. Nav. Ethy/LPG EG4500BD03 4,960 4,500 cbm Bach Dang S/Y Jan 2012 Bulk 0117630 175,125 New Times S.B. Apr 2012 Chem & Oil 259 6,200 PT Pal Feb 2012 Bulk 0117631 175,125 New Times S.B. Jun 2012 On Order:- 5 Vessel(s); 31,360 DWT. On Order:- 2 Vessel(s); 350,250 DWT. Mediterranean Shpg. Euroceanica (UK) Container 3021 139,419 12,400 TEU STX Shipbuild. Apr 2012 Bulk 76,500 SPP Shipbuilding 2012 Container 3022 139,419 12,400 TEU STX Shipbuild. Jul 2012 Bulk 76,500 SPP Shipbuilding 2013 Container 112,500 8,800 TEU Sungdong S.B. 2013 On Order:- 2 Vessel(s); 153,000 DWT. Container 112,500 8,800 TEU Sungdong S.B. 2013 Container 112,500 8,800 TEU Sungdong S.B. 2013 Four Handy Ltd. Container 112,500 8,800 TEU Sungdong S.B. 2013 Bulk H4017 35,000 SPP Shipbuilding 2012 On Order:- 6 Vessel(s); 728,838 DWT. Bulk 34-PR04 34,000 Pha Rung S/yard 2012 MSC Cruises Bulk H4047 35,000 SPP Shipbuilding Feb 2012 Bulk 76,500 SPP Shipbuilding 2013 Cruise 10,000 130,000 GT STX France Cruise Jun 2012 Bulk 76,500 SPP Shipbuilding 2014 On Order:- 1 Vessel(s); 10,000 DWT. On Order:- 5 Vessel(s); 257,000 DWT. Perseveranza di Nav. Fratelli D'Amato Chem & Oil 1409 50,400 STX Shipbuild. Mar 2012 PSV 104 3,142 2,215 GT Rosetti Marino Feb 2012 On Order:- 1 Vessel(s); 50,400 DWT. PSV 105 3,142 2,215 GT Rosetti Marino Jul 2012 Premuda S.P.A.N. Tanker 1350 320,000 STX Shipbuild. Jul 2013 Tanker 1977 158,000 Samsung H.I. Jan 2013 PSV 108 3,450 2,300 GT Rosetti Marino Nov 2013 Tanker 1978 158,000 Samsung H.I. Oct 2013 PSV 109 3,450 2,300 GT Rosetti Marino Nov 2013 On Order:- 2 Vessel(s); 316,000 DWT. Tanker 1481 320,000 STX Shipbuild. Jan 2014 On Order:- 6 Vessel(s); 653,184 DWT. Rimorch. Riuniti Fratelli D'Amico Harbour Tug Damen Shipyards 2012 Harbour Tug Damen Shipyards 2012 Tanker 1785 158,489 Samsung H.I. Apr 2012 On Order:- 2 Vessel(s); DWT. On Order:- 1 Vessel(s); 158,489 DWT. Saipem S.P.A G. D'Alesio S.A.S. Diving Spt 7,500 GT Unknown Yard Jan 2012 Chem & Oil 0242 24,000 PT Pal Jan 2012 Pipe Layer 25,000 62,000 GT Yantai CIMC Raffles May 2012 Bulk 6078 55,675 Hyundai Mipo Jan 2012 On Order:- 2 Vessel(s); 25,000 DWT. On Order:- 2 Vessel(s); 79,675 DWT. Scerni Di Nav Gestioni Armatoriali Tanker 1406 320,000 STX Shipbuild. Mar 2013 Bulk S5078 58,923 SPP Shipbuilding Jan 2012 On Order:- 1 Vessel(s); 320,000 DWT. Chem & Oil 1463 50,400 STX Shipbuild. Feb 2013 On Order:- 2 Vessel(s); 109,323 DWT. Scinicariello Grimaldi Group Tanker S2038 115,000 Sungdong S.B. Feb 2012 On Order:- 1 Vessel(s); 115,000 DWT. Ro-Ro 8052 10,800 Hyundai Mipo Jan 2012 Ro-Ro 8053 10,800 Hyundai Mipo Feb 2012 Scorpio Tankers Ro-Ro 8054 10,800 Hyundai MipoApr 2012 Products 52,000 Hyundai Mipo 2012 Ro-Ro 8055 10,800 Hyundai Mipo Jun 2012 Products 52,000 Hyundai Mipo 2012 On Order:- 4 Vessel(s); 43,200 DWT. Products 52,000 Hyundai Mipo 2012 Ignazio Messina Products 52,000 Hyundai Mipo 2012 Products 52,000 Hyundai Mipo 2012 Ro-Ro/Cnt 4466 45,200 Daewoo Feb 2012 Products 52,000 Hyundai Mipo 2013 Ro-Ro/Cnt 4467 45,200 Daewoo Apr 2012 On Order:- 6 Vessel(s); 312,000 DWT. On Order:- 2 Vessel(s); 90,400 DWT. Seaarland Shpg.Mgmnt Int. Andromeda Shpg. Bulk 1307 83,000 Sanoyas Dec 2012 Products 1891 114,700 Samsung H.I. Feb 2012 On Order:- 1 Vessel(s); 83,000 DWT. Products 1768 114,700 Samsung H.I. Apr 2012 Products 1892 114,700 Samsung H.I. Jul 2012 Setsea S.p.A. On Order:- 3 Vessel(s); 344,100 DWT. Bulk 2006-782 92,500 Jiangsu New YZJ Jan 2012 Levantina Trasporti On Order:- 1 Vessel(s); 92,500 DWT. Pass/Car F. 224 7,500 26,500 GT Visentini Jan 2012 Siba Ships Pass/Car F. 225 7,500 26,500 GT Visentini Jul 2012 Livestock 486 13,500 Brod. Uljanik Jan 2012 On Order:- 2 Vessel(s); 15,000 DWT. MPP 1093 24,000 STX Dalian Mar 2012 LGR di Navigazione Livestock 487 13,500 Brod. Uljanik Mar 2012 MPP 24,000 STX Dalian Jun 2012 Products 50,800 STX Shipbuild. 2012 Bulk 1429 80,650 STX Shipbuild. 2014 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Products 50,800 STX Shipbuild. 2012 Bulk 1435 80,650 STX Shipbuild. 2014 On Order:- 2 Vessel(s); 101,600 DWT. Bulk 4028 80,650 STX Shipbuild. 2014 LMD On Order:- 7 Vessel(s); 316,950 DWT. PSV 835 950 1,450 GT Vittoria Feb 2012 Sider Navi S.p.A. On Order:- 1 Vessel(s); 950 DWT. Open Hatch 1071 24,000 Kanasashi H.I. Mar 2012 Marnavi S.P.A. Open Hatch 1072 24,000 Kanasashi H.I. Jun 2012 Chem & Oil C180 6,500 Cant. Termoli 2012 On Order:- 2 Vessel(s); 48,000 DWT. Chem & Oil 510 19,500 Rushan Shipbuilding Jan 2012 Socomar S.R.L. Chem & Oil 511 21,000 Rushan Shipbuilding Feb 2012 Products 1408 50,400 STX Shipbuild. Jun 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 34 1st January 2012 Italy Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Chem & Oil 573 50,000 Onomichi DockydAug 2012 Dowa Line Co.Ltd. Chem & Oil 574 50,000 Onomichi DockydSep 2012 GCargo 5732 7,550 Shin Kurushima Mar 2012 Products 1414 50,400 STX Shipbuild. Jan 2013 GCargo 5733 7,550 Shin Kurushima May 2012 On Order:- 4 Vessel(s); 200,800 DWT. GCargo 5735 7,550 Shin Kurushima Apr 2013 Unknown Italian GCargo 5736 7,550 Shin Kurushima Jun 2013 Chem & Oil KJ-10099 7,200 Yangzhou Kejin 2012 GCargo 5737 7,550 Shin Kurushima Aug 2013 GCargo 5738 7,550 Shin Kurushima Nov 2013 Chem & Oil KJ-10100 7,200 Yangzhou Kejin 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk HH0801 37,000 Shandong Huahai Jan 2012 On Order:- 6 Vessel(s); 45,300 DWT. MPP BBTZ811 10,200 Shandong Baibuting Jan 2012 Eagle Maritime Co. MPP BBTZ812 10,200 Shandong Baibuting Feb 2012 Chem & Oil 5683 33,600 Shin Kurushima Jan 2012 MPP BBTZ813 10,200 Shandong Baibuting Apr 2012 On Order:- 1 Vessel(s); 33,600 DWT. MPP BBTZ814 10,200 Shandong Baibuting Jun 2012 On Order:- 7 Vessel(s); 92,200 DWT. Eiyu Kaiun Co. Ltd. Japan Products 0018 5,300 Niigata SB (Niigata) 2012 On Order:- 1 Vessel(s); 5,300 DWT. A Line Ferry Co. Fukushima Kisen RoPax 1160 10,000 Mitsubishi H.I. Aug 2014 On Order:- 1 Vessel(s); 10,000 DWT. Other Tug Niigata SB (Misaki) 2012 On Order:- 1 Vessel(s); DWT. AST Inc. Glocal Japan Inc. L.P.G. 1311 3,500 3,500 cbm Shitanoe Zosen 2012 L.P.G. 1312 3,500 3,500 cbm Shitanoe Zosen 2012 Bulk SS-115 97,988 Tsuneishi Zhoushan Nov 2012 On Order:- 2 Vessel(s); 7,000 DWT. Bulk SS-116 97,988 Tsuneishi Zhoushan Feb 2013 Bulk SS-117 97,988 Tsuneishi Zhoushan May 2013 Chugoku Sogyo Co. Bulk SS-118 97,988 Tsuneishi Zhoushan Aug 2013 Open Hatch 10602 51,900 Oshima S.B. Co. Jun 2012 Bulk SS-119 97,988 Tsuneishi Zhoushan Nov 2013 On Order:- 1 Vessel(s); 51,900 DWT. Bulk SS-120 97,988 Tsuneishi Zhoushan Feb 2014 Daiichi Chuo Bulk SS-121 97,988 Tsuneishi Zhoushan May 2014 Bulk SS-122 97,988 Tsuneishi Zhoushan Jun 2014 Bulk 181,000 Kawasaki H.I. 2012 Bulk SS-123 97,988 Tsuneishi Zhoushan Jul 2014 Bulk 180,200 Imabari S.B. 2012 Bulk SS-124 97,988 Tsuneishi Zhoushan Aug 2014 Bulk 58,000 Tsuneishi Zosen 2012 On Order:- 10 Vessel(s); 979,880 DWT. Bulk 1680 180,000 Kawasaki H.I. Jan 2012 Bulk 6127 36,000 Hyundai Mipo Jan 2012 Hachiuma Steamship Bulk 6128 36,000 Hyundai Mipo Feb 2012 Chip 50,000 Shin Kurushima Oct 2013 Bulk 6129 36,000 Hyundai Mipo Feb 2012 On Order:- 1 Vessel(s); 50,000 DWT. Bulk 6130 36,000 Hyundai Mipo Mar 2012 Idemitsu Tanker Co. Bulk 6131 36,000 Hyundai MipoApr 2012 Bulk 6132 36,000 Hyundai MipoMay 2012 L.P.G. 2283 51,000 83,000 cbm Mitsubishi H.I. Sep 2012 Bulk 10598 105,700 Oshima S.B. Co. Jun 2012 On Order:- 1 Vessel(s); 51,000 DWT. Bulk 6137 36,000 Hyundai Mipo Jun 2012 Iino Kaiun Kaisha Bulk 849 31,900 Hakodate Dock Aug 2012 Chem & Oil 5721 25,000 Shin Kurushima Jun 2012 Bulk 6138 36,000 Hyundai Mipo Oct 2012 L.P.G. 2286 51,000 83,000 cbm Mitsubishi H.I. Feb 2013 Bulk 5730 33,100 Shin Kurushima Oct 2012 On Order:- 2 Vessel(s); 76,000 DWT. Bulk 6139 36,000 Hyundai MipoNov 2012 Bulk 180,200 Imabari S.B. 2013 Inui S.S. Co. Ltd. Bulk 61,000 Imabari S.B. 2013 Open Hatch 567 33,000 Saiki Hvy. Ind. Jan 2012 Bulk 61,000 Imabari S.B. 2013 Open Hatch 572 33,000 Saiki Hvy. Ind. Jun 2012 Bulk 58,000 Tsuneishi Zosen 2013 Open Hatch 568 33,000 Saiki Hvy. Ind. Sep 2013 Bulk 1503 82,100 Tsuneishi Zosen Feb 2013 On Order:- 3 Vessel(s); 99,000 DWT. Bulk 1226 33,000 Saiki Hvy. Ind. May 2013 Itochu Corp. Bulk 158 205,000 Universal S.B. Jun 2013 Bulk 97,000 I.H.I. Jun 2013 Bulk 1476 82,800 Tsuneishi Zosen May 2012 Bulk 1504 82,100 Tsuneishi Zosen Jun 2013 On Order:- 1 Vessel(s); 82,800 DWT. Ore 153 300,000 Universal S.B. Aug 2013 K Line Kinkai k SC-179 58,000 Tsuneishi Cebu Aug 2013 Bul RoPax 1158 6,100 Mitsubishi H.I. Apr 2012 Bulk 32,000 Hakodate Dock Aug 2013 On Order:- 1 Vessel(s); 6,100 DWT. Bulk 97,000 I.H.I. Nov 2013 Bulk 32,000 Hakodate Dock Nov 2013 Kambara Kisen Bulk 10657 105,700 Oshima S.B. Co. Dec 2013 Bulk SS-100 82,177 Tsuneishi Zhoushan Jan 2012 Ore 356 225,000 Namura Shipbuilding Jan 2014 Bulk SS-106 82,177 Tsuneishi Zhoushan Jan 2012 Bulk 97,000 I.H.I. Jan 2014 Bulk SS074 58,400 Tsuneishi Zhoushan Jan 2012 Bulk 32,000 Hakodate Dock Feb 2014 Bulk SS077 58,110 Tsuneishi Zhoushan Jan 2012 Bulk 32,000 Hakodate Dock May 2014 Bulk SS078 58,400 Tsuneishi Zhoushan Mar 2012 On Order:- 35 Vessel(s); 2,964,000 DWT. Bulk SS-102 82,177 Tsuneishi Zhoushan Jul 2012 Daiichi Chuo Marine Bulk SS-107 82,177 Tsuneishi Zhoushan Aug 2012 Bulk 58,400 Tsuneishi Zhoushan Sep 2012 GCargo 12,307 Sasaki Zosen Feb 2012 Bulk SS-103 82,177 Tsuneishi Zhoushan Oct 2012 On Order:- 1 Vessel(s); 12,307 DWT. Bulk SS-108 82,177 Tsuneishi Zhoushan Oct 2012 Dorval Kaiun K.K. Bulk 58,400 Tsuneishi Zhoushan Dec 2012 Chem & Oil 1729 19,900 Usuki Zosensho Jan 2012 Bulk 58,400 Tsuneishi Zhoushan Mar 2013 Chem & Oil 1290 19,800 Fukuoka S.B. Feb 2012 Bulk 58,400 Tsuneishi Zhoushan Jun 2013 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Chem & Oil 1292 19,800 Fukuoka S.B. Apr 2012 On Order:- 13 Vessel(s); 901,572 DWT. Chem & Oil 1291 19,800 Fukuoka S.B. Jun 2012 Kawasaki Kisen (s); 79,300 DWT. On Order:- 4 Vessel Chem & Oil 33,000 Minami Nippon 2012 Doun Kisen K.K. Ore 326 250,847 Namura Shipbuilding 2012 Open Hatch 5727 33,688 Shin Kurushima Feb 2012 Bulk 8138 180,000 Imabari S.B. Jan 2012 Bulk 1313 116,000 Sanoyas Feb 2013 Bulk 2385 179,250 Hyundai H.I. Jan 2012 Bulk 10599 105,700 Oshima S.B. Co. Mar 2013 Container 3288 99,000 8,200 TEU I.H.I. Jan 2012 On Order:- 3 Vessel(s); 255,388 DWT. Container 2278 72,912 6,350 TEU Koyo Dock K.K. Jan 2012 Container 3289 99,000 8,200 TEU I.H.I. Feb 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 35 1st January 2012 Orderbook by Shipowner Japan

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Chem & Oil 525 33,500 Kitanihon Zosen Mar 2012 Bulk 83,000 STX Shipbuild. 2013 Bulk 1681 180,000 Kawasaki H.I. Mar 2012 Bulk 83,000 STX Shipbuild. 2013 Bulk 10587 85,400 Oshima S.B. Co. Mar 2012 On Order:- 9 Vessel(s); 1,086,432 DWT. Container 3286 99,000 8,200 TEU I.H.I. Mar 2012 Mitsui & Co. Ltd. Container 2280 72,912 6,350 TEU Koyo Dock K.K. Mar 2012 Bulk 100 205,000 Nantong Cosco KHI Apr 2012 Bulk SC-146 58,000 Tsuneishi Cebu Jan 2012 Bulk 101 205,000 Nantong Cosco KHI Jun 2012 Bulk SC-149 58,000 Tsuneishi Cebu Jan 2012 Bulk 1215 176,000 Shanghai Waigaoqiao Jun 2012 Bulk 1648 58,000 Kawasaki S.B. Mar 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Container 3287 99,000 8,200 TEU I.H.I. Jun 2012 Bulk SC-147 58,000 Tsuneishi Cebu May 2012 Chem & Oil 532 33,641 Kitanihon Zosen Jul 2012 Bulk SC-150 58,000 Tsuneishi Cebu Jul 2012 Bulk SC-167 180,000 Tsuneishi Cebu Aug 2012 On Order:- 5 Vessel(s); 290,000 DWT. Bulk 1216 176,000 Shanghai Waigaoqiao Aug 2012 Mitsui O.S.K. Lines Container 3290 99,000 8,200 TEU I.H.I. Sep 2012 Ore 173 300,000 Universal S.B. 2012 Chem & Oil 535 33,641 Kitanihon Zosen Oct 2012 Ore 250,000 Namura Shipbuilding 2012 Bulk 1217 176,000 Shanghai Waigaoqiao Oct 2012 Bulk 95,712 Imabari S.B. 2012 Chip 10626 60,100 Oshima S.B. Co. Dec 2012 Bulk 95,712 Imabari S.B. 2012 Bulk 1500 82,800 Tsuneishi Zosen Mar 2013 Ore 361 229,228 Namura Shipbuilding Jan 2012 Bulk 10644 88,500 Oshima S.B. Co. Jun 2013 Bulk SC-161 180,694 Tsuneishi Cebu Jan 2012 Bulk 1501 82,800 Tsuneishi Zosen Jul 2013 Bulk 2308 180,200 Koyo Dock K.K. Jan 2012 Chip 10645 60,100 Oshima S.B. Co. Nov 2013 PCC 1294 19,000 Mitsubishi H.I. Jan 2012 Ore 250,847 Namura Shipbuilding 2014 PCC 1295 19,000 Mitsubishi H.I. Mar 2012 Bulk 105,000 Oshima S.B. Co. 2014 PCC 720 18,900 Minami Nippon Mar 2012 Bulk 105,000 Oshima S.B. Co. 2014 Ore 328 229,228 Namura Shipbuilding Jun 2012 Bulk 1514 82,800 Tsuneishi Zosen Mar 2014 Ore 329 225,000 Namura Shipbuilding Jun 2012 Bulk 1515 82,800 Tsuneishi Zosen Jun 2014 Bulk 1305 119,503 Sanoyas Jun 2012 On Order:- 32 Vessel(s); 3,768,850 DWT. Open Hatch 10635 88,800 Oshima S.B. Co. Jun 2012 Keishin Kaiun K.K. PCC 1296 19,000 Mitsubishi H.I. Jun 2012 ppon Jul 2012 Bulk 1306 116,000 Sanoyas May 2012 PCC 728 18,900 Minami Ni On Order:- 1 Vessel(s); 116,000 DWT. Bulk SC-162 180,694 Tsuneishi Cebu Aug 2012 Products 721 74,998 Minami Nippon Sep 2012 Keymax Maritime Products 723 74,998 Minami Nippon Sep 2012 Bulk SC-148 58,000 Tsuneishi Cebu Jan 2012 Bulk 1472 82,800 Tsuneishi Zosen Sep 2012 On Order:- 1 Vessel(s); 58,000 DWT. Tanker 2281 303,000 Mitsubishi H.I. Oct 2012 K-Line Bulk Shpg. Bulk 1484 82,800 Tsuneishi Zosen Oct 2012 Bulk SC-163 180,694 Tsuneishi Cebu Nov 2012 Bulk 2338 180,200 Koyo Dock K.K. Sep 2012 Bulk 2327 180,200 Koyo Dock K.K. Nov 2012 On Order:- 1 Vessel(s); 180,200 DWT. PCC 729 18,900 Minami Nippon Nov 2012 Kobe Shpg.Co. Ltd. Ore 340 225,000 Namura Shipbuilding Dec 2012 Bulk 1070 29,300 Shikoku Dock. Feb 2012 Bulk 116,000 Sanoyas Dec 2012 On Order:- 1 Vessel(s); 29,300 DWT. Chip 1311 64,500 Sanoyas Dec 2012 L.N.G. 1670 85,000 170,000 cbm Hudong Zhonghua 2013 Komaya Shipping Co. L.N.G. 1671 85,000 170,000 cbm Hudong Zhonghua 2013 L.P.G. 8,680 11,023 cbm Asakawa S.B. Jun 2012 L.N.G. 1672 85,000 170,000 cbm Hudong Zhonghua 2013 L.P.G. 8,680 11,023 cbm Asakawa S.B. Sep 2012 L.N.G. 1673 85,000 170,000 cbm Hudong Zhonghua 2013 L.P.G. 8,680 11,023 cbm Asakawa S.B. Dec 2012 Ore 174 300,000 Universal S.B. 2013 On Order:- 3 Vessel(s); 26,040 DWT. Ore 250,000 Namura Shipbuilding 2013 Kotoku Kaiun Chip 57,000 Minami Nippon 2013 Chip 57,000 Minami Nippon 2013 Bulk 140 205,000 Universal S.B. May 2012 Container 110,000 8,600 TEU Mitsubishi H.I. 2013 On Order:- 1 Vessel(s); 205,000 DWT. Container 110,000 8,600 TEU Mitsubishi H.I. 2013 Kumiai Nav. Pte. Ltd Bulk 2330 180,200 Koyo Dock K.K. Feb 2013 L.P.G. 50,000 82,000 cbm Kawasaki H.I. 2013 Bulk 10594 88,800 Oshima S.B. Co. Feb 2013 On Order:- 1 Vessel(s); 50,000 DWT. Chem & Oil 46,200 Hyundai Mipo Mar 2013 Bulk SC-180 180,000 Tsuneishi Cebu Mar 2013 Kumiai Senpaku K.K. PCC 730 18,900 Minami Nippon Mar 2013 Bulk 105 205,000 Nantong Cosco KHI Feb 2013 Bulk 2328 180,000 Koyo Dock K.K. Apr 2013 Bulk SC-175 58,000 Tsuneishi Cebu Jul 2013 Open Hatch 10647 50,100 Oshima S.B. Co. Apr 2013 On Order:- 2 Vessel(s); 263,000 DWT. Chem & Oil 46,200 Hyundai Mipo Jun 2013 Meiji Shipping Co. Bulk 180,000 Unkn. Japanese Jun 2013 Chip 1317 64,000 Sanoyas Jun 2013 Bulk 1733 176,700 Mitsui SB Jan 2012 Tanker 2282 303,000 Mitsubishi H.I. Jul 2013 Bulk 1787 56,000 Mitsui SB Mar 2012 Chem & Oil 46,200 Hyundai MipoSep 2013 Products 571 50,000 Onomichi DockydMay 2012 Bulk 180,000 Unkn. Japanese Dec 2013 On Order:- 3 Vessel(s); 282,700 DWT. Bulk SC-181 180,000 Tsuneishi Cebu Dec 2013 MiNT LNG Bulk SC-182 180,000 Tsuneishi Cebu Dec 2013 L.N.G. 1813 82,857 160,400 cbm Samsung H.I. Jan 2012 Chip 1318 64,500 Sanoyas Dec 2013 On Order:- 1 Vessel(s); 82,857 DWT. Ore 335,000 Imabari S.B. 2014 Ore 335,000 Imabari S.B. 2014 Misuga Kaiun Co. Ltd Ore 320,000 Imabari S.B. 2014 Bulk SC-151 58,000 Tsuneishi Cebu Jan 2012 Ore 320,000 Imabari S.B. 2014 Bulk SC-152 58,000 Tsuneishi Cebu Jul 2012 Ore 250,000 Namura Shipbuilding 2014

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk SC-173 58,000 Tsuneishi Cebu Jun 2013 Bulk 209,000 Universal S.B. Nov 2014 On Order:- 3 Vessel(s); 174,000 DWT. On Order:- 60 Vessel(s); 8,654,561 DWT. Mitsubishi Corp. Mitsui Warehouse Co. Bulk 2314 179,500 Hyundai H.I. Jan 2012 Bulk 1794 56,000 Mitsui SB Mar 2012 Bulk 2313 179,407 Hyundai H.I. Jan 2012 Bulk 1830 56,000 Mitsui SB Aug 2012 Bulk 1483 82,800 Tsuneishi Zosen Feb 2012 Bulk 1828 56,000 Mitsui SB Sep 2012 Bulk 167 207,725 Universal S.B. Apr 2012 Bulk 5651 58,000 Shin Kurushima Oct 2012 Products 2493 105,000 Hyundai H.I. May 2012 On Order:- 4 Vessel(s); 226,000 DWT. Bulk 83,000 STX Shipbuild. 2013 Bulk 83,000 STX Shipbuild. 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 36 1st January 2012 Japan Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Miyawa Kaiun Tanker 1714 300,000 Mitsui SB Jul 2013 Chem & Oil 523 19,800 Kitanihon Zosen Jan 2012 On Order:- 4 Vessel(s); 777,286 DWT. On Order:- 1 Vessel(s); 19,800 DWT. Nisshin Kaiun K.K. Mizuho Sangyo Co. Chem & Oil 1730 19,900 Usuki Zosensho Jan 2012 Bulk 1676 180,000 Kawasaki H.I. Jul 2012 On Order:- 1 Vessel(s); 19,900 DWT. On Order:- 1 Vessel(s); 180,000 DWT. Nisshin Kisen Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Nakanishi Marine Chem & Oil 527 25,000 Kitanihon Zosen Aug 2012 Bulk YN-011 29,256 Yangzhou Nakanishi Jun 2012 On Order:- 1 Vessel(s); 25,000 DWT. On Order:- 1 Vessel(s); 29,256 DWT. Nisshin Shpg.Co.Ltd. Nakata Maritime Bulk 82,000 Sungdong S.B. 2012 Products 570 50,000 Onomichi DockydApr 2012 Bulk 82,000 Sungdong S.B. 2012 On Order:- 1 Vessel(s); 50,000 DWT. Bulk 1131 180,000 Sungdong S.B. Jan 2012 On Order:- 3 Vessel(s); 344,000 DWT. Nippon Oil Tanker Nissho Shpg. Co. Ltd Tanker 120,000 I.H.I. 2013 On Order:- 1 Vessel(s); 120,000 DWT. Bulk 1299 83,000 Sanoyas Jan 2012 Bulk 744 38,238 Naikai S.B. Jan 2012 Nippon Yusen Kaisha Bulk 746 38,238 Naikai S.B. Jan 2012 Ore 250,877 Namura Shipbuilding 2012 Bulk 747 38,238 Naikai S.B. Mar 2012 Tanker 2393 110,000 Hyundai H.I. Jan 2012 Bulk 748 38,238 Naikai S.B. Mar 2012 Bulk 1642 180,000 Kawasaki H.I. Jan 2012 Bulk 753 38,238 Naikai S.B. Jun 2012 Bulk 2391 179,420 Hyundai H.I. Jan 2012 On Order:- 6 Vessel(s); 274,190 DWT. Slurry 2279 175,000 Mitsubishi H.I. Jan 2012 NS United K.K. Bulk 10586 85,400 Oshima S.B. Co. Jan 2012 Bulk 10620 81,900 Oshima S.B. Co. Jan 2012 Bulk 8104 181,399 Imabari S.B. Jan 2012 Bulk 145 80,500 Universal S.B. Jan 2012 Bulk SC-164 180,000 Tsuneishi Cebu Mar 2012 Bulk 846 32,750 Hakodate Dock Jan 2012 Bulk 10585 54,500 Oshima S.B. Co. Jun 2012 Container 2202 53,500 4,500 TEU Hyundai H.I. Jan 2012 Bulk SC-165 180,000 Tsuneishi Cebu Sep 2012 Container 2203 53,500 4,500 TEU Hyundai H.I. Jan 2012 Bulk 2052 33,000 Fukuoka S.B. Sep 2012 PCC 3640 20,800 Toyohashi S.B. Jan 2012 Ore 250,000 Namura Shipbuilding 2013 Tanker 2394 110,000 Hyundai H.I. Feb 2012 GCargo 13,000 Shandong Huanghai 2013 Tanker 3317 300,000 I.H.I. Mar 2012 GCargo 13,000 Shandong Huanghai 2013 Bulk SC-155 180,737 Tsuneishi Cebu Mar 2012 Bulk 2053 33,000 Fukuoka S.B. Feb 2013 Bulk 1470 82,800 Tsuneishi Zosen Mar 2012 Open Hatch 10637 88,800 Oshima S.B. Co. Aug 2013 Bulk 3651 78,000 Toyohashi S.B. Mar 2012 Ore 335,000 Imabari S.B. 2014 Chip 10621 60,100 Oshima S.B. Co. Mar 2012 Ore 250,000 Namura Shipbuilding 2014 Bulk 319 177,000 Namura Shipbuilding Apr 2012 On Order:- 12 Vessel(s); 1,611,699 DWT. Chip 10622 60,100 Oshima S.B. Co. Apr 2012 NYK Global Bulk. Bulk 848 32,750 Hakodate Dock Apr 2012 Bulk 52,000 Oshima S.B. Co. 2012 Bulk 146 80,500 Universal S.B. May 2012 Bulk SC-168 58,000 Tsuneishi Cebu May 2012 Bulk 3653 78,000 Toyohashi S.B. Jun 2012 Bulk SC-169 58,000 Tsuneishi Cebu Oct 2012 Chip 10633 60,100 Oshima S.B. Co. Jun 2012 Bulk 32,000 Hakodate Dock 2013 Open Hatch 10623 51,300 Oshima S.B. Co. Jun 2012 Bulk 32,000 Hakodate Dock 2013 Open Hatch 10624 51,300 Oshima S.B. Co. Jul 2012 Bulk 857 32,000 Hakodate Dock Mar 2013 Bulk 102 205,000 Nantong Cosco KHI Aug 2012 On Order:- 6 Vessel(s); 264,000 DWT. Bulk 3655 78,000 Toyohashi S.B. Sep 2012 PCC 5528 17,100 Shin Kurushima Sep 2012 Orient Line Co. Ltd. Bulk 103 205,000 Nantong Cosco KHI Oct 2012 Bulk 1312 116,000 Sanoyas Dec 2012 Bulk 10600 120,000 Oshima S.B. Co. Oct 2012 On Order:- 1 Vessel(s); 116,000 DWT. Bulk 1473 82,800 Tsuneishi Zosen Nov 2012 Orix Maritime Corp. Bulk 104 205,000 Nantong Cosco KHI Dec 2012 Products 575 50,000 Onomichi Dockyd Oct 2012 Bulk 10640 120,000 Oshima S.B. Co. Dec 2012 Products 576 50,000 Onomichi DockydDec 2012 Bulk 3656 78,000 Toyohashi S.B. Dec 2012 Products 577 50,000 Onomichi Dockyd Jan 2013 Chip 10634 60,100 Oshima S.B. Co. Dec 2012 Products 578 50,000 Onomichi Dockyd Feb 2013 Open Hatch 10625 51,300 Oshima S.B. Co. Dec 2012 On Order:- 4 Vessel(s); 200,000 DWT. Ore 250,877 Namura Shipbuilding 2013 Bulk 205,000 DACOS 2013 Osaka Gas Co. Ltd. Bulk 205,000 DACOS 2013 L.N.G. 75,000 153,000 cbm Mitsubishi H.I. 2014 Bulk 205,000 DACOS 2013 L.N.G. 75,000 153,000 cbm Mitsubishi H.I. 2015 Bulk 10658 61,664 Oshima S.B. Co. Feb 2013 On Order:- 2 Vessel(s); 150,000 DWT. Bulk SC-183 180,000 Tsuneishi Cebu Jun 2013 Bulk 1505 82,800 Tsuneishi Zosen Aug 2013 Saga Shipholding L.N.G. 1665 85,000 177,000 cbm Kawasaki H.I. Sep 2013 Open Hatch 55,000 Oshima S.B. Co. 2012 Bulk 10659 51,100 Oshima S.B. Co. Sep 2013 Open Hatch 55,000 Daewoo Oct 2012 Bulk SC-184 180,000 Tsuneishi Cebu Dec 2013 Open Hatch 55,000 Oshima S.B. Co. 2013 Bulk 1506 82,800 Tsuneishi Zosen Dec 2013 Open Hatch 55,000 Daewoo Jan 2013 Ore 250,877 Namura Shipbuilding 2014 Open Hatch 55,000 Daewoo Apr 2013 Ore 250,877 Namura Shipbuilding 2014 Open Hatch 55,000 Daewoo Jul 2013 Bulk 95,000 Imabari S.B. 2014 Open Hatch 55,000 Daewoo Oct 2013 Bulk 95,000 Imabari S.B. 2014 On Order:- 7 Vessel(s); 385,000 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 L.N.G. 2289 71,790 145,400 cbm Mitsubishi H.I. Feb 2014 Sanko S.S. Bulk 1507 82,800 Tsuneishi Zosen Feb 2014 Bulk 796 74,900 Sasebo H.I. Feb 2012 Bulk 1522 82,800 Tsuneishi Zosen Jun 2014 PSV 10006 4,850 3,700 GT Universal S.B. Feb 2012 Bulk 95,000 Imabari S.B. 2015 Chem & Oil 1731 19,900 Usuki Zosensho Mar 2012 On Order:- 56 Vessel(s); 6,542,019 DWT. Bulk 10575 60,700 Oshima S.B. Co. Apr 2012 Nissen Kaiun K.K. AHTS 0061 3,200 2,729 GT Keihin Shipyard Apr 2012 Bulk SC-158 180,643 Tsuneishi Cebu Feb 2012 AHTS 0060 2,900 3,260 GT Keihin Shipyard May 2012 Bulk 1310 116,000 Sanoyas Jul 2012 PSV 10007 4,850 3,700 GT Universal S.B. Aug 2012 Bulk SC-159 180,643 Tsuneishi Cebu Jan 2013 AHTS 0062 3,200 2,729 GT Keihin Shipyard Aug 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 37 1st January 2012 Orderbook by Shipowner Japan

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Bulk 853 31,570 Hakodate Dock Sep 2012 Yuyo S.S. L.P.G. 1679 52,000 80,000 cbm Kawasaki H.I. Oct 2012 L.P.G. 2288 51,000 83,000 cbm Mitsubishi H.I. Mar 2013 PSV 10008 4,850 3,700 GT Universal S.B. Dec 2012 On Order:- 1 Vessel(s); 51,000 DWT. Bulk 858 31,570 Hakodate Dock May 2013 L.P.G. 785 57,000 84,000 cbm Sasebo H.I. Jun 2013 Jordan Open Hatch 10641 49,900 Oshima S.B. Co. Jun 2013 JMI Open Hatch 10642 49,900 Oshima S.B. Co. Dec 2013 CS/BW Dredg Vosta LMG 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 On Order:- 15 Vessel(s); 451,290 DWT. CS/BW Dredg Vosta LMG 2012 Sansho Kaiun Co.Ltd. CS/BW Dredg BN1134 Vosta LMG 2012 CS/BW Dredg BN1135 Vosta LMG 2012 Chem & Oil 1302 12,500 Shitanoe Zosen Oct 2012 On Order:- 4 Vessel(s); DWT. Chem & Oil 1303 12,500 Shitanoe Zosen Dec 2012 On Order:- 2 Vessel(s); 25,000 DWT. Kazakhstan Santoku Senpaku Caspian Offshore Container 735 33,100 2,450 TEU Naikai S.B. Apr 2012 AHT 1,000 2,000 GT STX Braila Jun 2012 Bulk 176,000 Shanghai Waigaoqiao Nov 2012 On Order:- 1 Vessel(s); 1,000 DWT. Bulk 176,000 Shanghai Waigaoqiao Dec 2012 OMS Shipping On Order:- 3 Vessel(s); 385,100 DWT. Harbour Tug 802 123 Nanjing Shipyard 2012 Shin Nihonkai Ferry Harbour Tug 803 123 Nanjing Shipyard 2012 Pass/Car F. 2277 6,000 16,810 GT Mitsubishi H.I. Jun 2012 Harbour Tug 701 70 Astrakhan 2012 RoPax 2276 6,000 Mitsubishi H.I. Jul 2012 Harbour Tug 702 70 Astrakhan 2012 On Order:- 2 Vessel(s); 12,000 DWT. Harbour Tug 703 70 Nanjing Shipyard 2012 Harbour Tug 705 70 Nanjing Shipyard 2012 Shunzan Kaiun K.K. On Order:- 6 Vessel(s); 526 DWT. Bulk 1321 83,000 Sanoyas Jan 2012 Open Hatch 10653 55,500 Oshima S.B. Co. May 2012 Kuwait On Order:- 2 Vessel(s); 138,500 DWT. Kuwait Oil Tanker Sumitomo Corp Products 110,000 Daewoo 2012 Products 110,000 Daewoo 2012 Products 5658 45,800 Shin Kurushima Jan 2012 On Order:- 2 Vessel(s); 220,000 DWT. Bulk 1303 78,000 Sanoyas Jun 2012 Open Hatch 10629 61,400 Oshima S.B. Co. Jul 2012 UACC Bulk 1218 37,000 Saiki Hvy. Ind. Jul 2012 Chem & Oil 544 45,000 ShinaSB Yard Co. Jan 2012 Bulk 1487 82,800 Tsuneishi Zosen Dec 2012 Chem & Oil 545 45,000 ShinaSB Yard Co. Jan 2012 Bulk 1227 37,000 Saiki Hvy. Ind. Jun 2013 Chem & Oil 546 45,000 ShinaSB Yard Co. Mar 2012 Bulk 1228 37,000 Saiki Hvy. Ind. Jul 2013 Chem & Oil 547 45,000 ShinaSB Yard Co. Jun 2012 On Order:- 7 Vessel(s); 379,000 DWT. Chem & Oil 548 45,000 ShinaSB Yard Co. Aug 2012 Tabuchi Kaiun Kaisha Chem & Oil 549 45,000 ShinaSB Yard Co. Oct 2012 On Order:- 6 Vessel(s); 270,000 DWT. L.P.G. 3,500 3,500 cbm Shitanoe Zosen 2012 L.P.G. 3,500 3,500 cbm Shitanoe Zosen 2012 United Arab Shpg. L.P.G. 3,500 3,500 cbm Shitanoe Zosen 2012 Container 1877 145,327 13,100 TEU Samsung H.I. Jan 2012 On Order:- 3 Vessel(s); 10,500 DWT. Container 1878 145,327 13,100 TEU Samsung H.I. Jan 2012 Tamai S.S. Co. Ltd. Container 1879 145,327 13,100 TEU Samsung H.I. Feb 2012 Container 1880 145,327 13,100 TEU Samsung H.I. Feb 2012 Bulk 51,300 Oshima S.B. Co. 2012 Container 1881 145,327 13,100 TEU Samsung H.I. Mar 2012 Bulk 51,300 Oshima S.B. Co. 2013 Container 1882 145,327 13,100 TEU Samsung H.I. Mar 2012 Bulk 51,300 Oshima S.B. Co. 2014 Container 1883 145,327 13,100 TEU Samsung H.I. Apr 2012 On Order:- 3 Vessel(s); 153,900 DWT. Container 1884 145,327 13,100 TEU Samsung H.I. Apr 2012 Temm Maritime Co. On Order:- 8 Vessel(s); 1,162,616 DWT. Open Hatch 10627 61,400 Oshima S.B. Co. Feb 2012 Latvia Open Hatch 10628 61,400 Oshima S.B. Co. May 2012 Unimars Group On Order:- 2 Vessel(s); 122,800 DWT. GCargo 4,570 Volgograd S.Y. 2012 Tokyo Marine Co. Ltd GCargo 4,570 Volgograd S.Y. 2012 Chem & Oil 5717 25,400 Shin Kurushima Jun 2012 GCargo 4,570 Volgograd S.Y. 2012 On Order:- 1 Vessel(s); 25,400 DWT. GCargo 4,570 Volgograd S.Y. 2012 On Order:- 4 Vessel(s); 18,280 DWT. Unknown Japanese Chem & Oil 25,000 Kitanihon Zosen Jan 2012 Malaysia Bulk 32,000 Hakodate Dock Jan 2012 AET Tanker GCargo 410 12,000 Kurinoura Dock Jan 2012 Shuttle 105,000 Samsung H.I. Mar 2012 Bulk 32,000 Hakodate Dock Mar 2012 Tanker 1962 158,000 Samsung H.I. Apr 2012 Open Hatch 5728 33,688 Shin Kurushima Apr 2012 Tanker 1963 158,000 Samsung H.I. Jun 2012 Chem & Oil 5718 25,100 Shin Kurushima May 2012 Shuttle 105,000 Samsung H.I. Jun 2012 Bulk 32,000 Hakodate Dock Jun 2012 Tanker 1964 158,000 Samsung H.I. Aug 2012 Bulk 32,000 Hakodate Dock Sep 2012 Tanker 1965 158,000 Samsung H.I. Oct 2012 Bulk SC-153 58,000 Tsuneishi Cebu Dec 2012 Tanker 5380 320,000 Daewoo Jan 2013 Bulk 66,000 Mitsui SB 2013 Tanker 5381 320,000 Daewoo Apr 2013 Bulk 66,000 Mitsui SB 2014 Tanker 5382 320,000 Daewoo Jul 2013 On Order:- 11 Vessel(s); 413,788 DWT. Tanker 5383 320,000 Daewoo Oct 2013 On Order:- 10 Vessel(s); 2,122,000 DWT.

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Usui Kaiun Co. Ltd. Open Hatch 10601 50,100 Oshima S.B. Co. May 2012 Alam Maritim On Order:- 1 Vessel(s); 50,100 DWT. AHTS 7201 2,200 2,880 GT MLC Tongbao May 2012 Uyeno Transtech AHTS 7202 2,200 2,880 GT MLC Tongbao Sep 2012 On Order:- 2 Vessel(s); 4,400 DWT. Chem & Oil 423 5,000 Kurinoura Dock Feb 2012 On Order:- 1 Vessel(s); 5,000 DWT. Bumi Armada Nav. Yaegawa Kaiun K.K. MSV 3,600 3,939 GT Nam Cheong Dock Jul 2012 PSV 800 4,000 3,097 GT Nam Cheong Dock Oct 2012 L.P.G. 1365 9,100 9,500 cbm Miura Zosensho Mar 2012 On Order:- 2 Vessel(s); 7,600 DWT. On Order:- 1 Vessel(s); 9,100 DWT.

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 38 1st January 2012 Malaysia Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Coastal Contracts AHT 700 701 GT Shin Yang Shipyard Jul 2012 AHTS HT082005 1,350 1,680 GT Guangzhou Hangtong Jan 2012 On Order:- 2 Vessel(s); 1,400 DWT. AHTS DN75M-5 2,500 2,132 GT Fujian Southeast Feb 2012 Syarikat Borcos Shpg On Order:- 2 Vessel(s); 3,850 DWT. AHTS G007 2,900 3,511 GT Grade One Marine May 2012 Coastal Offshore Crew Boat 120 GT Strategic Marine (S) Jul 2012 PSV 3,000 2,950 GT Coastal Contracts Jan 2012 Crew Boat 120 GT Strategic Marine (S) Jul 2012

AHTS 1,535 GT Nanjing East Star Jan 2012 On Order:- 3 Vessel(s); 2,900 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Utility 1,000 GT Coastal Contracts Mar 2012 Tanjung Offshore On Order:- 3 Vessel(s); 3,000 DWT. PSV 3,000 2,323 GT Muhibbah Marine Jan 2013 Inai Kiara PSV 3,000 2,323 GT Muhibbah Marine May 2013 TSH Dredger 50,000 Selat Melaka Jan 2012 On Order:- 2 Vessel(s); 6,000 DWT. TSH Dredger 007 9,850 Selat Melaka Jan 2012 Mexico TSH Dredger 008 9,850 Selat Melaka Jan 2012 Blue Marine TSH Dredger Selat Melaka Jan 2012 Crew/Fast Sup 006 500 GT Strategic Marine (M) Feb 2012 On Order:- 4 Vessel(s); 69,700 DWT. On Order:- 1 Vessel(s); DWT. Jasa Merin Oceanografia S.A AHTS 20083 1,669 GT Muhibbah Marine Mar 2012 PSV 433 2,050 1,200 GT De Hoop Foxhol Mar 2012 On Order:- 1 Vessel(s); DWT. PSV 5,400 3,300 GT De Hoop Lobith Apr 2012 JCB Oil PSV 432 2,050 1,200 GT De Hoop Foxhol Jun 2012 Crew/Fast Sup 337 240 GT Strategic Marine (S) Feb 2012 Pipe Layer 20,271 GT P+S Werften Nov 2012 Crew/Fast Sup 345 240 GT Strategic Marine (S) Jun 2012 On Order:- 4 Vessel(s); 9,500 DWT. On Order:- 2 Vessel(s); DWT. Monaco MISC Gestion Maritime Chem & Oil 2037 19,900 Fukuoka S.B. Jan 2012 Bulk S1142 82,000 Sungdong S.B. Sep 2012 Chem & Oil 2050 19,900 Fukuoka S.B. Jun 2012 Bulk S1143 82,000 Sungdong S.B. Dec 2012 On Order:- 2 Vessel(s); 39,800 DWT. On Order:- 2 Vessel(s); 164,000 DWT. Nam Cheong Transocean Maritime AHTS SK 45 2,000 1,705 GT Nam Cheong Dock Feb 2012 Bulk 1128 81,586 Sungdong S.B. Jan 2012 AHTS 1,555 GT Nam Cheong Dock Feb 2012 On Order:- 1 Vessel(s); 81,586 DWT. AHTS SK 75 1,400 1,500 GT Fujian Southeast Feb 2012 AHTS SK205 2,500 2,532 GT Fujian Southeast Apr 2012 Montenegro AHTS SK 65 1,400 1,500 GT Fujian Southeast Apr 2012 Crnogorska Plovidba AHTS SK 66 2,500 2,132 GT Fujian Southeast May 2012 Bulk 1195 35,000 Shanghai S.Y. Jan 2012 AHTS SK 66 1,400 1,500 GT Nam Cheong Dock May 2012 Bulk 1196 35,000 Shanghai S.Y. Mar 2012 AHTS SK 205 3,000 3,200 GT Nam Cheong Dock Jun 2012 On Order:- 2 Vessel(s); 70,000 DWT. AHTS SK 71 1,400 1,500 GT Nam Cheong Dock Jul 2012 Netherlands PSV 705 3,200 2,000 GT Nam Cheong Dock Aug 2012 AHTS SK 72 1,400 1,500 GT Nam Cheong Dock Aug 2012 ABIS Shpg. Co. B.V. PSV 702 3,200 2,000 GT Nam Cheong Dock Sep 2012 MPP 2008-03 6,050 Hangzhou Dongfeng Jan 2012 AHTS SK 68 1,400 1,500 GT Nam Cheong Dock Sep 2012 MPP 109 3,900 Partner Stocznia Jan 2012 PSV SK701 3,000 2,323 GT Fujian Southeast Oct 2012 MPP 6,000 Partner Stocznia Sep 2012 PSV 706 3,200 2,000 GT Nam Cheong Dock Nov 2012 MPP 6,000 Partner Stocznia Dec 2012 AHTS SK 73 1,400 1,500 GT Nam Cheong Dock Nov 2012 On Order:- 4 Vessel(s); 21,950 DWT. AHTS SK 74 1,400 1,500 GT Nam Cheong Dock Dec 2012 Amasus Shipping AHTS SK 70 1,400 1,500 GT Nam Cheong Dock Jan 2013 GCargo 3 3,000 Kocatepe S/Y Jan 2012 PSV 707 3,200 2,000 GT Nam Cheong Dock Feb 2013 On Order:- 1 Vessel(s); 3,000 DWT. PSV 703 3,200 2,000 GT Nam Cheong Dock Mar 2013 PSV 708 3,200 2,000 GT Nam Cheong Dock May 2013 Anthony Veder PSV 709 3,200 2,000 GT Nam Cheong Dock Jul 2013 Ethy/LPG 6,000 6,500 cbm AVIC Dingheng SB Apr 2012 PSV 704 3,200 2,000 GT Nam Cheong Dock Sep 2013 Ethy/LPG 6,000 6,500 cbm AVIC Dingheng SB Jun 2012 On Order:- 23 Vessel(s); 51,200 DWT. Ethy/LPG 6,000 6,500 cbm AVIC Dingheng SB Jul 2012 Omni Marine Ethy/LPG 6,000 6,500 cbm AVIC Dingheng SB Nov 2012 LNG/Eth/LPG 665 12,200 15,600 cbm Meyer Werft Dec 2012 AHTS 88 1,700 1,958 GT Sapor Shipyard Mar 2012 On Order:- 5 Vessel(s); 36,200 DWT. On Order:- 1 Vessel(s); 1,700 DWT. Baggermaat. Boskalis Sapura Crest Pet. Dump/FallpipeH362 Keppel Singmarine Jan 2012 Cable Lay 10,323 GT COSCO Nantong Oct 2012 Cable Lay 8,061 GT Samsung H.I. Mar 2012 Cable Lay 10,323 GT COSCO Nantong Oct 2012 On Order:- 2 Vessel(s); DWT. Cable Lay 10,323 GT Unknown Yard Jan 2014 Cable Lay 10,323 GT Unknown Yard Jan 2014 BigLift Shipping Cable Lay 10,323 GT Unknown Yard Jan 2014 Heavy Lift 81007 18,680 Larsen & Toubro Mar 2012 On Order:- 5 Vessel(s); DWT. Heavy Lift 81008 18,680 Larsen & Toubro 2015 Sealink Internat. On Order:- 2 Vessel(s); 37,360 DWT. AHTS 126 3,100 2,441 GT Boustead H.I. Feb 2012 Damen Shipyards AHTS 194 499 GT Sealink Shipyard Jun 2012 GCargo 9418 2,550 Thanh Long S.B. Mar 2012 AHTS SSS178A 5,000 4,264 GT Jiangsu Zhenjiang Dec 2012 GCargo 9420 2,550 Thanh Long S.B. May 2012

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 AHTS SSS179A 5,000 4,264 GT Jiangsu Zhenjiang Dec 2012 GCargo 9426 2,550 Thanh Long S.B. Sep 2012 PSV 170A 3,500 2,710 GT Sealink Shipyard Dec 2012 GCargo 9430 2,550 Thanh Long S.B. Mar 2013 PSV 193A 3,500 2,710 GT Sealink Shipyard Mar 2013 GCargo 2,550 Thanh Long S.B. May 2013 On Order:- 6 Vessel(s); 20,100 DWT. On Order:- 5 Vessel(s); 12,750 DWT. SEDC Terengganu Danser van Gent AHTS 20094 1,500 1,279 GT Muhibbah Marine Mar 2012 MPP 322 8,330 Barkmeijer Sep 2012 On Order:- 1 Vessel(s); 1,500 DWT. On Order:- 1 Vessel(s); 8,330 DWT. Shin Yang Shipping Dockwise N.V. AHT 700 701 GT Shin Yang Shipyard Jun 2012 Hvy Dk Cargo 100,000 78,705 GT Hyundai H.I. Nov 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 39 1st January 2012 Orderbook by Shipowner Netherlands

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

On Order:- 1 Vessel(s); 100,000 DWT. On Order:- 1 Vessel(s); 3,400 DWT. Fairstar Hvy. Trans. MK Shipping BV Hvy Dk Cargo 50,000 39,352 GT Qidong Daoda Apr 2012 MPP 5,200 Western Marine Sep 2012 Hvy Dk Cargo 50,000 39,352 GT Qidong Daoda Oct 2012 MPP 5,200 Western Marine Nov 2012 On Order:- 2 Vessel(s); 100,000 DWT. MPP 5,200 Western Marine Jan 2013 Flinter Shipping MPP 5,200 Western Marine Mar 2013

On Order:- 4 Vessel(s); 20,800 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 MPP 685 3,481 Schps. Bodewes Mar 2012 On Order:- 1 Vessel(s); 3,481 DWT. Navigia Group Fugro Brasil MPP PBZ04-42A 9,300 Penglai Bohai 2012 Container 07STIG142 21,297 1,440 TEU Sainty SB (Jiangsu) Jan 2012 ROV/Sub Spt 4,400 GT Wilsons Sons Feb 2014 Container 431-10 10,500 877 TEU Fujian Mawei Jan 2012 On Order:- 1 Vessel(s); DWT. Container 431-7 10,500 877 TEU Fujian Mawei Jan 2012 Fugro NV Container 07STIG143 21,297 1,440 TEU Sainty SB (Jiangsu) Feb 2012 Geo. Survey 4060 531 321 GT Oakwell Shipbuilding Jan 2012 Container 431-8 10,500 877 TEU Fujian Mawei Feb 2012 Geo. Survey 2,500 1,515 GT Tebma Shipyards Ltd Jun 2012 Container 431-9 10,500 877 TEU Fujian Mawei Mar 2012 Geo. Survey 5030 531 321 GT Oakwell Shipbuilding Jun 2012 Container 07STIG144 21,297 1,440 TEU Sainty SB (Jiangsu) Apr 2012 Geo. Survey 156 25,000 15,151 GT Tebma Shipyards Ltd Oct 2012 Container 07STIG145 21,297 1,440 TEU Sainty SB (Jiangsu) Jun 2012 On Order:- 4 Vessel(s); 28,562 DWT. Container 07STIG146 21,297 1,440 TEU Sainty SB (Jiangsu) Aug 2012 On Order:- 10 Vessel(s); 157,785 DWT. Glomar Groen Nile Dutch Africa Standby/Resc. BO-42 B 700 630 GT Stocznia Nauta Mar 2012 Standby/Resc. BO-42A 700 630 GT Stocznia Nauta Apr 2012 Container 41,500 3,500 TEU Shanghai S.Y. Mar 2013 On Order:- 2 Vessel(s); 1,400 DWT. Container 41,500 3,500 TEU Shanghai S.Y. Jun 2013 Container 41,500 3,500 TEU Shanghai S.Y. Sep 2013 Hanzevast Shipping Container 41,500 3,500 TEU Shanghai S.Y. Dec 2013 Bulk DD006 35,000 Qidong Daoda Mar 2012 On Order:- 4 Vessel(s); 166,000 DWT. Bulk DD007 35,000 Qidong Daoda Jul 2012 Rederij Groen Bulk DD024 35,000 Qidong Daoda Oct 2012 Bulk 35,000 Qidong Daoda 2013 Utility 300 241 GT Unknown Yard Oct 2012 On Order:- 4 Vessel(s); 140,000 DWT. Seis. Survey 550 GT Maaskant Feb 2013 Seis. Survey 550 GT Maaskant Feb 2013 Hartman Seatrade On Order:- 3 Vessel(s); 300 DWT. MPP/Hvy. Lift 3,750 Hartman Marine B.V. 2012 Rolldock B.V. MPP/Hvy. Lift 3,750 Hartman Marine B.V. 2012 MPP/Hvy. Lift 3,750 Hartman Marine B.V. 2012 Heavy Lift 81003 8,250 Larsen & Toubro Apr 2012 MPP/Hvy. Lift 3,750 Hartman Marine B.V. 2012 Heavy Lift 81004 8,250 Larsen & Toubro Aug 2012 On Order:- 4 Vessel(s); 15,000 DWT. Heavy Lift 81005 8,250 Larsen & Toubro Jun 2013 Heavy Lift 81006 8,250 Larsen & Toubro Dec 2013 Heerema Marine Heavy Lift 81009 8,250 Larsen & Toubro 2015 Hvy L/Crane 19,972 GT Unknown Yard Mar 2012 Heavy Lift 81010 8,250 Larsen & Toubro 2015 Pipe Layer 50,000 40,000 GT Daewoo Oct 2012 On Order:- 6 Vessel(s); 49,500 DWT. AHT 2,500 2,506 GT Armon (Vigo) Sep 2013 SBM Offshore AHT 2,500 2,506 GT Armon (Vigo) Sep 2013 On Order:- 4 Vessel(s); 55,000 DWT. MSV 7,145 GT Keppel FELS Aug 2013 On Order:- 1 Vessel(s); DWT. Heuvelman Shpg. Schurink, H C&O* 20083600II 5,130 Yizheng Yangzi S.B. Feb 2012 C&O* 20083600III 5,130 Yizheng Yangzi S.B. May 2012 GCargo 12 4,200 Maas Shipyard Jan 2012 C&O* 20083600IV 5,130 Yizheng Yangzi S.B. Oct 2012 On Order:- 1 Vessel(s); 4,200 DWT. On Order:- 3 Vessel(s); 15,390 DWT. Seatrade Groningen Hollander Scholtens Reefer 528 15,200 650,000 Cu.ft Kitanihon Zosen Jan 2012 MPP 4,500 Highspeed S.B. Jan 2012 On Order:- 1 Vessel(s); 15,200 DWT. MPP 4,500 Highspeed S.B. Mar 2012 Shell ghspeed S.B. May 2012 MPP 4,500 Hi FPSO/LNG 1903 220,000 Samsung H.I. 2016 MPP 4,500 Highspeed S.B. Jul 2012 On Order:- 1 Vessel(s); 220,000 DWT. MPP 4,500 Highspeed S.B. Sep 2012 MPP 4,500 Highspeed S.B. Nov 2012 Spliethoff MPP 4,500 Highspeed S.B. Jan 2013 MPP 595 12,500 Zhejiang Ouhua Jan 2012 MPP 4,500 Highspeed S.B. Mar 2013 MPP 596 12,500 Zhejiang Ouhua Jan 2012 On Order:- 8 Vessel(s); 36,000 DWT. MPP 06-048 12,500 Jiangsu Changbo Feb 2012 IHDA Shipbuild. MPP 06-049 12,500 Jiangsu Changbo Jun 2012 On Order:- 4 Vessel(s); 50,000 DWT. Container 801 9,500 809 TEU IHDA Shipbuild. 2012 Container 802 9,500 809 TEU IHDA Shipbuild. 2012 Unifleet B.V. On Order:- 2 Vessel(s); 19,000 DWT. C&O* 20083600I 5,130 Yizheng Yangzi S.B. Jan 2012 Iver Ships B.V. C&O* YZCB20063600IV 4,500 Yizheng Yangzi S.B. Jan 2012 Chem & Oil GHCY 1003 7,518 Jiangsu Ganghua Feb 2012 Asp.& Bit. 2322 6,255 Hyundai Mipo 2012 Chem & Oil GHCY 1004 7,518 Jiangsu Ganghua Feb 2012 Asp.& Bit. 2323 6,255 Hyundai Mipo 2012 On Order:- 4 Vessel(s); 24,666 DWT. On Order:- 2 Vessel(s); 12,510 DWT. Universal Marine BV Kahn Scheepvaart Bulk 20060377 56,729 Qingshan Shipyard Mar 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Heavy Lift 14,000 Brodosplit Mar 2013 On Order:- 1 Vessel(s); 56,729 DWT. Heavy Lift 14,000 Brodosplit Dec 2013 On Order:- 2 Vessel(s); 28,000 DWT. Unknown Dutch Koerts MPP 105 6,000 Partner Stocznia Mar 2012 On Order:- 1 Vessel(s); 6,000 DWT. AHT 191 800 GT Kooiman Scheepswerf Jul 2012 On Order:- 1 Vessel(s); DWT. Van Oord maXXL Shipping CS/BW Dredg 1262 2,320 IHC Dredgers 2012 On Order:- 1 Vessel(s); 2,320 DWT. Chem & Oil 200-1-36 3,400 Third Internat. 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 40 1st January 2012 Netherlands Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Veka Group B.V. MSV 5,453 GT Unknown Yard Jan 2013 Container 739 3,650 365 TEU Shipyd. Bijlsma Jan 2012 On Order:- 2 Vessel(s); DWT. On Order:- 1 Vessel(s); 3,650 DWT. Norway Vroon Aker DOF Supply Container WJZ033 14,233 1,084 TEU Nanjing Wujiazui Jan 2012 PSV BY82 4,850 4,059 GT Cochin S.Y. Mar 2012 Bulk N252 92,500 COSCO Dalian Jun 2012 AHTS 006 3,000 2,800 GT STX Vietnam Oct 2012

Bulk N253 92,500 COSCO Dalian Sep 2012 On Order:- 2 Vessel(s); 7,850 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Livestock 15,000 COSCO Guangdong Feb 2013 Aker Oilfield Serv. Livestock 15,000 COSCO Guangdong Aug 2013 MSV 719 12,000 16,942 GT STX Soeviknes Jan 2012 Livestock 15,000 COSCO Guangdong Feb 2014 On Order:- 1 Vessel(s); 12,000 DWT. Livestock 15,000 COSCO Guangdong Aug 2014 On Order:- 7 Vessel(s); 259,233 DWT. Argali Holdings Vroon Offshore Serv. PSV 3,500 2,710 GT Zaliv Shipyard Feb 2012 On Order:- 1 Vessel(s); 3,500 DWT. MSV DN59M-91 1,485 1,678 GT Fujian Southeast Jan 2012 AHTS DN59M-95 1,400 1,500 GT Fujian Southeast Mar 2012 Awilco AS AHTS DN59M-77 1,400 1,670 GT Fujian Southeast Apr 2012 L.N.G. 2289 86,000 160,000 cbm Daewoo 2013 AHTS DN59M-79 1,400 1,670 GT Fujian Southeast Apr 2012 L.N.G. 2290 86,000 160,000 cbm Daewoo 2014 AHTS DN59M-96 1,400 1,500 GT Fujian Southeast Apr 2012 On Order:- 2 Vessel(s); 172,000 DWT. AHTS DN92 1,500 1,279 GT Fujian Southeast Apr 2012 MSV DN59M-92 7,145 GT Fujian Southeast May 2012 Blue Sea AHTS 97 1,400 1,194 GT Fujian Southeast Jun 2012 MSV 7,145 GT CPLEC Jan 2013 AHTS 98 1,400 1,194 GT Fujian Southeast Jun 2012 MSV 7,145 GT CPLEC Jan 2013 AHTS 99 1,400 1,194 GT Fujian Southeast Jun 2012 MSV 7,145 GT CPLEC Jan 2013 On Order:- 10 Vessel(s); 12,785 DWT. PSV 4,000 3,097 GT CPLEC Jun 2013 PSV 4,000 3,097 GT CPLEC Jun 2013 W&R Shipping BV PSV 4,000 3,097 GT CPLEC Jun 2013 GCargo JB-14 3,500 Jinbin S.B. Jan 2012 PSV 4,000 3,097 GT CPLEC Jun 2013 GCargo JB-15 3,500 Jinbin S.B. Apr 2012 PSV 4,000 3,097 GT CPLEC Jun 2013 GCargo JB-16 3,500 Jinbin S.B. Aug 2012 PSV 1,193 GT CPLEC Jun 2013 GCargo JB-17 3,500 Jinbin S.B. Oct 2012 On Order:- 9 Vessel(s); 20,000 DWT. On Order:- 4 Vessel(s); 14,000 DWT. Boa Offshore Wagenborg Kazakhstan PSV 4,900 5,000 GT Nantong Mingde Feb 2012 AHTS 844 2,500 2,132 GT Niestern Sander May 2012 AHTS 4,250 4,750 GT Unknown Yard Mar 2012 AHTS 845 2,500 2,132 GT Niestern Sander Aug 2012 AHTS 83 4,500 4,750 GT Bergen Group Fosen Apr 2012 On Order:- 2 Vessel(s); 5,000 DWT. PSV 4,900 5,000 GT Nantong Mingde Jun 2012 Wagenborg Shpg. B.V. PSV 4,900 5,000 GT Nantong Mingde Jun 2012 AHTS 84 4,500 4,750 GT Bergen Group Fosen Oct 2012 MPP 843 12,000 Niestern Sander Jan 2012 AHTS 85 4,500 4,750 GT Bergen Group Fosen Apr 2013 MPP 1104 5,200 Peters Kampen Jan 2012 AHTS 86 4,500 4,750 GT Bergen Group Fosen Oct 2013 MPP 713 4,500 Shipyd. Bijlsma Jan 2012 PSV 4,900 5,000 GT Nantong Mingde Dec 2013 MPP 3,150 Shipyd. Bijlsma Jan 2012 On Order:- 9 Vessel(s); 41,850 DWT. MPP 762 3,150 Shipyd. Bijlsma Jan 2012 MPP H1579A 17,355 Hudong Zhonghua Feb 2012 Bryggen Shipping MPP 3,150 Shipyd. Bijlsma Mar 2012 Chem & Oil 530 25,000 Kitanihon Zosen Jun 2012 MPP H1580A 17,355 Hudong Zhonghua May 2012 Chem & Oil 25,000 Kitanihon Zosen Aug 2012 MPP 3,150 Shipyd. Bijlsma May 2012 On Order:- 2 Vessel(s); 50,000 DWT. MPP 3,150 Shipyd. Bijlsma Jul 2012 MPP H1581A 17,355 Hudong Zhonghua Aug 2012 BW Gas MPP H1595A 17,355 Hudong Zhonghua Nov 2012 L.N.G. 85,000 155,000 cbm Hyundai H.I. 2014 MPP 23,000 Ferus Smit 2013 L.N.G. 85,000 155,000 cbm Hyundai H.I. 2015 MPP H1596A 17,355 Hudong Zhonghua Feb 2013 On Order:- 2 Vessel(s); 170,000 DWT. MPP H1597A 17,355 Hudong Zhonghua May 2013 Cecon ASA MPP H1598A 17,355 Hudong Zhonghua Aug 2013 MSV 718 10,000 13,600 GT Davie Ind. Jun 2012 MPP H0401 17,300 Hudong Zhonghua Nov 2013 MSV 717 10,000 13,600 GT Davie Ind. Jul 2012 MPP 23,000 Ferus Smit 2014 MSV 719 10,000 14,161 GT Davie Ind. Dec 2012 On Order:- 18 Vessel(s); 222,235 DWT. On Order:- 3 Vessel(s); 30,000 DWT. Wijnne & Barends Deep Sea Supply MPP 823 7,170 Rousse Shipyard Jan 2012 PSV 3,500 2,710 GT Zhejiang S.B. Nov 2012 GCargo 127 3,000 Groningen Shipyard Jan 2012 PSV 3,500 2,710 GT Zhejiang S.B. Dec 2012 MPP 825 7,170 Rousse Shipyard May 2012 PSV 3,500 2,710 GT Zhejiang S.B. Jun 2013 On Order:- 3 Vessel(s); 17,340 DWT. On Order:- 3 Vessel(s); 10,500 DWT. Nigeria DOF Management C & I Leasing PSV 759 5,000 3,500 GT STX Aukra Feb 2012 Crew Boat 120 GT Veecraft Jan 2012 PSV 33 4,800 3,700 GT Fitjar M.V. Apr 2012 Crew Boat 120 GT Veecraft Jan 2012 PSV 34 4,800 3,700 GT Fitjar M.V. Apr 2012 On Order:- 2 Vessel(s); DWT. AHTS 27 3,000 2,558 GT STX Brazil Offshore Jun 2012 Oil & Ind. Services MSV 780 7,145 GT STX Aukra Jul 2012 MSV 778 7,145 GT STX Brattvaag Aug 2012 Utility GMG08101 1,293 1,528 GT South China Shipyd. Jan 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 On Order:- 6 Vessel(s); 17,600 DWT. On Order:- 1 Vessel(s); 1,293 DWT. SLOK Nigeria Ltd Eide Marine Services Well Stimul. 31,000 21,021 GT Rauma-Repola OY Mar 2013 PSV 3,500 2,710 GT NGV Tech Mar 2012 Well Stimul. 31,000 21,021 GT Rauma-Repola OY Jun 2013 PSV 3,500 2,710 GT NGV Tech Jun 2012 On Order:- 2 Vessel(s); 62,000 DWT. PSV 3,500 2,710 GT NGV Tech Jun 2012 On Order:- 3 Vessel(s); 10,500 DWT. Eidesvik Offshore Walvis Intl. (C.I.) PSV 346 6,500 7,000 GT Kleven Verft May 2012 PSV 347 3,500 2,710 GT Kleven Verft Oct 2012 Pipe Layer 2,900 GT Nantong Cosco KHI Sep 2012 MSV 7,411 GT Ulstein Verft Nov 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 41 1st January 2012 Orderbook by Shipowner Norway

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

On Order:- 3 Vessel(s); 10,000 DWT. Open Hatch 48,000 Hyundai MipoNov 2012 Eni Norge Open Hatch 48,000 Hyundai Mipo Feb 2013 Open Hatch 48,000 Hyundai MipoMay 2013 CFPU 4,000 Hyundai H.I. Jun 2013 Open Hatch 48,000 Hyundai MipoAug 2013 On Order:- 1 Vessel(s); 4,000 DWT. Open Hatch 48,000 Hyundai MipoNov 2013 Farstad Shipping Open Hatch 48,000 Hyundai Mipo Feb 2014 PSV 749 2,500 GT STX Langsten Jun 2012 Open Hatch 48,000 Hyundai MipoMay 2014 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 PSV 750 2,500 GT STX Vietnam Sep 2012 Open Hatch 48,000 Hyundai MipoAug 2014 PSV 767 3,500 GT STX Langsten Oct 2012 Open Hatch 48,000 Hyundai MipoNov 2014 PSV 751 2,500 GT STX Vietnam Feb 2013 On Order:- 10 Vessel(s); 480,000 DWT. AHTS 786 4,000 3,411 GT STX Langsten Apr 2013 Havila Shipping PSV 770 3,500 2,710 GT STX Vietnam May 2013 PSV 107 4,700 3,640 GT Havyard Leirvik Dec 2012 AHTS 787 4,000 3,411 GT STX Langsten Jun 2013 PSV 103 4,300 3,300 GT Havyard Leirvik Jan 2013 PSV 2,500 GT STX Langsten Jun 2013 On Order:- 2 Vessel(s); 9,000 DWT. PSV 769 2,500 GT STX Langsten Jun 2013 On Order:- 9 Vessel(s); 11,500 DWT. Hoegh LNG Fjord Line AS FSRU/LNG 2548 Hyundai H.I. Sep 2013 FSRU/LNG 2549 Hyundai H.I. Jun 2014 Pass/Car F. 87 4,000 20,000 GT Bergen Group Fosen Apr 2012 On Order:- 2 Vessel(s); DWT. Pass/Car F. 88 4,000 20,000 GT Bergen Group Fosen Nov 2012 On Order:- 2 Vessel(s); 8,000 DWT. Island Offshore Mngt Fjord1 MSV 737 8,500 12,500 GT STX Langsten Mar 2012 PSV 721 4,100 4,580 GT STX Brevik Mar 2012 Pass/Car F. 5,000 GT SC Western Shipyard 2012 PSV 765 4,750 3,678 GT STX Brevik Jun 2012 Pass/Car F. 5,000 GT SC Western Shipyard 2012 PSV 766 4,750 3,678 GT STX Brevik Sep 2012 Pass/Car F. 5,000 GT SC Western Shipyard 2012 PSV 784 4,800 3,717 GT STX Brevik Mar 2013 Pass/Car F. 5,000 GT SC Western Shipyard Jan 2012 PSV 3,800 2,943 GT STX Brevik Sep 2013 On Order:- 4 Vessel(s); DWT. PSV 3,800 2,943 GT STX Brevik Dec 2013 Frontline 2012 On Order:- 7 Vessel(s); 34,500 DWT. Tanker J0025 320,000 Jinhai Heavy Ind. Jul 2012 Jo Tankers A/S Tanker J0027 320,000 Jinhai Heavy Ind. Jul 2012 Chem & Oil MD159 30,000 Nantong Mingde Oct 2012 Tanker J0026 320,000 Jinhai Heavy Ind. Oct 2012 Products 74,000 STX Shipbuild. Nov 2012 Tanker J0028 320,000 Jinhai Heavy Ind. Oct 2012 Products 0307369 74,500 New Times S.B. Jan 2013 Tanker 320,000 Jinhai Heavy Ind. Jan 2013 Chem & Oil MD160 30,000 Nantong Mingde Jan 2013 On Order:- 5 Vessel(s); 1,600,000 DWT. Products 74,000 STX Shipbuild. Feb 2013 Frontline Ltd. Products 0307370 74,500 New Times S.B. Apr 2013 Tanker 157,000 Jiangsu Rongsheng Feb 2013 On Order:- 6 Vessel(s); 357,000 DWT. Tanker 157,000 Jiangsu Rongsheng May 2013 K. G. Jebsen (s); 314,000 DWT. On Order:- 2 Vessel Cement 16,800 Ben Kien S/Y 2012 Gearbulk Ltd. Cement 16,800 Ben Kien S/Y 2012 Open Hatch 10630 61,860 Oshima S.B. Co. Oct 2012 Cement 16,800 Ben Kien S/Y 2012 Asp.& Bit. 19,000 Hyundai Mipo 2013 Products S503 119,950 Hyundai Samho Jan 2012 Asp.& Bit. 19,000 Hyundai Mipo 2013 Products S504 119,950 Hyundai Samho Apr 2012 Open Hatch 10663 61,860 Oshima S.B. Co. May 2013 Cement 16,800 Ben Kien S/Y 2013 Open Hatch 10664 61,860 Oshima S.B. Co. Sep 2013 Cement 16,800 Ben Kien S/Y 2013 On Order:- 5 Vessel(s); 223,580 DWT. On Order:- 7 Vessel(s); 323,900 DWT. Golar LNG Knutsen NYK L.N.G. 2021 84,000 160,000 cbm Samsung H.I. 2013 Shuttle 2531 157,000 Hyundai H.I. Dec 2012 L.N.G. 2022 84,000 160,000 cbm Samsung H.I. 2013 Shuttle 2518 123,000 Hyundai H.I. Jul 2013 L.N.G. 2047 84,000 160,000 cbm Samsung H.I. 2013 Shuttle 2532 123,000 Hyundai H.I. Sep 2013 L.N.G. 2048 84,000 160,000 cbm Samsung H.I. 2013 Shuttle 112,000 Hyundai H.I. Jan 2014 L.N.G. 2023 84,000 160,000 cbm Samsung H.I. 2014 On Order:- 4 Vessel(s); 515,000 DWT. L.N.G. 2024 84,000 160,000 cbm Samsung H.I. 2014 Mokster Shipping g H.I. 2014 L.N.G. 2026 84,000 160,000 cbm Samsun PSV 748 4,700 3,700 GT STX Soeviknes Mar 2012 L.N.G. 2027 84,000 160,000 cbm Samsung H.I. 2014 On Order:- 1 Vessel(s); 4,700 DWT. On Order:- 8 Vessel(s); 672,000 DWT. Mosvold Supply Golden Ocean AHTS 7050 4,500 7,900 GT Batamec S.Y. Mar 2012 Bulk P0004 74,500 Pipavav Shipyd. Jan 2012 On Order:- 1 Vessel(s); 4,500 DWT. Bulk J0021 176,000 Jinhai Heavy Ind. Apr 2012 Bulk P0009 74,500 Pipavav Shipyd. Apr 2012 NDLO Bulk J0047 79,600 Jinhai Heavy Ind. May 2012 Research 5,000 GT STX OSV Oct 2014 Bulk P0010 74,500 Pipavav Shipyd. May 2012 On Order:- 1 Vessel(s); DWT. Bulk J0048 79,600 Jinhai Heavy Ind. Jun 2012 noasa Bulk 79,600 Jinhai Heavy Ind. Jul 2012 Bulk 79,600 Jinhai Heavy Ind. Aug 2012 PSV 3,500 2,710 GT ASL Shipyard Jun 2013 Bulk 74,500 Jinhai Heavy Ind. Oct 2012 PSV 3,500 2,710 GT ASL Shipyard Aug 2013 On Order:- 2 Vessel(s); 7,000 DWT. Bulk 74,500 Jinhai Heavy Ind. Nov 2012 Bulk 74,500 Jinhai Heavy Ind. Jan 2013 NOCC Bulk 74,500 Jinhai Heavy Ind. Feb 2013 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 PCC 2534 16,000 Hyundai H.I. Aug 2012 On Order:- 12 Vessel(s); 1,015,900 DWT. On Order:- 1 Vessel(s); 16,000 DWT. Gram P.D. Nor Lines AS PCC MD0863300006 11,000 Nantong Mingde Jan 2012 Ro-Ro 5,000 Tsuji H.I. Oct 2013 PCC MD0873300007 11,000 Nantong Mingde Jun 2012 Ro-Ro 5,000 Tsuji H.I. Jan 2014 PCC MD0883300008 11,000 Nantong Mingde Jul 2012 On Order:- 2 Vessel(s); 10,000 DWT. On Order:- 3 Vessel(s); 33,000 DWT. Norbulk Shpg. UK Ltd Grieg Shipping A/S Bulk ZJG030 33,500 Zhejiang Jingang Jan 2012 Open Hatch 48,000 Hyundai MipoAug 2012 Bulk ZJG031 33,500 Zhejiang Jingang Apr 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 42 1st January 2012 Norway Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Bulk ZJG032 33,500 Zhejiang Jingang Jun 2012 Rem Maritime AS On Order:- 3 Vessel(s); 100,500 DWT. PSV 754 5,100 6,900 GT STX Langsten Dec 2012 Norse Mngt. U.K. PSV 354 6,500 5,034 GT Kleven Verft Dec 2012 Container TK0601 13,100 1,100 TEU Kouan S.B. May 2012 On Order:- 2 Vessel(s); 11,600 DWT. Container TK0602 13,100 1,100 TEU Kouan S.B. Aug 2012 Rieber Shipping Container TK0603 13,100 1,100 TEU Kouan S.B. Nov 2012 MSV 703 5,700 6,000 GT Const. Freire Jan 2012

Container 23,400 1,740 TEU Guangzhou Wenchong Jan 2013 MSV 7039 2,700 4,200 GT Batamec S.Y. Jan 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Container 23,400 1,740 TEU Guangzhou Wenchong Apr 2013 MSV 7040 2,700 4,200 GT Batamec S.Y. Jan 2012 On Order:- 5 Vessel(s); 86,100 DWT. On Order:- 3 Vessel(s); 11,100 DWT. NorSea Saga Forest Carrs. PSV 783 4,000 3,097 GT STX Brattvaag Jun 2012 Open Hatch 10631 52,000 Oshima S.B. Co. Dec 2012 On Order:- 1 Vessel(s); 4,000 DWT. Open Hatch 10632 52,000 Oshima S.B. Co. Mar 2013 Norshore On Order:- 2 Vessel(s); 104,000 DWT. Well Stimul. 7,200 8,200 GT Batamec S.Y. Mar 2012 Sanco Holding On Order:- 1 Vessel(s); 7,200 DWT. Seis. Survey 3,250 1,969 GT Kleven Verft Jun 2013 Norside On Order:- 1 Vessel(s); 3,250 DWT. PSV 1687 4,900 3,795 GT Fjellstrand A/S Dec 2012 Sartor Offshore On Order:- 1 Vessel(s); 4,900 DWT. PSV 4,200 3,252 GT Havyard Leirvik Jan 2012 NorSkan Offshore Standby/Resc. 2,000 2,104 GT Bergens M/V A/S Sep 2012 AHTS 30 5,500 4,691 GT STX Brazil Offshore Nov 2012 AHTS 2,500 2,132 GT Bergens M/V A/S Dec 2012 AHTS 31 5,500 4,691 GT STX Brazil Offshore May 2013 On Order:- 3 Vessel(s); 8,700 DWT. AHTS 33 5,500 4,691 GT STX Brazil Offshore Dec 2013 Sea-Cargo AS On Order:- 3 Vessel(s); 16,500 DWT. Ro-Ro/Lo-Lo 357 5,600 Bharati S.Y. Jan 2012 Norw. Cruise Line Ro-Ro/Lo-Lo 324 5,000 Bharati S.Y. Mar 2012 Cruise 143,500 GT Meyer Werft 2013 Ro-Ro/Lo-Lo 358 5,600 Bharati S.Y. Apr 2012 Cruise 692 143,500 GT Meyer Werft 2014 Ro-Ro/Lo-Lo 325 5,000 Bharati S.Y. May 2012 On Order:- 2 Vessel(s); DWT. On Order:- 4 Vessel(s); 21,200 DWT. Norwegian Shpg. Ltd. Seadrill AHTS 383 2,300 1,961 GT Bharati S.Y. Feb 2012 Drillship Samsung H.I. Mar 2013 AHTS 384 2,300 1,961 GT Bharati S.Y. Mar 2012 Drillship Samsung H.I. Jun 2013 AHTS 399 2,500 2,132 GT Bharati S.Y. Jun 2012 Drillship Samsung H.I. Sep 2013 AHTS 398 2,300 1,961 GT Bharati S.Y. Aug 2012 On Order:- 3 Vessel(s); DWT. On Order:- 4 Vessel(s); 9,400 DWT. Sevan Marine NorWind CFPU 45,000 Hantong Shipyard 2012 Hvy L/Crane 8,120 GT Ulstein Verft Dec 2014 CFPU 45,000 Hantong Shipyard 2012 On Order:- 1 Vessel(s); DWT. On Order:- 2 Vessel(s); 90,000 DWT. Ocean Hotels Norway Ship Finance Inter. Accom. Unit 721 7,000 6,000 GT Davie Ind. Mar 2012 Bulk 32,300 Guangzhou Wenchong 2012 Accom. Unit 722 7,000 6,000 GT Davie Ind. Mar 2012 Bulk ZH1038 57,078 Zhejiang Zhenghe SB Jan 2012 On Order:- 2 Vessel(s); 14,000 DWT. Bulk 2007-785C 57,000 Jiangsu New YZJ Jan 2012 Bulk 409 32,300 Guangzhou Wenchong Jan 2012 Oceanteam Power Seis. Survey 238 1,350 1,500 GT ABG S.Y. Jan 2012 Cable Lay 290 10,000 8,400 GT Metalships Jan 2012 Bulk 57,000 Jiangsu New YZJ Jun 2012 Cable Lay 291 10,000 8,400 GT MetalshipsSep 2012 Container S1214 55,000 4,800 TEU Shanghai S.Y. 2013 On Order:- 2 Vessel(s); 20,000 DWT. Container S1215 55,000 4,800 TEU Shanghai S.Y. 2013 Odfjell ASA Container S1222 55,000 4,800 TEU Shanghai S.Y. 2013 Container S1223 55,000 4,800 TEU Shanghai S.Y. 2013 Chem & Oil HT0123 9,000 Chongqing Chuandong Jan 2012 On Order:- 10 Vessel(s); 457,028 DWT. Chem & Oil HT0124 9,000 Chongqing Chuandong Apr 2012 Chem & Oil HT0125 9,000 Chongqing Chuandong Jul 2012 Siem Offshore Chem & Oil 75,000 Daewoo Jun 2013 AHTS 338 4,250 7,473 GT Kleven Verft Jun 2012 On Order:- 4 Vessel(s); 102,000 DWT. On Order:- 1 Vessel(s); 4,250 DWT. Olympic Shipping AS Sigba A/S PSV 349 4,800 7,600 GT Kleven Verft Jan 2012 PSV BY84 4,800 4,059 GT Cochin S.Y. Feb 2012 PSV 5,000 3,872 GT STX Aukra Mar 2012 On Order:- 1 Vessel(s); 4,800 DWT. PSV 764 5,000 3,872 GT STX Aukra Mar 2012 SinOceanic Shipping MSV 350 4,800 5,252 GT Kleven Verft Nov 2012 On Order:- 4 Vessel(s); 19,600 DWT. Container 2156 145,000 13,092 TEU Hyundai H.I. Jan 2012 Container 2157 145,000 13,092 TEU Hyundai H.I. Feb 2012 Ostensjo Rederi AS Container 2165 145,000 13,092 TEU Hyundai H.I. Apr 2012 PSV c444 4,000 3,097 GT Ast. Gondan Jun 2012 On Order:- 3 Vessel(s); 435,000 DWT. On Order:- 1 Vessel(s); 4,000 DWT. Skibs. Solvang Pareto AS L.P.G. 2516 52,000 84,000 cbm Hyundai H.I. Sep 2013 AHTS 3155 2,000 1,705 GT Yuexin S.B. May 2012 On Order:- 1 Vessel(s); 52,000 DWT. On Order:- 1 Vessel(s); 2,000 DWT. Solstad Shipping Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 PGS PSV 755 5,000 6,000 GT STX Langsten Feb 2012 Seis. Survey 2292 1,000 GT Mitsubishi H.I. Feb 2013 On Order:- 1 Vessel(s); 5,000 DWT. Seis. Survey 2291 1,000 GT Mitsubishi H.I. Apr 2013 Stolt-Nielsen Trans. On Order:- 2 Vessel(s); DWT. Asp.& Bit. ESS100202 3,500 Nanjing East Star Mar 2012 Polycrest Asp.& Bit. ESS100203 3,500 Nanjing East Star Jun 2012 MSV 511 6,791 14,546 GT Vulcano S.A. Jun 2012 Asp.& Bit. ESS100205 3,500 Nanjing East Star Sep 2012 On Order:- 1 Vessel(s); 6,791 DWT. Asp.& Bit. ESS100206 3,500 Nanjing East Star Dec 2012 On Order:- 4 Vessel(s); 14,000 DWT.

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 43 1st January 2012 Orderbook by Shipowner Norway

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Torghatten Trafikk. On Order:- 6 Vessel(s); 3,000 DWT. Pass/Car F. 4,200 GT Remontowa 2013 Westfal-Larsen Pass/Car F. 4,200 GT Remontowa 2013 Chem & Oil 2278 46,195 Hyundai Mipo Jan 2012 Pass/Car F. 4,200 GT Remontowa 2013 On Order:- 1 Vessel(s); 46,195 DWT. Pass/Car F. 4,200 GT Remontowa 2013 On Order:- 4 Vessel(s); DWT. Wilh Wilhelmsen PCC 2284 22,100 Mitsubishi H.I. 2012 Torvald Klaveness Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Ro-Ro 2264 24,000 Mitsubishi H.I. Jan 2012 Bulk 76,000 Chengxi Shipyd. 2012 Ro-Ro 2265 24,000 Mitsubishi H.I. Feb 2012 Container 33,800 2,546 TEU Jiangsu Yangzijiang Sep 2012 PCC 2263 28,837 Hyundai H.I. Jun 2012 Container 33,800 2,546 TEU Jiangsu Yangzijiang Dec 2012 On Order:- 4 Vessel(s); 98,937 DWT. Bulk 76,000 Chengxi Shipyd. 2013 Container 33,800 2,546 TEU Jiangsu Yangzijiang Mar 2013 Wilson Shp Mngt Container 33,800 2,546 TEU Jiangsu Yangzijiang Jun 2013 GCargo 2006-B026 8,300 Yichang Shipyard Jan 2012 On Order:- 6 Vessel(s); 287,200 DWT. GCargo BBT001 4,500 Shandong Baibuting Feb 2012 Transviking AS GCargo BBT002 4,500 Shandong Baibuting Apr 2012 GCargo BBT003 4,500 Shandong Baibuting Jun 2012 AHTS 670 4,500 3,400 GT Ast. Zamakona Jan 2012 GCargo BBT004 4,500 Shandong Baibuting Aug 2012 On Order:- 1 Vessel(s); 4,500 DWT. GCargo BBT005 4,500 Shandong Baibuting Oct 2012 Troms Offshore AS GCargo BBT006 4,500 Shandong Baibuting Dec 2012 PSV 773 5,000 3,872 GT STX Soeviknes Dec 2012 GCargo BBT007 4,500 Shandong Baibuting Feb 2013 PSV 3,800 2,943 GT STX Brevik Apr 2013 GCargo BBT008 4,500 Shandong Baibuting Apr 2013 On Order:- 2 Vessel(s); 8,800 DWT. On Order:- 9 Vessel(s); 44,300 DWT. Ugland Marine WWS Bulk 58,000 Tsuneishi Cebu 2012 PSV 3,300 2,555 GT Damen Galati Jun 2013 On Order:- 1 Vessel(s); 58,000 DWT. PSV 3,300 2,555 GT Damen Galati Aug 2013 PSV 3,300 2,555 GT Damen Galati Oct 2013 Ulstein MSN PSV 3,300 2,555 GT Damen Galati Dec 2013 PSV 291 4,200 3,252 GT Ulstein Verft Jan 2012 On Order:- 4 Vessel(s); 13,200 DWT. PSV 294 4,200 3,252 GT Ulstein Verft Aug 2012 Oman On Order:- 2 Vessel(s); 8,400 DWT. Oman Shipping Co. Utkilens, Anders Tanker 5333 318,000 Daewoo Jan 2012 Chem & Oil 715 9,500 Brod. 3 Maj 2012 Tanker 5334 318,000 Daewoo Jan 2012 On Order:- 1 Vessel(s); 9,500 DWT. Tanker 2249 316,373 Hyundai H.I. Jan 2012 Varada Marine Ore 1125 400,000 Jiangsu Rongsheng Jan 2012 Tanker 5335 318,000 Daewoo Feb 2012 AHT 2,000 GT ABG S.Y. Feb 2012 Ore 1126 400,000 Jiangsu Rongsheng Mar 2012 AHTS 2,000 GT ABG S.Y. Feb 2012 Tanker 5336 318,000 Daewoo Apr 2012 AHTS ABG 326 2,000 GT ABG S.Y. Feb 2012 Ore 1127 400,000 Jiangsu Rongsheng Jun 2012 AHTS 1,500 1,600 GT ABG S.Y. Feb 2012 Tanker 2250 316,373 Hyundai H.I. Jul 2012 AHTS 327 2,500 GT ABG S.Y. Mar 2012 Ore 1128 400,000 Jiangsu Rongsheng Aug 2012 AHTS 2,000 GT ABG S.Y. Mar 2012 Tanker 2251 316,373 Hyundai H.I. Oct 2012 AHTS 2,000 1,705 GT ABG S.Y. Jun 2012 On Order:- 11 Vessel(s); 3,821,119 DWT. AHTS 3,000 2,558 GT ABG S.Y. Dec 2012 AHTS 276 3,000 2,558 GT ABG S.Y. Dec 2012 Philippines PSV 361 3,300 2,000 GT ABG S.Y. Dec 2012 Chelsea Shipping AHTS 277 3,000 2,558 GT ABG S.Y. Mar 2013 Chem & Oil SL 704 13,618 Fujian Baima Jan 2012 PSV 362 3,300 2,000 GT ABG S.Y. Mar 2013 On Order:- 1 Vessel(s); 13,618 DWT. AHTS 279 3,000 2,700 GT ABG S.Y. Jun 2013 AHTS 280 3,000 2,558 GT ABG S.Y. Jun 2013 Poland PSV 3,300 2,000 GT ABG S.Y. Jun 2013 Gdansk Sea Lines PSV 363 3,300 2,000 GT ABG S.Y. Jun 2013 MPP/Hvy. Lift B603/5 7,751 Remontowa 2012 PSV 3,300 2,000 GT ABG S.Y. Sep 2013 On Order:- 1 Vessel(s); 7,751 DWT. PSV 3,300 2,000 GT ABG S.Y. Dec 2013 On Order:- 18 Vessel(s); 38,300 DWT. Polish Steamship Co. Vestoff Bulk 38,000 Tianjin Xingang Jan 2012 Bulk MD026 30,000 Nantong Mingde Jan 2012 PSV 149 5,000 3,872 GT Hellesoy Verft May 2012 Bulk SF080102 16,900 Taizhou Sanfu Feb 2012 PSV 150 5,000 3,872 GT Hellesoy Verft Dec 2012 Bulk SF080103 16,900 Taizhou Sanfu Feb 2012 On Order:- 2 Vessel(s); 10,000 DWT. Bulk SF080106 16,900 Taizhou Sanfu Mar 2012 Viken Shipping Bulk 38,000 Tianjin Xingang Apr 2012 Tanker 1915 158,000 Samsung H.I. Jan 2012 Bulk MD027 30,000 Nantong Mingde Apr 2012 Tanker 1916 158,000 Samsung H.I. May 2012 Bulk SF080104 16,900 Taizhou Sanfu Apr 2012 Shuttle 1966 105,000 Samsung H.I. Aug 2012 Bulk SF080105 16,900 Taizhou Sanfu Jun 2012 Shuttle 1967 105,000 Samsung H.I. Oct 2012 Bulk 38,000 Tianjin Xingang Jul 2012 Shuttle 1968 105,000 Samsung H.I. Dec 2012 Bulk 38,000 Tianjin Xingang Oct 2012 Shuttle 1969 105,000 Samsung H.I. Feb 2013 Bulk SF080107 16,900 Taizhou Sanfu Oct 2012 Shuttle 1970 105,000 Samsung H.I. Apr 2013 Bulk SF080108 16,900 Taizhou Sanfu Dec 2012 On Order:- 7 Vessel(s); 841,000 DWT. On Order:- 13 Vessel(s); 330,300 DWT. Volstad Maritime Portugal Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 MSV 89 8,740 GT Bergen Group Fosen May 2012 Portline S.A. On Order:- 1 Vessel(s); DWT. Bulk 07033 57,000 COSCO Zhoushan Jan 2012 Bulk 07032 56,737 COSCO Zhoushan Jan 2012 Vroon Offshore Bulk 07034 57,000 COSCO Zhoushan Mar 2012 Standby/Resc. 500 526 GT Nanjing East Star Jun 2012 On Order:- 3 Vessel(s); 170,737 DWT. Standby/Resc. 500 526 GT Nanjing East Star Sep 2012 Standby/Resc. 500 526 GT Nanjing East Star Mar 2013 Qatar Standby/Resc. 500 526 GT Nanjing East Star Jun 2013 MEDCO Standby/Resc. 500 526 GT Nanjing East Star Sep 2013 CS/BW Dredg 1,240 ASL Shipyard Jan 2012 Standby/Resc. 500 526 GT Nanjing East Star Dec 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 44 1st January 2012 Qatar Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

On Order:- 1 Vessel(s); 1,240 DWT. Products 16 7,050 Besiktas Shipyard Feb 2012 Qatar Petroleum Products 07009 7,008 Krasnoy Sormovo Apr 2012 Products 6,100 Volgograd S.Y. Apr 2012 FSO 551015 Ras Laffan Oct 2012 Products 17 7,050 Besiktas Shipyard Jun 2012 On Order:- 1 Vessel(s); DWT. Products 6,100 Volgograd S.Y. Jun 2012 Qatar Shipping Products 18 7,050 Besiktas Shipyard Jul 2012 AHTS H096/11 1,500 1,279 GT Grandweld Feb 2013 Products 07010 7,008 Krasnoy Sormovo Jul 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 AHTS H097/11 1,500 1,279 GT Grandweld Mar 2013 Products 6,100 Volgograd S.Y. Aug 2012 On Order:- 2 Vessel(s); 3,000 DWT. Products 19 7,050 Besiktas Shipyard Oct 2012 Products 6,100 Volgograd S.Y. Oct 2012 Qatar Uni On Order:- 14 Vessel(s); 93,664 DWT. Oceanograph. 661 250 600 GT Const. Freire Jan 2012 Primorsk Shpg. Corp. On Order:- 1 Vessel(s); 250 DWT. Chem & Oil 1266 50,973 STX Shipbuild. Jan 2013 Romania Chem & Oil 2039 50,973 STX Shipbuild. Nov 2013 Histria Shipmngt. On Order:- 2 Vessel(s); 101,946 DWT. Chem & Oil 586 41,000 Santierul Naval Apr 2012 Rosmorport Chem & Oil 41,000 Santierul Naval Aug 2012 Harbour Tug 923 400 Shipyard Pella 2012 Chem & Oil 587 41,000 Santierul Naval Jan 2013 On Order:- 1 Vessel(s); 400 DWT. On Order:- 3 Vessel(s); 123,000 DWT. Rosnefteflot Russia Harbour Tug Damen Shipyards 2012 Argo Shipping JSC Harbour Tug Damen Shipyards 2012 Products 5,600 Krasnoy Sormovo Jan 2012 On Order:- 2 Vessel(s); DWT. Products 5,600 Krasnoy Sormovo Mar 2012 Products 5,600 Krasnoy Sormovo May 2012 Sea & River Transp Products 5,600 Krasnoy Sormovo Jul 2012 Diving Spt 2,270 GT Yaroslavl Shipyard Jan 2012 On Order:- 4 Vessel(s); 22,400 DWT. Diving Spt 2,270 GT Yaroslavl Shipyard Jan 2012 Diving Spt 2,270 GT Yaroslavl Shipyard Jan 2012 DD Shipping Ltd. On Order:- 3 Vessel(s); DWT. Bulk H4062 35,000 SPP Shipbuilding 2012 Bulk H8004 35,000 SPP Shipbuilding 2012 Sovcomflot JSC Bulk H8008 35,000 SPP Shipbuilding 2012 Products 2297 74,435 Hyundai Mipo Feb 2012 Bulk H8009 35,000 SPP Shipbuilding 2012 Products 5384 113,000 Daewoo May 2012 Bulk H8002 35,000 SPP Shipbuilding Jan 2012 Products 5385 113,000 Daewoo Sep 2012 Bulk H8003 35,000 SPP Shipbuilding Feb 2012 Tanker 518-7 320,000 Bohai Shipbld. Dec 2012 On Order:- 6 Vessel(s); 210,000 DWT. Products 5386 113,000 Daewoo Jan 2013 Tanker 518-8 320,000 Bohai Shipbld. Apr 2013 Erico Shipping PSV 506 3,950 7,497 GT Arctech Apr 2013 Bulk 09 16,800 Zhejiang Donghong 2012 PSV 507 3,950 7,497 GT Arctech Apr 2013 On Order:- 1 Vessel(s); 16,800 DWT. Products 5387 113,000 Daewoo May 2013 Far-Eastern Shpg. Co L.N.G. 1910 94,700 170,200 cbm STX Shipbuild. Dec 2013 Tanker 120,600 Daewoo 2014 Bulk 20060373 57,000 Qingshan Shipyard Jan 2012 Tanker 120,600 Zvezda-DSME 2014 Bulk 20060374 57,000 Qingshan Shipyard Mar 2012 Tanker 120,600 Daewoo 2014 On Order:- 2 Vessel(s); 114,000 DWT. Products 117,800 Zvezda-DSME 2014 Gazprom L.N.G. 1911 94,700 170,200 cbm STX Shipbuild. Mar 2014 PSV 5,400 4,182 GT Baltic Shipyd. Mar 2013 On Order:- 15 Vessel(s); 1,843,335 DWT. PSV 5,400 4,182 GT Baltic Shipyd. Mar 2013 Unknown Russian On Order:- 2 Vessel(s); 10,800 DWT. Products 6,980 Kherson Shipyard 2012 Murmansk Shpg. Co. On Order:- 1 Vessel(s); 6,980 DWT. Chem & Oil 98087 45,000 Sevmash SMP 2012 Volga Shipping Co. On Order:- 1 Vessel(s); 45,000 DWT. GCargo 305 5,000 Qingdao Hyundai Jan 2012 North-Western Shpg. GCargo 306 5,000 Qingdao Hyundai Mar 2012 GCargo 7,000 Nevsky S.B. Jan 2012 GCargo 307 5,000 Qingdao Hyundai May 2012 GCargo 7,000 Nevsky S.B. Apr 2012 GCargo 308 5,000 Qingdao Hyundai Jul 2012 GCargo 7,000 Nevsky S.B. Jul 2012 GCargo 309 5,000 Qingdao Hyundai Sep 2012 GCargo 7,000 Nevsky S.B. Oct 2012 GCargo 310 5,000 Qingdao Hyundai Nov 2012 GCargo 7,000 Nevsky S.B. Jan 2013 On Order:- 6 Vessel(s); 30,000 DWT. GCargo 7,000 Nevsky S.B. Apr 2013 Volga-Don Shipping GCargo 7,000 Nevsky S.B. Jul 2013 MPP 6,970 Volgograd S.Y. 2012 GCargo 7,000 Nevsky S.B. Oct 2013 MPP 6,970 Volgograd S.Y. 2012 On Order:- 8 Vessel(s); 56,000 DWT. MPP 6,970 Volgograd S.Y. 2012 Novorossiysk Port MPP 6,970 Volgograd S.Y. 2012 O. Salv. Tug 702 3,000 Nevsky S.B. 2012 MPP 6,970 Volgograd S.Y. 2012 O. Salv. Tug FECSS Jan 2012 On Order:- 5 Vessel(s); 34,850 DWT. O. Salv. Tug 1,171 Nevsky S.B. Mar 2012 Volgo-Balt On Order:- 3 Vessel(s); 4,171 DWT. Tanker 6,980 Okskaya Shipyard 2012 Novoship (UK) Ltd. Tanker 6,980 Okskaya Shipyard 2012 Tanker 6,980 Okskaya Shipyard 2013

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 6116 74,120 Hyundai Mipo Mar 2013 Bulk 6117 74,120 Hyundai MipoMay 2013 Tanker 6,980 Okskaya Shipyard 2013 Bulk 6118 74,120 Hyundai Mipo Jun 2013 Tanker 6,980 Okskaya Shipyard 2013 Bulk 6119 74,120 Hyundai MipoAug 2013 Tanker 6,980 Okskaya Shipyard 2013 On Order:- 4 Vessel(s); 296,480 DWT. Tanker 6,980 Okskaya Shipyard 2014 Tanker 6,980 Okskaya Shipyard 2014 Palmali Shipping Tanker 6,980 Okskaya Shipyard 2014 MPP 229 6,970 Volgograd S.Y. 2012 Tanker 6,980 Okskaya Shipyard 2014 MPP 232 6,970 Volgograd S.Y. 2012 On Order:- 10 Vessel(s); 69,800 DWT. Products 07008 7,008 Krasnoy Sormovo Jan 2012 Products 6,100 Volgograd S.Y. Jan 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 45 1st January 2012 Orderbook by Shipowner Russia

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Volgotrans Bulk HT089 57,000 Hantong Shipyard 2012 Tanker 6,980 Okskaya Shipyard 2013 Bulk HT101 57,000 Hantong Shipyard 2012 Tanker 6,980 Okskaya Shipyard 2013 Bulk HT102 57,000 Hantong Shipyard 2012 Tanker 6,980 Okskaya Shipyard 2013 Bulk HT030 57,000 Hantong Shipyard Jan 2012 Tanker 6,980 Okskaya Shipyard 2014 Bulk HT070 56,693 Hantong Shipyard Feb 2012 Tanker 6,980 Okskaya Shipyard 2014 Bulk HT083 56,693 Hantong Shipyard Aug 2012 On Order:- 5 Vessel(s); 34,900 DWT. On Order:- 8 Vessel(s); 455,386 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Western Shipping Co. East Ocean Shpg. Products 6,600 Lotos Shipyard 2013 Chem & Oil 9,000 China Dongfang SB Jun 2012 Products 6,600 Lotos Shipyard 2013 Chem & Oil 9,000 China Dongfang SB Aug 2012 On Order:- 2 Vessel(s); 13,200 DWT. On Order:- 2 Vessel(s); 18,000 DWT. Saudi Arabia Eastern Navigation Nat. Chem. Carriers AHTS 4,000 3,411 GT Unknown Yard Jul 2012 On Order:- 1 Vessel(s); 4,000 DWT. Chem & Oil 537 45,565 ShinaSB Yard Co. Jan 2012 Chem & Oil 538 45,565 ShinaSB Yard Co. Jan 2012 Emas Offshore Constr Chem & Oil 539 45,565 ShinaSB Yard Co. Jan 2012 PSV 5,200 4,027 GT Remontowa Mar 2012 Chem & Oil 540 45,565 ShinaSB Yard Co. Feb 2012 PSV 5,200 4,027 GT Remontowa Jun 2012 Chem & Oil 541 45,565 ShinaSB Yard Co. Mar 2012 On Order:- 2 Vessel(s); 10,400 DWT. Chem & Oil 75,000 Daewoo Dec 2013 Executive Offshore On Order:- 6 Vessel(s); 302,825 DWT. AHTS 220 3,000 2,558 GT Colombo Dockyd. Jun 2012 Nat.Shpg.Of S.Arabia On Order:- 1 Vessel(s); 3,000 DWT. Ro-Ro/Cnt 8085 26,000 Hyundai MipoDec 2012 Ezion Holdings Ro-Ro/Cnt 26,000 Hyundai Mipo 2013 Ro-Ro/Cnt 8086 26,000 Hyundai Mipo Mar 2013 Lift Boat 5,097 GT Saigon Shipyard Jan 2012 Ro-Ro/Cnt 8087 26,000 Hyundai Mipo Jun 2013 AHTS H1001 3,500 2,985 GT Saigon Shipyard Feb 2012 Ro-Ro/Cnt 8088 26,000 Hyundai MipoSep 2013 AHTS H1009 3,500 2,985 GT Saigon Shipyard Jul 2012 Ro-Ro/Cnt 26,000 Hyundai Mipo 2014 AHTS H1010 3,500 2,985 GT Saigon Shipyard Dec 2012 On Order:- 6 Vessel(s); 156,000 DWT. On Order:- 4 Vessel(s); 10,500 DWT. Samco Shipholding Ezra Holdings Tanker S556 318,130 Hyundai Samho May 2012 Cable Lay 14,495 GT Unknown Yard Dec 2012 Tanker S557 318,130 Hyundai Samho Aug 2012 On Order:- 1 Vessel(s); DWT. On Order:- 2 Vessel(s); 636,260 DWT. Fast Offshore Zamil Offshore Crew/Fast Sup H98 300 181 GT Sam Aluminium Feb 2012 PSV 1,193 GT Panyu Lingshan S.Y. Feb 2012 On Order:- 1 Vessel(s); 300 DWT. AHTS 131 1,500 2,000 GT Zamil Offshore Apr 2012 Foong Sun Shpg. On Order:- 2 Vessel(s); 1,500 DWT. AHTS KD401 1,500 GT Rizhao Kingda Feb 2012 Singapore On Order:- 1 Vessel(s); DWT. ACS Shipping Hai Soon Diesel AHTS RK044 1,500 1,670 GT Fujian Southeast Feb 2012 Products KJ-08079 3,800 Yangzhou Kejin Jan 2012 On Order:- 1 Vessel(s); 1,500 DWT. On Order:- 1 Vessel(s); 3,800 DWT. Adhart Shipping Hallin Marine PSV 3,600 3,200 GT Colombo Dockyd. Jan 2013 Diving Spt 4,736 GT Drydocks World Sing. Feb 2012 PSV 3,600 3,200 GT Colombo Dockyd. Jan 2013 MSV 5,873 GT Drydocks World Sing. Jul 2012 PSV H1056 3,600 3,200 GT Colombo Dockyd. Jan 2013 On Order:- 2 Vessel(s); DWT. PSV H1057 3,600 3,200 GT Colombo Dockyd. Jan 2013 Jaya Holdings Ltd. On Order:- 4 Vessel(s); 14,400 DWT. AHTS H893B 2,500 2,132 GT Jaya Asiatic Shipyd. May 2012 Assoc. Bulk Carrs. AHTS H892B 1,500 GT Jaya Asiatic Shipyd. May 2012 Cement 20,000 ABG S.Y. 2012 On Order:- 2 Vessel(s); 2,500 DWT. Cement 20,000 ABG S.Y. Jan 2012 Jaya Offshore Pte Cement 20,000 ABG S.Y. 2013 On Order:- 3 Vessel(s); 60,000 DWT. MSV 5K5ROV 2,500 2,735 GT Jaya Asiatic Shipyd. Jan 2012 AHTS 16K0 4,200 3,582 GT Jaya S.B. & Eng Feb 2012 Basic Offshore AHTS 16K1 4,200 3,000 GT Jaya S.B. & Eng Feb 2012 PSV 4,059 3,351 GT Guangzhou HuangpuAug 2013 AHTS 7K0 2,500 2,132 GT Jaya S.B. & Eng Feb 2012 PSV 4,059 3,351 GT Guangzhou Huangpu Oct 2013 AHTS 7K1 2,500 2,132 GT Jaya S.B. & Eng Feb 2012 PSV 4,059 3,351 GT Guangzhou HuangpuDec 2013MSV 6K2ROV 3,000 3,283 GT Jaya Asiatic Shipyd. Mar 2012 PSV 4,059 3,351 GT Guangzhou Huangpu Feb 2014 AHTS 12K2 3,500 2,985 GT Jaya S.B. & Eng Mar 2012 PSV 4,059 3,351 GT Guangzhou HuangpuApr 2014 AHTS 7K2B 2,500 2,132 GT Jaya Asiatic Shipyd. Mar 2012 PSV 4,059 3,351 GT Guangzhou Huangpu Jun 2014 AHTS 8K1B 2,500 2,132 GT Jaya Asiatic Shipyd. Mar 2012 PSV 4,059 3,351 GT Guangzhou HuangpuAug 2014 AHTS 8K2B 2,500 2,132 GT Jaya Asiatic Shipyd. Mar 2012 PSV 4,059 3,351 GT Guangzhou Huangpu Oct 2014 AHTS 881 4,500 3,838 GT Jaya S.B. & Eng Apr 2012 On Order:- 8 Vessel(s); 32,472 DWT. AHTS HT102103 2,000 1,705 GT Guangzhou Hangtong Apr 2012 Berge Bulk AS AHTS 880 4,500 3,838 GT Jaya S.B. & Eng May 2012 AHTS 7K3B 2,500 2,132 GT Jaya Asiatic Shipyd. May 2012 Ore BH416-2 388,133 Bohai Shipbld. Jan 2012 AHTS 12K3 3,500 2,985 GT Jaya S.B. & Eng Jun 2012 Ore BH416-3 388,133 Bohai Shipbld. Apr 2012 AHTS HT102105 2,500 2,132 GT Guangzhou Hangtong Jun 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Ore BH416-4 388,133 Bohai Shipbld. Jun 2012 AHTS 8K4B 2,515 2,744 GT Jaya Asiatic Shipyd. Jul 2012 On Order:- 3 Vessel(s); 1,164,399 DWT. On Order:- 17 Vessel(s); 51,915 DWT. Consolidated Pipe Keppel Smit Towage PSV SH-015 3,500 2,710 GT Jiangsu Sunhoo S.B. Jun 2012 Harbour Tug H021 Keppel Nantong 2012 PSV SH-016 3,500 2,710 GT Jiangsu Sunhoo S.B. Jun 2012 Harbour Tug H023 Keppel Nantong 2012 On Order:- 2 Vessel(s); 7,000 DWT. Harbour Tug H024 Keppel Nantong 2012 Da Sin Shpg. Pte. Harbour Tug H025 Keppel Nantong 2012 Bulk HT082 57,000 Hantong Shipyard 2012 Harbour Tug H029 Keppel Nantong 2012 Bulk HT088 57,000 Hantong Shipyard 2012 On Order:- 5 Vessel(s); DWT.

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 46 1st January 2012 Singapore Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Labroy Marine Pte. Standby/Resc. 1,000 1,052 GT ASL Shipyard Oct 2012 AHTS T210 3,500 2,985 GT Drydocks World Sing. Feb 2013 AHTS 4,000 3,411 GT ASL Guangdong Nov 2012 On Order:- 1 Vessel(s); 3,500 DWT. AHTS 4,000 3,411 GT ASL Guangdong Dec 2012 Standby/Resc. 1,000 1,052 GT ASL Shipyard Dec 2012 Lanpan AHTS 4,000 3,411 GT ASL Guangdong Jan 2013 AHT 1,000 GT Weihai Xinghai Jun 2012 AHTS 4,000 3,411 GT ASL Guangdong Mar 2013 AHT 1,000 GT Weihai Xinghai Aug 2012 AHTS 4,000 3,411 GT ASL Guangdong Apr 2013 AHT 1,000 GT Weihai Xinghai Oct 2012 AHTS 4,000 3,411 GT ASL Guangdong Jun 2013 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 AHT 1,000 GT Weihai Xinghai Dec 2012 AHTS 4,000 3,411 GT ASL Guangdong Aug 2013 On Order:- 4 Vessel(s); DWT. AHTS 4,000 3,411 GT ASL Guangdong Oct 2013 Lewek Shpg Pte On Order:- 11 Vessel(s); 38,000 DWT. PSV 2473/01 5,200 4,027 GT Remontowa Jan 2012 Nordic Maritime PSV 2473/02 5,200 4,027 GT Remontowa Jul 2012 Seis. Survey 127 2,200 1,333 GT Tebma Shipyards Ltd Feb 2012 On Order:- 2 Vessel(s); 10,400 DWT. On Order:- 1 Vessel(s); 2,200 DWT. Marco Polo Marine Norr Systems AHTS H75 1,700 2,181 GT MP Shipyard Mar 2012 Tanker 4,999 Taizhou Sanfu Jun 2012 On Order:- 1 Vessel(s); 1,700 DWT. Tanker 4,999 Taizhou Sanfu Aug 2012 Marco Polo Shipping Tanker 4,999 Taizhou Sanfu Oct 2012 Tanker 4,999 Taizhou Sanfu Dec 2012 AHTS 457 1,600 GT Dubai Shipbuilding Jan 2013 Bulk 64,000 Kouan S.B. 2013 On Order:- 1 Vessel(s); DWT. Bulk 64,000 Kouan S.B. 2013 Marten Singapore On Order:- 6 Vessel(s); 147,996 DWT. AHTS YX3157 3,000 2,558 GT Yuexin S.B. Jun 2012 Nova Shpg & Logist. AHTS YX3158 3,000 2,558 GT Yuexin S.B. Sep 2012 Chip 70,000 Jiangsu Yangzijiang Jan 2013 AHTS 3,000 2,558 GT Yuexin S.B. Dec 2012 Chip MD145 70,000 Nantong Mingde Jan 2013 AHTS 3,000 2,558 GT Yuexin S.B. Mar 2013 Chip 70,000 Jiangsu Yangzijiang Apr 2013 On Order:- 4 Vessel(s); 12,000 DWT. Chip MD146 70,000 Nantong Mingde Apr 2013 Miclyn Express Offsh Chip 70,000 Nantong Mingde Jul 2013 AHTS 2,800 2,388 GT PT Miclyn Shipyard Feb 2012 Chip 70,000 Jiangsu Yangzijiang Jul 2013 AHTS 2,800 2,388 GT PT Miclyn Shipyard Apr 2012 Chip 70,000 Nantong Mingde Oct 2013 Crew Boat 114 236 GT Penguin Shipyard Apr 2012 Chip 70,000 Jiangsu Yangzijiang Oct 2013 Crew Boat 114 236 GT Penguin Shipyard Apr 2012 Chip 70,000 Jiangsu Yangzijiang Jan 2014 Crew Boat 114 236 GT Penguin Shipyard Apr 2012 Chip 70,000 Jiangsu Yangzijiang Apr 2014 Crew Boat 114 236 GT Penguin Shipyard May 2012 On Order:- 10 Vessel(s); 700,000 DWT. AHTS 1,250 1,066 GT PT Miclyn Shipyard Jul 2012 Ocean Tankers Pte On Order:- 7 Vessel(s); 7,306 DWT. Tanker 1202 318,663 Shanghai Waigaoqiao Jan 2012 MSI Chem & Oil 0701 16,500 Liaoning Hongguan Jan 2012 Bulk L0023 82,000 Guangzhou Longxue Jan 2012 Tanker 1203 318,663 Shanghai Waigaoqiao Feb 2012 On Order:- 1 Vessel(s); 82,000 DWT. Tanker 1204 318,663 Shanghai Waigaoqiao May 2012 Tanker H1252 319,000 Shanghai Jiangnan Jul 2012 MT Maritime Mngt. Tanker H1253 319,000 Shanghai Jiangnan Sep 2012 Bulk NB008-1 40,000 Tianjin Xingang May 2013 On Order:- 6 Vessel(s); 1,610,489 DWT. Bulk NB008-2 40,000 Tianjin Xingang Aug 2013 Opus Offshore Bulk NB008-3 40,000 Tianjin Xingang Oct 2013 Bulk NB008-4 40,000 Tianjin Xingang Dec 2013 Drillship Shanghai S.Y. Mar 2014 On Order:- 4 Vessel(s); 160,000 DWT. Drillship Shanghai S.Y. Sep 2014 On Order:- 2 Vessel(s); DWT. Neptune Orient Lines Otto Industrial Container 120,000 10,700 TEU Daewoo 2012 Container 120,000 10,700 TEU Daewoo 2012 Maintenance 2,827 3,914 GT Unknown Yard Jan 2012 Container 4191 120,000 10,000 TEU Daewoo 2012 AHTS JH7008 2,370 2,310 GT Zhongshan Jinhui Jan 2012 Container 4192 120,000 10,000 TEU Daewoo 2012 AHTS 7048 4,500 7,900 GT Batamec S.Y. Mar 2012 Container 4193 120,000 10,000 TEU Daewoo 2012 AHTS 7049 4,500 7,900 GT Batamec S.Y. May 2012 Container 4194 120,000 10,000 TEU Daewoo 2012 AHTS YX3123 2,500 GT Yuexin S.B. May 2012 Container 150,000 14,000 TEU Hyundai Samho 2013 On Order:- 5 Vessel(s); 14,197 DWT. Container 150,000 14,000 TEU Hyundai Samho 2013 Pacific Carriers Container 150,000 14,000 TEU Hyundai Samho 2013 Bulk 1818 110,500 Mitsui SB Jan 2012 Container 150,000 14,000 TEU Hyundai Samho 2013 Bulk TK0114 56,697 Kouan S.B. Jan 2012 Container 150,000 14,000 TEU Hyundai Samho 2013 MPP 1001 25,800 Zhejiang Hongguan Feb 2012 Container 4240 115,000 9,200 TEU Daewoo 2013 MPP 1002 25,800 Zhejiang Hongguan Mar 2012 Container 4241 115,000 9,200 TEU Daewoo 2013 MPP TK0507 27,000 Kouan S.B. May 2012 Container 4242 115,000 9,200 TEU Daewoo 2013 Bulk 1819 110,500 Mitsui SB Jun 2012 Container 4243 115,000 9,200 TEU Daewoo 2013 MPP 27,000 Kouan S.B. Aug 2012 Container 4244 115,000 9,200 TEU Daewoo 2013 On Order:- 7 Vessel(s); 383,297 DWT. Container 4260 115,000 9,200 TEU Daewoo 2013 Container 4261 115,000 9,200 TEU Daewoo 2013 Pacific Crest Container 150,000 14,000 TEU Hyundai Samho 2014 PSV 3,000 2,520 GT Unknown Yard Feb 2012 Container 150,000 14,000 TEU Hyundai Samho 2014 AHTS 1,535 GT Unknown Yard Feb 2012 Container 150,000 14,000 TEU Hyundai Samho 2014 AHT 798 GT Unknown Yard Feb 2012

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Container 150,000 14,000 TEU Hyundai Samho 2014 AHT 798 GT Unknown Yard Feb 2012 Container 150,000 14,000 TEU Hyundai Samho 2014 AHT 942 GT Unknown Yard Mar 2012 Container 4245 115,000 9,200 TEU Daewoo 2014 AHT 682 GT Unknown Yard Mar 2012 Container 4246 115,000 9,200 TEU Daewoo 2014 On Order:- 6 Vessel(s); 3,000 DWT. Container 4247 115,000 9,200 TEU Daewoo 2014 Pacific Int. Lines Container 4248 115,000 9,200 TEU Daewoo 2014 Container 4249 115,000 9,200 TEU Daewoo 2014 Container PBZ06-67 8,150 608 TEU Penglai Bohai Jan 2012 On Order:- 28 Vessel(s); 3,600,000 DWT. MPP MC240-2 24,000 Dalian Shipbuilding Mar 2012 MPP TK0509 27,000 Kouan S.B. Apr 2012 Newcruz Container C6600-4 84,700 6,606 TEU Dalian Shipbuilding Jun 2012 AHTS 4,000 3,411 GT ASL Guangdong Oct 2012 MPP MC240-5 24,000 Dalian Shipbuilding Jun 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 47 1st January 2012 Orderbook by Shipowner Singapore

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

MPP TK0510 27,000 Kouan S.B. Jul 2012 On Order:- 2 Vessel(s); 60,000 DWT. Container C6600-2 84,700 6,606 TEU Dalian Shipbuilding Aug 2012 Seaspec Marine Serv. Container C6600-3 84,700 6,606 TEU Dalian Shipbuilding Aug 2012 MPP MC240-6 24,000 Dalian Shipbuilding Sep 2012 AHTS T210 2,000 1,705 GT DDW Nanindah Feb 2012 MPP 27,000 Kouan S.B. Oct 2012 MSV T203 6,502 GT Drydocks World Sing.May 2012 MPP 27,000 Kouan S.B. Dec 2012 MSV T204 6,502 GT Drydocks World Sing.Aug 2012 Container 84,700 6,606 TEU Dalian Shipbuilding Jan 2013 AHTS T209 2,000 1,705 GT DDW Nanindah Aug 2012 Container 84,700 6,606 TEU Dalian Shipbuilding Mar 2013 On Order:- 4 Vessel(s); 4,000 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Container 39,000 2,800 TEU Hyundai Mipo Mar 2013 Sentinel Marine Container CS4300-1 52,000 4,300 TEU Dalian Shipbuilding Apr 2013 AHTS SK43 1,500 GT Nam Cheong Dock Jun 2012 Container 39,000 2,800 TEU Hyundai MipoMay 2013 AHTS 1,500 GT Nam Cheong Dock Oct 2012 Container CS4300-2 52,000 4,300 TEU Dalian Shipbuilding Jun 2013 AHTS SK62 1,393 1,188 GT Fujian Southeast Oct 2012 Container 39,000 2,800 TEU Hyundai Mipo Jul 2013 On Order:- 3 Vessel(s); 1,393 DWT. Container CS4300-3 52,000 4,300 TEU Dalian Shipbuilding Sep 2013 Container 39,000 2,800 TEU Hyundai MipoSep 2013 Seroja Marine Container CS4300-4 52,000 4,300 TEU Dalian Shipbuilding Dec 2013 AHTS 701 2,200 3,017 GT Pacific Richfield Feb 2012 On Order:- 21 Vessel(s); 975,650 DWT. AHTS 702 2,200 3,017 GT Pacific Richfield Mar 2012 AHTS 766 2,200 GT Pacific Richfield Apr 2012 Pacific Ocean AHTS 703 1,800 1,535 GT Pacific Richfield Apr 2012 AHT 1417 1,500 GT Jingjiang Nanyang Feb 2012 AHTS 768 1,500 1,279 GT Pacific Richfield Apr 2012 AHT 1418 1,500 GT Jingjiang Nanyang Feb 2012 AHTS 761 1,500 GT Pacific Richfield May 2012 AHT 1419 1,500 GT Jingjiang Nanyang Feb 2012 AHTS 767 1,500 1,279 GT Pacific Richfield May 2012 AHT 1420 1,500 GT Jingjiang Nanyang Feb 2012 AHTS 762 1,500 GT Pacific Richfield Jun 2012 AHT 1375 600 GT Jingjiang Nanyang Feb 2012 AHTS 765 1,500 GT Pacific Richfield Jun 2012 AHT 1379 600 GT Jingjiang Nanyang Feb 2012 AHTS 763 1,500 GT Pacific Richfield Jul 2012 AHT 1380 600 GT Jingjiang Nanyang Feb 2012 AHTS 769 1,500 1,279 GT Pacific Richfield Aug 2012 AHT 1381 570 GT Jingjiang Nanyang Feb 2012 On Order:- 11 Vessel(s); 10,700 DWT. AHT 1352 540 GT Jingjiang Nanyang Feb 2012 AHTS 1474 2,500 2,132 GT Jingjiang Nanyang Jun 2012 Singapore Star AHTS 1475 2,500 2,132 GT Jingjiang Nanyang Aug 2012 AHTS HT082006 1,350 1,470 GT Guangzhou Hangtong Jun 2012 On Order:- 11 Vessel(s); 5,000 DWT. On Order:- 1 Vessel(s); 1,350 DWT. Pacific Shipping Sino Noble Holdings MPP MC 240-5 24,000 Dalian Shipbuilding Aug 2012 Bulk 0117634 176,000 New Times S.B. Aug 2013 Bulk 57,000 Tianjin Xingang Oct 2012 Bulk 0117635 176,000 New Times S.B. Sep 2013 MPP MC 240-6 24,000 Dalian Shipbuilding Nov 2012 On Order:- 2 Vessel(s); 352,000 DWT. Bulk 57,000 Tianjin Xingang Dec 2012 Smit Intl Singapore Bulk 57,000 Tianjin Xingang Dec 2012 Harbour Tug H358 Keppel Singmarine 2012 Bulk 57,000 Tianjin Xingang Apr 2013 On Order:- 1 Vessel(s); DWT. Bulk 57,000 Tianjin Xingang Apr 2013 On Order:- 7 Vessel(s); 333,000 DWT. Soon Fong Shipping Pacsari Pte Ltd. Bulk 9100417 57,000 Jinling Shipyard Aug 2012 Bulk 9100418 57,000 Jinling Shipyard Oct 2012 Bulk 87,000 Hudong Zhonghua Oct 2013 On Order:- 2 Vessel(s); 114,000 DWT. Bulk 87,000 Hudong Zhonghua Dec 2013 On Order:- 2 Vessel(s); 174,000 DWT. Stanford Asia Panoil Tankers PSV 619-10 3,800 2,369 GT Fujian Mawei Apr 2012 On Order:- 1 Vessel(s); 3,800 DWT. Products 4,800 Linhai Chengzhou Jun 2012 Products 4,800 Linhai Chengzhou Jul 2012 Stellar Shpmgmt. On Order:- 2 Vessel(s); 9,600 DWT. Chem & Oil 0607 7,439 Nanjing Tianshun Jan 2012 Paradigm Shpg. Pte. On Order:- 1 Vessel(s); 7,439 DWT. Products 1296 6,300 Kodja Bahari Jan 2012 Swiber Holdings Products 1297 6,300 Kodja Bahari Mar 2012 AHTS 3,000 2,558 GT Unknown Yard Jun 2012 On Order:- 2 Vessel(s); 12,600 DWT. AHTS 3,000 2,558 GT Unknown Yard Sep 2012 Posh Maritime On Order:- 2 Vessel(s); 6,000 DWT. Harbour Tug 3114 Yuexin S.B. 2012 Swissco Marine Pte On Order:- 1 Vessel(s); DWT. AHTS 1,500 1,260 GT Panyu Lingshan S.Y. Apr 2012 POSH Semco Utility 700 564 GT Guangzhou Southern Apr 2012 AHTS 5024 3,000 2,558 GT Cheoy Lee S.Y. Jun 2012 AHT 4954 700 951 GT Cheoy Lee S.Y. Feb 2012 AHTS 5025 3,000 2,558 GT Cheoy Lee S.Y. Jun 2012 AHTS 2,278 2,588 GT PaxOcean Zhuhai Mar 2012 On Order:- 4 Vessel(s); 8,200 DWT. AHTS PY1006 2,278 2,588 GT Yuexin S.B. Mar 2012 AHTS 3138 3,200 GT Yuexin S.B. Apr 2012 Teras Offshore AHTS H0057 3,000 2,750 GT Yuexin S.B. Apr 2012 Lift Boat 5,097 GT Saigon Shipyard 2012 AHTS PY1007 2,764 2,750 GT Yuexin S.B. Apr 2012 Lift Boat 0704 5,097 GT Saigon Shipyard 2012 AHTS PY1008 3,000 2,750 GT Yuexin S.B. May 2012 Lift Boat 5,097 GT Saigon Shipyard Apr 2012 AHTS PY1003 2,598 2,588 GT Yuexin S.B. May 2012 AHT 883 GT Jiangsu Sunhoo S.B. May 2012 AHTS PY1009 3,000 2,750 GT Yuexin S.B. Jun 2012 AHT 883 GT CCCC Bomesc Marine Jun 2012 AHTS 2,278 2,588 GT PaxOcean Zhuhai Jun 2012 Lift Boat 5,097 GT Saigon Shipyard Jul 2012 AHTS PY1005 2,278 2,588 GT Yuexin S.B. Jun 2012 On Order:- 6 Vessel(s); DWT. AHTS 3,000 2,750 GT Yuexin S.B. Jul 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 AHTS PY1010 3,000 2,750 GT Yuexin S.B. Jul 2012 TeraSea PSV PX1012 3,200 2,000 GT PaxOcean Zhuhai Nov 2012 AHT 2,000 GT Keihin Shipyard Mar 2013 On Order:- 14 Vessel(s); 33,374 DWT. AHT 2,000 GT Keihin Shipyard Jun 2013 On Order:- 2 Vessel(s); DWT. RKOffshore Mngt AHTS RK-033 3,000 2,558 GT Fujian Southeast Feb 2012 Titan Ocean On Order:- 1 Vessel(s); 3,000 DWT. Products H0015 7,000 Titan Quanzhou SY Jan 2012 Products H0016 7,000 Titan Quanzhou SY Jan 2012 Sea Consortium Products H0017 7,000 Titan Quanzhou SY Jun 2012 Container 30,000 2,000 TEU STX Dalian Apr 2013 Products H0018 7,000 Titan Quanzhou SY Jun 2012 Container 30,000 2,000 TEU STX Dalian Jun 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 48 1st January 2012 Singapore Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Products H0019 7,000 Titan Quanzhou SY Feb 2013 CK Line Co. Products H0020 7,000 Titan Quanzhou SY Feb 2013 Container 4052 13,600 1,060 TEU Hyundai MipoSep 2012 On Order:- 6 Vessel(s); 42,000 DWT. Container 4053 13,600 1,060 TEU Hyundai MipoDec 2012 United Ocean On Order:- 2 Vessel(s); 27,200 DWT. Bulk 1527 82,000 Tsuneishi Zosen Aug 2012 Daelim Corporation Bulk 1528 82,000 Tsuneishi Zosen Jul 2013 Bulk 82,000 Jiangsu Eastern 2012

Bulk 1529 82,000 Tsuneishi Zosen Oct 2013 Bulk 1041 34,000 Weihai Samjin 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 1530 82,000 Tsuneishi Zosen Apr 2014 Bulk 1042 34,000 Weihai Samjin 2012 Bulk 1531 82,000 Tsuneishi Zosen Jul 2014 Bulk 82,000 Jiangsu Eastern 2013 On Order:- 5 Vessel(s); 410,000 DWT. On Order:- 4 Vessel(s); 232,000 DWT. Unknown Singapore Daelim H&L Co. Ltd. Products 7,000 Chongqing Dongfeng 2012 Chem & Oil S5060 50,100 SPP Shipbuilding Aug 2012 Products 4,999 Guangzhou Hangtong 2012 Chem & Oil S5064 50,100 SPP Shipbuilding Jan 2013 Tanker KJ-08106 4,300 Yangzhou Kejin 2012 On Order:- 2 Vessel(s); 100,200 DWT. Tanker KJ-08107 4,300 Yangzhou Kejin 2012 Bulk 80,500 STX Shipbuild. 2012 DK S& Co., Ltd Products 5,600 Guangzhou Hangtong Jan 2012 Misc. Cargo 12,000 Nantong Tongshun 2012 Products 5,600 Guangzhou Hangtong Mar 2012 On Order:- 1 Vessel(s); 12,000 DWT. Products 4,999 Guangzhou Hangtong 2013 Dong-A Tanker Co. Hvy L/Crane 40,604 GT Drydocks World Sing. Jul 2013 Bulk S559 180,000 Hyundai Samho Feb 2012 On Order:- 9 Vessel(s); 117,298 DWT. On Order:- 1 Vessel(s); 180,000 DWT. VM Marine Sg Dusung Shipping Co. AHT H8074 499 GT Wuxi Jiangsu Jan 2012 Bulk 1740 57,336 STX Shipbuild. Mar 2012 AHT H8075 499 GT Wuxi Jiangsu Jan 2012 On Order:- 1 Vessel(s); 57,336 DWT. On Order:- 2 Vessel(s); DWT. Wilmar Holdings Fortune Marine Co. Chem & Oil 6,561 Pha Rung S/yard 2012 Bulk 10C-018 82,000 Jiangsu Eastern Jan 2012 On Order:- 1 Vessel(s); 6,561 DWT. Bulk SAM 10007B 82,000 Sainty SB (Yangzhou) Feb 2012 Bulk SAM 10008B 82,000 Sainty SB (Yangzhou) Feb 2012 Global Marine Finan. Bulk 10C-019 82,000 Jiangsu Eastern Mar 2012 Bulk 1110 179,019 Sungdong S.B. Jan 2012 Bulk 10C-020 82,000 Jiangsu Eastern Jun 2012 Bulk 37,000 STX Dalian Jan 2012 Bulk SAM 10014B 82,000 Sainty SB (Yangzhou) Jun 2012 Bulk 37,000 STX Dalian Apr 2012 Bulk SAM 10015B 82,000 Sainty SB (Yangzhou) Jun 2012 Bulk 82,000 Sungdong S.B. 2013 Bulk 10C-021 82,000 Jiangsu Eastern Sep 2012 Bulk 82,000 Sungdong S.B. 2013 Bulk 10C-022 82,000 Jiangsu Eastern Dec 2012 On Order:- 5 Vessel(s); 417,019 DWT. Bulk J0135 81,500 Jinhai Heavy Ind. Dec 2012 Bulk 36,000 Qingshan Shipyard Aug 2013 Glovis Group Bulk 36,000 Qingshan Shipyard Oct 2013 PCC 2399 21,000 Hyundai H.I. 2012 On Order:- 12 Vessel(s); 891,500 DWT. PCC 2400 21,000 Hyundai H.I. 2012 Bulk 2401 179,000 Hyundai H.I. Jun 2012 Yujin International PCC 21,000 Hyundai Samho Apr 2013 Chem & Oil NHJB503 5,500 Wuhan Nanhua HJ Jan 2012 PCC 21,000 Hyundai Samho Jun 2013 Chem & Oil 5,500 Wuhan Nanhua HJ Apr 2012 On Order:- 5 Vessel(s); 263,000 DWT. On Order:- 2 Vessel(s); 11,000 DWT. Golden Bridge South Africa Bulk 57,000 STX Shipbuild. Jun 2012 Island View Shpg. Bulk 57,000 STX Shipbuild. Sep 2012 Bulk 708 28,050 Imabari S.B. Jan 2012 On Order:- 2 Vessel(s); 114,000 DWT. Bulk 611 32,500 Jiangmen Nanyang Oct 2012 Hanjin Shpg Co. Bulk 612 32,500 Jiangmen Nanyang Jan 2013 On Order:- 3 Vessel(s); 93,050 DWT. Bulk 180,000 Daehan S.B. 2012 Bulk 180,000 Daehan S.B. 2012 South African Govt. Bulk 59,000 SPP Shipbuilding 2012 Oceanograph. 1369 5,020 12,000 GT STX Finnyards Mar 2012 Bulk 35,000 SPP Shipbuilding 2012 On Order:- 1 Vessel(s); 5,020 DWT. Container 55,000 4,700 TEU Samsung H.I. 2012 Transnet Bulk 82,800 Tsuneishi Zosen Mar 2012 Bulk 2381 179,600 Hyundai H.I. Apr 2012 Coastal Tug 200 Southern African 2012 Bulk 0111519 114,536 New Times S.B. Apr 2012 Coastal Tug 200 Southern African 2012 Bulk 0111520 114,536 New Times S.B. Jun 2012 Coastal Tug Southern African 2012 Bulk 82,800 Tsuneishi Zosen Jun 2012 On Order:- 3 Vessel(s); 400 DWT. Bulk 82,800 Tsuneishi Zosen Sep 2012 Unicorn Shipping Bulk 82,800 Tsuneishi Zosen Dec 2012 Chem & Oil SF050212 16,483 Taizhou Sanfu Jan 2012 Container 55,000 4,700 TEU Samsung H.I. 2013 On Order:- 1 Vessel(s); 16,483 DWT. Container 55,000 4,700 TEU Samsung H.I. 2013 On Order:- 14 Vessel(s); 1,358,872 DWT. South Korea HI Investments Cido Shipping Bulk S066 36,000 Hyundai Vinashin Jan 2012 Bulk 6052 59,888 Hyundai Mipo Jan 2012 Bulk S054 82,000 Hyundai Vinashin Mar 2012 Open Hatch 1081 24,000 Yamanishi Zosen Jan 2012 Bulk S055 82,000 Hyundai Vinashin Mar 2012

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 PCC 1067 9,301 Yamanishi Zosen Jan 2012 Bulk HT108 57,000 Hantong Shipyard Mar 2012 PCC 1068 9,301 Yamanishi Zosen May 2012 Bulk S067 36,000 Hyundai Vinashin Mar 2012 Bulk 6053 59,888 Hyundai Mipo Jun 2012 Bulk S056 82,000 Hyundai Vinashin Apr 2012 Bulk 6047 59,888 Hyundai Mipo Jul 2012 Bulk HT109 57,000 Hantong Shipyard May 2012 Bulk 6054 59,888 Hyundai MipoAug 2012 Bulk HT110 57,000 Hantong Shipyard Jul 2012 Bulk 6048 59,888 Hyundai MipoNov 2012 Bulk HT111 57,000 Hantong Shipyard Sep 2012 Bulk SC-176 58,000 Tsuneishi Cebu Apr 2013 Container 62,000 4,500 TEU Hyundai Samho 2013 Bulk SC-174 58,000 Tsuneishi Cebu May 2013 Bulk HT112 57,000 Hantong Shipyard Jan 2013 On Order:- 10 Vessel(s); 458,042 DWT. Container S584 62,000 4,500 TEU Hyundai Samho Jan 2013 Bulk HT113 57,000 Hantong Shipyard Mar 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 49 1st January 2012 Orderbook by Shipowner South Korea

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Container S587 62,000 4,500 TEU Hyundai Samho May 2013 On Order:- 2 Vessel(s); 100,800 DWT. Bulk HT114 57,000 Hantong Shipyard Jun 2013 Seoul Marine Finance Bulk HT115 57,000 Hantong Shipyard Sep 2013 On Order:- 16 Vessel(s); 960,000 DWT. Bulk 82,000 Hyundai Mipo Jul 2012 Bulk 82,000 Hyundai Mipo Oct 2012 HS Line On Order:- 2 Vessel(s); 164,000 DWT. Bulk MD12815000B 115,000 Nantong Mingde Jan 2012 Shipping Land Co.

On Order:- 1 Vessel(s); 115,000 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 2056 57,700 STX Shipbuild. Nov 2012 Hyundai M.M. Bulk 2058 57,700 STX Shipbuild. Dec 2012 Bulk S059 59,800 Hyundai Vinashin Jan 2012 Bulk 1288 57,700 STX Shipbuild. Jan 2013 Bulk S569 180,000 Hyundai Samho Feb 2012 On Order:- 3 Vessel(s); 173,100 DWT. Bulk S060 59,800 Hyundai Vinashin Feb 2012 Shippingbank Co. Container 4272 145,000 13,100 TEU Daewoo 2014 Container 4273 145,000 13,100 TEU Daewoo 2014 Container 512 14,000 1,050 TEU Dae Sun S.B. Apr 2013 Container 4274 145,000 13,100 TEU Daewoo 2014 On Order:- 1 Vessel(s); 14,000 DWT. Container 4275 145,000 13,100 TEU Daewoo 2014 Sinokor Merchant Mar Container 4276 145,000 13,100 TEU Daewoo 2014 Bulk S1159 82,000 Sungdong S.B. Jan 2012 On Order:- 8 Vessel(s); 1,024,600 DWT. On Order:- 1 Vessel(s); 82,000 DWT. Jooway Shpg. SK Shipping Co. Ltd. Bulk C01 58,000 DSME Shandong Apr 2012 Bulk S1146 180,000 Sungdong S.B. Jan 2012 Bulk C02 58,000 DSME Shandong Apr 2012 Bulk 2453 179,185 Hyundai H.I. Jan 2012 On Order:- 2 Vessel(s); 116,000 DWT. Bulk ZH1025 56,970 Zhejiang Zhenghe SB Jan 2012 KMTC Bulk S1147 180,000 Sungdong S.B. Feb 2012 Container 39,000 2,800 TEU Hyundai Mipo 2013 Bulk S1148 180,000 Sungdong S.B. Apr 2012 Container 39,000 2,800 TEU Hyundai Mipo 2013 Bulk 776 180,000 Sasebo H.I. May 2012 On Order:- 2 Vessel(s); 78,000 DWT. Bulk 56,300 I.H.I. Jul 2012 Bulk 777 180,000 Sasebo H.I. Aug 2012 Korea Express Co.Ltd Tanker 2458 319,000 Hyundai H.I. Sep 2012 Hvy Dk Cargo 8003 15,000 11,805 GT Weihai Samjin Jan 2012 Ore 250,000 Hyundai Samho Sep 2012 Hvy Dk Cargo 8004 15,000 11,805 GT Weihai Samjin Mar 2012 Bulk 3306 180,000 I.H.I. Sep 2012 On Order:- 2 Vessel(s); 30,000 DWT. Bulk 180,000 Sasebo H.I. Nov 2012 Korea Line Tanker 320,000 Dalian Shipbuilding Dec 2012 Tanker 2290 319,000 Hyundai H.I. Dec 2012 Bulk 2380 180,000 Hyundai H.I. Jan 2012 Tanker 2459 319,000 Hyundai H.I. Dec 2012 Bulk 747 38,000 Naikai S.B. Mar 2012 Bulk 180,000 Sasebo H.I. Dec 2012 Bulk 135 205,000 Universal S.B. Jun 2012 Tanker 2291 319,000 Hyundai H.I. 2013 Bulk 147 205,000 Universal S.B. Jul 2012 Tanker 2292 319,000 Hyundai H.I. 2013 Tanker 2270 318,000 Hyundai H.I. Jan 2013 L.P.G. 2496 55,000 82,000 cbm Hyundai H.I. Feb 2013 Ore 351 250,000 Namura Shipbuilding Jan 2013 Tanker 320,000 Dalian Shipbuilding Mar 2013 On Order:- 6 Vessel(s); 1,196,000 DWT. Tanker 319,000 Hyundai H.I. Mar 2013 Korea Ship Finance L.P.G. 2515 55,000 82,000 cbm Hyundai H.I. May 2013 Bulk 37,000 Hyundai Mipo 2012 Tanker 319,000 Hyundai H.I. Jun 2013 Bulk 37,000 Hyundai Mipo 2012 Tanker 2293 319,000 Hyundai H.I. 2014 On Order:- 2 Vessel(s); 74,000 DWT. On Order:- 24 Vessel(s); 5,284,455 DWT. KSS Line Ltd. STX Pan Ocean L.P.G. 2274 49,900 78,000 cbm Mitsubishi H.I. Feb 2012 Ore 1702 404,389 STX Shipbuild. Jan 2012 L.P.G. 26,500 35,000 cbm Hyundai Mipo 2013 Bulk 0108201 82,000 New Times S.B. Jan 2012 On Order:- 2 Vessel(s); 76,400 DWT. Bulk 0117623 176,000 New Times S.B. Feb 2012 Bulk 2026 81,000 STX Dalian Feb 2012 Nam Sung Shpg. Co. Bulk 1065 37,150 STX Dalian Mar 2012 Container 28,000 1,850 TEU Hyundai Mipo Feb 2013 PCC 1003 21,500 STX Dalian Mar 2012 Container 28,000 1,850 TEU Hyundai MipoApr 2013 Ore 1703 404,389 STX Shipbuild. Apr 2012 Container 28,000 1,850 TEU Hyundai Mipo Jun 2013 Bulk 0117619 176,000 New Times S.B. Apr 2012 On Order:- 3 Vessel(s); 84,000 DWT. Bulk 0117624 176,000 New Times S.B. Apr 2012 Ocean Rex Bulk 0108202 82,000 New Times S.B. Apr 2012 Bulk 0117620 176,000 New Times S.B. May 2012 M. Sulphur 3,600 Sekwang H.I. 2012 Bulk 2028 81,000 STX Dalian May 2012 M. Sulphur 3,600 Sekwang H.I. 2012 Bulk 1066 37,150 STX Dalian May 2012 On Order:- 2 Vessel(s); 7,200 DWT. Bulk 1070 37,150 STX Dalian May 2012 Samho Tongyoung Bulk 1074 37,150 STX Dalian Jun 2012 Bulk 1227 32,474 Samho Tongyoung Jan 2012 PCC 1004 21,500 STX Dalian Jun 2012 Bulk 1228 32,474 Samho Tongyoung Feb 2012 Open Hatch 57,000 STX Shipbuild. Jul 2012 Bulk 1229 32,474 Samho Tongyoung Apr 2012 Bulk 1075 37,150 STX Dalian Jul 2012 On Order:- 3 Vessel(s); 97,422 DWT. Bulk 0108203 82,000 New Times S.B. Aug 2012 Bulk 0108204 82,000 New Times S.B. Aug 2012 Sammok Shipping Co. Open Hatch 57,000 STX Dalian Aug 2012 Bulk 10-201 82,000 Jiangsu Eastern Jan 2012 Bulk 1076 37,150 STX Dalian Aug 2012 Bulk 10-202 82,000 Jiangsu Eastern Mar 2012 Ore 1704 404,389 STX Shipbuild. Sep 2012 On Order:- 2 Vessel(s); 164,000 DWT. Bulk 1077 37,150 STX Dalian Sep 2012 Open Hatch 57,000 STX Shipbuild. Oct 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Samsun Logix Hellas Bulk 1078 37,150 STX Dalian Oct 2012 Bulk 180,000 Jiangsu Eastern Sep 2012 Open Hatch 57,000 STX Dalian Nov 2012 On Order:- 1 Vessel(s); 180,000 DWT. Ore 1705 404,389 STX Shipbuild. Dec 2012 Samsung C&T Open Hatch 57,000 STX Shipbuild. Jan 2013 FSU(NP) F1003 335,000 STX Dalian Jan 2012 Container 420 23,400 1,740 TEU Guangzhou Wenchong Jan 2013 On Order:- 1 Vessel(s); 335,000 DWT. Ore 1706 404,389 STX Shipbuild. Feb 2013 Open Hatch 57,000 STX Dalian Feb 2013 Sekwang Shipping Co. Bulk 3025 181,000 STX Shipbuild. Mar 2013 Chem & Oil 1401 50,400 STX Shipbuild. Sep 2012 Open Hatch 57,000 STX Shipbuild. Apr 2013 Chem & Oil 1403 50,400 STX Shipbuild. Oct 2012 Container 421 23,400 1,740 TEU Guangzhou Wenchong Apr 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 50 1st January 2012 South Korea Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Ore 1707 404,389 STX Shipbuild. May 2013 Erik Thun AB Open Hatch 57,000 STX Dalian May 2013 Bulk 401 10,500 Ferus Smit Jan 2012 Ore 1708 404,389 STX Shipbuild. Jul 2013 On Order:- 1 Vessel(s); 10,500 DWT. Open Hatch 57,000 STX Shipbuild. Jul 2013 Open Hatch 57,000 STX Dalian Aug 2013 Gotland Rederi AB Tanker 1347 320,000 STX Shipbuild. Oct 2013 Products 39,000 Guangzhou S.Y. Int. 2012 Open Hatch 57,000 STX Shipbuild. Oct 2013 Products 39,000 Guangzhou S.Y. Int. 2013 Open Hatch 57,000 STX Dalian Nov 2013 On Order:- 2 Vessel(s); 78,000 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Open Hatch 57,000 STX Shipbuild. Jan 2014 Nynas Bitumen Tanker 1362 320,000 STX Shipbuild. Feb 2014 Asp.& Bit. JB47001BC 4,700 Wuhan Nanhua HJ Jan 2012 Open Hatch 57,000 STX Dalian Feb 2014 Asp.& Bit. JB47002BC 4,700 Wuhan Nanhua HJ Mar 2012 Open Hatch 57,000 STX Shipbuild. Apr 2014 On Order:- 2 Vessel(s); 9,400 DWT. Open Hatch 57,000 STX Dalian May 2014 Open Hatch 57,000 STX Shipbuild. Jul 2014 Stena Bulk AB Open Hatch 57,000 STX Dalian Aug 2014 Tanker 1924 158,000 Samsung H.I. Mar 2012 Open Hatch 57,000 STX Shipbuild. Oct 2014 Tanker 1925 158,000 Samsung H.I. Jun 2012 Open Hatch 57,000 STX Dalian Nov 2014 Tanker 1926 158,000 Samsung H.I. Oct 2012 On Order:- 52 Vessel(s); 6,372,723 DWT. Tanker 1936 158,000 Samsung H.I. Dec 2012 STX Pan Singapore L.N.G. 85,000 170,000 cbm Daewoo 2014 L.N.G. 85,000 170,000 cbm Daewoo 2014 PSV 761 4,700 3,640 GT STX Soeviknes Oct 2012 On Order:- 6 Vessel(s); 802,000 DWT. PSV 762 4,700 3,640 GT STX Soeviknes Mar 2013 PSV 763 4,700 3,640 GT STX Soeviknes Sep 2013 Stena Drilling Ltd. On Order:- 3 Vessel(s); 14,100 DWT. Drillship 1755 55,000 Samsung H.I. Mar 2012 Sunwoo Merchant On Order:- 1 Vessel(s); 55,000 DWT. Chem & Oil 102 5,741 Dong Bang S.B. Jan 2012 Tarbit Shpg. AB On Order:- 1 Vessel(s); 5,741 DWT. Asp.& Bit. 548 8,962 Kraljevica Jan 2012 TPC Korea On Order:- 1 Vessel(s); 8,962 DWT. Bulk 1033 33,500 Weihai Samjin 2012 Unknown Swedish Bulk 1290 57,700 STX Shipbuild. Nov 2012 Ro-Ro 2,100 Damen Shipyards 2013 Bulk 1306 57,700 STX Shipbuild. Dec 2012 On Order:- 1 Vessel(s); 2,100 DWT. Bulk 1307 57,700 STX Shipbuild. Jan 2013 On Order:- 4 Vessel(s); 206,600 DWT. Ventrafiken AB Pass/Car F. 1,000 GT Hvide Sande Skibs Aug 2012 Unico Logistics On Order:- 1 Vessel(s); DWT. Bulk 506 34,000 Dae Sun S.B. Aug 2012 On Order:- 1 Vessel(s); 34,000 DWT. Wallenius Lines AB PCC 2285 22,100 Mitsubishi H.I. 2012 Unknown Korean PCC 4460 30,000 Daewoo Jan 2012 Bulk 58,000 Weihai Samjin 2012 On Order:- 2 Vessel(s); 52,100 DWT. Bulk 58,000 Weihai Samjin 2013 Bulk 57,000 Hantong Shipyard 2013 Wisby Tankers AB Bulk 57,000 Hantong Shipyard 2014 Chem & Oil JL0014 7,358 Jinglu Shipyard Jan 2012 Bulk 57,000 Hantong Shipyard 2014 Asp.& Bit. 716 15,000 Brod. 3 Maj Feb 2012 Bulk 57,000 Hantong Shipyard 2014 Asp.& Bit. 717 15,000 Brod. 3 Maj Aug 2012 On Order:- 6 Vessel(s); 344,000 DWT. Asp.& Bit. 718 15,000 Brod. 3 Maj Nov 2012 Asp.& Bit. 719 15,000 Brod. 3 Maj Mar 2013 Spain On Order:- 5 Vessel(s); 67,358 DWT. Elcano (Brazil) Switzerland L.P.G. 8,800 7,200 cbm Itajai Shipyard 2012 L.P.G. 8,800 7,200 cbm Itajai Shipyard 2012 Allseas Marine Cont L.P.G. 8,800 7,200 cbm Itajai Shipyard 2012 Pipe Layer 84,000 91,862 GT Daewoo Jan 2013 On Order:- 3 Vessel(s); 26,400 DWT. On Order:- 1 Vessel(s); 84,000 DWT. Naviera Armas Enzian Shipping AG Pass/Car F. 1670 5,000 26,916 GT Barreras S.A. Jan 2012 MPP 18,000 Taizhou Sanfu Jun 2012 Pass/Car F. 1671 5,000 26,916 GT Barreras S.A. May 2012 MPP 18,000 Taizhou Sanfu Sep 2012 On Order:- 2 Vessel(s); 10,000 DWT. On Order:- 2 Vessel(s); 36,000 DWT. W.W. Marpetrol S.A. Geogas Maritime SAS Asp.& Bit. 114 6,000 Geo Marine Eng. & SB Jan 2012 L.P.G. 26,000 35,000 cbm Hyundai Mipo Oct 2013 Asp.& Bit. 115 6,000 Geo Marine Eng. & SB Mar 2012 On Order:- 1 Vessel(s); 26,000 DWT. On Order:- 2 Vessel(s); 12,000 DWT. Navimar(Switzerland) St. Vincent & G. MPP 07-023 9,800 Jiangsu Changbo Jan 2012 Green Offshore On Order:- 1 Vessel(s); 9,800 DWT. AHTS 187 1,123 GT Panyu Lingshan S.Y. Mar 2012 Overseas Maritime (s); DWT. On Order:- 1 Vessel Chem & Oil 06130063 50,352 Guangzhou S.Y. Int. May 2012 Sweden On Order:- 1 Vessel(s); 50,352 DWT. Anglo-Atlantic S.S. SAM S.A. Chem & Oil 323 46,200 Brod. Trogir Jan 2012 Bulk 1506 57,200 STX Shipbuild. Aug 2012

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Chem & Oil 324 46,200 Brod. Trogir May 2012 Bulk 1507 57,200 STX Shipbuild. Dec 2012 On Order:- 2 Vessel(s); 92,400 DWT. Bulk 1510 57,200 STX Shipbuild. Feb 2013 AtoB@C Shipping Bulk 1511 57,200 STX Shipbuild. May 2013 On Order:- 4 Vessel(s); 228,800 DWT. GCargo 4,000 Schps. Bodewes May 2012 GCargo 4,000 Schps. Bodewes Sep 2012 ST Shipping & Trans. On Order:- 2 Vessel(s); 8,000 DWT. Chem & Oil 2163 47,162 Hyundai Mipo Jan 2012 Concordia Maritime Chem & Oil 2185 47,162 Hyundai Mipo Jan 2012 Products 2298 74,435 Hyundai Mipo Feb 2012 Tanker 1923 158,000 Samsung H.I. Jan 2012 On Order:- 3 Vessel(s); 168,759 DWT. On Order:- 1 Vessel(s); 158,000 DWT.

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 51 1st January 2012 Orderbook by Shipowner Switzerland

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Viking Ocean Cruises Hsin Chien Marine Cruise 41,000 GT STX France Cruise Apr 2014 Bulk 180,000 Unknown Yard 2012 Cruise 41,000 GT STX France Cruise Apr 2015 Bulk 56,000 Unknown Yard 2012 On Order:- 2 Vessel(s); DWT. Bulk 35,000 Unknown Yard 2012 Western Petroleum Bulk 179,851 HHIC-Phil. Inc. Jan 2012 Bulk 1467 82,800 Tsuneishi Zosen Jul 2012 Bulk 6107 37,000 Hyundai MipoMay 2012 Bulk 56,000 Unknown Yard 2013 k 6108 37,000 Hyundai Mipo Jul 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bul Bulk 35,000 Unknown Yard 2013 Bulk 6109 37,000 Hyundai MipoNov 2012 On Order:- 7 Vessel(s); 624,651 DWT. Bulk 6110 37,000 Hyundai Mipo Jan 2013 Bulk 6111 37,000 Hyundai Mipo Mar 2013 Shih Wei Navigation Bulk 6112 37,000 Hyundai MipoMay 2013 Bulk 16,000 Usuki Zosensho 2012 On Order:- 6 Vessel(s); 222,000 DWT. GCargo 14,260 Higaki Zosen Feb 2012 Taiwan Bulk 1474 82,800 Tsuneishi Zosen Apr 2012 Bulk 845 31,900 Hakodate Dock May 2012 Chinese Mar. Trans. GCargo 14,260 Higaki Zosen May 2012 Bulk 1173 206,000 Shanghai Waigaoqiao Jan 2012 Bulk 10563 75,600 Oshima S.B. Co. Jun 2012 Bulk 1006 203,028 CSBC Feb 2012 Bulk 847 31,900 Hakodate Dock Jun 2012 Bulk 1219 206,000 Shanghai Waigaoqiao 2013 Open Hatch 1220 37,168 Saiki Hvy. Ind. Sep 2012 On Order:- 3 Vessel(s); 615,028 DWT. Open Hatch 1221 37,168 Saiki Hvy. Ind. Nov 2012 Chinese Petroleum Bulk 16,000 Usuki Zosensho 2013 Open Hatch 37,168 Saiki Hvy. Ind. Feb 2013 Chem & Oil 6,500 Jong Shyn S.B. Jan 2012 Open Hatch 37,168 Saiki Hvy. Ind. May 2013 On Order:- 1 Vessel(s); 6,500 DWT. On Order:- 12 Vessel(s); 431,392 DWT. Evergreen Mar. Corp. Simosa Shipping Container 1980 99,500 8,000 TEU Samsung H.I. Oct 2012 Products 323 105,500 Namura Shipbuilding Jan 2012 Container 1981 99,500 8,000 TEU Samsung H.I. Nov 2012 On Order:- 1 Vessel(s); 105,500 DWT. Container 1982 99,500 8,000 TEU Samsung H.I. Dec 2012 Container 95,000 8,000 TEU CSBC 2013 Sincere Navigation Container 99,500 8,000 TEU Samsung H.I. 2013 Tanker H2402 297,974 Shanghai Jiangnan Jan 2012 Container 95,000 8,000 TEU CSBC 2013 Bulk H1238 176,000 Shanghai Jiangnan Feb 2012 Container 99,500 8,000 TEU Samsung H.I. 2013 On Order:- 2 Vessel(s); 473,974 DWT. Container 95,000 8,000 TEU CSBC 2013 Taiwan Navigation Container 95,000 8,000 TEU CSBC 2013 Container 99,500 8,000 TEU Samsung H.I. 2013 Bulk 019 61,000 Shin Kasado Dock Jan 2012 Container 99,500 8,000 TEU Samsung H.I. 2013 Bulk 036 61,000 Shin Kasado Dock Mar 2012 Container 99,500 8,000 TEU Samsung H.I. 2013 Bulk 745 61,000 Imabari S.B. Mar 2012 Container 1983 99,500 8,000 TEU Samsung H.I. Jan 2013 Bulk 61,000 Imabari S.B. Jun 2012 Container 1984 99,500 8,000 TEU Samsung H.I. Mar 2013 On Order:- 4 Vessel(s); 244,000 DWT. Container 1985 99,500 8,000 TEU Samsung H.I. May 2013 Ta-Tong Marine Co. Container 1986 99,500 8,000 TEU Samsung H.I. Jun 2013 Bulk 1309 116,000 Sanoyas Aug 2012 Container 1988 99,500 8,000 TEU Samsung H.I. Sep 2013 On Order:- 1 Vessel(s); 116,000 DWT. Container 1987 99,500 8,000 TEU Samsung H.I. Oct 2013 Container 1989 99,500 8,000 TEU Samsung H.I. Dec 2013 TMT Co. Ltd. Container 95,000 8,000 TEU CSBC 2014 Bulk S545 84,062 Hyundai Samho 2012 Container 95,000 8,000 TEU CSBC 2014 Tanker 5331 320,105 Daewoo Jan 2012 Container 95,000 8,000 TEU CSBC 2014 Tanker 5328 320,041 Daewoo Jan 2012 Container 99,500 8,000 TEU Samsung H.I. 2014 Ore 2410 263,000 Hyundai H.I. Jan 2012 Container 99,500 8,000 TEU Samsung H.I. 2014 Bulk S542 84,062 Hyundai Samho Jan 2012 Container 99,500 8,000 TEU Samsung H.I. 2014 Bulk S543 84,062 Hyundai Samho Jan 2012 Container 99,500 8,000 TEU Samsung H.I. 2014 Bulk 6074 36,839 Hyundai Mipo Jan 2012 Container 99,500 8,000 TEU Samsung H.I. 2014 PCC S443 32,000 Hyundai Samho Jan 2012 Container 95,000 8,000 TEU CSBC 2014 Drillship 3602 80,000 Daewoo Jan 2012 Container 95,000 8,000 TEU CSBC 2015 Ore 2411 263,000 Hyundai H.I. Mar 2012 Container 95,000 8,000 TEU CSBC 2015 Bulk 82,000 Sungdong S.B. Jun 2012 On Order:- 30 Vessel(s); 2,940,000 DWT. Ore S550 263,000 Hyundai Samho Aug 2012 First S.S. Ore S551 263,000 Hyundai Samho Oct 2012 Bulk 82,000 Sungdong S.B. Dec 2012 Bulk 82,000 Beihai Shipyard Sep 2012 Drillship 58,000 Daewoo Jul 2013 Bulk 82,000 Beihai Shipyard Feb 2013 On Order:- 15 Vessel(s); 2,315,171 DWT. On Order:- 2 Vessel(s); 164,000 DWT. U-Ming Marine Tran. Formosa Plastics Co. Bulk 206,000 Shanghai Waigaoqiao Jan 2012 Products 774 114,500 Sasebo H.I. Jan 2012 Bulk L0038 82,000 Guangzhou Longxue Feb 2012 Chem & Oil 1424 51,150 STX Shipbuild. Jan 2012 Bulk N201 57,000 COSCO Zhoushan Mar 2012 Bulk 136 205,000 Universal S.B. Jan 2012 Bulk 206,000 Shanghai Waigaoqiao Apr 2012 Bulk 137 205,000 Universal S.B. Jan 2012 Bulk L0039 82,000 Guangzhou Longxue May 2012 Bulk BC180-17 180,000 Beihai Shipyard Jan 2012 Bulk N202 57,000 COSCO Zhoushan Aug 2012 Bulk 859 92,500 Jiangsu New YZJ Jan 2012 Bulk 206,000 Shanghai Waigaoqiao 2013 Bulk 860 92,500 Jiangsu New YZJ Jan 2012 Bulk 206,000 Shanghai Waigaoqiao 2013 Bulk 861 92,500 Jiangsu New YZJ Feb 2012 On Order:- 8 Vessel(s); 1,102,000 DWT. Bulk 150 205,000 Universal S.B. Mar 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Tanker 130 298,078 Universal S.B. Jun 2012 Unison Marine Tanker 131 298,078 Universal S.B. Jun 2012 Bulk 1505 37,000 STX Shipbuild. Jan 2012 Bulk 151 205,000 Universal S.B. Jun 2012 Bulk 28,000 Kitanihon Zosen 2013 Tanker 159 298,078 Universal S.B. Feb 2013 Bulk 28,000 Kitanihon Zosen 2013 Bulk 82,000 Beihai Shipyard Sep 2013 On Order:- 3 Vessel(s); 93,000 DWT. Tanker 298,078 Universal S.B. Dec 2013 Unknown Taiwanese Bulk 82,000 Beihai Shipyard Dec 2013 On Order:- 16 Vessel(s); 2,799,462 DWT. Products 324 105,500 Namura Shipbuilding Jan 2012 On Order:- 1 Vessel(s); 105,500 DWT.

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 52 1st January 2012 Taiwan Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Wan Hai Lines Tipco Maritime Co. Container 53,000 4,500 TEU CSBC Mar 2012 Asp.& Bit. 423 8,500 Nokbong S.B. 2012 Container 53,000 4,500 TEU CSBC May 2012 On Order:- 1 Vessel(s); 8,500 DWT. Container 53,000 4,500 TEU CSBC Jul 2012 Tunisia Container 53,000 4,500 TEU CSBC Oct 2012 Container 53,000 4,500 TEU CSBC Dec 2012 COTUNAV Container 53,000 4,500 TEU CSBC Feb 2013 Pass/Car F. 7511 6,100 49,000 GT Daewoo Apr 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Container 977 21,650 1,800 TEU CSBC Jan 2014 On Order:- 1 Vessel(s); 6,100 DWT. Container 978 21,650 1,800 TEU CSBC Mar 2014 Turkey Container 15,000 1,000 TEU CSBC May 2014 Active Shipping Container 15,000 1,000 TEU CSBC Jul 2014 Container 15,000 1,000 TEU CSBC Sep 2014 Bulk S5093 82,000 SPP Shipbuilding Jan 2012 Container 15,000 1,000 TEU CSBC Nov 2014 Bulk S5094 82,000 SPP Shipbuilding Apr 2012 On Order:- 12 Vessel(s); 421,300 DWT. Bulk S5095 82,000 SPP Shipbuilding May 2012 Bulk S5096 82,000 SPP Shipbuilding Jul 2012 Wisdom Marine Lines On Order:- 4 Vessel(s); 328,000 DWT. Bulk 551 28,000 Kitanihon Zosen May 2012 Akar Deniz Tasimac. Bulk 28,050 Imabari S.B. Jul 2012 Bulk 552 28,000 Kitanihon Zosen Aug 2012 Chem & Oil A-04 5,500 Unknown Yard /Turkey Jan 2012 Bulk 1230 37,000 Saiki Hvy. Ind. Sep 2012 On Order:- 1 Vessel(s); 5,500 DWT. Bulk 28,050 Imabari S.B. Sep 2012 Akdeniz Gemi Bulk 775 38,225 Imabari S.B. Oct 2012 MPP 01 9,500 Akdeniz Gemi 2012 Bulk 781 38,225 Imabari S.B. Mar 2013 On Order:- 1 Vessel(s); 9,500 DWT. Bulk 10660 60,500 Oshima S.B. Co. Sep 2013 Bulk 10682 60,400 Oshima S.B. Co. Jun 2014 Akmar Shpg. & Trdg. Bulk 10683 60,400 Oshima S.B. Co. Sep 2014 Bulk 82,000 Sungdong S.B. 2012 On Order:- 10 Vessel(s); 406,850 DWT. Bulk 82,000 Sungdong S.B. 2012 Yang Ming On Order:- 2 Vessel(s); 164,000 DWT. Container 970 79,780 6,589 TEU CSBC Jan 2012 Aksay Denizcilik Container 53,000 4,500 TEU CSBC Jan 2012 Chem & Oil 19,800 Xinle S.B. 2012 Container 53,000 4,500 TEU CSBC Mar 2012 Chem & Oil XL-118 16,500 Xinle S.B. Jan 2012 Container 957 97,000 8,200 TEU CSBC May 2012 Chem & Oil 19,800 Xinle S.B. 2013 Container 53,000 4,500 TEU CSBC Jun 2012 On Order:- 3 Vessel(s); 56,100 DWT. Container 958 97,000 8,200 TEU CSBC Aug 2012 Aktif Denizcilik Container 53,000 4,500 TEU CSBC Aug 2012 Container 959 97,000 8,200 TEU CSBC Oct 2012 Tanker 157,000 Jiangsu Rongsheng Jan 2013 Container 53,000 4,500 TEU CSBC Oct 2012 Tanker 157,000 Jiangsu Rongsheng Apr 2013 Container 53,000 4,500 TEU CSBC Nov 2012 Tanker 157,000 Jiangsu Rongsheng Jul 2013 Container 960 97,000 8,200 TEU CSBC Dec 2012 Tanker 157,000 Jiangsu Rongsheng Oct 2013 Container 53,000 4,500 TEU CSBC Jan 2013 On Order:- 4 Vessel(s); 628,000 DWT. Container 961 97,000 8,200 TEU CSBC Mar 2013 Anadolu Kim. Tanker. On Order:- 13 Vessel(s); 935,780 DWT. Chem & Oil 221 6,000 Anadolu Shipyard 2012 Tanzania Chem & Oil 217 7,600 Anadolu Shipyard Jan 2012 Chinese-Tanzanian On Order:- 2 Vessel(s); 13,600 DWT. Bulk 2007-36 34,000 Huigang S/yard Sep 2012 ARKAS Line On Order:- 1 Vessel(s); 34,000 DWT. Container 40,000 2,900 TEU STX Dalian 2013 Thailand Container 40,000 2,900 TEU STX Dalian 2013 On Order:- 2 Vessel(s); 80,000 DWT. Precious Shpg. Ltd. Bulk 333 33,857 ABG S.Y. 2012 Aruna Shipping Bulk 334 33,857 ABG S.Y. 2012 Bulk 6143 56,000 Hyundai MipoAug 2012 Bulk 335 33,857 ABG S.Y. 2012 Bulk 6144 56,000 Hyundai MipoNov 2012 Bulk SF060110 57,000 Taizhou Sanfu Jan 2012 Bulk 6145 56,000 Hyundai Mipo Mar 2013 Bulk 315 54,000 ABG S.Y. Jan 2012 On Order:- 3 Vessel(s); 168,000 DWT. Bulk GY807 57,000 Yangzhou Guoyu Mar 2012 Atlantik Denizcilik Bulk GY808 57,000 Yangzhou GuoyuMay 2012 Chem & Oil 008 9,400 TVK Shipyard Jan 2012 Bulk 316 54,000 ABG S.Y. May 2012 On Order:- 1 Vessel(s); 9,400 DWT. Bulk GY809 57,000 Yangzhou Guoyu Jun 2012 Bulk GY810 57,000 Yangzhou GuoyuAug 2012 Bayraktar Denizcilik Bulk 347 54,000 ABG S.Y. Sep 2012 Bulk S5068 58,450 SPP Shipbuilding Jan 2012 Bulk 336 33,857 ABG S.Y. 2013 On Order:- 1 Vessel(s); 58,450 DWT. Bulk 337 33,857 ABG S.Y. 2013 Bulk 338 33,857 ABG S.Y. 2013 Beks Shipmngt. Bulk 339 33,857 ABG S.Y. 2013 Bulk 2107 57,660 STX Dalian Jan 2012 Bulk 340 33,857 ABG S.Y. 2013 Bulk 2108 57,660 STX Dalian Mar 2012 Bulk 342 33,857 ABG S.Y. 2013 Bulk H1072 81,557 SPP Shipbuilding May 2012 Bulk 348 54,000 ABG S.Y. Feb 2013 Bulk 1059 57,660 STX Dalian 2013 Bulk 349 54,000 ABG S.Y. May 2013 Bulk 2027 57,660 STX Dalian 2013 On Order:- 19 Vessel(s); 859,713 DWT. Bulk 2029 57,660 STX Dalian 2013 On Order:- 6 Vessel(s); 369,857 DWT. Regional Cont. Lines Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Container 521 12,400 958 TEU Dae Sun S.B. 2012 Ciner Denizcilik Container 522 12,400 958 TEU Dae Sun S.B. 2012 Bulk H4069 35,000 SPP Shipbuilding 2012 On Order:- 2 Vessel(s); 24,800 DWT. Bulk H4070 35,000 SPP Shipbuilding 2012 Bulk 6067 82,000 Hyundai Mipo Mar 2012 Thoresen Thai Agen. Bulk 6068 82,000 Hyundai Mipo Jun 2012 Bulk HR53-HL15 53,538 Ha Long Shipyd. Feb 2012 Bulk DY4019 63,500 Dayang S.B. Aug 2012 Bulk HR53-HL16 53,538 Ha Long Shipyd. Jun 2012 Bulk DY4024 63,500 Dayang S.B. Nov 2012 Bulk HR53-HL17 53,538 Ha Long Shipyd. 2013 Bulk H4072 35,000 SPP Shipbuilding 2013 On Order:- 3 Vessel(s); 160,614 DWT. Bulk H4073 35,000 SPP Shipbuilding 2013 Bulk DY4025 63,500 Dayang S.B. Jan 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 53 1st January 2012 Orderbook by Shipowner Turkey

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Bulk DY4026 63,500 Dayang S.B. Jan 2013 Bulk S048 56,000 Hyundai Vinashin May 2012 Tanker 516-3 158,400 Bohai Shipbld. Feb 2014 Bulk S051 56,000 Hyundai Vinashin Jun 2012 Tanker 516-4 158,400 Bohai Shipbld. May 2014 Bulk S052 56,000 Hyundai Vinashin Jun 2012 On Order:- 12 Vessel(s); 874,800 DWT. Bulk S053 56,000 Hyundai Vinashin Jul 2012 Denak Depoculuk Bulk S049 56,000 Hyundai Vinashin Nov 2012 Bulk S050 56,000 Hyundai Vinashin Apr 2013 Bulk 2068 80,459 STX Shipbuild. 2012 On Order:- 13 Vessel(s); 998,447 DWT.

On Order:- 1 Vessel(s); 80,459 DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Gungen Denizcilik Deniz Endustrisi Tanker 2428 150,545 Hyundai H.I. Mar 2012 Bulk 49 24,968 Cicek Shipyard Mar 2012 On Order:- 1 Vessel(s); 150,545 DWT. On Order:- 1 Vessel(s); 24,968 DWT. Icdas Celik Enerji Densa Shipping Chem & Oil 15 6,400 Icdas Shipyard Jan 2012 Bulk 2494 180,000 Hyundai H.I. 2012 Chem & Oil 16 6,400 Icdas Shipyard Mar 2012 Tanker 2476 159,000 Hyundai H.I. Mar 2012 Chem & Oil 17 6,400 Icdas Shipyard May 2012 Bulk 1738 57,631 STX Shipbuild. Mar 2012 Chem & Oil 18 6,400 Icdas Shipyard Jul 2012 Tanker 2477 159,000 Hyundai H.I. Jun 2012 On Order:- 4 Vessel(s); 25,600 DWT. Bulk 1739 57,631 STX Shipbuild. Jun 2012 Bulk 82,000 STX Shipbuild. Nov 2012 Ince Denizcilik Bulk 82,000 STX Shipbuild. Feb 2013 Bulk 312 61,000 Iwagi Zosen Jan 2012 On Order:- 7 Vessel(s); 777,262 DWT. On Order:- 1 Vessel(s); 61,000 DWT. Densan Deniz Kaptanoglu Shpg. Grp Bulk 087 58,000 Nantong Cosco KHI Jan 2012 Chem & Oil 26 6,480 Desan Deniz Jul 2012 Bulk 088 58,000 Nantong Cosco KHI Feb 2012 On Order:- 1 Vessel(s); 6,480 DWT. Bulk DY147 58,000 Dayang S.B. Oct 2012 Kasif Kalkavan Group Bulk DY148 58,000 Dayang S.B. Nov 2012 On Order:- 4 Vessel(s); 232,000 DWT. Container 156 26,811 1,878 TEU Sedef Gemi End. Jan 2012 Container 157 26,811 1,878 TEU Sedef Gemi End. Jan 2012 Densay Shpg & T'dg On Order:- 2 Vessel(s); 53,622 DWT. Bulk 57,000 Jinling Shipyard 2012 KGS Denizcilik Bulk 57,000 Jinling Shipyard 2012 On Order:- 2 Vessel(s); 114,000 DWT. Chem & Oil 87 5,600 Celiktekne Jan 2012 Chem & Oil 88 5,600 Celiktekne Mar 2012 Den-Ta Denizcilik On Order:- 2 Vessel(s); 11,200 DWT. Chem & Oil 001 6,400 Unknown Yard /Turkey 2012 Korfez Denizcilik On Order:- 1 Vessel(s); 6,400 DWT. Bulk 2080 81,000 STX Shipbuild. Sep 2012 Dunya Denizcilik On Order:- 1 Vessel(s); 81,000 DWT. Chem & Oil 2176 51,551 Hyundai Mipo 2012 Manta Denizcilik Chem & Oil 2177 51,551 Hyundai Mipo 2012 Products S5045 112,793 SPP Shipbuilding Aug 2012 Bulk 1176 82,000 Sungdong S.B. Feb 2012 On Order:- 1 Vessel(s); 82,000 DWT. On Order:- 3 Vessel(s); 215,895 DWT. Duzgit Shipholding Mardeniz Shpg. Mngt. Chem & Oil 05 15,985 Duzgit Shipyard 2012 Bulk 1479 82,800 Tsuneishi Zosen Feb 2012 Chem & Oil 06 8,300 Duzgit Shipyard 2012 Bulk SC-141 58,000 Tsuneishi Cebu Feb 2012 On Order:- 2 Vessel(s); 24,285 DWT. Bulk 1480 82,800 Tsuneishi Zosen Apr 2012 Bulk SC-142 58,000 Tsuneishi Cebu May 2012 Er Denizcilik Bulk SC-143 58,000 Tsuneishi Cebu Nov 2012 Bulk N341 57,000 COSCO Guangdong Mar 2012 Bulk 1494 82,800 Tsuneishi Zosen Jun 2013 Bulk N342 57,000 COSCO Guangdong Sep 2012 On Order:- 6 Vessel(s); 422,400 DWT. On Order:- 2 Vessel(s); 114,000 DWT. Med Marine Eregli Denizcilik Chem & Oil 10 25,000 Eregli Shipyard 2012 Bulk 030 175,609 HHIC-Phil. Inc. Jan 2012 Chem & Oil 09 8,280 Eregli Shipyard Jan 2012 On Order:- 1 Vessel(s); 175,609 DWT. Chem & Oil 30 8,280 Eregli Shipyard Jan 2012 FORS Denizcilik Chem & Oil 20 8,280 Eregli Shipyard Mar 2012 On Order:- 4 Vessel(s); 49,840 DWT. Chem & Oil 75 9,000 Celiktekne Jan 2012 Chem & Oil 76 9,000 Celiktekne Mar 2012 MRC Shipping Chem & Oil 77 9,000 Celiktekne May 2012 Chem & Oil 17 12,000 Aykin Deniz. Jan 2012 Chem & Oil 78 9,000 Celiktekne Jul 2012 Chem & Oil 63 6,138 Torlak Shipyard Jan 2012 Chem & Oil 79 9,000 Celiktekne Sep 2012 Chem & Oil 18 12,000 Aykin Deniz. Aug 2012 Chem & Oil 80 9,000 Celiktekne Nov 2012 On Order:- 3 Vessel(s); 30,138 DWT. Chem & Oil 81 9,000 Celiktekne Jan 2013 Principal Maritime Chem & Oil 82 9,000 Celiktekne Mar 2013 Tanker 1957 158,000 Samsung H.I. Feb 2012 Chem & Oil 83 9,000 Celiktekne May 2013 Chem & Oil 84 9,000 Celiktekne Jul 2013 Tanker 1958 158,000 Samsung H.I. May 2012 Chem & Oil 85 9,000 Celiktekne Sep 2013 On Order:- 2 Vessel(s); 316,000 DWT. Chem & Oil 86 9,000 Celiktekne Nov 2013 Selay Deniz. Sanayi On Order:- 12 Vessel(s); 108,000 DWT. Chem & Oil 128 3,000 Selay Shipyard 2012 Galata Denizcilik Chem & Oil 129 3,000 Selay Shipyard 2012 Chem & Oil 19 25,000 Admarin Shipyard Jan 2012 Chem & Oil 130 3,000 Selay Shipyard 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 On Order:- 1 Vessel(s); 25,000 DWT. Chem & Oil 131 3,000 Selay Shipyard 2012 Chem & Oil 118 6,250 Selay Shipyard Jan 2012 Geden Line Chem & Oil 119 6,250 Selay Shipyard Mar 2012 Tanker H1023 156,644 Jiangsu Rongsheng 2012 Chem & Oil 120 6,250 Selay Shipyard May 2012 Tanker H1081 156,644 Jiangsu Rongsheng 2012 Chem & Oil 121 6,250 Selay Shipyard Jul 2012 Tanker 1902 115,873 Samsung H.I. Jan 2012 Chem & Oil 122 6,250 Selay Shipyard Sep 2012 Products H1044 74,158 SPP Shipbuilding Feb 2012 Chem & Oil 123 6,250 Selay Shipyard Nov 2012 Bulk S046 56,000 Hyundai Vinashin Feb 2012 On Order:- 10 Vessel(s); 49,500 DWT. Chem & Oil 2241 47,128 Hyundai Mipo Mar 2012 Bulk S047 56,000 Hyundai Vinashin Mar 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 54 1st January 2012 Turkey Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Tanmarin Denizcilik On Order:- 1 Vessel(s); 140 DWT. Chem & Oil 090 4,900 Ustaoglu Shipyard Jan 2012 Dragon Oil Chem & Oil 4,900 Ustaoglu Shipyard Apr 2012 PSV 3,500 2,710 GT Astrakhan Aug 2012 On Order:- 2 Vessel(s); 9,800 DWT. On Order:- 1 Vessel(s); 3,500 DWT. TUBITAK Emarat Maritime LLC Oceanograph. 2,421 GT Unknown Yard Dec 2012 Bulk 038 175,000 HHIC-Phil. Inc. 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 On Order:- 1 Vessel(s); DWT. Bulk 039 175,000 HHIC-Phil. Inc. 2012 Ulusoy Denizyollari Bulk 10544 60,500 Oshima S.B. Co. Jan 2012 Ro-Ro 753 13,250 Flensburger S.B Oct 2012 Bulk 10543 60,500 Oshima S.B. Co. Jul 2012 Ro-Ro 754 13,250 Flensburger S.B Jan 2013 Bulk 10593 120,950 Oshima S.B. Co. Aug 2012 Ro-Ro 755 13,250 Flensburger S.B Apr 2013 Bulk 10579 60,500 Oshima S.B. Co. Dec 2012 On Order:- 3 Vessel(s); 39,750 DWT. Bulk 10638 119,500 Oshima S.B. Co. Jun 2013 Bulk 10639 119,500 Oshima S.B. Co. Dec 2013 Unknown Turkish Tanker 045 300,000 HHIC-Phil. Inc. 2014 Chem & Oil 09 7,064 Soli Shipyard 2012 Tanker 046 300,000 HHIC-Phil. Inc. 2014 On Order:- 1 Vessel(s); 7,064 DWT. On Order:- 10 Vessel(s); 1,491,450 DWT. Volum Denizcilik Emirates Trading Container 034 10,600 917 TEU UM Deniz Shipyard 2012 Bulk 1422 81,000 STX Shipbuild. 2012 Container 035 10,600 917 TEU UM Deniz Shipyard 2012 Bulk 1439 81,000 STX Shipbuild. 2012 On Order:- 2 Vessel(s); 21,200 DWT. Bulk 3305 56,300 I.H.I. May 2012 Yardimci Shpg. Group Bulk 1308 83,000 Sanoyas Dec 2012 On Order:- 4 Vessel(s); 301,300 DWT. Chem & Oil 68 13,500 Yardimci Deniz 2012 Chem & Oil 2052 11,259 Dearsan Shipyd. 2012 Govt. of UAE Chem & Oil 59 16,745 Turkter-Tersane Jan 2012 Supply 431 1,800 1,700 GT Dubai Shipbuilding Jun 2012 Chem & Oil 2061 11,259 Dearsan Shipyd. Jan 2012 Supply 430 1,800 1,700 GT Dubai Shipbuilding Jul 2012 Chem & Oil 77 4,999 Yardimci Deniz Jan 2012 On Order:- 2 Vessel(s); 3,600 DWT. Container 55 12,500 1,000 TEU Yardimci Deniz Apr 2012 Gulf Energy Maritime Container 56 12,500 1,000 TEU Yardimci Deniz Apr 2012 On Order:- 7 Vessel(s); 82,762 DWT. Products 1848 114,700 Samsung H.I. Oct 2012 Products 1849 114,700 Samsung H.I. Jan 2013 Yasa Shpg. Industry On Order:- 2 Vessel(s); 229,400 DWT. Bulk 041 180,000 HHIC-Phil. Inc. 2012 Gulf Navigation Bulk 042 180,000 HHIC-Phil. Inc. 2012 Bulk 043 180,000 HHIC-Phil. Inc. 2012 Tanker 320,000 Jinhai Heavy Ind. 2013 Bulk 044 180,000 HHIC-Phil. Inc. 2012 Tanker 320,000 Jinhai Heavy Ind. 2014 Bulk 040 180,000 HHIC-Phil. Inc. Jan 2012 On Order:- 2 Vessel(s); 640,000 DWT. Bulk S5097 82,000 SPP Shipbuilding Jan 2012 Gulmar Offshore ME Bulk 1771 56,000 Mitsui SB Jan 2012 MSV 1199 7,000 7,500 GT Sekwang H.I. Jan 2012 Bulk 1772 56,000 Mitsui SB Jan 2012 MSV 1200 7,000 7,500 GT Sekwang H.I. Jan 2012 Bulk 82,000 SPP Shipbuilding Apr 2012 On Order:- 2 Vessel(s); 14,000 DWT. Tanker 1802 158,475 Samsung H.I. Jun 2012 Tanker 1803 158,475 Samsung H.I. Jun 2012 Halul Offshore Tanker 1835 115,000 Samsung H.I. Jun 2012 Diving Spt 5,388 GT ABG S.Y. 2012 Bulk 1304 83,000 Sanoyas Jun 2012 Standby/Resc. 340 564 GT Jingjiang Nanyang Feb 2012 Tanker 1836 115,000 Samsung H.I. Dec 2012 Standby/Resc. 340 564 GT Jingjiang Nanyang Feb 2012 On Order:- 14 Vessel(s); 1,805,950 DWT. Standby/Resc. 340 564 GT Jingjiang Nanyang Feb 2012 Yildirim Group Standby/Resc. 340 564 GT Jingjiang Nanyang Feb 2012 AHTS POET 1406 1,480 2,575 GT Jingjiang Nanyang Apr 2012 Chem & Oil 080 12,500 Marmara Tersanesi May 2012 AHTS 1,650 1,407 GT Grandweld Sep 2012 Chem & Oil 081 12,500 Marmara Tersanesi Oct 2012 AHTS 390 1,650 1,407 GT Grandweld Oct 2012 On Order:- 2 Vessel(s); 25,000 DWT. On Order:- 8 Vessel(s); 6,140 DWT. Yilmar Shipping Inter Gulf Marine GCargo 11,000 Marmara Tersanesi Mar 2013 Utility 079 360 GT Grandweld Jun 2012 Chem & Oil 8,500 Marmara Tersanesi May 2013 Utility 080 360 GT Grandweld Jul 2012 GCargo 11,000 Marmara Tersanesi May 2013 On Order:- 2 Vessel(s); DWT. Chem & Oil 12,700 Marmara Tersanesi Jun 2013 Chem & Oil 8,500 Marmara Tersanesi Oct 2013 Lamnalco Ltd. On Order:- 5 Vessel(s); 51,700 DWT. Escort Tug Song Cam S/yard 2012 YSG Shipmanagement Escort Tug Song Cam S/yard 2012 On Order:- 2 Vessel(s); DWT. Container 393 35,000 2,758 TEU Guangzhou Wenchong Jul 2012 Container 394 35,000 2,758 TEU Guangzhou Wenchong Sep 2012 Mubarak Marine LLC Container 398 35,000 2,758 TEU Guangzhou Wenchong Aug 2013 AHTS 451 1,600 1,272 GT Dubai Shipbuilding Jun 2012 On Order:- 3 Vessel(s); 105,000 DWT. On Order:- 1 Vessel(s); 1,600 DWT. Turkmenistan NPCC Unknown Turkmenistan Hvy L/Crane 2,000 1,938 GT Zhenhua Jiangyin Jun 2013 Chem & Oil 4,450 Reval Shipbuilding 2012 On Order:- 1 Vessel(s); 2,000 DWT. On Order:- 1 Vessel(s); 4,450 DWT. P&O Maritime Serv. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 U.A.E. Harbour Tug YX3150 Yuexin S.B. 2012 Abu Dhabi National O Harbour Tug YX3151 Yuexin S.B. 2012 On Order:- 2 Vessel(s); DWT. Escort Tug 401 Balenciaga S.A. 2012 Escort Tug 402 Balenciaga S.A. 2012 Polarcus DMCC Escort Tug 403 Balenciaga S.A. 2012 Seis. Survey 292 4,450 7,894 GT Ulstein Verft Jun 2012 Escort Tug 404 Balenciaga S.A. 2012 Seis. Survey 293 4,450 7,894 GT Ulstein Verft Jun 2012 On Order:- 4 Vessel(s); DWT. On Order:- 2 Vessel(s); 8,900 DWT. Asia Faran Seaways Intl Crew Boat H077/10 140 237 GT Grandweld Jan 2012 AHTS 351 1,500 1,279 GT Keppel FELS Jun 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 55 1st January 2012 Orderbook by Shipowner U.A.E.

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

On Order:- 1 Vessel(s); 1,500 DWT. North Star Shipping Stanford Marine Standby/Resc. 442 690 1,330 GT Balenciaga S.A. Jan 2012 AHTS 1,350 1,393 GT Unknown Yard May 2012 Standby/Resc. 443 690 1,330 GT Balenciaga S.A. Mar 2012 PSV 1,350 1,387 GT Fujian Mawei Jun 2012 Standby/Resc. 444 690 1,330 GT Balenciaga S.A. Jun 2012 On Order:- 2 Vessel(s); 2,700 DWT. Standby/Resc. 445 450 1,330 GT Balenciaga S.A. Sep 2012 On Order:- 4 Vessel(s); 2,520 DWT. Topaz Mar

Ocean Agencies Ltd. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 AHTS H121 3,000 2,558 GT Unknown Yard Mar 2012 AHTS H122 3,000 2,558 GT Unknown Yard Mar 2012 Bulk 63,000 Dayang S.B. Apr 2012 On Order:- 2 Vessel(s); 6,000 DWT. Bulk 63,000 Dayang S.B. Jun 2012 Bulk 63,000 Dayang S.B. Sep 2012 Ukraine Bulk 63,000 Dayang S.B. Dec 2012 Chernomortekhflot On Order:- 4 Vessel(s); 252,000 DWT. CS/BW Dredg 1,200 Sevastopol Shipyard Jan 2012 P&O Cruises Ltd. On Order:- 1 Vessel(s); 1,200 DWT. Cruise 6231 141,000 GT Fincantieri Mar 2015 Ukrrichflot Shpg. Co On Order:- 1 Vessel(s); DWT. GCargo 9130 6,355 Wadan Yards Okean Jan 2012 P&O Ferries Ltd. GCargo 9131 6,355 Wadan Yards Okean Mar 2012 Pass/Car F. 1368 9,500 49,000 GT STX Finnyards Jan 2012 GCargo 9132 6,355 Wadan Yards Okean May 2012 On Order:- 1 Vessel(s); 9,500 DWT. On Order:- 3 Vessel(s); 19,065 DWT. Petredec S.A.M. United Kingdom L.P.G. 2489 52,000 82,000 cbm Hyundai H.I. Dec 2012 Anglo-Swiss L.P.G. 2490 52,000 82,000 cbm Hyundai H.I. Mar 2013 Bulk H1063 82,000 SPP Shipbuilding Mar 2012 L.P.G. 2501 52,000 82,000 cbm Hyundai H.I. May 2013 Bulk H1065 82,000 SPP Shipbuilding Dec 2012 On Order:- 3 Vessel(s); 156,000 DWT. On Order:- 2 Vessel(s); 164,000 DWT. Rix Shipping Ltd. Bank of Scotland Bunkering 166 1,305 J. R. Hepworth Jan 2012 Bulk 034 34,569 Shanhaiguan S/Y Jan 2012 On Order:- 1 Vessel(s); 1,305 DWT. On Order:- 1 Vessel(s); 34,569 DWT. Sea Shipping Holdg. Bibby Line MPP PBZ07-89 9,600 Penglai Bohai Jan 2012 Bulk 57,000 Jinling Shipyard Jan 2012 MPP PBZ07-90 9,600 Penglai Bohai Feb 2012 On Order:- 1 Vessel(s); 57,000 DWT. MPP PBZ07-91 9,600 Penglai Bohai May 2012 Carisbrooke Shipping MPP PBZ07-92 9,600 Penglai Bohai Aug 2012 On Order:- 4 Vessel(s); 38,400 DWT. MPP 2010-931 8,500 Jiangsu Yangzijiang Jan 2012 MPP 8,500 Jiangsu Yangzijiang Mar 2012 Sealion Shipping MPP 8,500 Jiangsu Yangzijiang May 2012 AHTS 173 3,600 3,000 GT Wuchang S.B. Jan 2012 MPP 8,500 Jiangsu Yangzijiang Jul 2012 PSV 367 4,000 4,100 GT ABG S.Y. Apr 2012 On Order:- 4 Vessel(s); 34,000 DWT. AHTS 172 3,600 3,000 GT Wuchang S.B. Apr 2012 Dolphin Drilling Ltd AHTS 171 3,600 3,000 GT Wuchang S.B. Jun 2012 PSV 369 4,000 4,100 GT ABG S.Y. Oct 2012 Drillship 2546 Hyundai H.I. Oct 2013 On Order:- 5 Vessel(s); 18,800 DWT. On Order:- 1 Vessel(s); DWT. Serco Denholm Graig Ship Mngt. AHTS 011 500 GT Adyard Mar 2012 Bulk 35,000 Jiangdong Shipyard Feb 2012 AHTS 10 500 GT Adyard Mar 2012 Bulk 35,000 Jiangdong Shipyard Jun 2012 On Order:- 2 Vessel(s); DWT. Container 28,000 2,083 TEU Jinhai Heavy Ind. Aug 2013 Container 28,000 2,083 TEU Jinhai Heavy Ind. Oct 2013 Shetland Towage Ltd Container 28,000 2,083 TEU Jinhai Heavy Ind. Dec 2013 Other Tug 471 185 Union Naval 2012 On Order:- 5 Vessel(s); 154,000 DWT. Other Tug 472 185 Union Naval 2012 Marine Capital Ltd. On Order:- 2 Vessel(s); 370 DWT. Bulk 0004 37,000 Huatai Hvy. Ind. Feb 2012 Subsea 7 Bulk 0005 37,000 Huatai Hvy. Ind. Mar 2012 Cable Lay 11,889 GT IHC Merwede Aug 2014 Bulk 0006 37,000 Huatai Hvy. Ind. Apr 2012 On Order:- 1 Vessel(s); DWT. Bulk 0007 37,000 Huatai Hvy. Ind. Aug 2012 Technip Offshore UK Bulk 0008 37,000 Huatai Hvy. Ind. Jan 2013 On Order:- 5 Vessel(s); 185,000 DWT. Pipe Layer 6001 11,000 25,000 GT STX Dalian Jan 2012 On Order:- 1 Vessel(s); 11,000 DWT. Marine Cross Union Transport Plc Chem & Oil 74,500 STX Shipbuild. Jul 2012 Chem & Oil 74,500 STX Shipbuild. Sep 2012 GCargo 9380 2,500 Damen Shipyards Jan 2012 Chem & Oil 74,500 STX Shipbuild. Nov 2012 On Order:- 1 Vessel(s); 2,500 DWT. Chem & Oil 74,500 STX Shipbuild. Jan 2013 United States Chem & Oil 74,500 STX Shipbuild. Mar 2013 ACP Chem & Oil 74,500 STX Shipbuild. May 2013 On Order:- 6 Vessel(s); 447,000 DWT. B/D/G Dredger IHC Beaver Dredgers Apr 2012 On Order:- 1 Vessel(s); DWT. NOC ADM Shipping Oceanograph. 5,866 GT Const. Freire Jun 2013 Bulk 95,000 Oshima S.B. Co. 2013

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 On Order:- 1 Vessel(s); DWT. Bulk 95,000 Oshima S.B. Co. 2013 Norstar Group Bulk 95,000 Oshima S.B. Co. 2013 Asp.& Bit. 111 6,603 Geo Marine Eng. & SB Jan 2012 On Order:- 3 Vessel(s); 285,000 DWT. Bunkering 6,190 Rongcheng Shenfei Jan 2012 Aida Cruises Ltd. Bunkering 6,190 Rongcheng Shenfei Mar 2012 Bunkering 6,190 Rongcheng Shenfei May 2012 Cruise 690 7,000 71,000 GT Meyer Werft May 2012 Bunkering 6,190 Rongcheng Shenfei Jul 2012 Cruise 695 7,000 71,000 GT Meyer Werft May 2013 Bunkering 6,190 Rongcheng Shenfei Sep 2012 Cruise 125,000 GT Mitsubishi H.I. Mar 2015 Chem & Oil 015 17,091 Zhejiang Jingang Dec 2012 Cruise 125,000 GT Mitsubishi H.I. Mar 2016 On Order:- 7 Vessel(s); 54,644 DWT. On Order:- 4 Vessel(s); 14,000 DWT.

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 56 1st January 2012 United States Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

American Petroleum Products 2438 105,000 Hyundai H.I. Feb 2012 Chem & Oil 508 48,633 Gen. Dynamics NASSCO Jan 2012 Tanker 1953 158,000 Samsung H.I. Mar 2012 Chem & Oil 509 48,633 Gen. Dynamics NASSCO Jan 2012 Tanker 2440 158,000 Hyundai H.I. May 2012 Chem & Oil 507 48,633 Gen. Dynamics NASSCO Jun 2012 Tanker 2441 158,000 Hyundai H.I. Jun 2012 Chem & Oil 506 48,633 Gen. Dynamics NASSCO Sep 2012 Tanker 1954 158,000 Samsung H.I. Jul 2012 On Order:- 4 Vessel(s); 194,532 DWT. Tanker 2468 158,000 Hyundai H.I. Jul 2012 Products 2439 105,000 Hyundai H.I. Aug 2012 Apex Marine Corp. Tanker 1955 158,000 Samsung H.I. Nov 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk H4043 34,400 SPP Shipbuilding Jan 2012 Tanker 2469 158,000 Hyundai H.I. Nov 2012 Bulk H4020 34,400 SPP Shipbuilding Feb 2012 On Order:- 10 Vessel(s); 1,474,000 DWT. Bulk H4045 34,400 SPP Shipbuilding Feb 2012 Disney Cruise Lines On Order:- 3 Vessel(s); 103,200 DWT. Cruise 688 9,800 128,000 GT Meyer Werft Feb 2012 APL Limited On Order:- 1 Vessel(s); 9,800 DWT. Container 2160 122,200 10,100 TEU Hyundai H.I. Mar 2012 E N Bisso & Sons Inc Container 2161 122,200 10,100 TEU Hyundai H.I. Jun 2012 On Order:- 2 Vessel(s); 244,400 DWT. Coastal Tug 944 Eastern S.B. 2012 On Order:- 1 Vessel(s); DWT. Atlantic Marine Svs ECO Lift Boat 3,276 GT Semco LLC Mar 2012 On Order:- 1 Vessel(s); DWT. AHTS 246 5,193 5,922 GT North American Feb 2012 AHTS 4,304 4,918 GT North American Feb 2012 Atwood Oceanics Pac. PSV 5,300 4,104 GT North American Feb 2012 Drillship Daewoo Oct 2013 PSV 265 4,830 3,045 GT North American Feb 2012 Drillship Daewoo Jun 2014 PSV 266 4,830 3,045 GT North American Feb 2012 On Order:- 2 Vessel(s); DWT. PSV 267 4,830 3,045 GT North American Feb 2012 BeeMar PSV 271 4,830 3,045 GT North American Feb 2012 Crew Boat 1316 200 566 GT Breaux Bros. Feb 2012 PSV 1,193 GT Bollinger SY Jun 2012 PSV 5,300 4,104 GT North American Mar 2012 On Order:- 1 Vessel(s); DWT. PSV 268 4,830 3,045 GT North American Mar 2012 Bram OTM AHTS 272 1,500 1,279 GT North American Mar 2012 AHTS 125 5,254 3,606 GT North American Mar 2012 AHTS 4,304 4,918 GT North American Apr 2012 AHTS 126 5,254 3,606 GT North American Jul 2012 AHTS 247 4,500 3,838 GT North American Jun 2012 On Order:- 2 Vessel(s); 10,508 DWT. PSV 2,000 1,548 GT Estaleiro Navship Jun 2012 Crew Boat 1317 200 566 GT Breaux Bros. Jul 2012 C & C Tech PSV 2,000 1,548 GT Estaleiro Navship Aug 2012 Geo. Survey 100 GT All American Marine Mar 2012 PSV B851/1 4,500 3,485 GT Remontowa Oct 2012 On Order:- 1 Vessel(s); DWT. PSV B851/2 4,500 3,485 GT Remontowa Oct 2012 Carnival Cruise Line PSV 2,000 1,548 GT Estaleiro Navship Oct 2012 Crew Boat 1318 200 566 GT Breaux Bros. Oct 2012 Cruise 6201 10,250 130,000 GT Fincantieri May 2012 PSV 2,000 1,548 GT Estaleiro Navship Dec 2012 On Order:- 1 Vessel(s); 10,250 DWT. Crew Boat 1319 200 566 GT Breaux Bros. Feb 2013 Celebrity Cruises PSV B851/3 4,500 3,485 GT Remontowa May 2013 Cruise 691 9,500 122,000 GT Meyer Werft Nov 2012 PSV B851/4 4,500 3,485 GT Remontowa Aug 2013 On Order:- 1 Vessel(s); 9,500 DWT. On Order:- 24 Vessel(s); 81,351 DWT. Chevron ENSCO Offshore Shuttle 154,000 Samsung H.I. 2013 Drillship 1898 97,000 Samsung H.I. Jan 2012 On Order:- 1 Vessel(s); 154,000 DWT. Drillship Samsung H.I. Jul 2013 On Order:- 2 Vessel(s); 97,000 DWT. Chevron Global Tech. Excelerate Energy L.N.G. 1920 85,000 160,000 cbm Samsung H.I. Mar 2013 L.N.G. 1921 85,000 160,000 cbm Samsung H.I. Jun 2013 FSRU/LNG Daewoo 2014 L.N.G. 1941 85,000 160,000 cbm Samsung H.I. Sep 2013 On Order:- 1 Vessel(s); DWT. L.N.G. 1942 85,000 160,000 cbm Samsung H.I. Dec 2013 ExxonMobil On Order:- 4 Vessel(s); 340,000 DWT. FSO Sembawang Shipyard 2014 Chevron Thailand On Order:- 1 Vessel(s); DWT. FSO I.H.I. Mar 2012 Foremost Maritime On Order:- 1 Vessel(s); DWT. Bulk 1232 206,007 Shanghai Waigaoqiao Jun 2012 Costa Crociere Bulk 87,000 Hudong Zhonghua 2013 Cruise 6189 10,000 114,500 GT Fincantieri 2012 Bulk 87,000 Hudong Zhonghua 2013 Cruise 132,500 GT Fincantieri Oct 2014 On Order:- 3 Vessel(s); 380,007 DWT. On Order:- 2 Vessel(s); 10,000 DWT. Global Industries Crowley Maritime Pipe Layer H350 11,000 32,550 GT Keppel Singmarine Jan 2012 Ocean. Tug 150 Bollinger SY 2012 On Order:- 1 Vessel(s); 11,000 DWT. Ocean. Tug 150 Bollinger SY Jan 2012 Gulf Offsh. Logistic Ocean. Tug 150 Bollinger SY Jan 2012 PSV 3,500 2,710 GT Thoma-Sea S.B. Jun 2012 Ocean. Tug 150 Bollinger SY Jan 2012 Supply 1,004 GT Gulf Craft Inc. Jun 2012 On Order:- 4 Vessel(s); 600 DWT. PSV 3,500 2,710 GT Thoma-Sea S.B. Aug 2012 CS Liftboats Supply 1,004 GT Gulf Craft Inc. Aug 2012 PSV 3,500 2,710 GT Thoma-Sea S.B. Oct 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Lift Boat 3,071 GT Gulf Island Dec 2012 On Order:- 1 Vessel(s); DWT. Supply 1,004 GT Gulf Craft Inc. Oct 2012 PSV 3,500 2,710 GT Thoma-Sea S.B. Dec 2012 Diamond Offshore Supply 1,004 GT Gulf Craft Inc. Dec 2012 Drillship 2503 Hyundai H.I. Jun 2013 On Order:- 8 Vessel(s); 14,000 DWT. Drillship 2504 Hyundai H.I. Dec 2013 Gulf Offshore NS Drillship 2512 Hyundai H.I. Jun 2014 On Order:- 3 Vessel(s); DWT. PSV 4,000 3,097 GT Remontowa Jun 2013 PSV 129 3,000 2,323 GT Simek A/S Aug 2013 Diamond S Shpg. PSV 4,000 3,097 GT Remontowa Sep 2013 Tanker 1952 158,000 Samsung H.I. Jan 2012 PSV 3,500 2,710 GT Remontowa Sep 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 57 1st January 2012 Orderbook by Shipowner United States

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

PSV 110 3,100 2,215 GT Rosetti Marino Nov 2013 Tanker S5102 113,000 SPP Shipbuilding Jan 2013 PSV 111 3,100 2,215 GT Rosetti Marino Feb 2014 Tanker S5103 113,000 SPP Shipbuilding Jul 2013 On Order:- 6 Vessel(s); 20,700 DWT. On Order:- 4 Vessel(s); 574,000 DWT. Harvey Gulf Intl Pacific Drilling PSV 5,740 4,445 GT Eastern S.B. Apr 2012 Drillship 2014 Samsung H.I. Apr 2013 Supply 161 5,650 3,896 GT Eastern S.B. Jun 2012 Drillship 2015 Samsung H.I. Sep 2013

Supply 162 5,650 3,896 GT Eastern S.B. Jan 2013 On Order:- 2 Vessel(s); DWT. Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 MSV 6,572 GT Unknown Yard Mar 2013 Pasha Hawaii Supply 5,000 3,448 GT Trinity Marine Apr 2013 Ro-Ro/Cnt 12,500 VT Halter 2013 Supply 163 5,650 3,896 GT Eastern S.B. Jun 2013 Supply 5,650 3,896 GT Eastern S.B. Nov 2013 On Order:- 1 Vessel(s); 12,500 DWT. Supply 5,650 3,896 GT Eastern S.B. Apr 2014 Pearl Seas Cruises Supply 5,000 3,448 GT Trinity Marine Apr 2014 Cruise 6092 700 4,985 GT Irving S.B. 2012 Supply 5,650 3,896 GT Eastern S.B. Sep 2014 On Order:- 1 Vessel(s); 700 DWT. On Order:- 10 Vessel(s); 49,640 DWT. Princess Cruises Inc Hornbeck Offshore Cruise 6223 139,000 GT Fincantieri Apr 2013 PSV 6,200 4,801 GT VT Halter Jun 2013 Cruise 6224 139,000 GT Fincantieri Apr 2014 PSV 5,500 4,259 GT Eastern S.B. Jun 2013 On Order:- 2 Vessel(s); DWT. PSV 6,200 4,801 GT VT Halter Aug 2013 PSV 5,500 4,259 GT Eastern S.B. Sep 2013 Rowan Companies PSV 6,200 4,801 GT VT Halter Oct 2013 Drillship 2559 Hyundai H.I. Oct 2013 PSV 6,200 4,801 GT VT Halter Dec 2013 Drillship 2560 Hyundai H.I. Jun 2014 PSV 5,500 4,259 GT Eastern S.B. Dec 2013 Drillship Hyundai H.I. Dec 2014 PSV 6,200 4,801 GT VT Halter Feb 2014 On Order:- 3 Vessel(s); DWT. PSV 5,500 4,259 GT Eastern S.B. Mar 2014 Royal Caribbean PSV 6,200 4,801 GT VT Halter Apr 2014 Cruise 158,000 GT Meyer Werft 2014 PSV 6,200 4,801 GT VT Halter Jun 2014 On Order:- 1 Vessel(s); DWT. PSV 6,144 4,758 GT Eastern S.B. Jun 2014 PSV 6,144 4,758 GT Eastern S.B. Sep 2014 SeaRiver Maritime PSV 6,200 4,801 GT VT Halter Oct 2014 Tanker 115,000 Aker Philadelphia 2014 PSV 6,144 4,758 GT Eastern S.B. Oct 2014 Tanker 115,000 Aker Philadelphia 2014 PSV 6,144 4,758 GT Eastern S.B. Dec 2014 On Order:- 2 Vessel(s); 230,000 DWT. On Order:- 16 Vessel(s); 96,176 DWT. Signet Maritime Kyma Shp Mngt Escort Tug Trinity Marine 2012 Bulk 64,000 Jinhai Heavy Ind. 2014 Escort Tug Trinity Marine 2012 On Order:- 1 Vessel(s); 64,000 DWT. On Order:- 2 Vessel(s); DWT. McDermott Intl. Tidewater Marine Cable Lay 289 14,000 12,000 GT Metalships Jan 2012 AHTS DN59M-69 2,100 GT Fujian Southeast Feb 2012 On Order:- 1 Vessel(s); 14,000 DWT. AHTS DN59M-73 2,000 1,705 GT Fujian Southeast Feb 2012 MidOcean Tanker Co. AHTS DN59M-70 1,400 1,678 GT Fujian Southeast Feb 2012 AHTS HT082004 1,400 1,500 GT Coastal Contracts Feb 2012 Chem & Oil 49,000 BAE Alabama Jan 2012 AHTS DN59M-71 1,500 1,279 GT Fujian Southeast Feb 2012 On Order:- 1 Vessel(s); 49,000 DWT. AHTS DN59M-72 1,500 1,279 GT Fujian Southeast Feb 2012 Military Sealift AHTS 3137 2,350 2,500 GT Yuexin S.B. Mar 2012 Oceanograph. 5,000 GT VT Halter Jul 2013 PSV NT 218 3,200 2,478 GT DDW Nanindah Apr 2012 On Order:- 1 Vessel(s); DWT. PSV 619-4 3,800 2,369 GT Fujian Mawei Apr 2012 AHTS T201 2,400 2,100 GT DDW Nanindah Apr 2012 Montco Offshore Inc AHTS 8100 1,475 1,258 GT Guangxin S.B. Apr 2012 Lift Boat 500 GT Rodriguez Boat Jan 2012 AHTS 61 1,393 1,188 GT Fujian Southeast Apr 2012 On Order:- 1 Vessel(s); DWT. PSV 619-5 3,800 2,369 GT Fujian Mawei May 2012 Navigator Gas PSV 619-7 3,800 2,369 GT Fujian Mawei May 2012 L.P.G. 8069 23,316 20,600 cbm Hyundai Mipo Feb 2012 PSV 619-12 3,800 2,369 GT Fujian Mawei Jun 2012 On Order:- 1 Vessel(s); 23,316 DWT. AHTS YX3136 2,500 GT Yuexin S.B. Jul 2012 PSV NT 219 3,200 2,478 GT DDW Nanindah Jul 2012 Neu Seeschiffahrt PSV 1273 3,588 1,313 GT Quality S.Y. Aug 2012 Ore 148 300,000 Universal S.B. Jan 2012 PSV 619-6 3,800 2,369 GT Fujian Mawei Sep 2012 Ore 149 300,000 Universal S.B. Sep 2012 AHTS 1,400 1,500 GT Coastal Contracts Sep 2012 On Order:- 2 Vessel(s); 600,000 DWT. PSV 220 3,200 2,478 GT DDW Nanindah Oct 2012 Noble Corporation PSV 619-8 3,800 2,943 GT Fujian Mawei Dec 2012 PSV 221 3,200 2,478 GT DDW Nanindah Dec 2012 Drillship M4001 37,034 STX Dalian Jan 2012 PSV 2,000 GT Bay S.B. Corp Dec 2012 Drillship 24,000 Keppel FELS Jan 2012 PSV 774 2,000 GT Bay S.B. Corp Jul 2013 Drillship F1--4 30,000 STX Dalian Jun 2013 On Order:- 25 Vessel(s); 56,006 DWT. Drillship 2505 Hyundai H.I. Jun 2013 Drillship 2506 Hyundai H.I. Dec 2013 Transocean Drillship 2507 Hyundai H.I. May 2014 Drillship Daewoo Mar 2014 Drillship Hyundai H.I. Aug 2014 Drillship Daewoo Jun 2014 On Order:- 7 Vessel(s); 91,034 DWT. On Order:- 2 Vessel(s); DWT.

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Oceania Cruises Inc. Trico Marine Cruise 6180 5,300 66,000 GT Sestri-Cantiere Apr 2012 MSV 120 3,100 3,800 GT Tebma Shipyards Ltd Jan 2012 On Order:- 1 Vessel(s); 5,300 DWT. On Order:- 1 Vessel(s); 3,100 DWT. Otto Candies Vantage Drilling PSV 151 5,400 3,380 GT Candies Shipbuilders Apr 2012 Drillship 80,000 Daewoo May 2013 On Order:- 1 Vessel(s); 5,400 DWT. On Order:- 1 Vessel(s); 80,000 DWT. Overseas Shipholding Washington State Products S5055 50,000 SPP Shipbuilding Jan 2012 Pass/Car F. 1,400 2,500 GT Todd SY Corp 2012 Tanker T3000-42 298,000 Dalian Shipbuilding Mar 2012 Pass/Car F. 1,400 2,500 GT Todd SY Corp 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 58 1st January 2012 United States Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Pass/Car F. 1,400 2,500 GT Todd SY Corp 2014 Bulk 413 82,500 Nanjing Shenghua 2012 Pass/Car F. 1,400 2,500 GT Todd SY Corp 2015 Bulk 82,000 SPP Shipbuilding 2012 On Order:- 4 Vessel(s); 5,600 DWT. Bulk 82,000 SPP Shipbuilding 2012 Weeks Marine Bulk 82,000 Zhejiang Judger S.B. 2012 Bulk 82,000 SPP Shipbuilding 2012 TSH Dredger BAE Alabama Jan 2014 Bulk 82,000 SPP Shipbuilding 2012 On Order:- 1 Vessel(s); DWT. Bulk 82,000 SPP Shipbuilding 2012 Unknown Bulk 82,000 Zhejiang Judger S.B. 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Builders Account Bulk 414 79,600 Nanjing Shenghua 2012 Bulk 58,000 Universe S.B. 2012 Chem & Oil 352 4,500 Volgograd S.Y. Jan 2012 Bulk 57,000 Universe S.B. 2012 Bulk 1004 34,000 21c S.B. Co. Feb 2012 Bulk 0009 57,000 Huatai Hvy. Ind. 2012 On Order:- 2 Vessel(s); 38,500 DWT. Bulk 0010 57,000 Huatai Hvy. Ind. 2012 Cabot Shipping Bulk 0011 57,000 Huatai Hvy. Ind. 2012 Bulk 180,000 Nantong Mingde Oct 2012 Bulk HB2004 57,000 Ningbo Lantian 2012 Bulk 180,000 Nantong Mingde Oct 2012 Bulk HB2007 57,000 Ningbo Lantian 2012 On Order:- 2 Vessel(s); 360,000 DWT. Bulk HB2008 57,000 Ningbo Lantian 2012 Bulk SL710 57,000 Fujian Baima 2012 Global Bulk Carriers Bulk HM-0018 47,000 Jiangsu Hongming 2012 Bulk 313 54,000 ABG S.Y. 2012 Bulk 38,225 Imabari S.B. 2012 Bulk 329 33,857 ABG S.Y. 2012 Bulk 38,225 Imabari S.B. 2012 Bulk 330 33,857 ABG S.Y. 2012 Bulk 38,225 Imabari S.B. 2012 On Order:- 3 Vessel(s); 121,714 DWT. Bulk 38,225 Imabari S.B. 2012 Ionic Holdings Inc Bulk 38,225 Imabari S.B. 2012 Bulk 38,225 Imabari S.B. 2012 Bulk 542 34,000 Dae Sun S.B. 2014 Bulk 38,225 Imabari S.B. 2012 Bulk 543 34,000 Dae Sun S.B. 2014 Bulk 38,225 Imabari S.B. 2012 Bulk 544 34,000 Dae Sun S.B. 2014 Bulk 794 38,225 Imabari S.B. 2012 On Order:- 3 Vessel(s); 102,000 DWT. Bulk 798 38,225 Imabari S.B. 2012 Kirgan Holding Bulk HH0802 37,000 Shandong Huahai 2012 Bulk 1013 34,000 21c S.B. Co. May 2012 Bulk HH0803 37,000 Shandong Huahai 2012 Bulk 1017 34,000 21c S.B. Co. Jun 2012 Bulk HH0804 37,000 Shandong Huahai 2012 On Order:- 2 Vessel(s); 68,000 DWT. Bulk 35,000 Shikoku Dock. 2012 Bulk 35,000 Shikoku Dock. 2012 Mineral Deposit Bulk H8010 35,000 SPP Shipbuilding 2012 CS/BW Dredg Unithai S.Y. & Eng.Sep 2012 Bulk 33,500 Weihai Samjin 2012 On Order:- 1 Vessel(s); DWT. Bulk ZJG028 33,500 Zhejiang Jingang 2012 Rayspeed Shipping Bulk 30,000 Nantong Mingde 2012 Bulk 30,000 Nantong Mingde 2012 Tanker 10,000 Taizhou Hongda 2012 Bulk 28,000 Lianyungang Helitong 2012 Tanker 4,900 Taizhou Hongda 2012 MPP 06-039 12,500 Xixiakou S/yard 2012 On Order:- 2 Vessel(s); 14,900 DWT. MPP 10,200 Suncia Shipbuilding 2012 Smart Shipinvest MPP 10,200 Suncia Shipbuilding 2012 AHTS 1,242 GT Havyard Leirvik Jun 2012 MPP 9,200 Linhai Jianghai 2012 On Order:- 1 Vessel(s); DWT. MPP 9200RSBK04 9,200 Ben Kien S/Y 2012 MPP 5,500 Shantou S.B. 2012 Sommet Finance MPP 5,500 Shantou S.B. 2012 Products 7,000 Krasnoy Sormovo Jan 2012 MPP 5,000 Chongqing Dongfeng 2012 Products 7,000 Krasnoy Sormovo May 2012 MPP 5,000 Chongqing Dongfeng 2012 On Order:- 2 Vessel(s); 14,000 DWT. MPP 5,000 Chongqing Dongfeng 2012 Unknown MPP K08-1015 5,000 Chongqing Dongfeng 2012 GCargo 8126 12,100 Kanasashi H.I. 2012 Products 5661 46,000 Shin Kurushima 2012 GCargo HM-0004 8,000 Jiangsu Hongming 2012 Products 5665 46,000 Shin Kurushima 2012 GCargo HM-0005 8,000 Jiangsu Hongming 2012 Tanker 262 12,365 Zelenodolsk 2012 GCargo 6,600 Qingdao Heshun 2012 Asp.& Bit. 10,000 Guangzhou S.Y. Int. 2012 GCargo 005 5,190 Saigon S.B. 2012 Asp.& Bit. 10,000 Guangzhou S.Y. Int. 2012 GCargo 006 5,190 Saigon S.B. 2012 Chem & Oil 446 8,000 Nokbong S.B. 2012 PSV 2,200 1,703 GT Tebma Shipyards Ltd 2012 Asp.& Bit. 6,163 Gezhouba S.B. 2012 PSV 2,200 1,703 GT Tebma Shipyards Ltd 2012 Asp.& Bit. 6,163 Gezhouba S.B. 2012 Pass/Car F. 258 800 6,820 GT ENVC 2012 Asp.& Bit. 6,163 Gezhouba S.B. 2012 Pass/Car F. 6,500 GT Chongqing Dongfeng 2012 Products KJ-08096 5,600 Yangzhou Kejin 2012 Pass/Car F. 6,500 GT Chongqing Dongfeng 2012 Products KJ-08097 5,600 Yangzhou Kejin 2012 Harbour Tug 5226 Damen Shipyards 2012 Products 5,500 Jiangsu Runyang 2012 Harbour Tug H028 Keppel Nantong 2012 Chem & Oil 5,500 Zhejiang Fanshun 2012 Tanker 1492 107,508 Tsuneishi Zosen Jan 2012 Chem & Oil 5,500 Zhejiang Fanshun 2012 Products BDVNSL01 49,000 Bach Dang S/Y Jan 2012 Chem & Oil 5,500 Zhejiang Fanshun 2012 Chem & Oil 98088 45,000 Sevmash SMP Jan 2012 Chem & Oil 5,500 Zhejiang Fanshun 2012 Chem & Oil 5716 25,000 Shin Kurushima Jan 2012 Products 5,500 Jiangsu Runyang 2012 Chem & Oil 1022 16,500 Jiangzhou S/Y Jan 2012 Chem & Oil 5,500 Zhejiang Fanshun 2012 Chem & Oil SL 701 13,618 Fujian Baima Jan 2012 Chem & Oil 3,450 Chongqing Chuandong 2012 Chem & Oil SL 703 13,618 Fujian Baima Jan 2012 Chem & Oil 3,000 Zhejiang Fanshun 2012

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Chem & Oil SL 705 13,618 Fujian Baima Jan 2012 Chem & Oil 3,000 Zhejiang Fanshun 2012 Chem & Oil 428 10,977 Nokbong S.B. Jan 2012 Ethy/LPG 127 9,500 9,000 cbm Stocznia Gdansk 2012 Chem & Oil 429 10,977 Nokbong S.B. Jan 2012 Bulk 8105 181,399 Imabari S.B. 2012 Chem & Oil 8,000 Jiangxi Huadong Jan 2012 Bulk 2317 180,200 Koyo Dock K.K. 2012 Chem & Oil 42 6,824 Tuzla Gemi Jan 2012 Bulk 2322 180,200 Koyo Dock K.K. 2012 Chem & Oil 0785 5,800 Breko Shipyard Jan 2012 Bulk 180,000 Sasebo H.I. 2012 Products 614 4,200 Nakatani S.Y. Jan 2012 Bulk 180,000 Sasebo H.I. 2012 Bulk 8115 181,399 Imabari S.B. Jan 2012 Bulk 180,000 Sasebo H.I. 2012 Bulk H1082 176,000 Jiangsu Rongsheng Jan 2012 Bulk 1015 179,700 Orient Shipyard 2012 Bulk H1084 176,000 Jiangsu Rongsheng Jan 2012 Bulk 95,712 Imabari S.B. 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 59 1st January 2012 Orderbook by Shipowner Unknown

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Bulk 2025 106,659 STX Dalian Jan 2012 Open Hatch 5676 33,100 Shin Kurushima Mar 2012 Bulk 1561 95,712 Imabari S.B. Jan 2012 Bulk 28,500 Shimanami S.B. Mar 2012 Bulk 1320 83,000 Sanoyas Jan 2012 MPP 567502 13,500 Damen Yichang Mar 2012 Bulk 1475 82,800 Tsuneishi Zosen Jan 2012 MPP 567314 11,000 Damen Yichang Mar 2012 Bulk 82,000 Jiangsu Eastern Jan 2012 MPP 1105 5,200 Peters Kampen Mar 2012 Bulk 2444 82,000 Hyundai H.I. Jan 2012 MPP 9415 3,850 Damen Shipyards Mar 2012 Bulk 310 61,000 Iwagi Zosen Jan 2012 Ro-Ro/Cnt 23,000 Hyundai Mipo Mar 2012 Bulk 1647 58,000 Kawasaki S.B. Jan 2012 GCargo 1073 12,000 Honda Zosen K.K Mar 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk GY803 57,000 Yangzhou Guoyu Jan 2012 GCargo 129 3,000 Groningen Shipyard Mar 2012 Bulk WZ0707 57,000 Zhoushan Wuzhou Jan 2012 Lift Boat 4,232 GT PaxOcean Zhuhai Mar 2012 Bulk ZH1048 57,000 Zhejiang Zhenghe SB Jan 2012 PSV 775 5,000 3,872 GT STX Aukra Mar 2012 Bulk 3321 56,300 I.H.I. Jan 2012 PSV 8188 3,500 2,710 GT Bender S.B. Mar 2012 Bulk 1709 56,000 Mitsui SB Jan 2012 Diving Spt 317 2,100 2,600 GT ABG S.Y. Mar 2012 Bulk 1797 56,000 Mitsui SB Jan 2012 AHTS HS001 2,500 2,326 GT Fujian Hengsheng Mar 2012 Bulk S-010 55,783 Hyundai Vinashin Jan 2012 AHTS 75083 2,500 2,150 GT MLC Tongbao Mar 2012 Bulk 47,000 Zhejiang Jiuzhou Jan 2012 AHTS 75084 2,500 2,150 GT MLC Tongbao Mar 2012 Bulk DFC10-110 40,000 Ningbo Dongfang Jan 2012 PSV 8184 3,500 1,500 GT Bender S.B. Mar 2012 Bulk 784 38,225 Imabari S.B. Jan 2012 PSV 8192 1,890 1,463 GT Bender S.B. Mar 2012 Bulk 1207 37,000 Saiki Hvy. Ind. Jan 2012 AHTS 924 1,500 1,279 GT ASL Shipyard Mar 2012 Bulk 1236 35,200 Samho Tongyoung Jan 2012 Crew/Fast Sup H072 400 350 GT Grandweld Mar 2012 Bulk DZ10H-02 35,000 Nanjing Dongze Jan 2012 Tanker 107,000 Tsuneishi Zosen Apr 2012 Bulk 1040 33,500 Weihai Samjin Jan 2012 Products 5655 45,800 Shin Kurushima Apr 2012 Bulk 7260 33,100 Shin Kochi H.I. Jan 2012 Chem & Oil 036 38,000 UM Deniz Shipyard Apr 2012 Bulk 7262 33,100 Shin Kochi H.I. Jan 2012 Chem & Oil 1034 16,669 Jiangzhou S/Y Apr 2012 Open Hatch 526 33,000 Kanda S.B. Co. Jan 2012 Bulk 1182 82,000 Sungdong S.B. Apr 2012 Bulk 32,500 Zhejiang Hongxin Jan 2012 Bulk 2445 82,000 Hyundai H.I. Apr 2012 Bulk 014 29,100 Nantong Nikka S.B. Jan 2012 Bulk 6033 57,454 Hyundai MipoApr 2012 Bulk 057 28,000 I-S Shipyard Jan 2012 Bulk 57,000 COSCO Dalian Apr 2012 MPP 1300 21,800 Shitanoe Zosen Jan 2012 Bulk WZ0708 57,000 Zhoushan Wuzhou Apr 2012 MPP 567501 13,500 Damen Yichang Jan 2012 Bulk 3322 56,300 I.H.I. Apr 2012 MPP 567313 11,000 Damen Yichang Jan 2012 Bulk 1071 35,000 Shikoku Dock. Apr 2012 MPP 36 9,700 Madenci S/Y Jan 2012 Bulk CYC0708 35,000 Zhejiang Chen Ye Apr 2012 MPP 9200RSBK03 9,200 Ben Kien S/Y Jan 2012 Open Hatch 525 33,000 Kanda S.B. Co. Apr 2012 MPP 05-021 6,600 Yangshou Oceanus Jan 2012 MPP 37 9,700 Madenci S/Y Apr 2012 MPP 821 6,550 Peters Kampen Jan 2012 MPP 822 6,550 Peters Kampen Apr 2012 MPP 9410 3,850 Damen Shipyards Jan 2012 MPP 707 4,060 Schps. Bodewes Apr 2012 MPP 1019 3,750 Peters Kampen Jan 2012 MPP 9413 3,850 Damen Shipyards Apr 2012 PCC 5673 13,500 Shin Kurushima Jan 2012 GCargo 3,000 Groningen Shipyard Apr 2012 GCargo 28 7,500 Karadeniz Shipyd. Jan 2012 AHTS 62 3,000 2,558 GT Berjaya Dockyard Apr 2012 Fast PCCat 067 1,450 10,841 GT Incat Tasmania Jan 2012 AHTS 0057 2,900 2,473 GT Keihin Shipyard Apr 2012 Pass/Car F. 329 1,000 4,000 GT Rodriquez Jan 2012 AHTS 10 2,118 GT Shandong Huahai Apr 2012 Pass/Car Cat 259 270 1,540 GT ENVC Jan 2012 AHTS 2,000 GT ASL Shipyard Apr 2012 Drillship Daewoo Jan 2012 AHTS G010 1,790 1,706 GT Grade One Marine Apr 2012 Products 5660 45,800 Shin Kurushima Feb 2012 AHTS 1,400 1,678 GT Unknown Yard Apr 2012 Chem & Oil YX012 16,927 Jiujiang Yinxing Feb 2012 Oceanograph. 430 341 1,502 GT Ast. Gondan Apr 2012 Chem & Oil 1033 16,669 Jiangzhou S/Y Feb 2012 AHT 750 1,030 GT Guangxin S.B. Apr 2012 Chem & Oil 06-042 6,450 Xixiakou S/yard Feb 2012 Crew/Fast Sup H071 400 350 GT Grandweld Apr 2012 Ore 148 300,000 Universal S.B. Feb 2012 Tanker T3000-46 320,000 Dalian Shipbuilding May 2012 Bulk 58,000 Kawasaki S.B. Feb 2012 Chem & Oil SL 708 13,618 Fujian Baima May 2012 Bulk DY3072 58,000 Dayang S.B. Feb 2012 Chem & Oil 0787 5,800 Breko Shipyard May 2012 Bulk ZH1049 57,000 Zhejiang Zhenghe SB Feb 2012 Bulk TC0101 82,000 Taizhou Catic May 2012 Bulk 1773 56,000 Mitsui SB Feb 2012 Bulk 61,000 Shin Kasado Dock May 2012 Bulk 37,000 Qidong Jisheng Feb 2012 Bulk 6026 59,000 Hyundai MipoMay 2012 Bulk DZ10H-01 35,000 Nanjing Dongze Feb 2012 Bulk 1649 58,000 Kawasaki S.B. May 2012 Open Hatch 528 33,000 Kanda S.B. Co. Feb 2012 Bulk 1784 56,000 Mitsui SB May 2012 MPP 706 4,060 Schps. Bodewes Feb 2012 Bulk 1216 37,000 Saiki Hvy. Ind. May 2012 GCargo 1135 13,000 Kegoya Dock Feb 2012 Open Hatch 529 33,000 Kanda S.B. Co. May 2012 GCargo 128 3,000 Groningen Shipyard Feb 2012 Bulk 048 28,050 I-S Shipyard May 2012 AHTS 2,940 2,688 GT Fujian Southeast Feb 2012 MPP 567503 13,500 Damen Yichang May 2012 AHTS 206 2,940 2,688 GT Fujian Southeast Feb 2012 MPP 567315 11,000 Damen Yichang May 2012 AHTS 207 2,940 2,688 GT Fujian Southeast Feb 2012 MPP 1020 3,750 Peters Kampen May 2012 AHTS 174 1,393 1,400 GT Cheoy Lee S.Y. Feb 2012 GCargo 131 3,000 Groningen Shipyard May 2012 AHTS 08ESST5010 1,075 GT Nanjing East Star Feb 2012 AHTS 2,500 2,132 GT Fujian Southeast May 2012 AHT 300 GT Tuong Aik (Sarawak) Feb 2012 MSV 285 GT Austal ShipsMay 2012 AHTS 265 226 GT Armon (Navia) Feb 2012 MSV 285 GT Austal ShipsMay 2012 Tanker 1220 320,000 Shanghai Waigaoqiao Mar 2012 MSV 285 GT Austal ShipsMay 2012 Products BDVNSL02 49,000 Bach Dang S/Y Mar 2012 Fast PassCat 50 700 GT Austal ShipsMay 2012 Chem & Oil 5720 25,000 Shin Kurushima Mar 2012 Tanker 1221 320,000 Shanghai Waigaoqiao Jun 2012 Chem & Oil 605 21,000 Asakawa S.B. Mar 2012 Chem & Oil 1035 16,669 Jiangzhou S/Y Jun 2012 Chem & Oil SL 706 13,618 Fujian Baima Mar 2012 Bulk 1562 95,712 Imabari S.B. Jun 2012 Chem & Oil DH0701 11,200 Fujian Donghai Mar 2012 Bulk 95,650 Imabari S.B. Jun 2012

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Chem & Oil 0786 5,800 Breko Shipyard Mar 2012 Bulk 1471 82,800 Tsuneishi Zosen Jun 2012 Products 673 3,800 Hangzhou Dongfeng Mar 2012 Bulk 1183 82,000 Sungdong S.B. Jun 2012 Bulk 2362 181,458 Koyo Dock K.K. Mar 2012 Bulk 61,000 Shin Kasado Dock Jun 2012 Bulk 8112 181,399 Imabari S.B. Mar 2012 Bulk 6034 57,454 Hyundai Mipo Jun 2012 Bulk 2392 179,500 Hyundai H.I. Mar 2012 Bulk 3326 56,300 I.H.I. Jun 2012 Bulk 61,000 Shin Kasado Dock Mar 2012 Bulk 1785 56,000 Mitsui SB Jun 2012 Bulk DY3073 58,000 Dayang S.B. Mar 2012 Bulk 1833 56,000 Mitsui SB Jun 2012 Bulk 1208 37,000 Saiki Hvy. Ind. Mar 2012 Bulk 3292 55,873 I.H.I. Jun 2012 Bulk 1077 35,000 Shikoku Dock. Mar 2012 Bulk 37,000 Huatai Hvy. Ind. Jun 2012 Bulk 1003 33,300 Orient Shipyard Mar 2012 Bulk 35,000 COSCO Guangdong Jun 2012

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 60 1st January 2012 Unknown Orderbook by Shipowner

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

Bulk 1072 35,000 Shikoku Dock. Jun 2012 Tanker 107,000 Tsuneishi Zosen Dec 2012 Bulk HC-008 35,000 Zhejiang Haicheng Jun 2012 Products S5113 50,000 SPP Shipbuilding Dec 2012 Open Hatch 1217 33,000 Saiki Hvy. Ind. Jun 2012 Products 674 3,800 Hangzhou Dongfeng Dec 2012 Open Hatch 527 33,000 Kanda S.B. Co. Jun 2012 Ore 157 300,000 Universal S.B. Dec 2012 MPP 9438 7,200 Damen Shipyards Jun 2012 Bulk 1825 185,000 Mitsui SB Dec 2012 MPP 9408 3,850 Damen Shipyards Jun 2012 Bulk 180,000 Kawasaki H.I. Dec 2012 Ro-Ro/Cnt 23,000 Hyundai Mipo Jun 2012 Bulk 1594 95,712 Imabari S.B. Dec 2012 PCC 5662 16,400 Shin Kurushima Jun 2012 Bulk 1629 95,712 Imabari S.B. Dec 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 GCargo 1136 13,000 Kegoya Dock Jun 2012 Open Hatch 1837 65,000 Mitsui SB Dec 2012 GCargo 1075 12,000 Honda Zosen K.K Jun 2012 Bulk 1651 58,000 Kawasaki S.B. Dec 2012 Diving Spt H365 1,300 3,500 GT Keppel Singmarine Jun 2012 Bulk SC-171 58,000 Tsuneishi Cebu Dec 2012 AHTS G009 1,790 1,706 GT Grade One Marine Jun 2012 Bulk 46,000 Taizhou Sanfu Dec 2012 AHTS 1,242 GT STX Brattvaag Jun 2012 Open Hatch 1222 37,000 Saiki Hvy. Ind. Dec 2012 AHTS 1,242 GT STX Brattvaag Jun 2012 Bulk 35,000 COSCO Guangdong Dec 2012 AHTS YX3139 1,400 1,194 GT Yuexin S.B. Jun 2012 Bulk 5731 33,100 Shin Kurushima Dec 2012 Utility 516001 200 GT Sevmash SMP Jun 2012 Bulk 5685 33,000 Shin Kurushima Dec 2012 Chem & Oil SL 709 13,618 Fujian Baima Jul 2012 MPP 1212 3,636 Peters Kampen Dec 2012 Chem & Oil 5696 12,332 Shin Kurushima Jul 2012 MPP 1213 3,636 Peters Kampen Dec 2012 Bulk 61,400 Iwagi Zosen Jul 2012 MPP 1214 3,636 Peters Kampen Dec 2012 Bulk SC-170 58,000 Tsuneishi Cebu Jul 2012 GCargo 1076 12,000 Honda Zosen K.K Dec 2012 Bulk DY145 57,981 Dayang S.B. Jul 2012 Cruise X32 10,000 139,400 GT STX France Cruise Dec 2012 Bulk 3325 55,747 I.H.I. Jul 2012 Tanker H1031 156,644 Jiangsu Rongsheng 2013 Bulk 7245 33,100 Shin Kochi H.I. Jul 2012 Products 50,000 SPP Shipbuilding 2013 Bulk 27,000 Fujian Baima Jul 2012 Products 50,000 SPP Shipbuilding 2013 MPP 567504 13,500 Damen Yichang Jul 2012 Bulk 205,000 Qingdao Yangfan 2013 MPP 823 6,550 Peters Kampen Jul 2012 Bulk 205,000 Qingdao Yangfan 2013 MPP 9414 3,850 Damen Shipyards Jul 2012 Bulk 170 205,000 Universal S.B. 2013 MPP 9416 3,850 Damen Shipyards Jul 2012 Bulk 171 205,000 Universal S.B. 2013 GCargo 132 3,000 Groningen Shipyard Jul 2012 Bulk 172 205,000 Universal S.B. 2013 PSV 1,193 GT Simek A/S Jul 2012 Bulk 180,000 I.H.I. 2013 Tanker T3000-47 320,000 Dalian Shipbuilding Aug 2012 Bulk 82,000 Sungdong S.B. 2013 Tanker 107,000 Tsuneishi Zosen Aug 2012 Bulk 82,000 Taizhou Catic 2013 Bulk TC0102 82,000 Taizhou Catic Aug 2012 Bulk 82,000 Sungdong S.B. 2013 Bulk 6027 59,000 Hyundai MipoAug 2012 Bulk 82,000 Sungdong S.B. 2013 Bulk 6035 57,454 Hyundai MipoAug 2012 Bulk 82,000 Sungdong S.B. 2013 Bulk 0015 57,000 Huatai Hvy. Ind. Aug 2012 Bulk 77,000 Oshima S.B. Co. 2013 Bulk 3324 56,300 I.H.I. Aug 2012 Bulk 77,000 Oshima S.B. Co. 2013 Bulk 1073 35,000 Shikoku Dock. Aug 2012 Bulk 77,000 Oshima S.B. Co. 2013 AHTS HT102106 2,000 1,705 GT Guangzhou Hangtong Aug 2012 Bulk 77,000 Oshima S.B. Co. 2013 AHTS 4959 700 597 GT Cheoy Lee S.Y. Aug 2012 Bulk 77,000 Oshima S.B. Co. 2013 PSV 67 450 488 GT Berjaya Dockyard Aug 2012 Bulk H1176 76,000 Jiangsu Rongsheng 2013 Tanker 1222 320,000 Shanghai Waigaoqiao Sep 2012 Bulk SC-195 58,500 Tsuneishi Cebu 2013 Chem & Oil SL 707 13,618 Fujian Baima Sep 2012 Bulk SC-196 58,500 Tsuneishi Cebu 2013 Chem & Oil 0788 5,800 Breko Shipyard Sep 2012 Bulk 58,000 Universe S.B. 2013 Ore 163 300,000 Universal S.B. Sep 2012 Bulk 58,000 Kawasaki S.B. 2013 Bulk 95,712 Imabari S.B. Sep 2012 Bulk 58,000 Kawasaki S.B. 2013 Bulk 1563 95,712 Imabari S.B. Sep 2012 Bulk 57,000 Universe S.B. 2013 Bulk 155 80,655 Universal S.B. Sep 2012 Bulk 57,000 Universe S.B. 2013 Open Hatch 1836 65,000 Mitsui SB Sep 2012 Bulk 0012 57,000 Huatai Hvy. Ind. 2013 Bulk 61,400 Iwagi Zosen Sep 2012 Bulk 56,000 I.H.I. 2013 Bulk 1650 58,000 Kawasaki S.B. Sep 2012 Bulk 56,000 Oshima S.B. Co. 2013 Bulk DY146 57,981 Dayang S.B. Sep 2012 Bulk 56,000 Oshima S.B. Co. 2013 Bulk 57,000 COSCO Dalian Sep 2012 Bulk 56,000 Oshima S.B. Co. 2013 Bulk 46,000 Taizhou Sanfu Sep 2012 Bulk 56,000 Oshima S.B. Co. 2013 Bulk 818 38,225 Imabari S.B. Sep 2012 Bulk 56,000 Oshima S.B. Co. 2013 Bulk 35,000 COSCO Guangdong Sep 2012 Bulk 56,000 Oshima S.B. Co. 2013 Bulk 7267 33,100 Shin Kochi H.I. Sep 2012 Bulk 56,000 Oshima S.B. Co. 2013 MPP 1106 5,200 Peters Kampen Sep 2012 Bulk 56,000 Oshima S.B. Co. 2013 MPP 1107 5,200 Peters Kampen Sep 2012 Open Hatch 1845 56,000 Mitsui SB 2013 MPP 1021 3,750 Peters Kampen Sep 2012 Bulk 36,000 Weihai Samjin 2013 AHTS HT102107 2,000 1,705 GT Guangzhou Hangtong Sep 2012 Bulk 36,000 Weihai Samjin 2013 AHTS 1,242 GT STX Brattvaag Sep 2012 Bulk 33,500 Weihai Samjin 2013 Products S5112 50,000 SPP Shipbuilding Oct 2012 Bulk 30,000 Nantong Mingde 2013 Bulk J0040 176,000 Jinhai Heavy Ind. Oct 2012 Bulk 30,000 Nantong Mingde 2013 Bulk 95,712 Imabari S.B. Oct 2012 Bulk 30,000 Nantong Mingde 2013 Bulk 95,712 Imabari S.B. Oct 2012 FPSO 100,000 Unknown Yard /Brazil 2013 Bulk 95,712 Imabari S.B. Oct 2012 Tanker T3000-49 320,000 Dalian Shipbuilding Jan 2013 Bulk 95,712 Imabari S.B. Oct 2012 Products S5114 50,000 SPP Shipbuilding Jan 2013 Bulk 1834 56,000 Mitsui SB Oct 2012 Bulk 3307 180,000 I.H.I. Jan 2013 Bulk 1231 37,000 Saiki Hvy. Ind. Oct 2012 Bulk 95,712 Imabari S.B. Jan 2013 GCargo 9431 2,500 Damen Shipyards Oct 2012 Bulk 1489 82,800 Tsuneishi Zosen Jan 2013

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Tanker T3000-48 320,000 Dalian Shipbuilding Nov 2012 Bulk 156 80,655 Universal S.B. Jan 2013 Bulk 1488 82,800 Tsuneishi Zosen Nov 2012 Bulk 58,000 Kawasaki S.B. Jan 2013 Bulk 61,400 Iwagi Zosen Nov 2012 Bulk N361 57,000 COSCO Guangdong Jan 2013 Bulk 1781 56,000 Mitsui SB Nov 2012 Bulk 1840 56,000 Mitsui SB Jan 2013 MPP 9439 7,200 Damen Shipyards Nov 2012 Bulk 37,000 Saiki Hvy. Ind. Jan 2013 MPP 9444 7,200 Damen Shipyards Nov 2012 Open Hatch 1223 37,000 Saiki Hvy. Ind. Jan 2013 Maintenance 1,772 GT Vitawani Nov 2012 MPP 824 6,550 Peters Kampen Jan 2013 AHTS 002/10 1,000 GT Sao Miguel Shipyard Nov 2012 Bulk 3308 180,000 I.H.I. Feb 2013 Tanker 1223 320,000 Shanghai Waigaoqiao Dec 2012 Bulk 95,712 Imabari S.B. Feb 2013 Tanker 168 298,300 Universal S.B. Dec 2012 PSV BY-91 3,500 2,710 GT Cochin S.Y. Feb 2013

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 61 1st January 2012 Orderbook by Shipowner Unknown

Type Hull No. Dwt. *Other Units Builder Delivery Type Hull No. Dwt. *Other Units Builder Delivery

PSV BY-92 3,500 2,710 GT Cochin S.Y. Feb 2013 FPSO 100,000 Unknown Yard /Brazil 2015 Tanker 1224 320,000 Shanghai Waigaoqiao Mar 2013 FPSO 100,000 Unknown Yard /Brazil 2016 Products H4081 51,800 SPP Shipbuilding Mar 2013 FPSO 155,000 Hyundai H.I. May 2016 Bulk 152 180,000 Universal S.B. Mar 2013 On Order:- 519 Vessel(s); 28,379,236 DWT. Bulk 1502 82,800 Tsuneishi Zosen Mar 2013 Uruguay Bulk SC-172 58,000 Tsuneishi Cebu Mar 2013 Bulk 57,000 COSCO Dalian Mar 2013 Los Cipreses S.A. Bulk 1829 56,000 Mitsui SB Mar 2013 Fast PCCat 069 5,000 GT Incat Tasmania 2012 Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 Bulk 46,000 Taizhou Sanfu Mar 2013 On Order:- 1 Vessel(s); DWT. Bulk 37,000 Saiki Hvy. Ind. Mar 2013 Venezuela MPP 9556985 13,500 Damen Yichang Mar 2013 PDV Marina S.A. Tanker T3000-50 320,000 Dalian Shipbuilding Apr 2013 Products S5115 50,000 SPP Shipbuilding Apr 2013 Products 496 70,000 Eisa Shipyard 2012 Bulk 95,712 Imabari S.B. Apr 2013 Products 497 70,000 Eisa Shipyard 2012 Bulk 82,000 COSCO Zhoushan Apr 2013 Products 498 70,000 Eisa Shipyard 2012 Bulk 58,000 Kawasaki S.B. Apr 2013 Products 494 47,000 Eisa Shipyard Jan 2012 Bulk N362 57,000 COSCO Guangdong Apr 2013 Products 79 47,000 ARS Jan 2012 Bulk 1831 56,000 Mitsui SB Apr 2013 Tanker 1374 104,300 Sumitomo H.I. Feb 2012 Bulk 1832 56,000 Mitsui SB Apr 2013 Products 80 47,000 ARS Feb 2012 Bulk 1842 56,000 Mitsui SB Apr 2013 Products 47,000 ARS Mar 2012 GCargo 9432 2,500 Damen Shipyards Apr 2013 Products 47,000 ARS Apr 2012 Products H4082 51,800 SPP Shipbuilding May 2013 Products 495 47,000 Eisa Shipyard Jul 2012 Products S5116 50,000 SPP Shipbuilding May 2013 Products 499 70,000 Eisa Shipyard 2013 Bulk 154 180,000 Universal S.B. May 2013 Products 500 70,000 Eisa Shipyard Jan 2013 Bulk 1846 56,000 Mitsui SB May 2013 Products 501 70,000 Eisa Shipyard May 2013 Bulk 37,000 Saiki Hvy. Ind. May 2013 Products 502 70,000 Eisa Shipyard 2014 MPP 825 6,550 Peters Kampen May 2013 Products 503 70,000 Eisa Shipyard 2014 PSV H1011 3,500 2,710 GT Shinan H.I. May 2013 On Order:- 15 Vessel(s); 946,300 DWT. Tanker 1225 320,000 Shanghai Waigaoqiao Jun 2013 Vietnam Tanker T3000-51 320,000 Dalian Shipbuilding Jun 2013 Can Tho Shpg. Tanker 169 298,300 Universal S.B. Jun 2013 Products H4083 51,800 SPP Shipbuilding Jun 2013 GCargo H176 12,500 Ca Mau S.B. Jan 2012 Bulk 95,712 Imabari S.B. Jun 2013 On Order:- 1 Vessel(s); 12,500 DWT. Bulk 82,000 COSCO Zhoushan Jun 2013 Nghison Cement Bulk 61,000 Shin Kasado Dock Jun 2013 Cement NSCC-BD02 15,000 Bach Dang S/Y Jan 2012 Bulk 46,000 Taizhou Sanfu Jun 2013 On Order:- 1 Vessel(s); 15,000 DWT. MPP 567506 13,500 Damen Yichang Jun 2013 MPP 9445 7,200 Damen Shipyards Jun 2013 PTSC AHTS 003/10 1,000 GT Sao Miguel Shipyard Jun 2013 FSO Sungdong S.B. Jan 2013 AHTS 004/10 1,000 GT Sao Miguel Shipyard Jun 2013 On Order:- 1 Vessel(s); DWT. Products H4084 51,800 SPP Shipbuilding Jul 2013 PV TRANS Products S5117 50,000 SPP Shipbuilding Jul 2013 Tanker 105,000 Dung Quat Shipyard 2012 Open Hatch 1838 73,000 Mitsui SB Jul 2013 Tanker 105,000 Dung Quat Shipyard 2012 Bulk 58,000 Kawasaki S.B. Jul 2013 Tanker PVT833 105,000 Dung Quat Shipyard 2012 Bulk 0016 57,000 Huatai Hvy. Ind. Jul 2013 On Order:- 3 Vessel(s); 315,000 DWT. Bulk 1843 56,000 Mitsui SB Jul 2013 Open Hatch 37,000 Saiki Hvy. Ind. Jul 2013 Tay Nam Shpg. Bulk 37,000 Saiki Hvy. Ind. Jul 2013 Bulk 20,000 Ca Mau S.B. 2012 Products H4085 51,800 SPP Shipbuilding Aug 2013 Bulk 20,000 Ca Mau S.B. 2012 Bulk 161 207,000 Universal S.B. Aug 2013 On Order:- 2 Vessel(s); 40,000 DWT. Bulk 95,712 Imabari S.B. Aug 2013 Bulk 636 37,200 Zhejiang Ouhua Aug 2013 Unknown Vietnamese MPP 567507 13,500 Damen Yichang Aug 2013 Bulk 53-NTA02 53,000 Nam Trieu S.B. 2012 Products H4086 51,800 SPP Shipbuilding Sep 2013 On Order:- 1 Vessel(s); 53,000 DWT. Bulk 1523 82,100 Tsuneishi Zosen Sep 2013 Vietsovpetro Bulk 37,000 Saiki Hvy. Ind. Sep 2013 Diving Spt 5,497 GT ASL Shipyard Feb 2012 Products H4087 51,800 SPP Shipbuilding Oct 2013 On Order:- 1 Vessel(s); DWT. Products H4088 51,800 SPP Shipbuilding Nov 2013 Bulk 1512 82,100 Tsuneishi Zosen Nov 2013 Vinalines Bulk 37,000 Saiki Hvy. Ind. Nov 2013 Container NT28 9,500 700 TEU Nam Trieu S.B. 2012 MPP 567508 13,500 Damen Yichang Nov 2013 Container NT29 9,500 700 TEU Nam Trieu S.B. 2012 Products H4089 51,800 SPP Shipbuilding Dec 2013 Container NT30 9,500 700 TEU Nam Trieu S.B. 2012 Bulk 162 207,000 Universal S.B. Dec 2013 On Order:- 3 Vessel(s); 28,500 DWT. Bulk 56,000 Oshima S.B. Co. 2014 Bulk 56,000 Oshima S.B. Co. 2014 Vinashin Maritime Bulk 56,000 Oshima S.B. Co. 2014 GCargo H181-01 6,800 76 Shipyard 2012 Bulk 56,000 Oshima S.B. Co. 2014 GCargo H181-02 6,800 76 Shipyard 2012 Bulk 56,000 Oshima S.B. Co. 2014 On Order:- 2 Vessel(s); 13,600 DWT. Bulk 56,000 Oshima S.B. Co. 2014 Vinashin Ocean Bulk 56,000 Oshima S.B. Co. 2014 Tanker B8239 104,000 Dung Quat Shipyard 2012 Bulk 30,000 Nantong Mingde 2014 Chem & Oil T210 13,500 Nam Trieu S.B. 2012

Licensed to HSBC Bank plc. Distribution is restricted; please remember acknowledge the source. http://www.clarksons.net 26/01/2012 08:13:21 67853 FPSO 100,000 Unknown Yard /Brazil 2014 Bulk H172 53,538 Ha Long Shipyd. 2012 FPSO 100,000 Unknown Yard /Brazil 2014 Container B170-V21 23,063 1,730 TEU Ha Long Shipyd. 2012 FPSO 100,000 Unknown Yard /Brazil 2014 Container B170-V22 23,063 1,730 TEU Bach Dang S/Y 2012 FSRU/LNG Samsung H.I. 2014 On Order:- 5 Vessel(s); 217,164 DWT. Products H4090 51,800 SPP Shipbuilding Jan 2014 Bulk 1513 82,100 Tsuneishi Zosen Jan 2014 Vinaship Open Hatch 1839 73,000 Mitsui SB Jan 2014 Bulk H172-02 54,000 Dung Quat Shipyard 2012 MPP 826 6,550 Peters Kampen Jan 2014 Bulk H172-03 54,000 Dung Quat Shipyard 2012 FPSO 100,000 Unknown Yard /Brazil 2015 Bulk H172-04 54,000 Dung Quat Shipyard 2012 FPSO 100,000 Unknown Yard /Brazil 2015 On Order:- 3 Vessel(s); 162,000 DWT.

The orderbook detailed above is based on reported orders and scheduled delivery dates and does not necessarily represent the expected pattern of future deliveries.

World Shipyard Monitor Database * -C&O = Chem & Oil, OH = Open Hatch Page 62 1st January 2012