Capital Link Shipping Forum Monday, June 7, 2010 Astir Palace Hotel Athens, Greece

2ndAnalyst & Investor Day Capital Link Shipping Forum Monday, June 7, 2010 Astir Palace Hotel Athens, Greece

Moving your business

At Fortis Bank Nederland we have been serving companies active in shipping and container transport for years. We have become a prominent player in ﬁnancing, advising and investing in shipping companies. As your partner in this rapidly changing and highly competitive market, we will put our expertise and understanding of the shipping industry and its trade ﬂows to work for you.

With specialists dedicated to the shipping, offshore, liqueﬁed natural gas and intermodal sectors, Fortis Bank Nederland delivers innovative solutions that are tailored to your strategic requirements.

For more information please visit www.merchant-banking.nl or send us an email to [email protected]

Fortis Bank Nederland and ABN AMRO are combining forces this year under the ABN AMRO brand name. CapitalCapital Link Shipping Forum 2nd Posidonia AAnalystl & Investor Day PROGRAM

Welcome Remarks 9:50 AM - 9:55 AM Mr. Nicolas Bornozis, President - Capital Link

Opening Remarks 9:55 AM – 10:00 AM Mr. Stefan Jekel, Managing Director, International Listings, Global Corporate Client Group - NYSE Euronext

Dry Bulk Shipping: Supply and Demand Challenges Moderator: Mr. Emil Yiannopoulos, Partner, Assurance Leader - PricewaterhouseCoopers Panelists: Excel Maritime Carriers - Mr. Thomas Kaas Christensen, Chief Commercial Officer 10:00 AM – 10:40 AM Hellenic Carriers – Mrs. Fotini Karamanlis, CEO Navios Corporation – Mr. Ted Petrone, President Seanergy Maritime Holdings – Mr. Dale Ploughman, CEO

Dry Bulk Shipping: Growth & Consolidation Opportunities Moderator: Mr. Harris Antoniou, Global Head Energy, Commodities & Transportation - Fortis Bank Nederland Panelists: DryShips - Mr. Pankaj Khanna, COO 10:45 AM – 11:30 AM Globus Maritime – Mr. George Karageorgiou, CEO Safe Bulkers – Mr. Polys Hajioannou, CEO Star Bulk Carriers – Mr. Akis Tsirigakis, CEO Paragon Shipping – Mr. Michael Bodouroglou, CEO

Containers: Sector Developments & Outlook Moderator: Mr. Gust Biesbroeck, Managing Director of Transportation - Fortis Bank Nederland 11:30 PM – 12:10 PM Panelists: Danaos Corporation – Mr. Dimitri Andritsoyannis, CFO Euroseas – Mr. Aristides Pittas, CEO Goldenport Holdings – Mr. John Dragnis, Commercial Director

12:10 PM – 12:25 PM COFFEE BREAK Sponsored by Tsakos Energy Navigation LTD

Introductory Remarks 12:25 PM – 12:30 PM Mrs. Isabella Schidrich, Managing Director - NASDAQ OMX

Tankers (Crude & Products): Sector Developments & Outlook Moderator: Mr. George Cambanis, Senior Partner, Global Shipping Leader - Deloitte, Hadjipavlou, Sofianos & Cambanis 12:35 PM – 1: 15 PM Panelists: Capital Product Partners – Mr. Ioannis Lazaridis, CEO Crude Carriers Corp. – Mr. Evangelos Marinakis, CEO Omega Navigation Enterprises – Mr. George Kassiotis, CEO Tsakos Energy Navigation – Mr. Nikolas Tsakos, CEO

Capturing Opportunities Across Shipping Sectors Moderator: Mr. Bruce McDonald, Managing Director, Transportation & Logistics Group - Houlihan Lokey / Knight Capital Group 1:20 PM – 2:00 PM Panelists: Euroseas – Dr. Tasos Aslidis, CFO Goldenport Holdings – Mr. John Dragnis, Commercial Director OceanFreight – Mr. Demetris Nenes, President & COO TopShips – Mr. Alexander Tsirikos, CFO

2:00 PM – 3:00 PM LIGHT BUFFET LUNCHEON

Page 2 Capital Link Shipping Forum 2nd Posidonia AAnalystl & Investor Day Greek Shipping a Global Leader

By Nicolas Bornozis President of Capital Link, Inc.

Posidonia is the world's largest and most prestigious shipping management of listed shipping companies provides an update trade event and it takes place in Greece every two years attracting and an interactive discussion on the developments and outlook a significant number of visitors from all over the world. of the various shipping sectors, as well as on topics of common According to industry sources, Posidonia 2010, to be held from interest among shipowners, investors and financiers. June 7-11, 2010 is expected to attract nearly 1,800 exhibitors from 86 countries and to be visited by more than 17,000 Greek We are delighted with the response that this initiative has and foreign industry professionals and government officials, of received both from listed companies and the investment and which 10,000 are expected from abroad. financial community. Capital Link has made a strategic commitment to working with listed shipping companies and we Greek shipowners are a major force in global shipping have developed a series of industry initiatives that go well controlling more than 20% of the world's merchant fleet by beyond our core business of Investor Relations, Advisory and tonnage and Greece itself has a long tradition as a maritime Financial Communications. These include our Shipping Website nation. Greek shipowners who compete on a global scale have a dedicated to listed shipping companies, our webinars, the track record as astute operators and asset traders. The global industry Forums in Athens, London and New York, our Weekly shipping and investment community continue to look at the Newsletter and our Maritime Indices. I believe we have built a behavior of Greek shipowners during peaks and troughs, as they global interactive and truly effective link between listed have been able to prove their success in one of the most shipping companies on one hand and investors and financer on significant, difficult and unpredictable professions of the world. the other.

Greek owned shipping is not related to the development of the Concluding, I would like to thank the listed companies, the Greek economy itself but depends on trends in the global investors, bankers and financers, as well as NYSE Euronext and commodity and energy markets. Still, shipping is a significant NASDAQ OMX and our Global Sponsors, Fortis Bank, Knight contributor to the Greek economy mainly through the foreign Capital Group, Deloitte, The Marshal Islands Registry and currency inflows it generates and the employment it provides. PricewaterhouseCoopers, for their support and participation. We Piraeus is a major hub for the global shipping business and the wish everyone a pleasant and productive Posidonia Week. industries that service it.

Given the significant number of international investors, analysts and financiers visiting Greece for Posidonia, Capital Link has initiated the tradition to organize an Investor & Analyst Day at the beginning of the Posidonia Week, during which the senior

Capital Link - Linking Shipping and Investors Across the Globe

Excellence in Investor Relations and Financial Communications www.capitallink.com www.capitallinkforum.com www.capitallinkfunds.com Capital Link New York – London - Athens

Page 3 Capital Link Forum ...your link with the global investment community Calendar of Events

Greek IR Awards Monday, May 31, 2010 - Athens, Greece The IR Awards, which Capital Link introduced in Greece in 2003, are organized annually with the support of major domestic and international capital markets related organizations. The objective is to identify and acknowledge companies and individuals who follow high standards of Corporate Governance, Financial Disclosure and Investor Relations. Also, to raise the profile of the function of Investor Relations and contribute to its development in Greece. The Awards are based on nominations and voting by a Committee of 34 market participants from different segments of the market. (Capital Link is not part of the Committee). The collection and tabulation of the nominations is conducted by DELOITTE and the Law Office of Dr. Tsibanoulis & Partners.

2nd Posidonia Forum Analyst & Investor Day Greek Shipping Forum Monday, June 7, 2010 - Athens, Greece This Forum, held with the occasion of the Possidonia Event in Greece, aims to update foreign analysts, investors and bankers on the outlook of the shipping markets. Also, to enable listed shipping companies and investors exchange views on the financial and capital markets and investor attitudes.

nd Annual 2 Global Derivatives Forum

Thursday, September 9, 2010 - New York City Today’s global derivatives markets are growing increasingly complex and sophisticated making it more important than ever to keep informed about trends and developments. The Capital Link Global Derivatives Forum provides a comprehensive review on the development, risk management, utilization and outlook of energy, commodities, credit , foreign exchange and equity derivatives.

rd Annual 3Invest in International Shipping & Marine Services Forum - London

Tuesday, October 12, 2010 - London The Forum, which is organized in cooperation with the London Stock Exchange, aims to provide investors with a comprehensive review and outlook of the various shipping markets and to raise the profile of shipping among the UK and wider-European investment communities. The Forum’s target audience includes institutional investors and analysts, financial media, financial advisors, financial planners and stock brokers. th Annual 12Invest in Greece Forum Reforming Greece: Opportunities & Challenges Thursday, December 2, 2010 - New York City The Invest in Greece Forum, has been established as the main event that updates US investors on the developments, trends and outlook of the Greek economy, capital markets, stock market and its listed companies and presents the latest business and investment opportunities in Greece and the wider region. The Forum is organized under the auspices of the Ministry of Economy, Competitiveness and Shipping of Greece and in cooperation with the New York Stock Exchange, which also hosts the ‘Greek Day' at NYSE with the Minister and the CEOs of the NYSE listed companies ringing the Closing Bell. nd Annual 2Greek Shipping Forum Accessing Capital in Today's Markets Tuesday, February 22, 2011 - Athens, Greece The Forum discusses the current trends in the shipping, financial and capital markets and focuses on the various alternatives for capital raising among public and private shipowners. Also, how to manage risk in today's global and highly volatile market environment. The target audience is the Greek shipping community, with listed and private companies, as well as members of the financial and investment communities.

th Annual 5Invest in International Shipping Forum - New York Thursday, March 24, 2011 - New York City This is an investor focused event held annually in New York where the world’s most influential CEO level executives of US and Foreign listed shipping companies gather and examine the macroeconomic issues that are shaping international shipping and further provide investors with a comprehensive review and outlook of the various shipping markets right after the companies’ annual results. It aims to enhance the information flow between investors and shipping companies and increase the awareness of shipping to a wide investor audience.

th Annual 10Closed-End Funds and Global ETFs Forum Wednesday, April 27, 2011 - New York City Now in its 10th year, the Capital Link Closed-End Funds & Global ETFs Conference has become a "must go" event for registered investment advisors, fund managers, private bankers, retail and institutional brokers, financial media and closed-end funds and ETF sponsors. Created for financial advisors and other wealth management professionals who want access to sophisticated strategies that suit their high-end clientele. The Forum also provides excellent opportunities for quality interaction and networking with a highly targeted audience of wealth management professionals.

Capital Link - New York - London - Athens New York - 230 Park Avenue, Suite 1536, New York, NY, 10169 Tel.: +1 212 661 7566 Fax: +1 212 661 7526 www.capitallink.com London - Longcroft House,2-8 Victoria Avenue, London, EC2M 4NS, U.K Tel. +44(0) 203 206 1320 Fax. +44(0) 203 206 1321 www.capitallinkforum.com Athens - 40, Agiou Konstantinou Str, Suite A 5, 151-24 Athens, Greece Tel. +30 210 6109 800 Fax +30 210 6109 801 CAPITAL LINK SHIPPING FORUMS Linking Shipping and Investors Across the Globe…

New York City, United States

London, United Kingdom

Athens, Greece

Capital Link – New York – London - Athens !"#$(!"# )*+/459:;+)<=>?@H"@@VZ$("@@VZ @*H59@[5\+":$(": www.capitallink.com - www.capitallinkforum.com - www.capitallinkshipping.com * NYSE EURONEXT Spotlight on Shipping

NYSE Euronext is the World’s Leading and Most Liquid Exchange Group The aggregate market capitalization of listed issuers on NYSE Euronext is $15.2 / €11.3 trillion, greater than the next four exchanges combined (London Stock Exchange, Tokyo Stock Exchange, Nasdaq OMX, SIX Swiss Exchanges). It is the ﬁrst truly global marketplace – listing more than 8,500 issues in total, including 72 of the world’s 100 largest companies.

Premier Market for Shipping The World’s Companies Total Market Capitalization ($ Billion) • Since 2002, every qualiﬁed 40 $38.4 Leading Shipping shipping IPO in the U.S. has listed on the NYSE. 35 Companies Choose • Paragon Shipping transferred to NYSE on March 24th, 2010. 30 NYSE Euronext This constitutes the ﬁfth shipping company transfer 25 from Nasdaq since 2000. 40 shipping companies are • Baltic Trading, Crude Carriers 20 and Scorpio Tankers listed on listed on NYSE Euronext the NYSE YTD 2010. 15 representing all segments of 10 $6.1 $5.0 the market with a combined 5 market capitalization 0 NYSE Euronext Nasdaq LSE of $38.4 billion. Leading Liquidity Provider th • NYSE Euronext trading volume As of April 15 , 2010 in shipping companies has Average Daily Value ($ Million) increased at an annual rate 250 of 38.2% since 2003 – a 6.7-fold $234 increase over 6 years.

200

150 $148

100 DRYS $113

$1.7 0 NYSE Euronext Nasdaq LSE

November 15th, 2009 - April 15th, 2010

TR/5986/100423 NYSE EURONEXT Spotlight on Shipping

NYSE Euronext is Home to the World’s Leading Shipping Companies

Company Name Ticker Listing Venue Market Capitalization “Trading on the New York Stock Exchange ($ Million) is an important step forward for us, as continue to seek new ways and new places Koninklijke Vopak NV VPK NYSE Euronext $5,307 to expand our operations, and as we Frontline Ltd FRO NYSE $2,829 create sustained, long-term value for our Tidewater Inc TDW NYSE $2,570 shareholders.” Kirby Corp KEX NYSE $2,151 –Allen Doane, Chairman & CEO, Teekay Corp TK NYSE $1,882 Alexander & Baldwin (NYSE: AXB) Ship Finance International Ltd SFL NYSE $1,638 Teekay LNG Partners LP TGP NYSE $1,550 “The New York Stock Exchange is the Smit Internationale NV SMIT NYSE Euronext $1,500 dominant market of choice for leading Nordic American Tanker Shipping NAT NYSE $1,485 companies from all over the world and we Overseas Shipholding Group Inc OSG NYSE $1,470 are particularly pleased to join its ranks.” Alexander & Baldwin Inc AXB NYSE $1,448 –Dr. John Coustas, CEO Euronav NV EURN NYSE Euronext $1,295 Danaos Corporation (NYSE: DAC) Cie Maritime Belge SA CMB NYSE Euronext $1,254 Diana Shipping Inc DSX NYSE $1,233 “The New York Stock Exchange is home Teekay Offshore Partners LP TOO NYSE $1,058 to many international shipping companies Seaspan Corp SSW NYSE $789 and we believe that by joining them, Gulfmark Offshore Inc GLF NYSE $748 we will increase Paragon’s visibility within the investment community.” Navios Maritime Partners LP NMM NYSE $711 Navios Maritime Holdings Inc NM NYSE $710 –Michael Bodouroglou, Chairman & CEO Paragon Shipping Inc (NYSE: PRGN) Genco Shipping & Trading Ltd GNK NYSE $707 Tsakos Energy Navigation Ltd TNP NYSE $610 Safe Bulkers Inc SB NYSE $536 “We are proud to list Genco on the New York Stock Exchange. With a business at the Excel Maritime Carriers Ltd EXM NYSE $534 center of global trade and a focus on growth, Teekay Tankers Ltd TNK NYSE $506 Genco Shipping & Trading is well suited for Exmar NV EXM NYSE Euronext $473 a New York Stock Exchange listing.” General Maritime Corp GMR NYSE $467 –Peter Georgiopoulos, Chairman & CEO, Societe de Gerance & D'armement SAGA NYSE Euronext $343 General Maritime Corporation (NYSE: GMR), Navios Maritime Acquisition Corp NNA NYSE $314 Chairman Genco Shipping & Trading Limited Danaos Corp DAC NYSE $275 (NYSE: GNK), Aegean Marine Petroleum Crude Carriers CRU NYSE $236 Network Inc. (NYSE: ANW) and Baltic Trading Scorpio Tankers STNG NYSE $232 Limited (NYSE: BALT) CAI International Inc CAP NYSE $231 Baltic Trading BALT NYSE $230 “We are extremely pleased to list our shares and warrants on the NYSE, the most International Shipholding Corp ISH NYSE $226 recognized stock exchange in the world. DHT Maritime Inc DHT NYSE $219 We look forward to a long and mutually K-Sea Transportation Partners LP KSP NYSE $192 beneﬁcial relationship with the NYSE.” Horizon Lines Inc HRZ NYSE $175 – Angeliki Frangou, Chairman & CEO Navios Global Ship Lease Inc GSL NYSE $152 Maritime Holdings Inc. (NYSE: NM), Navios Grupo TMM SA TMM NYSE $60 Maritimos Partners L.P. (NYSE: NMM) and B+H Ocean Carriers Ltd BHO NYSE $35 Navios Maritime Acquisition Corp (NYSE: NNA) As of April 15th, 2010 For more information, please contact: Stefan Jekel [email protected] +1 212 656 5773 Capital Link Shipping Forum 2nd Posidonia AAnalystl & Investor Day Greeks are seriously devoted to shipping

By Nigel Lowry, Lloyd's List

PUBLIC markets have become much more acquainted in the last few years with 'The Greek shipping miracle', as many Greeks have referred to it since the late what was once considered an exotic and rarely-seen species: Greek shipowners. 1970s when Greece first hit the No.1 spot in shipowning, was a miracle mainly in light of the fact that Greece itself was a tiny country, generating virtually no cargo Greeks have been the dominant force in a relatively recent expansion of the of its own. Greek shipowners had ascended to the first rank of a global industry as industry's presence on the stock markets of New York and London. But this has not cross-traders, in thorough independence, almost as a nomadic tribe. been a cookie-cutter revolution. The Greek entrepreneurs and executives helming about 25 of the new crop of companies that have listed since 2004 vary in A significant slice of the Greek community spent the war in the US and New York personality as do their companies in scope, goals and strategies. later became the seat of a nascent Greek tanker industry. The curtain only truly came down on the Big Apple's role as a home away from home for Greek owners Only a decade ago, few thought that Greek shipowners would ever be minded to in 1963 when new tax laws drove away many foreign shipowners. Many switched cosy up to the capital markets in such numbers. The prevailing view was that their their head office to London, where a strong Greek community dated from the early private culture and family management style were all wrong for public markets. years of the 20th century. The likelihood of any match-up receded further considering that shipping per se was barely on the radar of investors. London remained the unofficial capital of Greek shipping until well into the 1970s. But Greek legislation that protected the tax-free status of shipping, and the The truth is that we should have known better. Over a long period of time Greek emergence of a new generation of successful seafarers-turned-shipowners typified shipowners have proved themselves resilient and highly adaptable to a by Tsakos and Constantacopoulos, steadily established Piraeus as the industry's fast-changing shipping environment. Finally, financial markets thawed to the home. The 1990s, when Greece at last came to enjoy modern infrastructure, saw it industry, magnetised by the historic boom in ships' earnings during the become the epicentre for the growing industry. mid-noughties. When they did, inevitably Greek shipowners were first in the queue to jump on the opportunity. However the cosmopolitan nature of the industry remained intact. Greeks have become ever more plugged into global business streams and engaged in the Greek shipping has a nourishing story that goes all the way back to the day of rank-and-file - and leadership - of the various industry fora that work for the Homer and beyond. But the manner in which the nation's maritime entrepreneurs industry's benefit worldwide. have sustained their leading role in the modern era is what really catches the eye. It's a global game, now. Why have Greeks been so successful in such a demanding arena? The story of Greek shipping's rise is a multi-faceted one and any short answer can only be glib. It was no foregone conclusion that a century or so ago they would collectively However, their success must be linked to the fact that Greeks take shipping make the hop from sail to steam, or manage the transition from local traders to seriously, while their sea-bordered country historically has presented few regional operators in the Mediterranean and then a prominent force on the Atlantic comparable opportunities ashore. grain run. Left after both World Wars with a shattered fleet, on both occasions Greeks rebuilt to grow more successful than before. Their seriousness, though, takes many forms. One example: the wealth retention for which the shipping clans of Chios and Oinnouses islands are legend. Others are World War II introduced many Greeks to the US, and in industry folklore marked out by their commitment to reinvest in ships, coupled with the patience to Washington's allocation of '100 Libertys' to Greek owners was the critical act wait out the more expensive phases in the market cycle in order to do so. Some allowing the fleet to be revived during the lucrative post-war era. There were never such owners have returned from virtual obscurity to order ships this year. In other, exactly 100 Liberty vessels, the American-built standard wartime freighter. In view more extrovert, cases it is the empire-building ambition that burns bright. of the sacrifice of Greek tonnage during the conflict, various Greek families were allotted a total of 98 Liberty ships, two smaller C1-M-AVI cargo ships, and seven As even a brief tour of the history suggests, the Greek shipowning phenomenon is T-2 tankers. sustained by a culture in which individualism, clannishness, and a certain amount of national pride all play their part. While the club of listed companies is In Greek hands this tonnage, made available on favourable terms, was the expanding, they are only the tip of the iceberg. There are an estimated 800 Greek equivalent of a well-timed IPO on the NYSE or Nasdaq today. But to say that the shipping companies, of which 80% are privately owned small-to-medium-sized transfer of these 100-plus vessels at war's end guaranteed that Greeks would entities with fleets of no more than eight vessels. become a world-beating power in merchant shipping would be an exaggeration. There were more than 1,000 other Liberty freighters that were distributed to With such a dynamic background, it can be hard to spot tomorrow's shipowners of another 32 nationalities. But none has had the impact on modern mega-shipowner or the next crop of owners readying their IPOs. But there should shipping that Greeks have. be confidence that Greek shipping will continue to replenish itself as it has done for the last century. After being mauled by the dark crisis of the early 1980s, a To underline the point: one of many applicants frustrated to find they were not on generation Greek owners shunned newbuildings and acquired a reputation for the list of recipients was a certain Aristotle Onassis. It did not hold him back, and running cheap, old ships adroitly. the same could be said for a host of other owners who either failed to secure one of the original 98 Libertys or initially spurned the opportunity through an But they have swiftly adapted, adjusting to more policing of management and ship. old-fashioned suspicion of the welded vessels' new method of assembly. Others At the same time, they have recovered their faith in newbuildings. The age of the missed out as they were too circumspect about post-war recovery prospects. fleet has almost halved from 10 years ago.

The energy and shrewd eye for shipping that Greeks had was encapsulated by the If the transition to steam and the explosion of the industry after World War II were Onassis story, which has no doubt inspired a good number of Greeks down the the first two key eras in the development of Greek shipping, we may be witnessing years to take their first steps in shipping. But for every Onassis and Niarchos, a third as Greek owners embrace both a more modern, higher-quality fleet, while personalities that even the shipping industry was barely sufficient to contain, there they use public equity to replace part of their need for bank debt. was a host of other Greeks dedicatedly plying their trade or pursuing a quieter path to the accumulation of wealth.

Page 8 Capital Link Shipping Forum 2nd Posidonia AAnalystl & Investor Day GREEK SALE and PURCHASE TRENDS and HABITS

By John Cotzias, N. COTZIAS SHIPPING CONSULTANTS

Last year Greeks spent a hefty $4.5 billion dollars for the acquisitions In the Tanker WET secondhand Sector, Greeks have gone for 25 Tanker of 229 vessels Vs 4.2billion dollars for 306 units that the Chinese and Gas vessels spending 957 milion USD. Greeks have got 2 VLCC's purchased. This year only in 5 months, until end of May 2010, Greeks for $192milion, 3 Suezmax worth $147mil, 6 Aframax Tankers worth have already spent more than $2.87billion US Dollars for a total of 106 $334milion, 11 MR and LR tankers worth $267milion, 1 Chemical units. These include both dry cargo and tanker vessels. tanker worth $7milion and 2 Gas carriers worth $10milion. Average age of the tanker acquisitions is only 6.6 years. It is true that values of vessels have increased by as much as 40% from this time last year, but this on its own is not enough to justify the large Chinese on the wet/tanker sector have got 2 VLCC's worth $73milion, capital outlay Greeks & Chinese have forked-out. Increased market 3 Aframax Tankers worth $23.5milion and 3 Chemical tankers worth expectations, good sustained freight levels, positive world economic $18milion and one Gas carrier for $7.5milion. Average age of the tanker outlook especially from developing countries, have lead the seaborne acquisitions is 14.8 years. trade to adequate levels that have pushed secondhand vessel prices constantly up from March 2009 until today.

It is interesting to note that during 2009 for the period January-May 2009, in both Tanker and Dry Bulk sectors, Greeks and Chinese were nearly on par having both bought around 110 units each. In 2009 as a whole we have seen that Greeks bought 229 units while the Chinese 306. However in terms of carrying capacity the Chinese had clearly out-performed the Greek buyers with 19milion tones Vs 12milion tones for the Greek buyers. In terms of capital outlay Greeks got the lead with 4.5bilion usd while Chinese spent 4.2bilion usd.

In 2010 Greeks have already got 106 units vs 125 units for the Chinese. In total deadweight, the Chinese have added 8.7milion tones while Greeks less but still a good 7milion tones. In money terms, mainly cash spent, Greeks are the undisputed leader as they have spent more than 2.9bilion while Chinese have paid 2.2bilion for their new acquisitions.

Top of the Pick for the Greek buyers are the Dry Bulk units where they have gone for 74 ships out of which 62 are Bulk Carriers ($1.6bilion), while 14 are Containers and MPP ships ($258milion) and 3 Reefers and 2 Roro ships worth ($30milion).

The average deadweight for these 62 Bulkers is 64,197 tones while the average age of these units is 9 years. On the other hand Chinese have gone for 88 Bulkers ($1.9bil), 20 Containers ($107mil), 1 Multipurpose vessel & 1Tween decker, 1 Roro & 1 Anchor Handling tug all worth ($53mil)

The average deadweight for the 88 bulkers is 81,615 tones of deadweight while the average age of these units is roughly 15.8 years.

This comparison shows that Chinese go for larger, older and cheaper units, while Greeks opt for the modernization of their fleet as at the same time Greek sellers are topping the tables of the scrap sellers comparison chart, clearly getting rid of older units. Greeks sellers have sold 82 of 512 units (16%) that have been scrapped for the period Jan-May 2010.

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To learn about Knight Capital Group, Inc. (Nasdaq: NITE) go to knight.com. © February 2010 Knight Capital Group, Inc. All rights reserved. Knight Equity Markets, L.P. and Knight Capital Markets LLC are off-exchange liquidity providers and members of FINRA and SIPC. Capital Link Shipping Forum 2nd Posidonia AAnalystl & Investor Day Raising Equity Capital in the New Decade - Encountering Some Storms Along the Way

June 2010 By Harry Wong Managing Director, Head of Transportation Banking, Knight Capital Markets LLC

At Capital Link's winter conferences, we shared our thoughts on "Raising Equity the number of funds that can invest in that company's shares. But as economic Capital in the New Decade." At that time, institutional investors were taking on risk recovery outlook clears, risk capital will return to maritime shipping in again and looking for an option on economic recovery, thus increasing allocations to anticipation of an economic upturn. transportation assets. Though concerns remained, many investors were looking for economic, production and trade levels to recover, benefiting seaborne transport and Bob Lyons, Head of Capital Markets at Knight, on a capital markets panel at a shipping rates which had declined 90 percent from their peak. As freight rates and Global Industries Conference in New York, remarked that "companies that asset values continued to experience recovery and firming this year, the Capital Link want to raise capital should do so in low-volatility markets and stay on the Maritime Index outperformed the S&P 500 Index. Indeed, the markets appeared to sidelines in high-volatility markets." be providing an open window for maritime shipping companies seeking to raise new equity capital. Recent Capital Markets Activity The US markets provided a positive environment for equity capital in which Well, we encountered some headwinds and turbulent storms along the way! $64.4 billion of gross proceeds were raised through mid-May. IPO proceeds Although there were warnings, when those storms did arrive, investors were were $8.4 billion, follow-on offerings accounted for $44.5 billion, and surprised to encounter the crosswinds of the sovereign debt crisis, China's tightening convertible offerings accounted for $11.5 billion. For maritime shipping measures and the U.S. markets intraday crash on May 6. companies, total proceeds raised were $1.8 billion. (Source: IPREO) Three companies successfully completed their initial public offerings, all on the Market Volatility NYSE: Baltic Trading Ltd. [NYSE:BALT], Crude Carriers Corp. [NYSE: As a result, market volatility has increased dramatically. In late May, the three CRU] and Scorpio Tankers [NYSE: STNG]. Nine companies completed major market indices conceded some of their gains with the S&P 500 falling 12.0%, follow-on offerings with the last before the current capital markets window the DJIA shedding 10.1% and Nasdaq dropping 12.9% from their April peaks. began to close. One was Navios Maritime Partners [NYSE: NMM], which Volatility as measured by the VIX reached a high of almost 46 after spending most completed pricing of a follow-on offering, its second this year, in an accelerated of this year in the range that averaged below 20 before the current surge in market offering on the last day of April. volatility(source: Bloomberg). It is 43 at the time of writing of this note (source: Bloomberg). The VIX is a measure of the market's expectation of volatility. A high Looking Ahead value indicates near-term market volatility, earning the name the fear index. Windows for raising equity capital open and close as investor sentiment and appetite for risk-taking move with the ebb and flow of the global markets. Investment Case for Maritime Shipping Companies There should be another opportunity for maritime shipping companies with In spite of the concerns that are being expressed in the markets reactions to global sound businesses, track records of delivering economic returns, reasonable economic news, some investors are selectively taking on risk. As previously noted, dividend strategies and transparent business models to raise equity capital later a common investment thesis has been developing and shared among certain this year - if, that is, the seedlings of global economic recovery finally begin to institutional investors and shipping industry executives: The next few years offer a take hold. There are positive events, just not enough yet, to overcome the once-in-a-decade opportunity to acquire assets at deep values, with the potential for current market volatility. significant returns on capital. Regardless of the type of investor - mutual fund, private investment fund or hedge fund - the reasons for their interest are similar. There have also been non-market related events such as the deepwater drill rig There is an opportunity over the next several years to realize above-average and disaster in the Gulf of Mexico that affects companies with these assets, notably possibly outsized capital gains. The investment case for maritime shipping Tsakos Energy Navigation [NYSE:TNP], which announced it would not go companies is still compelling, even if some investors wait for more settled markets forward with the planned acquisition of two deepwater drilling rigs for $1 before taking or adding to positions. billion in its public company. Meanwhile, DryShips' [Nasdaq GS: DRYS] planned spin-off of its drilling business Ocean Rig through an IPO is likely to In fact, the equity markets outlook provides a positive backdrop. Expected continue to experience delay due to market concerns about deepwater drilling long-term market returns from investing in the broad market are modest. With risk operations. appetite returning, strategic, growth and value funds are looking for cyclical plays. This should include the maritime shipping industry, which has experienced steep Access to capital is one of the most important strategic strengths that any declines in revenues, cash flow and asset values. As the global economy recovers industrial company possesses, and there are very few businesses as capital from recent recession, economic activity, production and trade should eventually intensive and with funding needs as great as those in maritime shipping. recover. Shipping-related assets should benefit, presenting strong capital Investors want to invest in companies with sound businesses, track records of appreciation opportunities. Strong, seasoned executive management teams will delivering economic returns, transparent business models and reasonable attract investment capital to participate in the market opportunity. dividend strategies. These companies have earned the privilege of access to the capital markets. They should continue to do what they are doing, maintaining As we have said before, no one can be certain how far we are into any recovery and the trust and confidence of their investors, others looking to access the capital what the strength of that recovery will be. We also don't know when economic, markets should look to them as guiding examples. production and trade activity will raise demand for seaborne transport and corresponding freight rates to levels that will restore normal profit margins, thereby Meanwhile, we at Knight hope that everyone attending and participating in the producing operating earnings, free cash flow and, for some, the return of Posidonia Investor & Analyst Forum enjoys the conference, related events and dividend-paying capability. A company that pays dividends substantially increases activities, and leave with a stronger appreciation for the shipping industry. Page 11 Capital Link Shipping Forum 2nd Posidonia AAnalystl & Investor Day Full Steam Ahead for Greek Shipping By Barry Parker

Greek owners have played an integral role in international shipping. An earlier generation of owners (some from the merchant mariner ranks, others from trading backgrounds) made great private fortunes, as world trade mushroomed from the 1950's through the early 1970s. now launched Crude Carriers Corp, listed on the NYSE with symbol Now, a new generation of Greek owners has come to prominence. "CRU", his second listed shipping company. CRU's financial Unlike their predecessors, this new crop of shipowners (more likely template (analogous to Peter Georgiopoulos's newly launched dry to have a finance degree than sea-going experience) has used the side business- Baltic International Trading, also listed on the NYSE, capital markets to build their fleets, while offering investors an as "BALT") centers on minimal financial leverage and a full opportunity to share in their fortunes. dividend payout. Coupled with the acquisition of tonnage at or near a cyclical bottom, this new model sidesteps potential banking Shipping economists have pointed to China's entry into the World entrapments, while offering investors cash payouts fuelled by Trade Organization (WTO) in 2003 as the catalyst for another increasingly prevalent freight market spikes. Buying ships at or near shipping boom- this one lasting until the sharp correction of late "distress" prices offers equity holders the possibility to participate in 2008. Shortly thereafter, starting in late 2004, shipping companies out-sized returns from vessel sales. began to tap the equity markets, through initial public offerings (or, for those prescient companies already listed, follow-on offerings). The Navios group of companies took advantage of the 2009 Many of these companies, launching IPOs (or secondaries) are downturn to secure a half dozen attractively priced Capesize vessels Athens-based Greeks, or offshoots with agency businesses in ordered by another owner, taking advantage of lengthy finance terms London or New York. offered by the original lender. Navios also used a novel form of preferred stock, issued to the Asian yard, as part of its payment Shipping suffered along with other businesses after the Credit Crisis package. In 2010, another company under the Navios umbrella is set of unprecedented proportions- with its numbing effects on economic to purchase more than a dozen chemical and product tankers, with activity. Clearly, "utilization" (the interaction of vessel supply with Navios betting on cyclical rebound in this sector. cargo-driven demand for transport) is down from 2007- 2008 levels, resulting from a vessel ordering binge across industry sectors, during In 2010, both Safebulkers ("SBLK" on Nasdaq) and Globus 2007- 2008 boom. Yet, the drybulk and tanker sectors have Maritime ("GLBS" on London AIM) announced acquisitions of performed substantially above the dire expectations expressed by newbuild tonnage from Chinese yards. Paragon Shipping ("PRGN" forecasters a year ago, in mid 2009. The container business, through on NYSE) has announced an eight vessel building program (with better management of capacity, has moved closer to sustainable ships delivering in 2011-2012) and Diana Shipping ("DSX" on earnings levels. NYSE) is building two ore carriers in China for 2012 delivery. Now, as in previous cycles, purchasing attractively priced assets is a theme The pullback of shipping banks, primarily from Europe, is an impact running across the spectrum of Greek companies. of the Credit Crisis that may linger way beyond the ongoing recovery. Capital market money sources, such as high yield bonds, debt or preference stock convertible into shares, and equity sold "At the Market" (rather than through traditional underwritings) have Barry Parker partially filled the banking vacuum. Yet reduced bank funding has, Barry Parker is a financial writer and analyst. His articles appear in a paradoxically, constricted new ship orders (and stifled the birth of number of prominent maritime periodicals including Fairplay, inchoate "greenfield" shipyards) that would have contributed further Seatrade, Lloyds Shipping Economist and Janes Transport Finance to oversupply. and Capital Link Shipping.

The Greek owners have adapted to the new situation in a variety of ways. Evangelos Marinakis (who studied International Relations before going into the family-owned Capital Ship Management) has

Page 12 Capital Link Shipping Forum 2nd Posidonia AAnalystl & Investor Day WHY CHOOSE THE MARSHALL ISLANDS?

By Clay Maitland, Managing Partner, International Registries, Inc.

Marshall Islands companies are legally structured to be particularly clients have found them equally useful. I am often asked whether or well-suited to the management of shipowning enterprises, and are easily why the Marshal Islands is preferable to, for example, Delaware as a adapted to the world's diverse commercial systems. Since the mid-1900s, domicile. Although the two jurisdictions have quite a lot in common, the number of shipping and offshore oil and gas companies that have gone the presence of Marshall Islands representative offices in many public has grown rapidly. In addition, with the changes in the markets and locations throughout the world makes for a more speedy and effective in asset values, institutional investors have expressed considerable interest processing of time-sensitive documentation. In addition, a great many in private equity transactions in the shipping industry. Moreover, the rights of the services provided by the Marshall Islands corporate registry are and benefits of an investor, like the ownership of a vessel, depend upon cost-free to the user. When the Marshall Islands corporate laws were local as well as international recognition of their validity. Gary Wolfe, developed, the use of tried-and-true United States and British legal Esq. the head of the Capital Markets Group at Seward & Kissel LLP has and financial terminology, and the fact that the Marshall Islands is an had years of experience in the shipping and offshore oil and gas drilling independent nation closely aligned with the United States, has made areas. He notes that: this form of corporation highly popular with existing publicly held corporations, or corporations going public for the first time. "We have found that the Marshall Islands is the premier jurisdiction for these types of companies for a number of reasons: As Mr. Wolfe, an experienced lawyer, puts it, "All in all, for us and our clients in the shipping and offshore oil and gas industries, the Marshall Islands is a top choice." The Marshall Islands has a close relationship with the United States with which it has a Compact of Free Association. The Marshall Islands corporate, limited partnership and limited www.register-iri.com liability company laws are based on similar laws of leading U.S. jurisdictions such as Delaware and New York. For that reason, investors can easily understand how such Marshall Islands entities function and how their constitutive documents are likely to be interpreted. The Marshall Islands corporate and maritime registries are top THE MARSHALL ISLANDS notch. They are managed from Reston, Virginia, and New York THE WORLD'S THIRD LARGEST SHIP REGISTRY City. It is as easy and quick to form a Marshall Islands corporation as it is to establish a Delaware corporation. Marshall Islands entities are efficient from a tax point of view. The Marshall Islands imposes no income tax on nonresident corporations. The U.S. Internal Revenue Service includes Marshall Islands corporations, limited partnerships and limited liability companies as foreign entities that can “check the box”. The staff of the Marshall Islands corporate and maritime registries understand the industries on which they are focused.”

The most important thing to remember about Marshall Islands corporations, partnerships, and limited liability companies (LLCs) is that the underlying legal system developed over a long period of time in the hands of lawyers in New York and London. Based upon their experience, the Marshall Islands legal framework is specifically tailored to the needs of companies that own and operate ships, although many non-maritime SETTING THE STANDARD FOR EXCELLENCE

Page 13 A REVIEW OF THE GLOBAL SHIPPING MARKETS

Greek Shipping A Global Leader

By Nicolas Bornozis, President, Capital Link* www.CapitalLinkShipping.com

MARITIME SHIPPING: THE LIFELINE OF conditions and political developments affect the demand side, while the size INTERNATIONAL TRADE and availability of the global fleet affect the supply side. Imbalances between demand and supply affect asset values, freight rates and earnings. The maritime shipping industry is essential to international trade as it is a practical and cost-effective means of The thesis for investing in shipping is straightforward and more or less the transporting large volumes of commodities. Shipping is same across all market segments. With the global economic recovery on its the lifeline of global trade. Indeed, world trade is about way, the industry is coming out from the storm, with improving freight rates $14 trillion annually with 90% carried by the shipping and current asset values at attractive levels. But even though on the upturn, industry contributing $380 billion in freight rates to the these are well below historical levels, especially if one looks at the ten-year global economy. averages.

Yet, maritime shipping is often understated in its relative size and effect on the “We are in this business for the long term” states Michael Bodouroglou, CEO global economy as most people are more familiar with other forms of transpor- of Paragon Shipping (NYSE: PRGN), a global dry bulk shipping company tation such as airlines, trucking and railroads. “and weak markets can present attractive growth opportunities for strong companies like ours”. “The entry point for investing in shipping assets is a “The total value of all cargo transported on ships annually is roughly the same major determinant for the final returns and right now vessel prices are well as the GDP of the United States, nearly 12 trillion dollars” says Nikolas Tsakos, below their average historical values. This is a unique opportunity to invest at CEO of Tsakos Energy Navigation (TEN) (NYSE: TNP), one of the largest the lower end of the shipping cycle” adds Evangelos Marinakis, CEO of Crude transporters of energy in the world. And he adds “To put this in perspective just Carriers, a company focusing on the crude tanker industry. for our company, our tankers transport annually the equivalent of 45 days of oil imports to the USA”. But there are risks as well. Many uncertainties can affect the demand side. Uncertainty about sovereign debts in Europe could spread and slow down the “Maritime transportation is the only practicable and cost effective means of global economic recovery. The rising dollar could make commodities, which transporting large volumes of many essential commodities. For example, even are dollar based, more expensive affecting demand. If oil gets too expensive, if tanker freight rates were to double from their current levels, gasoline prices as it did in the past, it could affect both demand and economic growth in the US would hardly be affected” adds Evangelos Marinakis, CEO of Crude prospects. On the fleet supply side, the boom years created large orderbooks of Carriers (NYSE CRU). newbuildings that if delivered on time could create significant imbalance between supply and demand. But, with financing tight, so far only a fraction of “Shipping is the artery of world trade. A disruption in shipping would have a the scheduled deliveries materialized. profound impact on the day to day life of every human being”, points out George Economou, CEO of DryShips (NASDAQ DRYS), a leading operator of Baltic Dry Index 2001-2010 dry bulk carriers and offshore oil deep water drilling.

Tankers, which carry liquid fuels such as oil, oil products and chemicals account for 40% of total sea borne trade, whereas dry bulk shipping which transports commodities such as iron ore, coal, grain, accounts for 38% and the rest is general cargo and containers that carry mainly finished goods.

Given the cargoes carried, tanker shipping is mainly affected by developments in the global energy markets including both OECD and non-OECD economies, whereas dry bulk shipping is tied mainly to infrastructure development especially that of developing economies in the Far East, and container shipping to consumer demand mainly in the developed markets.

Opportunities and Risks

After a period of steady growth since the turn of 21st century, the global economy came to a standstill when the financial crisis hit in Q4 2008. The lack Source: Bloomberg of financing severely diminished global trade and demolished freight rates, earnings and asset values putting the shipping industry in turmoil. But the industry did weather the storm. Since then, the market has gradually come back, albeit still far from its previous highs, creating a sleuth of new opportuni- * Nicolas Bornozis is the President of Capital Link, Inc., a New York based ties for shipping companies and investors. Investor Relations and Financial Communications firm specializing, among other, in shipping. Capital Link works with several listed companies, including Overall, shipping is a cyclical, seasonal and volatile business. Global economic companies featured in this report.

This article was part of a Sponsored Report on “The Global Shipping Markets” in Barron’s on May 29, 2010 A REVIEW OF THE GLOBAL SHIPPING MARKETS

($312 billion) economy, following tourism. There are about 1,400 shipping companies in Greece employing close to 250,000 people, generating significant currency inflows and contributing annually about $20 billion to the Greek economy. But shipping is a global business conducted outside Greece. “Even though we have our executives offices in Greece, our business is affected by trends in the global energy and commodity markets and not by developments in the domestic economy” states John Dragnis, COO of Goldenport Holdings (LSE:GPRT), an owner of dry bulk and container vessels. “Actually, the current situation with domestic unemployment about to rise, may steer a higher number of Greeks to the maritime profession, making up for the shortages we experienced in skilled personnel in previous years” states Nikolas Tsakos, CEO of TEN.

Greek shipping is a unique success story on a global scale. It brings to mind legendary names like Onassis, Niarchos, Livanos and many others. The ranks of Greek shipowners today include the scions of families with a long tradition in shipping but also several self made entrepreneurs. Among the listed companies, Euroseas (NASDAQ: ESEA), an owner of dry bulk and container vessels, boasts the Pittas shipping family tradition of 136 years.

Behind every major shipping company is a charismatic CEO. Shipping has Greek Shipping a Global Leader always been a family business not only in Greece but everywhere, with the founder and CEO making all decisions. But as companies grew larger and the Despite the cyclical character of shipping, Greek shipowners have managed to younger generation took over, corporate procedures and governance guidelines survive in weak freight markets and turn losses into profits when markets were put in place opening up shipping to the public capital markets and improved. The global shipping and investment communities continue to look spurring it to a new growth era. at the behavior of Greek shipowners during peaks and troughs, as they have been consistently able to prove their success in one of the most significant, Shipping and the Capital Markets difficult and unpredictable professions of the world. Shipping is a capital intensive business and as the availability of bank financ- Greece, a country of about 11 million people, controls by far the biggest share, ing declined, publicly listed shipping companies have a competitive advantage between 15% and 20%, of the world's shipping fleet in terms of carrying capac- over their private peers in terms of access to capital. But public shipping ity measure in deadweight tonnage (dwt) making the country a top player in companies today represent only about 5-7% of the global fleet, indicating the world trade. It controls 20.5% of the tanker fleet, 19.5% of the dry bulk fleet, potential of shipping for the capital markets. 13.5% chemical tankers, and 5.9% of containerships. The U.S. capital markets have become the destination of choice for shipping After pouring $4.5 billion in 2009 buying 229 vessels, in 2010, Greek companies from all over the world. Today, the U.S. has the largest group of shipowners topped the global list ahead of the Chinese as the most aggressive listed shipping companies, with significant analyst follow up and a large and buyers of second hand and newbuilding vessels. According to John Cotzias of growing institutional and retail investor base. From 2005 to 2009 over $13.3 N. Cotzias Shipping Consultants, until the end of April 2010, Greek shipown- billion of equity was raised by shipping companies through public offerings ers committed to buy 98 vessels investing $2.6 billion, with the Chinese with IPOs accounting for $5.7 billion. In 2010, until the end of April, another coming second with 111 vessels and $1.75 billion. This included 55 dry bulk $1.4 billion was raised, of which $650 million was in IPOs bringing three new vessels ($1.44 billion), 24 tankers ($919 million) and 14 containers ($260 companies to the market, two tanker companies (Crude Carriers –NYSE: CRU million). and Scorpio Tankers – NYSE:STNG) and one dry bulk company (Baltic Trading, NYSE: BALT). Shipping A Global Business About half of the 44 U.S. listed shipping companies today claim a Greek link. The shipping sector is the second largest pillar of Greece’s 240 billion Euro Shipping is a well defined sector in the U.S. capital markets – 44 companies in

Capital Link Dry Bulk vs. S&P 500 and Baltic Dry Index Capital Link Tanker vs. S&P 500 and Baltic Dirty Tanker Index

Source: Bloomberg, Capital Link Research Source: Bloomberg, Capital Link Research A REVIEW OF THE GLOBAL SHIPPING MARKETS

Capital Link Maritime Indices Yearly Comparison

Source: Capital Link Research total with a market cap of $28.4 billion. This includes 15 dry bulk ($7.5 continued infrastructure development of these countries, and as such, it is billion), 19 tanker ($14 billion), 6 container ($3 billion) and 3 LNG/LPG relatively inelastic. Even if these economies are to slow down temporarily, the companies ($2.5 billion). The group also includes 6 mixed fleet companies ($3 trend towards urbanization and industrialization is irreversible” says Michael billion) and 4 MLPs ($3.6 billion). Bodouroglou, CEO of Paragon Shipping.

Tracking U.S. Listed Shipping Companies Demand for dry bulk carriers in 2009 was dependent on China, while Europe and the United States remained handcuffed as a result of the world recession Capital Link’s Maritime Indices enable investors to track the performance of but now there is a gradual recovery in both developed and developing econo- U.S. listed shipping companies and compare them against each other, their mies. “In April 2010, the IMF increased its forecast for economic growth” adds sector, freight indices and the broader stock market. The indices cover the Dale Ploughman, CEO of Seanergy, “expecting world growth of 4.2% for whole maritime sector and each segment, dry bulk, tankers, containers, mixed 2010, with advanced economies to grow at 2.3% and emerging and developing fleet, LNG/LPG and shipping MLPs. They are market cap weighted, include economies to grow at 6.3%. China’s economy is expected to grow by 10% in all U.S. listed shipping companies, are updated daily and can be found on 2010 and overtake Japan as the world’s second largest economy, while India’s Capital Link’s Shipping website www.CapitalLinkShipping.com, dedicated growth is expected at 8.8%.” to providing free information on listed shipping companies and the shipping industry. The site aggregates news, SEC filings, blogs, stock data, earnings and China’s GDP grew by 11.9% in Q1 2010, the fastest quarterly growth rate for conference call information on all US listed shipping companies and covers all three years. Despite a 43% decline in Chinese lending, its industrial production major stock market and freight indices. rose 19.6% during the quarter, highlighted by an increase in quarterly car sales of 73% year-on-year to 4.6 million cars, making China the world’s largest car manufacturer. China imported 155 million tons of iron ore in Q1 2010, up 18% DRY BULK SHIPPING year-on-year, to keep pace with high steel production and demand driven by major new infrastructure projects and domestic consumption. Crude steel Iron ore and coal, which are carried production in China for Q1 2010 was 158 million tons, up 24% year-on-year. on the larger Capesize and But at the same time, global steel production rose 29%, with strong increases Panamax vessels, drive the trade in Japan at 51%, South Korea at 29%, the EU at 37% and Brazil at 59%. accounting for 26% and 27% of the trade respectively, with grain at According to industry experts, the iron ore and coal trades are expected to 14% and the remaining 33% remain the catalysts for dry bulk shipping. China, which was a coal exporter, related to minor bulks such as are fertilizers, steels, sugars, cement Chinese Iron Ore Imports (2005-2010) etc. The Baltic Dry Index (BDI) of the Baltic Exchange tracks the sector’s spot market freight rate developments.

“The developing economies have been and will continue to be the main drivers of the dry bulk trade and especially those of China and more recently India” states Akis Tsirigakis, CEO of Star Bulk, a global dry bulk company. “Asia today, presents growth opportunities for the shipping industry equivalent to the growth realized in the U.S., during the industrial revolution at the turn of the 20th century, and that in Europe following World War II” adds George Economou of DryShips.

“The demand for core commodities such as iron ore and steel is related to the In Million Tonnes Source: Clarksons March 2010 A REVIEW OF THE GLOBAL SHIPPING MARKETS has become a net importer since 2009. Against most expectations Chinese coal imports in Q1 2010 were up over 200% year-on-year to 44 million tons and the trend is expected to continue due to increased demand and the effect of the drought in South West China, which led to a 5% year-on-year reduction in hydropower generation in Q1. This compares to a 24% increase in thermal power generation in the same period. And if we look at India, Indian coal imports have increased dramatically at a 21% compounded annual growth rate since 2006. According to the Central Electricity Authority of India, this demand will continue to substantially grow as the majority of planned new power generators will be coal fired.

Supply Side – The Wild Card

With this demand outlook as a backdrop the big question centers on fleet supply given the size of the newbuilding orderbook. At the end of March 2010, the world dry bulk fleet consisted of 7,488 vessels or 475.6 million dwt in capacity, with the orderbook at about 285.7 million dwt, equivalent to 62.4 percent of the existing fleet. Using Clarkson’s data, 109.5 million dwt is scheduled for delivery in 2010, 104.3 million dwt in 2011 and 74.4 million dwt in 2012.

There is significant slippage between scheduled and actual deliveries reflecting “Port congestion remains a major characteristic of the industry” says John the lack of available financing for owners and yards, and the fact that several Dragnis, COO of Goldenport. “At the end of April, about 11% of the entire dry Greenfield shipyards never materialized. Orders were cancelled, delayed or bulk fleet was waiting to berth at home ports worldwide, with the biggest restructured. In 2009, the slippage was 40% and in Q1 2010 it was 41%. And concentration in Capesize vessels, and this limits the supply of available for 2010, the slippage is expected to be around 48% with the actual deliveries vessels.” projected at 65 million dwt, but still a record year for newbuildings. Freight Rates Gradually Recover Scrapping, new trade routes requiring ships to travel longer distances and port congestion can also impact fleet supply positively. Scrapping jumped with the After rising to a high of 11,793 on May 2008, the BDI dropped 95% to a low collapse of the freight market in Q4 2008. The average annual scrapping rate of 663 in December 2008. It has since gradually recovered hitting a new high over a 4-year period (2004-2007) was 0.25% of the fleet; in 2008 it jumped to of 3,608 by May 7, 2010. 1% (all of it in Q4) and in 2009 it reached a record of 10 million dwt or 2.4% of the fleet. As the freight market improved, scrapping slowed to 1.2 million Freight rates have gradually but consistently recovered, but they are still low. dwt to date, equivalent to 5 million dwt on an annualized basis. “With 16% of For example, the daily spot hire for a 5-year old Panamax just crossed its the fleet older than 25 years of age and 26% of the fleet over 20 years old, this 10-year average”, said Aristides Pittas, CEO of Euroseas (NASDAQ: ESEA), provides over 120 million dwt scrapping potential” notes Anthony Kandylidis, an operator of dry bulk and container vessels. In May 2010, the one-year daily CEO of OceanFreight, an operator of dry bulk and tanker vessels. time charter rate rose to $36,000 for Capesize vessels, $29,000 for Panamaxes and $24,000 for Supramaxes. The average rates for 2009 were $33,300, Dry bulk vessel demand is driven by demand for natural resources and by the $18,200 and $14,700 respectively and for 2008, $111,500, $55,600 and distance these cargoes are transported. China becoming a net coal importer, $45,500. With daily vessel operating expenses at around $8,000 for a Capesize coal supply disruptions in Australia and an increasing demand from India are and $7,000 for a Panamax, at current freight levels, this leaves a healthy the reason behind an increase in Atlantic and Pacific coal trades. Coal move- EBITDA margin. ments have begun from Colombia to China for the first time recently. Also, as India uses more of its iron ore domestically, its exports to China decline, with Asset Values at Low Levels the gap filed with imports from Australia and Brazil, increasing not only the overall seaborne demand but also the ton-miles travelled to transport the Asset values are modestly turning up but they are also at historical lows both cargoes. for newbuildings and second hand vessels. Using Clarkson’s data, the year end

Dry Bulk Demolition Units vs. Avg Scrap 2008-2010 Capesize T/C Rate vs. Capesize Spot Rate 2008-2010

Source: N. Cotzias Shipping Consultants T/C = Time Charter Source: N. Cotzias Shipping Consultants A REVIEW OF THE GLOBAL SHIPPING MARKETS cost for a 5-year 150,000 dwt Capesize vessel was $150 million in 2007, $45 mental protection have been a major focus of the tanker industry over the past million in 2009, $55 million in 2009 and $62 million in April 2010. The years causing tanker owners to take extra care in the quality and maintenance year-end cost for a 5-year old 76,000 dwt Panamax was $88.5 million in 2007, of their vessels. $26 million in 2008, $36 million in 2009 and rose to $39.5 million in April 2010. The Very Large Crude Carriers (VLCCs), Suezmax and Aframax vessels (above 100,000 dwt) transport crude oil, whereas smaller vessels can be In this environment, shipping companies rush to grab opportunities. After specially outfitted to also carry refined petroleum products. A 300,000 dwt almost doubling its controlled fleet in its first year of operations in 2009, in VLCC can carry 2 million barrels of crude oil, a Suezmax 1million and an May 2010, Seanergy announced another agreement to acquire a controlling Aframax about 800,000 barrels. interest in a fleet of nine 10-year old Handysize vessels expanding its fleet to 20 vessels. In the newbuilding market, companies can place new orders Demand for tankers is influenced by world oil demand and supply, which in directly with the shipyards, or buy a resale contract from another owner, bank turn is affected by factors such as international economic stability, geographic or yard when the initial contract could not be fulfilled, in most cases due to lack changes in oil production and consumption, price levels of oil, inventory of financing. “We resisted the temptation to place newbuilding orders at the policies of major oil trading companies and strategic policies of countries. height of the market” says Akis Tsirigakis, CEO of Star Bulk “but now newbuilding prices are very attractive, about half of what they were a few years Oil is one of the most important energy sources and the tanker industry plays a ago.” “The attractive prices for newbuldings enable us to pursue a fleet renewal vital role in the supply chain. From 2000 to 2008, global oil demand grew by and expansion plan that is optimal in terms of cost, time horizon given the 13% from 76.6 million barrels per day to 86.3 mbpd. The decline in oil demand delivery schedule of the vessels and the terms we negotiate with the yards and from the second half of 2008 was mainly driven by a weaker demand in the banks” said Michael Bodouroglou, CEO of Paragon. OECD countries and the US due to the financial and economic crisis. The reduction of demand increased inventory buildup, which in turn contributed to In 2010, Star Bulk placed an order for two Capesize vessels with delivery in OPEC’s production cuts, which further depressed tanker demand. According to 2011, Paragon for four Chinese built Handysize vessels and four Kamsarmax the International Energy Agency (IEA), in 2009 global oil demand declined by vessels (large Panamaxes) with deliveries in 2011 and 2012, DryShips for 2 1.29 million bpd to 85 mbpd, the largest decline since 1982. However, fueled Panamax vessels with deliveries in 2011 and 2012 and Goldenport swapped a by the Chinese government’s economic stimulus, Chinese oil demand container newbuilding contract for a Panamax newbuilding with delivery in increased by 0.61 mbpd the largest increase since 2004 and that in India by 2011. 0.17 mbpd.

OceanFreight placed an order for three Very Large Ore Carriers (VLOCs) of World Oil Demand (2008-2010) 260,000 dwt each with deliveries in 2012 and 2013 and fixed them already under medium term time charters upon their deliveries. “These high specification bulk carriers were ordered at the behest of our customers and are specifically designed to serve the long-haul Brazil to China iron ore trade” states Anthony Kandylidis, OceanFreight’s CEO.

Euroseas took another route. It will invest $25 million into a joint venture with two private equity firms putting in $75 million each for a total equity of $175 million. Euroseas will run the joint venture, which look for opportunities across all shipping markets. DryShips boasts a cash position of about $1 billion giving it the opportunity to go hunting for deals.

TANKER SHIPPING

The tanker sector is much more consolidated compared to the dry bulk sector. Oil companies acting as charterers, terminal operators, shippers and receivers are increasingly selective and rigorous in their inspection, vetting and accep- In Million Barrels Per Day Source: N. Cotzias Shipping Consultants, IEA tance of vessels and operators. Operational efficiencies, safety and environ- Positive Long Term Demand Outlook

Nikolas Tsakos, CEO of TEN commented “As the IMF data indicate, world GDP in 2010 is expected to grow, both in OECD and mainly in non-OECD countries. And the IEA expects oil demand to recover by 1.8% to 86.6 mbpd. Our optimism for the positive sector fundamentals is not based just on demand expectations for 2010, but well beyond. The IEA estimates global oil demand to reach 90 mbpd by 2013 mainly on the back of demand from non-OECD countries. OECD countries remain a very significant factor in oil demand. But the potential of China and India for oil consumption is enormous. Their total population is 2.5 billion in a world of 6.5 billion and their per capita consumption is now at very low levels. These countries embarked on an aggressive industrialization program and the development of a middle class auto owner.” He concluded “If just China reaches the same levels of per capita consumption as for example Thailand, its oil demand would rise to 18 mbpd, an increase of 10 mbpd from current levels.”

How the oil industry can meet this increased demand remains to be seen. OPEC production increases may be in store with Iraq being a major wild card. According to industry consensus, it may have around 100 billion barrels of A REVIEW OF THE GLOBAL SHIPPING MARKETS

Tanker Demolition Units vs. Avg Scrap Price 2008-2010

Source: N. Cotzias Shipping Consultants

“Incremental crude oil demand originates further away from supply and impacts the ton-mile multiplier” stated Anthony Kandylidis, CEO of Ocean- recoverable oil and its current production is at the low level of 2.5 mbpd. Freight, which operates both dry bulk and tankers. “Because of this, the global Furthermore, the Obama Administration recently permitted the first offshore seaborne petroleum ton-mile indicator has been rising faster than the rate of the drilling outside the Gulf of Mexico for more than 20 years, but the recent oil consumption” added Nikolas Tsakos of TEN. “New long-haul routes are drillship accident with the huge oil spill may slow down the progress in this emerging from Venezuela, Brazil and West Africa towards the Far East. For direction. “Ultra Deepwater (UDW) acreage is the new frontier for the oil example, the roundtrip Venezuela to China takes 87 days thus taking the vessel industry. The easy oil on land and in shallow offshore areas either is already out of the available fleet for a long time.” being produced or is in the hands of National Oil Companies. International Oil Companies have no option but to drill in the UDW acreage to replace produced The same trend happens with oil products. “There is a shortage of refining reserves and meet anticipated demand.” states George Economou, CEO of capacity in oil consuming nations and a dislocation between refining capacity DryShips. By early 2012, DryShips will have completed a 6-UDW drillship and demand” continues Nikolas Tsakos. “Global refinery capacity is expected business unit, one of the youngest in the industry. to expand by 15% by the end of 2010 and 80% of the new refineries are constructed in Middle East and India” adds Ioannis Lazaridis, CEO, of Capital Supply Side Also The Wild Card Product Partners (NASDAQ: CPLP), a global product tanker company.

Against this positive demand outlook, the uncertainly comes mainly from the Freight Rates on the Road to Recovery sizeable newbuilding orderbook. At the end of March 2010, the world tanker fleet (vessels above 10,000 dwt) consisted of 5,348 vessels or 441.4 million The Baltic Dirty Tanker Index (BDTI) and the Baltic Clean Tanker Index dwt in capacity, with the orderbook standing at approximately 1,310 vessels or (BCTI) track the spot freight rates for moving crude oil and oil products. The 128.6 dwt, equivalent to about 29.1% percent of the existing fleet. According strong volatility over the past two years in the BDTI and BCTI correlated with to Clarkson’s data, 50.4 million dwt is scheduled for delivery in 2010, 57.3 the credit crisis. Following a record year for tanker earnings in 2008, at one million dwt in 2011 and 21 million dwt in 2012. point VLCC earnings peaked at $171,267 per day, rates fell significantly in 2009, with VLCC spot earnings averaging 63% lower than the 2008 average. But the same factors that impacted the dry bulk sector, also affect tankers. Low “2009 was one of the most challenging years the tanker market has experi- freight rates in 2009, declining asset values, several Green field yards never enced in recent memory” said Nikolas Tsakos of TEN. “The unprecedented coming on line and lack of financing caused order cancellations and delays. global economic recession lead to a second consecutive year of decreased “About 25% of the orderbook in 2009 was delayed or cancelled” stated Evangelos Marinakis, CEO of Crude Carriers “and 2010 year-to-date tanker deliveries are so far 33% behind schedule. And most of the remaining orders do not have financing yet. For example, for VLCCs and Suezmaxes alone industry analysts estimate that an additional $10.5 billion in equity will need to be injected over the next two years to sustain the current orderbook. This money is simply not there.”

Another critical factor reducing tanker supply is the International Maritime Organization (IMO) phase out requirement of single hull crude tankers in 2011 for international voyages. “With approximately 10% of the world’s tanker fleet still single hull, the phase out can offset a good part of newbuildings coming into the market and sustain a healthy freight market” added Evangelos Marina- kis. “And, on top, 12% of the world tanker fleet is over 20 years old and are prime candidates for scrapping. In our business, which is highly regulated due to safety concerns, the age and quality of our fleet is a competitive advantage. Old ships are very restricted in their trading capability and profitability, as most oil majors will not use them.”

Changing trading patterns require that ships travel longer distances to transport crude oil and products and therefore affect tanker supply, and thus freight rates. A REVIEW OF THE GLOBAL SHIPPING MARKETS world oil demand, which, coupled with considerable OPEC production cuts raising $256.5 million in addition to a $40 million personal investment from and large newbuilding inflows, created an air of uncertainty that pushed spot Marinakis himself. rates to levels near or below vessels’ operating expenses.” “Our four newbuldings to be delivered in 2010 and 2011 were ordered prior to After rising to a high of 2,347 on June 23, 2008, the BDTI fell to a low of 453 the peak of the market” stated Nikolas Tsakos of TEN. “In addition, asset on April 16, 2009. The BCTI achieved a high of 1,509 on June 19, 2008 and a trading is an integral part of our business. Annually, we generate capital gains low of 345 on April 15, 2009. On May 7, 2010, the BDTI was at 992 and the which are roughly 25% of our operating income, as we have a sales and BCTI at 724. purchase activity consistently taking advantage of asset trading opportunities.”

In 2010, freight rates recovered on the back of stronger demand due to the Interestingly, two of the three IPOs in 2010 were tanker companies, Crude global economic recovery, lower oil stocks, and inclement weather, but they Carriers and Scorpio Tankers. Capital Product Partners resumed its fleet are still below their historic averages. The spot market is the most volatile growth in Q1 2010 acquiring a 47,000 dwt 2007 built product tanker after particularly for the larger vessels. In May 2010, the one-year time charter daily raising $54 million from a follow on offering on February 23, 2010 . And on rate rose to $43,000 for VLCCs, $25,000 for Suezmaxes and $18,500 for April 8, 2010, Navios Acquisition Corp. (NYSE: NNA) announced a definitive Aframaxes. The average rates for 2009 were $39,600, $30,600 and $20,100 agreement to acquire for $457.7 million a 13-vessel fleet comprised of 11 respectively and for 2008, $73,400, $47,200 and $35,800. The inflation product and two chemical tankers. Citing the strong sector long term funda- adjusted 10-year average rates for these vessels are $52,500, $39,300 and mentals and vessel prices being near their inflation adjusted historical lows, $29,900 respectively. With daily vessel operating expenses at around $9,500 NNA announced that Navios Holdings would consummate the transaction for for a modern VLCC and $8,500 for modern Suezmaxes and $7,500 for modern its own account if NNA’s shareholders would not approve it. Aframaxes, even at current freight levels, this leaves a healthy EBITDA margin.

“The crude tanker spot market has shown considerable strength in 2010 compared to 2009, as the world economy recovers and increased oil demand from China and India is being met by long haul exporters such as West African countries, Brazil and Venezuela” said Evangelos Marinakis of Crude Carriers. “We are primarily a time charter operator” said Ioannis Lazaridis of Capital Product Partners “and in this environment, we plan to recharter our vessels coming open for shorter periods, as we believe rates will become stronger.”

VLCC T/C Rate vs. VLCC Spot Rate 2008-2010

CONTAINER SHIPPING

An ever-increasing proportion of the world’s manufactured and other dry cargo goods are shipped in containers. Today, about 90% of non-bulk cargo worldwide moves in containers stacked on transport ships; 26% of all containers originate from China. T/C = Time Charter Source: N. Cotzias Shipping Consultants Participants in the container shipping industry include "liner" companies, Attractive Asset Values Below Historic Levels which operate the container shipping services, containership owners, often known as charter owners, who own containerships and charter them out to the Using Clarkson’s data, the year end cost for a 5-year 310,000 dwt VLCC was liner companies, and shippers who require the seaborne movement of contain- $155 million in 2007, $104 million in 2009, $79 million in 2009 and it was $82 erized goods. million in April 2010. The year-end cost for a 5-year old 160,000 dwt Suezmax was $92 million in 2007, $78 million in 2008, $56.5 million in 2009 and rose About 25 large liner companies dominate the container industry controlling to $63 million in April 2010. about 85 percent of the container capacity. The liner companies own and operate containerships themselves but since the last decade they have been Most of the opportunities though are in the newbuilding market, as second increasingly chartering-in vessels from third owners, who also operate them hand vessel prices fell less than freight rates. Yards are eager to accept new for the liner companies along their prescribed trading routes. “Liner companies orders at lower prices and there are several resale contracts for newbuildings, are quite demanding in selecting their counterparties” said John Coustas, CEO when the original owner cannot take delivery usually due to lack of financing. of Danaos Corporation (NYSE: DAC), one of the largest owners and operators “Vessel prices have dropped from their peak well below their 5-year average of containerships in the world “as the performance of vessel operators is vital prices” stated Evangelos Marinakis of Crude Carriers. “Historically, a key in to ensure the quality and efficiency of the overall service liner companies determining returns in shipping has been at what point of the cycle you invest. provide.” Since we purchased our IPO fleet in March 2010, crude tanker asset prices have increased by 10-15%. So, we believe this is an optimal time to invest as Vessel capacity is measured by the number of container boxes a vessel can the market begins to turn.” Crude Carriers became public on March 18, 2010 carry, with the 20-foot equivalent (TEU) being a standard box size. Larger A REVIEW OF THE GLOBAL SHIPPING MARKETS

“Deep Sea” container vessels can carry more than 3,000 TEUs and serve long-haul East-West trade routes, mainly from China to the US and Europe. Smaller "intermediate" vessels 1,000 to 2,999 TEUs generally serve North- South and intra-regional trade routes. “Feeder” ships below 1,000 TEUs operate on an intra-regional basis, relaying or "feeding" cargo within a region from or to main port hubs served by main lane trade routes. Most of the growth in containership capacity in recent years has been in the larger "Deep Sea" segments, with ships becoming bigger reaching 8,000 even 13,000 TEUs. Ownership of the Panamax (5,000+ TEUs) and above sized sector is less fragmented than of smaller vessels.

For the last decade, container shipping grew at an annual rate of 10%, with freight rates and asset values on the rise and shipowners placing significant newbuilding orders to accommodate the growing needs of their charterers, the liner companies.

Given the dynamics of container shipping, there is almost no spot market. There is a two-tier market between large and smaller vessels. Large vessels are typically chartered out to liner companies for long periods, usually ten years or more. Danaos Corporation, for example, claims 9+ year forward time charter To put things in perspective, a 6,500 TEU 5-years old vessel commanded a coverage for its fleet. Owners placed orders for new containerships after daily hire of about $40,000 if fixed in 2007 for 3 years and only $10-12,000 in securing long-term charters from liner companies commencing upon vessel 2009 for about one year, as no owner was willing to charter his vessel for a delivery. “Almost all of the orderbook in large containerships is already longer period. That vessel would cost in excess of $100 million in 2007 and pre-chartered” said John Coustas, CEO of Danaos. Smaller vessels are usually around $42-43 million in 2009. Operating expenses are in the region of chartered for periods averaging three to five years or less, and their orderbook $7-8,000 per day for such a ship. In May 2010, the daily hire for a one year is much smaller. Euroseas has 43% coverage for its container fleet in 2010 and charter would be in excess of $24,000. 17% for 2011 and Goldenport 99% and 88% respectively. For smaller vessels, a 2,500 TEU 6-year old vessel commanded an about At the start of April 2010, the global container fleet comprised of 1,630 larger $27-28,000 daily hire if fixed in 2007 for two years and only $5,000 in 2009 vessels (3,000 TEUs and above) with a total capacity of 8,830,000 TEUs and for the same employment. That vessel would cost in excess of $50 million in 3,210 smaller vessel (below 3,000 TEUs) with a total capacity of 4,319,500 2007 and around $16 million in 2009. Operating expenses are in the region of TEUs. The total orderbook was for 4,394,000 TEUs, or 33% of the existing $6,000 per day for such a ship. In May 2010, the daily hire for a one year fleet, of which 91% was for the larger and 9% for the smaller vessels. The charter would be about $7,500 to $8,000. nominal delivery schedule calls for 1,847,000 TEUs in 2010, 1,627,000 in 2011 and 918,000 in 2012+. 6.5% of the fleet is older than 20 years. But the industry held. Liner companies absorbed significant losses, but survived. The awaited avalanche of distressed sellers or bankruptcies did not A Bloody 2009 materialize except in isolated cases. Shipyards cooperated with owners rescheduling delivery dates of newbuildings or converting them to other ship The global recession that hit in Q4 2008 impacted container shipping the types. Banks cooperated with owners granting waivers, rescheduling debt hardest. As containers carry mainly finished goods, it is mainly consumer repayments and in some cases extending new financing. demand from developed countries that drives the industry. And consumer demand was the first to evaporate in the crisis and its resumption usually lags Total Loads Through the Ports of Los Angeles and Long Beach the overall economic recovery.

In 2009 the industry found itself in a sudden vacuum. As trade volumes continued shrinking and the global fleet kept expanding in double digits honoring pre-existing commitments, liner companies, who were the first ones on the hook, took drastic steps. They implemented substantive cost-cutting measures, laying up vessels, scrapping older owned tonnage, slow steaming in select routes, reducing administrative costs and as a last resort renegotiating charters with shipowners in many cases lowering the daily hire but extending the time charter duration. With slow steaming, as vessels moved with slower speed, liner companies added more ships to keep the same throughput in trade loops, thus alleviating some supply issues. Fuel savings because of the slower speed more than made up for the additional vessel hires.

Charter owners faced their own challenges. Vessels coming out of hire were returned to them and rechartering, if available, was usually at or below operating costs. This pushed them to scrap older tonnage or lay-up vessels. The percentage of the world containership fleet in lay-up peaked in March 2009 at Source: FBR Capital Markets 12%. Asset prices declined but less than freight rates and with little activity in the second hand market, putting, however, owners in jeopardy with their bank 2010 Gives First Glimmer of Hope covenants. And, particularly for the larger vessels, owners were on the hook with shipyards, as based on chartering commitments from liner companies they Year-to-date in 2010, the container industry experienced modest improvement had placed significant orders, many of which did not have financing. A classic but not to the same extent as other sectors. On the demand side, there has been case for a potential domino effect, with liner companies, shipowners, shipyards improvement month to month across all major trade routes, essentially the long and banks tightly interwoven. haul ones from China to the United States and Europe. According to statistics, A REVIEW OF THE GLOBAL SHIPPING MARKETS total container imports to the US in Q1 2010 were up 10% measured in TEU, for the word economy ahead, as I do, it is a matter of time for the container with a similar trend in Europe. trade to improve following the overall trend. So, it may be advantageous to buy containerships today at prices well below their historic levels and, if necessary, On the supply side, in Q1 2010 only about 17% of scheduled deliveries materi- even lay them up temporarily. The payoff can be significant when the market alized, which, if replicated for the rest of the year, suggests that only 60-70% returns. We are in this business for the long term, and part of the game for of scheduled deliveries will actually happen in 2010. This slippage is primarily strong companies like ours is exactly to take advantage of weak markets and realized in the larger vessel category as smaller vessels have a smaller invest at the right point n the cycle.” orderbook anyway. The container sector seems to present the biggest challenges and opportunities So far, it is the larger vessels that have benefited from the market rebound and for those not faint at heart. Several public and private companies, as well as several were called out of lay up. “The smaller size classes we operate have private equity funds indicated interest to commit equity and buy into the benefited less from rate increases and our containerships continue to face current low market levels. As mentioned, Euroseas announced a $175 million significant challenges in securing profitable employment contracts; however, joint venture and will look for opportunities across shipping sectors. we believe that our ships will soon benefit from the improving market environment and we consider it probable to re-activate our two vessels currently laid-up before the end of the year” said Aristides Pittas, CEO of Euroseas. “Only 15% of this year’s deliveries are for ships smaller than 4,000 TEUs” added John Dragnis of Goldenport “and these vessels target trades representing about 60-70% of total demand. This means, that if demand continues to improve, it can draw down on surplus capacity and lead to a shortage of small ships.”

For 2010, industry experts place fleet utilization at 75-80% without significant improvements in freight rates and asset values. Looking ahead at the medium to longer term, industry experts place the recovery for late 2011 or 2012. Delayed deliveries and to a smaller extent cancellations and conversions, coupled with higher scrapping and slow steaming can considerably shrink the annual net fleet supply. And, provided global economic demand contin-ues to improve as current trends suggest, this could create a tighter supply and demand balance bringing the industry back to normal pricing levels by 2012.

Great Opportunity and Risk

Aristides Pittas, CEO of Euroseas said “Today’s low asset values reflect the continued turmoil in container shipping. But if you believe there are better days

rd Capital Link 2nd Annual 3 Annual International Shipping & Global Derivatives Forum Marine Services Forum – London

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ACLI EITZEN MMLP SBLK American Commercial Eitzen Bulk Shipping A/S Martin Midstream Partners L.P. Star Bulk Carriers Corp. Lines Inc. Denmark U.S. Greece U.S. ERRIA MOLS GASS AMCF Erria A/S Mols-Linien A/S StealthGas Inc. Andatee China Marine Denmark Denmark Greece Fuel Services Corp. China ESEA NEWL TAL1T Euroseas Ltd. NewLead Holdings Ltd. Tallink Grupp A.S. MAERSK A Greece Greece Es tonia A.P. Moller-Maersk-A/S Denmark FLG1S NORDIC TBSI Finnlines Oyj Nordic Tankers A/S TBS International plc AQUA Finland Denmark Bermuda Aqualife A/S Denmark FREE OCNF TOPS FreeSeas Inc. OceanFreight Inc. TOP SHIPS Inc. CPLP Greece Greece Greece Capital Product Partners L.P. Greece GLNG ONAV TORM Golar LNG Ltd. Omega Navigation Enterprises Inc. Torm A/S CGCBV Bermuda Greece Denmark Cargotec Oyj Finland KNF1L RLOG TRBR Klaipedos Nafta AB Rand Logistics, Inc. Trailer Bridge, Inc. CCOR B Lithuania U.S. U.S. Concordia Maritime AB Sweden VLCCF RABT B ULTR Knightsbridge Tankers Ltd. Rederi AB Transatlantic Ultrapetrol (Bahamas) Ltd. DFDS Bermuda Sweden Bahamas DFDS A/S Denmark LSC1R SHIP VNF1R Latvijas Kugnieciba Seanergy Maritime Holdings Corp. Ventspils Nafta A/S DRYS Latvia Greece Latvia DryShips Inc. Greece LJL1L SINO Lietuvos Juru Laivininkyste AB Sino-Global Shipping America Ltd. DNORD Lithuania U.S. NASDAQ OMX 131 Finsbury Pavement D/S Norden London EC2A 1NT Denmark LLK1L SRAB United Kingdom Limarko Laivininkystės SRAB Shipping AB +44 20 7065 8000 EGLE Kompanija AB Sweden www.nasdaqomx.com Eagle Bulk Shipping Inc. Lithuania U.S. NASDAQ OMX

Capital Product Partners L.P. www.capitalpplp.com

CEO Message

Ioannis Lazaridis, Chief Executive Officer and Chief Financial Officer of the Partnership, commented, “During 2009, we kept our focus on the consistent implementation of our business strategy, despite an adverse trade environment in the global economy and the tanker industry. Our modern fleet of product tankers that are designed to the industry’s highest specifications, our charters under medium to long-term, fixed-rate charters, our profit sharing arrangements, and our agreement with Capital Maritime for the commercial and technical management of our vessels, allowed us to maintain the same base distributions throughout 2009 as in the preceding year.

During the first quarter of 2010, we have observed an improvement in the product tanker market from its multi year lows. The product tanker industry has seen an overall improvement in the average spot earnings levels, and slightly higher period rates. We continue to closely examine key industry factors in order to assess the market recovery for the remainder of 2010 and 2011. These factors Capital Product Partners L.P. (NASDAQ: CPLP), a Marshall Islands Master include changes in oil product demand, oil refinery utilization rates, the Limited Partnership, is an international owner of modern high specification implementation of the single-hull tanker phase out, the availability of shipping double-hull tankers that engage in the global trade of oil products such as finance, as well as further delays and cancellations that could reduce the number gasoline, gas oil, diesel oil, distillates etc.. of new tanker vessel deliveries."

Capital Product Partners L.P. owns 19 modern vessels, comprising of 16 In February 2010, we completed successfully our first public secondary equity Medium Range (MR) tankers, two small product tankers and one Suezmax offering raising circa $54 million for the acquisition of the M/T Atrotos, the 19th crude oil tanker. The 19 double-hull tankers have an average age of vessel of our fleet. We intend to continue to evaluate potential acquisitions of approximately 3.2 years - a modern fleet compared to the industry average, and additional vessels and to take advantage of our unique relationship with Capital a distinct competitive advantage for its business. 16 out of the 19 vessels are Maritime, in order to make strategic acquisitions in the medium to long term in IMO II/III, or IMO III compliant, which allows them to carry certain chemical a prudent manner that is accretive to our unit holders and to long-term dividend cargoes such as ethanol, and 10 are built to Ice Class 1A standard which allows growth. We aim to revisit our annual distribution guidance as the charter market them to trade in ice conditions. Most of the company's vessels are under further recovers, and we grow our fleet." medium to long-term charters with an average remaining duration of 3.6 years from today to BP Shipping Limited, Morgan Stanley Capital Group Inc., Overseas Shipholding Group and Capital Maritime and Trading Corp, its Sponsor. At the time of the Partnership's IPO, in April 2007, the Partnership owned eight newly built Ice Class 1A MR chemical/product tankers.

The Company's fleet is managed by Capital Maritime & Trading, which has significant presence in the global shipping markets and has successfully satisfied the operational, safety, environmental and technical vetting criteria of some of the world's most selective major international oil companies, and has qualified to do long term business with them, one of a handful of companies globally to do so. The Partnership benefits from Capital Maritime's commercial and technical capabilities and its relationships with oil majors and oil traders worldwide, providing it with a significant operational competitive advantage. These services are provided at a fixed rate 5-year fee.

The Partnership's management has recently provided an annual distribution guidance of $0.90 per unit based on its assessment of a sustainable distribution based on the prevailing market conditions. It also allows the Partnership to pursue strategic growth opportunities which is a top priority. As a result, the Partnership continues its tradition of distributing cash to unit holders throughout the changing market environment, while also positioning for future growth and industry leadership.

Page 26 S H I P P I N G C O M P A N Y P R O F I L E S

Crude Carriers Corp. www.crudecarrierscorp.com

CEO Message

Evangelos Marinakis, Chairman & Chief Executive Officer of Crude Carriers, commented "I believe we have created a simple, compelling investment vehicle where our investors are able to gain an exposure to the crude spot market at the low point of the tanker cycle.

First, we are buying vessels at an attractive point in the cycle at prices substantially below historical averages. The minimal debt strategy gives us financial flexibility for growth and dividends, together with our clear dividend policy of distributing all net cash flow less operating reserves.

Finally, Crude Carriers will benefit from Capital Maritime's commercial and technical relationships with the oil majors going forward. We will concentrate our charter strategy in the spot market. Therefore, Crude Carriers represents a unique opportunity to invest in high quality, recently-acquired vessels at no Crude Carriers Corp. (NYSE: CRU), incorporated in the Marshall Islands, is an premium vs other listed tanker companies at what we perceive to be the turning international transportation company focused on the crude tanker industry. point in the shipping cycle." Their fleet consists of two newly built VLCCs (Very Large Crude Carriers) and three modern, high specification Suezmax tankers with a total carrying capacity of approximately 1,060,000 dwt and a weighted average age of approximately one year, compared to the industry average of 9 years. The company's dividend policy is to distribute to shareholders, on a quarterly basis, all of their net cash flow less operating reserves, as defined by the Board of Directors.

Within the short period of time since its IPO in March 2010, Crude Carriers has been able to expand its initial three vessel fleet by acquiring two additional modern, high specification Suezmaxes, which were successfully employed immediately after their acquisition. Crude Carriers also recently announced that it secured a no-cost no-risk option to acquire an additional newbuilding VLCC and further expand its fleet.

Crude Carriers employs its vessels primarily in the spot market transporting crude oil along global trade routes for oil majors and other well known international counterparties as the spot market has historically provided highest returns. The Company's fleet is managed by Capital Ship Management Corp., which has significant presence in the global shipping markets and has successfully satisfied the operational, safety, environmental and technical vetting criteria of some of the world's most selective major international oil companies, including BP p.l.c., Royal Dutch Shell plc, StatoilHydro ASA, Chevron Corporation and Total S.A., and has qualified to do spot and period business with them.

Crude Carriers' strategy is to manage and expand its fleet in a manner that produces strong cash flows, which, in turn, fund dividends to its shareholders. Key elements of the company's business strategy include:

Strategically deploying its vessels in order to optimize the opportunities in the charter market. Strategically develop and grow its fleet in an accretive manner to both earnings and cash flow. Return a substantial portion of cash flow to shareholders through quarterly dividends. Maintain a strong balance sheet. Operate a high-quality, modern fleet.

Page 27 S H I P P I N G C O M P A N Y P R O F I L E S

Danaos Corp. www.danaos.com

CEO Message Dr. John Coustas, Danaos' Chief Executive Officer, commented: "Since early 1993, we have been able to grow our fleet from three multi-purpose vessels to the current fleet of 45 containerships an annual compound growth rate, in TEU capacity, of approximately 32%. In the first six months of 2010, we took delivery, as scheduled of four newbuildings, which all commenced their pre-agreed employment under long term contracts. We have also contracted for 20 additional containerships with a total capacity of 169,050 TEUs, with scheduled deliveries up to mid-2012. All of our newbuildings are already time chartered as of their deliveries.

The year 2009 was one of the toughest in the history of container shipping and the liner business, as demand and supply were severely imbalanced as Danaos Corporation is an international owner of containerships, chartering the result of the global financial and economic crisis. In 2009, a number of its vessels to many of the world's largest liner companies. The Company's impacted liner companies successfully restructured their balance sheet. current fleet of 45 containerships aggregating 193,629 TEUs ranks Danaos Consequently, charter owners like Danaos which enjoyed long term fixed among the largest containership charter owners in the world based on total time charters were able to avoid revenue volatility insofar they had little TEU capacity. Furthermore, Danaos has contracted a fleet of 20 additional re-chartering exposure. containerships aggregating 169,050 TEU with scheduled deliveries up to 2012. The gradual stabilization of the world economy has resolved a large portion of the uncertainty, and while so far there has been a jobless recovery, cargo The Company charters its containerships to a geographically diverse group volumes across the globe have started to show strong recovery trends also of liner companies, including most of the largest ones globally. Such on the back of re-stocking. Recently, we are seeing an increase demand for customers include Maersk, CMA-CGM, Yang Ming, China Shipping, larger versus smaller vessels which indicated that the major east-west routes Hanjin, ZIM, MISC, Hyundai Merchant Marine Co., Wan Hai and United are picking up and that the underlying demand is further firming up. Liner Arab Shipping Co. The strength of these relationships and the company's companies have been able to significantly increase box rates from their low. proven track record of performance have enabled the Company to enter into multi-year charters with its customers. We continue to focus on being a high-quality, cost-efficient provider of containerships and vessel services and on maintaining a high level of service Danaos' containerships are deployed under multi-year, fixed-rate time for our customers. On a positive note, our charterers continue to perform charters that range from one to 18 years for vessels in its current fleet and and we remain current in payments of our scheduled debt service.” its contracted vessels. This provides the company with stable cash flows and high utilization rates. The average age (weighted by TEU) of the 45 vessels in the Company's containership fleet is approximately 9 years and, upon delivery of all of its contracted vessels as of the end of the second quarter of 2012, the average age (weighted by TEU) of the 65 vessels in the Company's containership fleet (assuming no acquisitions or dispositions) will be approximately 6 years.

The company's shares trade on the New York Stock Exchange under the symbol "DAC".

Page 28 S H I P P I N G C O M P A N Y P R O F I L E S

DryShips Inc. www.dryships.com

CEO Message

George Economou, Chairman and Chief Executive Officer of the Company commented:

"Since our listing in February 2005, we expanded our fleet from 6 vessels with an average fleet age of 19 years to 39 vessels with an average fleet age of 8 years, as of May 2010. In addition, we positioned ourselves, in the ultra deep water ("UDW") sector which we believe has strong long term fundamentals. Upon completion in late 2011, our UDW drilling unit will be among the most modern in the industry.

Our combined revenue backlog from our UDW unit and our drybulk fleet is about $2 billion. In regards to the four newbuildings under construction, we DryShips Inc. is an owner and worldwide operator of drybulk carriers and remain focused on securing employment for them allowing us to move forward offshore oil deep worldwide. DryShips owns a fleet of 39 drybulk carriers with a potential IPO of the drilling unit when the valuation is right. (including 2 newbuildings) comprising 7 Capesize, 30 Panamax and 2 Supramax, with a combined deadweight tonnage of over 3.5 million tons, 2 We have secured the future of our drybulk shipping business enhancing our ultra deep water semisubmersible drilling rigs and 4 ultra deep water earnings visibility. Today, we are pleased to have our drybulk fleet 100% fixed newbuilding drillships. for the remainder of the 2010 at just under $34,000 per day, and 82% fixed for 2011 at an average rate of $37,000 per day. Our visible cash flow generation DryShips strategically employs its fleet between fixed employment contracts, shields us from market volatility and enables us to reduce our debt. Our including time or bareboat charters, and spot charters. 100% of the ship days in excellent relationships and support from our bankers also provide us the backing 2010 and 82% in 2011 are secured under time charters. for future fleet growth. With over $1 billion in cash on our balance sheet, we are one of the better positioned shipping companies to take advantage of market DryShips owns and operates two ultra-deep water, harsh environment, opportunities as they arise. semi-submersible drilling rigs, the Leiv Eiriksson and the Eirik Raude which are currently employed under time charters with Petróleo Brasileiro S.A. for We are working to release the value in the drilling business with a potential IPO, exploration drilling in the Black Sea, and with Tullow Oil PLC for development at an opportune time potentially towards the end of this year. Ultra Deepwater drilling in offshore Ghana, respectively. (UDW) acreage is the new frontier for oil industry. The easy oil on land and in shallow offshore areas either is already being produced or is in the hands of In addition, Ocean Rig UDW Inc. has contracts for the construction of four National Oil Companies. International Oil Companies have no option but to drill newbuilding advanced capability ultra-deep water drillships which are to be in the UDW acreage to replace produced reserves and meet anticipated demand. delivered to the company in 2011. We appreciate the support and patience of our shareholders and our message is DryShips Inc.'s common stock is listed on the NASDAQ Global Market where simple, we are working tirelessly to create shareholder value and highlight the its trades under the symbol "DRYS". attractive valuation of our Company."

Page 29 S H I P P I N G C O M P A N Y P R O F I L E S

Euroseas, Ltd. www.euroseas.gr

CEO Message

Aristides Pittas, Chairman and CEO of Euroseas commented: "In this challenging market environment, we have been fortunate to reap the benefits of our risk management program which in 2008 enabled us to avoid investing in vessels at the peak of the markets. As a result, the huge decline of the markets in 2009 found us with a very strong balance sheet which enabled us to withstand the low freight rate environment and use the depressed markets as an opportunity to renew our fleet at a fraction of the cost compared to 2008. Looking forward, we will continue to closely monitor the markets for attractive opportunities to acquire vessels in any sector to further renew and expand our fleet. Euroseas Ltd. (NASDAQ: ESEA) was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests Aiming to optimize our ability to execute accretive transactions, we are pleased of the Pittas family of Athens, Greece, which has been in the shipping business to have commenced a joint venture with Eton Park and Rhone Capital, to form over the past 136 years. Euromar LLC, as announced in March 2010, with a total equity infusion of $175 million to invest across the shipping markets. Euroseas will contribute $25 Currently, the Company's fleet includes 16 vessels, comprised of 4 Panamax million and each of the other two parties $75 million. We believe that this drybulk carriers and 1 Handymax drybulk carrier, 2 Intermediate arrangement is beneficial to our shareholders as it will give us access to a greater containerships, 6 Handysize containerships, 2 Feeder containerships and a number and larger size of opportunities, allow our investments to be spread over multipurpose dry cargo vessel. Euroseas' 5 drybulk carriers have a total cargo a more diversified portfolio of vessels, and enable us to achieve overhead and capacity of 331,808 dwt, its 10 containerships of 17,787 teu and its operating costs savings. In addition, we will have the opportunity to earn multipurpose vessel of 22,568 dwt or 950 teu. incremental returns if our joint investments perform well. We are very proud to work with such well-reputed and successful partners and believe their decision to work with us is a vote of confidence for the management and strategy of our Company.

Euroseas is in a strong financial condition, with about $50 million cash on our balance sheet at the end of tQ1 2010 and low debt repayments in the next few years. Our total debt is less than 40% of the market value of our fleet. In addition, we maintain excellent relationships with our banks.

One of our competitive advantages is that we continue to maintain one of the lowest operating cost structures amongst the public shipping companies, without compromising on our operational excellence which is expressed by an operational fleet utilization rate in excess of 98.5% over the last five years.

In regards to our fleet charter coverage, we had covered 100% of our drybulk fleet for 2010 (either via time charter contracts or Freight Forward Agreement ("FFA") contracts) and recently increased our drybulk fleet coverage to 60% for 2011 and to about 23% for 2012. For our containerships, currently 43% of our container available days for 2010 and 17% of our container available days for 2011 are covered with time charters. As the container charter market seems to be improving, it seems probable that existing charterer options for 2010 will be exercised, bringing our 2010 coverage to 70%.

Since Euroseas accessed the capital markets in August 2005, we have paid 19 consecutive quarterly dividends. Despite the difficult markets, our Board confirmed its intention to continue paying dividends to our shareholders throughout the market cycles in parallel with our fleet expansion and renewal program."

Page 30 C O M P A N Y P R O F I L E S

Excel Maritime Carriers, Ltd. www.excelmaritime.com

CFO Message

Pavlos Kanellopoulos, Chief Financial Officer of Excel Maritime Carriers, stated: "For the 1st quarter ended March 31st 2010, Excel recorded a 12.3% voyage revenue growth to $104.2 million compared to $92.8 million for the same period in 2009. Adjusted EBITDA was at $62.0 million compared to $53.3 million in 2009, an increase of 16.3%. Net income, adjusted for non-cash unrealized interest-rate swap gains and amortization of favorable and unfavorable time charters for the 1st quarter of 2010 amounted to $8.9 million or $0.11 per weighted average diluted share compared to an adjusted net loss for the 1st quarter of 2009 of $8.1 million or $0.18 per weighted average diluted share.

During the quarter, we demonstrated our ability to deliver double digit growth in operating profitability, repay bank debt, further enhance the company's capital structure and also secure the required funding for all our capital expenditure commitments for 2010.

We believe that, due to its balanced fleet deployment strategy, Excel is well positioned to benefit from the improving dry bulk market conditions. For the remaining of 2010, we will continue utilizing excess cash flows for further bank repayment, while at the same time, we will be looking forward to taking Excel Maritime Carriers is an owner and operator of dry bulk carriers and a advantage of attractive growth opportunities that might be presented to us." provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products. Excel Maritime was incorporated on November 2, 1988 under the laws of the Republic of Liberia.

The Company's current fleet of 49 vessels consists of 6 Capesize, 14 Kamsarmax, 21 Panamax, 2 Supramax and 5 Handymax in the water vessels as well as a newbuilding Capesize vessel to be delivered on the third quarter of 2010. The total fleet has a carrying capacity of over 4.0 million DWT and an average age of 9.6 years, which makes Excel one of the largest dry bulk shipping companies in the industry and the largest dry bulk fleet by dwt operated by any US listed company.

The fleet is managed by Excel Maritime's wholly-owned subsidiary, Maryville Maritime Inc. Maryville was established in 1982 and has managed and operated over 100 dry cargo vessels for individual owners, partnerships and Excel Maritime Carriers throughout the years. Today it manages a diverse fleet of vessels ranging from Handymax to Capesize bulk carriers. In February 1996, Maryville was the first ship management company in Greece to receive simultaneous ISM and ISO Safety and Quality Systems Certification, for the safe operation of dry cargo vessels. Both systems were successfully implemented in the course of the years and were later upgraded to the ISO 9001:2000 and ISO 14001: 1996 certifications.

Excel's Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and prior to that date, were listed on the American Stock Exchange (AMEX) since 1998, making it the oldest U.S. listed dry bulk shipping company.

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Globus Maritime, Ltd. www.globusmaritime.gr

CEO Message

George Karageorgiou, Chief Executive Officer of Globus Maritime, commented: "Globus is in a strong financial condition and has successfully managed to overcome the difficulties of the past 18 months which have affected the shipping markets worldwide. Even though we went through challenging times, we managed to weather the economic recession and the liquidity crunch, and we renewed our fleet having disposed some older vessels and acquired new ones, of much younger age.

In particular, since the end of 2008, in the context of our strategic fleet renewal Globus Maritime Ltd. is a dry-bulk shipping company, providing reliable and strategy we sold five vessels, all built in the mid-1990s, to unaffiliated third secure marine transportation services on a worldwide basis. The Company parties, with total cash proceeds in excess of US$80.0 million.This enabled us to currently owns and operates a fleet of one Panamax and three Supramax drastically reduce bank debt, enhance our liquidity and strengthen the balance vessels, with a weighted average age of approximately 4.4 years as at May 31, sheet. This strategic move has allowed us to take advantage of accretive fleet 2010 and a total carrying capacity of 240,152 DWT. expansion opportunities during the downturn in the sector and expand the size of our fleet with younger and modern vessels at the proper time. In April 2010 we Globus is listed on the AIM Market of the London Stock Exchange, since 2007, agreed to acquire, two sistership 57,000 dwt Supramaxes, one built in late 2009 under the ticker GLBS. The Company is incorporated in Jersey, with executive and one newbuilding. We took delivery of these two vessels in late May 2010 offices in Athens, Greece. They intend to increase the size of their current fleet and named them "Sky Globe" and "Star Globe". This decreased the weighted through further vessel acquisitions and continue to focus on offering charterers average age of our fleet to 4.4 years. the commitment and service that they require. Our latest acquisitions are expected to significantly enhance our earnings. Today, our fleet has a balanced employment profile as one vessel is trading "spot" while the other three are on T/C ranging from 6 months to 2 years. Our time charter coverage for the remaining of 2010 stands at 61% taking into consideration the earliest expiration date (or 70% at the latest). We believe that companies with modern tonnage such us ours will continue to benefit from the improving market dynamics.

Our main objective since Globus became public in 2007 is to manage the fleet in a manner that allows us to maintain profitability across the shipping cycle and thereby maximize returns for our shareholders. However, given the prevailing market conditions, for the financial year 2009 we didn't pay a dividend in order to preserve the cash to reinforce our Company's liquidity and enhance our ability to proceed, as we did, with our fleet expansion plans.

In an effort to deal with the balance between supply and demand, we have taken proactive initiatives and measures to optimize our fleet composition so that Globus is able to weather the storm and come out of this turmoil even stronger. Our careful and strategic decisions regarding our fleet expansion has enhanced our ability to generate revenues and profits for the longer term based on a younger and modern fleet. We currently have more than $34 million in cash while our bank debt stands at a very reasonable $75.5 million and our fleet is worth more than $130 million.

We are confident that Globus has a solid performance amongst the shipping players in the market and we believe that the market will present us with many attractive opportunities, given our strong balance sheet, and we will gradually seek to take advantage of these and continue to grow the earnings capacity of Globus, and thus create further value for our shareholders."

Page 32 S H I P P I N G C O M P A N Y P R O F I L E S

Goldenport Holdings, Inc. www.goldenportholdings.com or www.goldenport.biz

CEO Message Captain Paris Dragnis, Founder and CEO of Goldenport, commented: “Since our IPO in April 2006, we have more than doubled the size and extended the economic life of our fleet which supports a long term quality earnings stream. In April 2006, our fleet consisted of 17 ships, 8 container and 9 dry bulk vessels. Today, it has Goldenport Holdings Inc. is an international shipping company that owns grown to 25 vessels, 11 containers and 14 dry bulk carriers with a much and operates a fleet of 25 container and dry bulk vessels that transport younger age profile and a significant increase in capacity. cargo worldwide. Goldenport is listed on the Main Market of the London Stock Exchange, since 5 April 2006, under the ticker GPRT. “Our strategy to maintain presence in both the container and dry bulk markets enables us to take advantage of the opportunities in each segment as The Company's fleet currently consists of 25 vessels, 11 containers and 14 they develop, and translates into diversity and stability for our company. We dry-bulk carriers, of which 7 vessels (1 container and 6 bulk-carriers) are seek to employ our vessels under medium to long term charters generating new building orders with deliveries expected between 2010 and 2011. As stable and visible cash flows shielding us from market volatility. As of of 10 May 2010, 88% of the combined fleet available days for 2010 and today, for the container fleet, we have secured 99% of the available days for 63% for 2011 are fixed under time charter employment, excluding the new 2010 and 89% for 2011 under period employment, and 72% and 29% for our buildings (of which the majority is already chartered). dry bulk fleet respectively.

Goldenport is a customer oriented global provider of shipping services that Our new-building progresses on track. These vessels were contracted at brings added value services to its charterers and provides innovative prices in line with current market conditions, have secured finance and their solutions for cargo movement requirements. It operates a well diversified deliveries in 2010 and 2011 will expand our revenue and profit generation fleet and has been active in acquiring additional tonnage and continuously capabilities. renewing its fleet with the acquisition of younger tonnage. Our business strategy has been that of prudent growth, and while we remain focused on safeguarding the value we created for our shareholders, we are also alert to take advantage of opportunities. In 2010, we exchanged at no additional cost a container new building contract for a 93,000 dwt new building post-panamax contract with delivery in 2011, disposed of a 962 TEU 1978-built container vessel realizing a $2 million book profit, and took advantage of the attractive asset values acquiring a 1991 built 2,986 TEU containership and a 1994 built 48,170 dwt Handymax dry bulk carrier, which both commenced agreed employment upon delivery.

Goldenport is in a strong financial condition given that as of 31 March 2010 our net debt was only US$ 126.6 million and our net debt to book capitalization was 34.2%, a moderate figure for our industry.

“Our strategy has enabled us to continue to reward our shareholders with a regular dividend, which we maintained even through the more difficult year of 2009. Management maintains a significant shareholding in Goldenport thereby aligning our interest with all other shareholders.

“We have taken advantage of the market opportunities and are confident about the future growth prospects of the Company, based on our strong forward time charter coverage, our new-building program that progresses on track and our strong balance sheet. We are optimistic about the long term demand outlook of both the container and dry bulk markets. We are in a strategic position with adequate bank financing to enable us to seek additional opportunities as these may occur.”

Page 32 S H I P P I N G C O M P A N Y P R O F I L E S

Hellenic Carriers, Ltd. www.hellenic-carriers.com

CEO Message

Fotini Karamanlis, Chief Executive Officer of Hellenic Carriers, commented: "Since our IPO, we have expanded our fleet from four to six vessels and have continued with the consistent implementation of our strategy seeking to strengthen our balance sheet, enhance cash flow visibility and reinforce liquidity.

We successfully restructured time charters agreed prior to the market downturn in Q4 2008, preserved liquidity, reduced our breakeven levels and built up solid cash reserves.

As a result, even in a challenging market environment, our Company achieved healthy profits for the financial years 2008 and 2009, whilst maintaining its dividend payments.

Our intention is to continue growing by expanding and modernising the fleet Hellenic Carriers Limited (LSE: HCL.L), incorporated in Jersey, owns and through investing in high quality new building or second hand dry bulk carriers, operates through its subsidiaries a fleet of dry bulk vessels that transport iron preferably in the Panamax / Supramax sector, as we believe that these vessel ore, coal, grain, steel products, alumina and other dry bulk cargoes worldwide. types carry a wider variety of cargoes and can trade over a more extensive range The fleet currently consists of six vessels, comprising four Panamax vessels, of routes. We believe that market conditions are favourable to implement this one Supramax and one Handymax with an aggregate carrying capacity of strategy. We therefore look forward to continue expanding the business 372,742 dwt and an average age of 15 years. Hellenic Carriers is listed on the prudently by seeking out acquisition opportunities and in parallel, forging closer AIM of the London Stock Exchange, since November 2007, under the ticker ties with existing Charterers as well as developing relationships with new HCL. counterparties for the continued profitable employment of the Company's fleet. Despite the medium term risks and uncertainties, we are optimistic regarding the Over the years, the Company’s senior management has demonstrated an longer term outlook of the dry bulk industry. Demand for core dry bulk materials excellent track record in vessel management and operation. They are third continues to be strong in the Far East, especially China, and lately India. At the generation ship owners and operators with a family tradition in shipping going same time, new building deliveries continue to lag significantly behind the back to the early 1950's. They combine this tradition with the dynamic and nominal schedule, and factors such as port congestion have a positive effect on forward-looking approach of a younger generation. the market.

With our efficiently run fleet, visible and stable cash flows, healthy balance sheet and strong liquidity, we are confident that Hellenic is well positioned to face market challenges and maximize the long term value for our shareholders."

Page 34 TBS Delivers 5 Star Soluti

TBS is a valuable transportation partner to ensure that your products and materials arrive at their destination efficiently and on time. TBS operates liner, parcel and bulk services, with a fleet of 49 multipurpose tweendecker and bulk carriers that includes specialized heavy-lift vessels and newbuild tonnage. TBS offices and representatives are on five continents representing over 35 nationalities. Learn more about TBS’s worldwide “Source to Site” transportation and logistics. [email protected] t www.tbsship.com t USA Tel + 1.914.961.1000 t NASDAQ “TBSI” S H I P P I N G C O M P A N Y P R O F I L E S

Navios Maritime Holdings, Inc. www.navios.com

CEO Message

Ms Angeliki Frangou, Chairman and CEO of Navios Holdings stated “Since taking control of Navios Holdings in August of 2005, we have grown the fleet by more than 250%. We did this while also launching Navios Partners on the New York Stock Exchange toward the end of 2007 and Navios Acquisition in May of 2010. In total, the Navios group controls 72 dry bulk vessels, of 7.5 million dwt. Moreover, the Navios group has a combined enterprise value of $3.0 billion as compared to Navios Holdings' enterprise value in August 2005 of $0.6 billion, a 414% growth.”

Navios Holdings, one of the leading global brands in seaborne shipping, specializes in the worldwide carriage, trading, storage and related logistics of international bulk cargoes. For over 50 years, raw materials producers, agricultural traders and exporters, industrial end users, ship owners, charterers, ship and derivative brokers, agents, and financial business partners have relied on Navios' expertise and innovation.

Navios Holdings core controlled fleet of owned and chartered-in vessels comprises 59 dry bulk vessels of 6.4 million dwt with an average age of 4.9 years. 96.0% of the fleet days in 2010 and 69.7% in 2011 are under time charters, insured by a AA+ European Union Government Agency.

Navios Holdings has a 31.3% stake, including GP interest, in Navios Maritime Partners, L.P. a publicly traded MLP (NYSE: NMM) with a fleet of 14 dry bulk carriers. Also, a 65.5% stake in Navios South American Logistics formed in early 2008 to focus on South American markets leveraging the existing grain storage and transshipment facility in Uruguay. Navios Holdings also has a 57.3% ownership stake in Navios Maritime Acquisition Corp. (NYSE: NNA), a company focused on the product and chemical tanker sector. S H I P P I N G C O M P A N Y P R O F I L E S

Navios Maritime Partners L.P. www.navios-mlp.com

CEO Message

Ms. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Maritime Partners, commented: “In the 18 months since we went public, we increased distributions by 18.6%, and grew our fleet by over 83.8%, from 626,100 dwt to over 1.1 million dwt. We did this all while also maintaining a strong balance sheet.

Our cash distribution per unit was $0.415 for Q1 2010 or $1.66 on an annualized basis, reflecting a yield of 10.1% based on the unit closing price of $16.45 on May 11, 2010.

We are optimistic about the long term fundamentals of the dry bulk sector and believe NMM is well positioned to take advantage of growth opportunities in 2010 and provide its unit holders with sustainable and attractive cash Navios Maritime Partners, a publicly traded MLP, an international owner and distributions.” operator of dry cargo vessels, was formed by Navios Maritime Holdings Inc. (NYSE: NM), a vertically integrated seaborne shipping company with 55 years of operating history in the dry bulk shipping industry.

NMM’s young, modern and high quality fleet consists of 14 vessels, including ten Panamax, three Capesize and one Ultra-Handymax with an average age of about 6.3 years, significantly younger than the industry average of about 15.3 years.

Its vessels are chartered-out under medium to long-term time charters with an average remaining term of approximately 4.0 years to a diversified customer base with strong creditworthy counterparties. NMM’s charter-out contracts are insured by a AA+ rated European Union Governmental Agency. An agreement with NM, fixes vessel operating costs for NMM’s fleet until November 2011. The Company’s common units are listed on the New York Stock Exchange under the symbol “NMM.”

Page 37 S H I P P I N G C O M P A N Y P R O F I L E S

OceanFreight, Inc. www.oceanfreightinc.com

CEO Message

Anthony Kandylidis, the Company's President and Chief Executive Officer, commented: "Despite the challenging markets, we have positioned OceanFreight for continued positive developments and long term growth.

Since 2009, we took several steps to restore the Company's balance sheet and operations.

We raised new equity to strengthen our balance sheet. We disposed of aged assets improving our operational efficiency. We deployed the equity raised and the available credit lines from vessel sales to invest in modern assets with accretive earnings. In 2009, we sold four aging drybulk carriers with an average age of 14.5 years and replaced them with four modern Capesize vessels with OceanFreight Inc., is an owner and operator of both drybulk and tanker vessels. an average age of 4 years while more than doubling the carrying It owns a fleet of 11 vessels, comprising of 8 drybulk vessels (3 Capesize, 5 capacity of our fleet. Panamaxes) and 3 crude carrier tankers (1 Suezmax, 2 Aframaxes) with a In 2010, we continued our fleet renewal and growth objectives, combined deadweight tonnage of approximately 1.2 million tons and has on disposing of two older tankers and entering into an agreement to build order three newbuilding Very Large Ore Carriers with deliveries in 2012 and three Very Large Ore Carriers, at Shanghai Waigaichao Shipyard, with 2013. a capacity of 206,000 dead weight tons each. Two of the vessels are scheduled to be delivered in the second and fourth quarters of 2012 OceanFreight's strategy is to operate across all shipping markets, thereby and the third vessel in the first quarter of 2013. minimizing dependency on any single market while taking advantage of opportunities that may occur in any market segment. These high specification bulk carriers were ordered at the behest of our customers and are specifically designed to serve the long-haul Brazil to China The Company seeks to employ its vessels under medium to long term charters iron ore trade. They are pivotal for the long-term development of OceanFreight. to a number of well established and reputable charterers in order to reduce Utilizing our close relationships with charterers, we have secured employment counterparty risk. for the three vessels at favorable market rates, well in advance of their contractual delivery dates thereby locking in visible cash flows. We are also OceanFreight Inc. was incorporated on September 11, 2006 under the laws of pleased to have been able to secure profit sharing arrangements for two of the the Marshall Islands. The Company's common shares are listed on the Nasdaq vessels which can increase our revenues as we take advantage of market upsides. Global Market under the symbol "OCNF". We remain committed to our strategy of fixed rate charters with staggered renewals and we have continued to build our relationships with existing and new customers. Our track record of sourcing modern high quality tonnage with fixed employment enhances the visibility and stability of our cash flows. As of May 2010, we have secured gross revenues of $115 million until the end of 2010 with 92% fleet charter coverage for the remainder of 2010 and 72% for 2011.

Management, which has a significant shareholding in the Company, is committed to OceanFreight's growth and prosperity and in this context we announced on May 26, 2010 that Basset Holdings Inc., a company controlled by me, will provide an equity infusion of $20 million to the Company in exchange for 50,000,000 new common shares. The new equity, which reinforces our liquidity and capital structure, will be deployed to partly finance the purchase of the M/V Montecristo and for further acquisitions. OceanFreight is committed to its fleet renewal program with the clear target of improving long-term profitability.

We believe we remain uniquely positioned to seek additional accretive growth opportunities talking advantage of the prevailing attractive asset values, thereby enhancing shareholder value over the long term."

Page 38 S H I P P I N G C O M P A N Y P R O F I L E S

Omega Navigation Enterprises, Inc. www.omeganavigation.com

CEO Message

Omega President and CEO George Kassiotis commented: "Omega Navigation is focused on a business model, which has two parameters: to own a quality and young fleet, which makes our lenders very comfortable; operating the fleet with the highest possible standards and also employing the ships on long-term time charterers with high quality counterparties and vessel end users. The long-term charters offer the Company stability and certainty of revenues and together with the profit sharing arrangements that we have always opted for since inception, we take advantage of any upside of the market. For the remainder of 2010 we have already secured fixed rate time charters on five vessels, three vessels are on floating rate time charters and three on spot. Omega Navigation Enterprises, Inc. is an international provider of global marine transportation services through the ownership and operation of double Delivering on our promise of a focused fleet expansion strategy we announced hull product tankers. The current fleet includes eleven high specification double in December 2009, that we formed Megacore a joint venture company with hull product tankers (three through 50% joint ventures) with a carrying capacity Topley Corporation, a wholly owned subsidiary of Glencore International AG. of 633,358 dwt, eight of which are under time charter contracts with an average The joint venture includes nine newbuilding vessels including two 37,000 dwt age of less than 4 years. product/chemical tankers (MR2s) and seven 75,000 dwt. product/oil tankers (LR1s). We have already taken delivery of the two 37,000 dwt. product/chemical In addition Omega Navigation, through a joint venture newbuilding program, carriers and the remainder will be delivered in a series to us, one in 2010, four in with Glencore International, AG, is expected to acquire eight newbuilding 2011 and two in 2012. The staggered deliveries allows time for a market vessels consisting of one 47.000 dwt product/ chemical tankers (MR2) and recovery and extends out our required cash outlays for the vessels. In addition, seven 75,000 dwt product/oil tankers (LR1s). Two of these product tankers are we also agreed to purchase of an additional newbuild product/chemical tanker scheduled for delivery in 2010, four in 2011 and two in 2012. All vessels are (MR2) with a capacity of 47,000 dwt, through a joint venture and scheduled for being built in Huyndai Mipo Dockyard, in South Korea. With the addition of delivery in the third quarter 2010. We are particularly pleased that the bank these eight vessels, Omega's fleet will expand to 19 product tankers with a total financing is already in place to fund our aggregate newbuild capital deadweight capacity of 1,252,358 dwt. commitments.

The Company was incorporated in the Marshall Islands in February 2005. Its The newbuilding joint venture reinforces the already strong relationship with the principal executive offices are located in Athens, Greece and it also maintains Glencore group and will allow Omega to enjoy significant operating and an office in the United States. commercial synergies with one of the largest commodities trading companies in the world. The joint venture will have access to Glencore's global trading Omega Navigation's Class A Common Shares are traded on the NASDAQ network and system cargoes and ST Shipping's commercial chartering National Market under the symbol "ONAV" and are also listed on the Singapore experience and will enable us to deploy collectively with our partner a fleet of Exchange Securities Trading Limited under the symbol "ONAV 50". vessels with significant scale and geographic coverage. Coupled together with an experienced management team and board of directors with an extensive shipping industry expertise, Megacore gives both Omega and the Glencore group a very strong platform to build upon going forward." S H I P P I N G C O M P A N Y P R O F I L E S

Paragon Shipping, Inc. www.paragonship.com

CEO Message

Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping commented, "Paragon is in a strong operational and financial condition and well positioned in the current market environment to achieve further growth. We have achieved eleven consecutive quarters of profitable results since the Company went public in August of 2007 and have regularly paid a quarterly dividend despite the challenging market conditions within the drybulk shipping industry.

We attribute our results to our chartering strategy, which is to employ vessels under fixed rate charters for periods ranging from one to five years and our close attention to cost control. Our current fleet has significant protection against charter rate volatility with a remaining term for the existing charters of of 2.4 years. In this context, we have 100% and 91% of our 2010 and 2011 revenue days fixed under time charters at levels that will generate free cash flow over and above all of our obligations. Paragon Shipping Inc. (NYSE:PRGN), a company incorporated in the Republic of the Marshall Islands in April 2006, is an international shipping company Our fixed revenues also allow us to comfortably continue paying a quarterly specializing in the transportation of drybulk cargoes globally. dividend which we have consistently done since our IPO in August 2007. For the first quarter 2010, our Board of Directors elected to pay a dividend of $0.05 The Company's current fleet, including a 2009 built Panamax vessel to be cents per common share. delivered within June and July 2010, consists of 8 Panamax, 2 Supramax and 2 Handymax drybulk carriers, a total of 12 vessels with an aggregate capacity of Pursuant to our growth strategy, 2010 has already been a very active year for 794,634 dwt and an average age of 7.6 years. Paragon. As a further diversification of our fleet within the drybulk sectors, we purchased a 2009-built Panamax drybulk carrier and newbuilding contracts for In addition, Paragon entered into shipbuilding contracts with a Chinese the construction of four drybulk Handysize class vessels and four Kamsarmax shipyard for the construction of four drybulk Handysize class vessels and four class vessels. The newbuildings have been contracted at extremely competitive Kamsarmax class vessels to be delivered to the company in the fourth quarter prices when compared to the 10-year average and with advantageous terms. of 2011 thru 2012. With the delivery of the new buildings, we will expand our operational capabilities in the drybulk segments from three to five thereby offering our Paragon's present chartering strategy is to employ vessels under fixed rate charterers enhanced flexibility. charters for periods ranging from one to five years Even after our latest acquisitions, we continue to maintain a solid financial position and about $ 140 million of purchasing power to further expand our fleet. In fact as a result of our actual charter rates and the use of FFA rates for open days, we expect to produce some $30 million of positive free cash flow through to the end of 2011. During this period we shall pay down a significant portion of our debt with cash flow from operations and still generate excess cash flow.

In summary, we shall continue to explore the market for other higher quality vessels that we expect will further enhance cash flow and provide long-term shareholder value. As in the past, we continue to remain cautious in any investing decision and we will only invest when we believe the acquisition will create long term stockholder value."

Page 40 S H I P P I N G C O M P A N Y P R O F I L E S

Safe Bulkers, Inc. www.safebulkers.com

CEO Message

Polys Hajioannou, Chairman and Chief Executive Officer of Safe Bulkers, Inc., commented: "On the occasion of Posidonia exhibition, a major worldwide shipping event, which demonstrates the continuous strength of the Greek shipping community, I would like to welcome here in Athens, industry key participants, yards, charterers, financial institutions and all companies who are working in shipping, as well as investment bankers, research analysts and our shareholders who have been supportive of our management team.

Safe Bulkers has always been proactive and focused on operating excellence and further development for the benefit of our shareholders.

In the past two years, since we went public, we have seen our fleet grow from 11 Safe Bulkers, Inc. is an international provider of marine drybulk transportation to 15 vessels while further expansion to 21 vessels is contracted by 2012. We services, transporting bulk cargoes, particularly coal, grain and iron ore, along believe we have a coherent and adaptive asset management policy, acquiring or worldwide shipping routes for some of the world's largest users of such selling vessels the right time in the cycle, a balanced chartering policy which services. provides visibility of future cash flows, a stable dividend policy which has rewarded our shareholders since our initial public offering 2008, by paying out a The Company's currently owns 15 drybulk vessels, all built post 2003, with an portion of our free cash flows and by retaining another portion for reinvesting aggregate carrying capacity of 1,346,900 deadweight tons. The average age of and grow the business. the fleet is 3.4 years as of April 30, 2010. Its fleet currently consists of Panamax, Kamsarmax, Post-Panamax and Capesize class vessels. Six Our 2009 results were quite impressive with EPS of $3.03, while we paid out additional drybulk newbuild vessels have been contracted to be delivered at during 2009, as dividend to our shareholders $0.60 per share. We entered into various times through 2012. Upon delivery of the last of contracted newbuilds, 2010 with a strong balance sheet which was further strengthened due to our first the Company's fleet will be comprised of 21 vessels, having an aggregate additional offering in March 2010, during which we raised approximately $75 in carrying capacity of approximately 2 million tons. The Company's common net proceeds reinforcing our liquidity and capital structure. stock is listed on the NYSE where it trades under the symbol "SB". We intend to continue to operate a young and modern fleet consisting mainly of sistership vessels, to maintain a strong charter coverage with charterers we trust resulting to operating surplus to meet our capital expenditure requirements, operating expenses, financial costs and dividend policy, to maintain our excellent relationship with our financiers and to further monitor the market for meaningful acquisition opportunities.

For detailed information please visit our website www.safebulkers.com.

Thanking you all I would like to reiterate that our management is focused on and fully committed to continue to grow our business profitably in the future, while expanding our reputation as a reliable and cost-efficient international provider of marine drybulk transportation services and to wish you a successful and productive stay in Greece". S H I P P I N G C O M P A N Y P R O F I L E S

Seanergy Maritime Holdings Corp. www.seanergymaritime.com

CEO Message

Dale Ploughman, the Company's Chief Executive Officer, stated: "Within the first year of our operations in 2009, we doubled our controlled fleet from 6 to 11 vessels with the acquisition of Bulk Energy Transport or BET. Before our two year anniversary we believe that we have creatively added our footprint in the industry with the agreement to acquire a majority interest in Maritime Capital Shipping, which will expand our controlled fleet to 20 vessels.

During our short time in the public markets; we reinforced our capital structure with the conversion into common stock of the $28.5 million promissory note, Seanergy Maritime Holdings Corp.(NASDAQ:SHIP), is a Marshall Islands issued in our business combination and in February 2010 we raised a net amount corporation engaged in the transportation of dry bulk cargoes worldwide of about $28 million for acquisition of vessels expanding our shareholder base through the ownership and operation of dry bulk carriers. and improving the liquidity of our shares.

The Company's current controlled fleet is comprised of 11 drybulk carriers In line with our goal to expand our fleet with the proper acquisitions, in May including four Capesize, three Panamax, two Supramax, one Handymax and 2010 we entered into a Letter of Intent to acquire a 51% interest in Maritime one Handysize vessels with a total carrying capacity of 1,043,296 dwt and an Capital Shipping Limited ("MCS") for a purchase price of $33 million. MCS has average age of 14.4 years. On May 3, 2010, Seanergy announced a letter of a fleet of nine Handysize dry bulk carriers with a cargo-carrying capacity of intent for the acquisition of a controlling interest in Maritime Capital Shipping 249,248 dwt and an average age of approximately 10.6 years. Maritime Capital Limited, which owns a fleet of 9 Handysize bulk carriers, with a capacity of Shipping, a company controlled by members of the Restis family, will retain a 249,248 dwt and an average age of 10.6 years, which is expected to close by 49% ownership interest in MCS. As a result of the acquisition, the size of June 1st, 2010. Seanergy's controlled fleet will increase from 11 to 20 dry bulk vessels with a cargo-carrying capacity of approximately 1,292,544 dwt and an average fleet The Company's common stock and warrants trade on the NASDAQ Global age of 12.7 years. Just like the BET acquisition, we didn't sacrifice our balance Market under the symbols SHIP and SHIP.W, respectively. sheet in the deal with MCS but managed to expand the range of vessels offered to our clients and increase our revenue and profit generation capability.

Our strong balance sheet and cash reserves, combined with secure cash flows from our charterers, allow us to comfortably service scheduled debt commitment and capital expenditures, and give us the ability to seek opportunities for further fleet expansion. Based on our current fleet, we have secured under time charter coverage 95% of our fleet days for 2010 and 51% for 2011. We will seek to take advantage of the improving freight market by expanding our charter coverage in 2011.

The commercial and technical management of our fleet is outsourced to Safbulk and EST; both with excellent track records. Safbulk has a strong reputation in the international shipping industry for efficiency and reliability. The Seanergy team actively monitors and controls vessel operating expenses incurred by the outside managers.

Although we are a young company, the fact that we have an excellent relationship with the Restis family and its affiliates with a long and proven track record of more than 40 years in shipping, provides confidence among our lenders and enables us to benefit from economies of scale and efficiencies regarding the technical and commercial management of our fleet. Our objective is to build Seanergy further into a leading player in the global shipping industry capitalizing on its know-how, resources and network. Our prudent decisions going forward will aim to safeguard the long term interests of our shareholders.”

Page 42 S H I P P I N G C O M P A N Y P R O F I L E S

Star Bulk Carriers Corp. www.starbulk.com

CEO Message

Akis Tsirigakis, President and CEO of Star Bulk, commented "We believe Star Bulk is one of the better positioned dry bulk companies with upside potential to its share value. Our key strengths include a healthy balance sheet, ample liquidity, a young and modern fleet, experienced management, efficient in-house technical and commercial fleet management, strong charter coverage and a record of quarterly dividend distribution. All these factors we believe translate into our company being well positioned for continued growth creating value for its shareholders.

Star Bulk (NASDAQ: SBLK) is a global shipping company providing We enjoy a very comfortable financial position with a net debt of approximately worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's 24% of total assets, a moderate figure for our industry and a cash position of $45 vessels transport major bulks, which include iron ore, coal and grain and minor million. Our focus to reduce operating costs continues to show great success. bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated During 2009, we took over the technical management of the vessels in-house in the Marshall Islands on December 13, 2006. enabling us to eliminate vessel management fees, optimize our costs and enhance our ability to implement our quality objectives in fleet operations. Currently, Star Bulk has an operating fleet of eleven dry bulk carriers with Backing this achievement with statistics, in the first quarter 2010 our overall definitive agreements to buy one and sell one Capesize vessel as well as expenses decreased by 13% over the same period 2009 while our vessel contracts to build two Capesize vessels with delivery in September, November operating expenses were lower by 16% 2011. The total fleet consists of six Capesize, and eight Supramax dry bulk vessels with a combined cargo carrying capacity of 1,462,377 deadweight tons. Delivering on our objective to implement fleet growth and renewal plans, we The average age of our current operating fleet is 10.3 years. entered into contracts during the first quarter 2010 to acquire three Capesize vessels, two new building and one second-hand. This represents year to date 57% increase of our current deadweight capacity or 27% in terms of number of vessels. This organic fleet development was achieved without the need to dilute our investors, through own cash and senior debt, a result of our sound financial condition. Our approach in the future will continue to be one of conservative growth by seeking value-enhancing assets, while maintaining the strength of our balance sheet.

Our exposure to market volatility remains limited. As of May 2010 we have secured $280 million of contracted revenues, with long term time charters to a diversified and high quality customer base provide future earnings visibility and enhance our ability to declare a quarterly dividend. We have secured 98% of our 2010 operating days and 64% of 2011 under time charters. For the first quarter 2010 we declared a dividend of $0.05 cents per share. It's important to add that our dividend distributions do not impede our growth objectives.

Finally, we are pleased to announce that we have gained certification for ISO 14000 Environmental Management. This certification ensures that all shore side as well as seaboard operations and processes conform to strict standards in that protection the environment and as recommended verifiable and constantly improving.

We actively participate along with a handful of major shipping companies in the European Union's Energy Efficiency Research Program entitled 'Targeted Advance Research for Global Efficiency of Transportation Shipping' or you might have heard it as TARGETS." S H I P P I N G C O M P A N Y P R O F I L E S

TOP Ships Inc. www.topships.org

CEO Message

Evangelos J. Pistiolis, President and Chief Executive Officer of TOP Ships Inc., commented:

"We believe we have established a reputation in the international ocean transport industry for operating and maintaining our fleet with high standards of performance, reliability and safety. We have assembled a management team comprised of executives who have extensive experience operating large and diversified fleets of tankers and drybulk vessels, and who have strong ties to a number of national, regional and international oil companies, charterers and traders.

We deployed our strategy of fleet renewal in 2006 with the order of 6 TOP Ships Inc., formerly TOP Tankers Inc, is engaged in the worldwide newbuilding product tankers that were delivered to us in 2009. In addition, transportation of liquid and petroleum cargoes as well as dry bulk cargoes pursuing our balanced chartering strategy, we entered into medium to long term through the ownership of a fleet of 8 double-hull tankers and 5 dry bulk carriers. charters at pre-crisis rates for all our dry bulk carriers and newbuildings. Our Specifically, the Company's fleet consists of 8 Handymax double hull tankers existing charters are at rates significantly higher than the current prevailing rates. (for chemical/ petroleum products or crude oil) with average age 3.1 years with We also have a diversified charterers' base with 9 charterers for our 13 vessels. a total carrying capacity of about 0.4 million dwt, of which 76%, in terms of dwt, are sister ships and 5 dry cargo vessels with a total carrying capacity of Nearly 100% of our total remaining operating days of 2010 are under fixed about 0.3 million dwt and an average age 9.0 years, of which 47%, in terms of employment. Looking further into the future, approximately 83% of total dwt, are sister ships. operating days of 2011 and 60% of total operating days of 2012 are under fixed employment. The total gross contracted revenue from all of our fixed rate contracts amounts to $345 million until the end of 2019.

We believe that we offer a solid growth platform as we do not have any capital commitments relating to newbuildings and we operate a very young fleet with a very valuable and diverse charter portfolio."

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TEN LTD TSAKOS ENERGY Tsakos Energy Navigation Ltd NAVIGATION LTD www.tenn.gr

CEO Message

Nikolas P. Tsakos, President and Chief Executive Officer of Tsakos Energy Navigation Ltd., commented: "Our objective is to seek stable and strong earnings throughout the various cycles and we aim to achieve this by employing our vessels under a mix of short, medium and long-term time charters.

Despite the market volatility and worldwide economic uncertainty, we are pleased with our performance. This is due to our modern and diversified fleet, the balanced employment and our long standing relationships with first-class counterparties worldwide. These are the cornerstones of our strategy, coupled with our commitment to use debt prudently and maintain a strong balance sheet. We have a clear and focused strategy that we have executed consistently year after year. The sustainability of our dividend distributions and our strong results validate our business strategy. Tsakos Energy Navigation Ltd. (TEN) (NYSE:TNP) is one of the largest independent transporters of energy in the world and controls a versatile fleet of Over the years, we have executed a prudent fleet renewal and expansion strategy modern crude and product tankers with strong ice-class capabilities. TEN is the without compromising the strength of our balance sheet. In October 1993, our longest listed shipping company and has been profitable every year since its fleet consisted of four vessels of 0.2 dwt and today it has expanded to 48 vessels inception in 1993 regardless of the state of the shipping market. Also, it has and 5.1 million dwt. Since 1997, we have invested over $3 billion in 55 been paying a cash dividend every year since its listing in New York in March newbuldings. Buying and selling ships is an integral part of our operation and we 2002. have being doing this consistently year after year taking advantage of market conditions. With a fleet of 48 double-hull vessels of 5.1 million dwt (45 operational and 3 under construction), TEN provides worldwide marine transportation services to We will continue to monitor the markets closely and align our growth and fleet state and international oil major refineries under long, medium, and short term employment policies accordingly, but always with an eye to the needs of our charters. TEN operates one of the youngest fleets in the world with an average clients. With loyal charterers, financiers and equity holders coupled with a age of 7 years compared to world's average of 9 years. healthy balance sheet with about $300 million in cash, we remain confident that the future of our company remains bright. Following delivery of the 4 newbuildings in 2010 and 2011, the fleet will include 24 crude tankers ranging from VLCCs to Aframaxes and 23 product We remain optimistic of market prospects for the future and we believe well carriers ranging from Aframaxes to Handysize complemented by one LNG. 22 managed companies with modern tonnage such us ours will continue to benefit of TEN's vessels can operate in ice-class environments. from the improving market dynamics.”

TEN's total annual dividend for 2009 was $0.60, the eight consecutive year of dividend distribution. Since its NYSE listing in 2002, TEN has distributed $8.18 per share in cash dividends. The listing price at the time was $7.50 per share accounting for the 2-1 share split in November 14th 2007.

TEN follows a balanced fleet deployment strategy with emphasis on short, medium and long term time charters at fixed rates and also with profit sharing arrangements above a minimum base rate enabling the Company to share into the market upside. 70% of the available ship days in 2010 and 50% for 2011 have committed employment. As of April 30, 2010, TEN had 30 vessels under period employment expected to generate revenues of $293 million over the duration of their charters and assuming only the minimum rates for the profit sharing contracts.

TEN Limited is incorporated in Bermuda, managed out of Athens Greece, and listed in the New York Stock Exchange (NYSE) under the symbol TNP.

Page 47 S P E A K E R B I O S

Akis Tsirigakis Aristides J. Pittas President & Chief Executive Officer President & Chief Executive Officer Safe Bulkers, Inc. Euroseas, Ltd.

Akis Tsirigakis is the founder, President and Chief Executive Officer, of the Aristides J. Pittas, Euroseas Ltd., has been a member of our board of directors Nasdaq listed company Star Bulk Carriers Corp. (NASDAQ : SBLK) and its and our Chairman and CEO since our inception on May 5, 2005. Since 1997, predecessor Star Maritime Acquisition Corp., a Special Purpose Acquisition Mr. Pittas has also been the President of Eurochart S.A., our affiliate. Company or SPAC since its inception in May 2005. Star Bulk provides international seaborne transportation of dry-bulk cargoes. Mr. Tsirigakis is Eurochart is a shipbroking company specializing in chartering and selling and experienced in ship management, ship ownership, ship-building. He had purchasing ships. Since 1997, Mr. Pittas has also been the President of formerly served on the board of directors of Dryships Inc., a Nasdaq listed Eurotrade, a ship operating company and our affiliate. Since January 1995, company. Mr. Pittas has been the President and Managing Director of Eurobulk Ltd., our affiliate. He resigned as Managing Director in June 2005. Eurobulk is a From November 2003 until December 2007, he was the Managing Director of ship management company that provides ocean transportation services. From Oceanbulk Maritime S.A., a dry cargo shipping company that has operated September 1991 to December 1994, Mr.Pittas was the Vice President of and managed vessels aggregating as much as 1.6 million deadweight tons of Oceanbulk Maritime SA, a ship management company. From March 1990 to cargo capacity and which is part of the Oceanbulk Group of affiliated August 1991, Mr. Pittas served both as the Assistant to the General Manager companies involved in the service sectors of the shipping industry. and the Head of the Planning Department of Varnima International SA, a shipping company operating tanker vessels. Since November 1998, Mr. Tsirigakis founded and has been the Managing Director of Combine Marine Inc. a company that provides ship management services to third parties. From June 1987 until February 1990, Mr. Pittas was the head of the Central Planning department of Eleusis Shipyards S.A. From January 1987 to June From 1985 to 1998, Mr. Tsirigakis was Vice-President and Technical Director 1987, Mr. Pittas served as Assistant to the General Manger of Chios of Konkar Shipping Agencies S.A. of Athens, managing at the time 16 dry Navigation Shipping Company in London, a company that provides ship bulk carriers, tanker/combination carriers and multi-purpose vessels. management services. From December 1985 to January 1987, Mr. Pittas worked in the design department of Eleusis Shipyards S.A. where he focused From 1981 to 1985, Mr. Tsirigakis was Technical Manager of Arkon Shipping on shipbuilding and ship repair. Mr. Pittas has a B.Sc. in Marine Engineering Agencies Inc. of New York, an affiliate of the Archirodon Construction from University of Newcastle Upon-Tyne and a MSc in both Ocean Systems Group. Management and Navel Architecture and Marine Engineering from the Massachusetts Institute of Technology. He is a member of the Technical Committee (CASTEC) of Intercargo, the International Association of Dry Cargo Shipowners, President of the Hellenic Technical Committee of RINA Classification Society and a member of the Technical Committee of Bureau Veritas. Bruce McDonald Mr. Tsirigakis in 1979 received his Masters degree (BSc 1978). in Naval Managing Director Architecture from The University of Michigan, Ann Arbor and has three years Houlihan Lokey's Transportation & of seagoing experience. Logistics Group Mr. McDonald is a Managing Director and heads Houlihan Lokey's Transportation & Logistics Group based in the firm's Washington, D.C. Alexandros Tsirikos office. Before joining Houlihan Lokey, Mr. McDonald was a Managing Chief Financial Officer Director in Wachovia Securities' Transportation Investment Banking Group. TOP Ships, Inc. Before Wachovia Securities, he worked for Deutsche Bank and its predecessors including Alex. Brown. Over the course of his career, Mr. McDonald has sourced and executed a broad range of transactions involving Alexandros Tsirikos, a UK qualified Chartered Accountant (ACA), has been bank debt, private and public bonds, private and public equity, mergers and the Chief Financial Officer of Top Ships Inc since the beginning of 2009. He acquisitions, and general advisory services . These transactions have been has been with Top Ships since 2007 and prior to his current position he served focused within the Maritime sector and other sectors within the as the Company's Corporate Development Officer. Prior to joining TOP Transportation and Logistics Industry. Earlier in his career, Mr. McDonald Ships, Mr Tsirikos was a manager with PricewaterhouseCoopers, or PwC, worked for the Prudential Capital Group, where he executed private debt and where he worked as a member of the PwC Advisory team and the PwC mezzanine investments. Assurance team thereby drawing experience both from consulting as well as auditing. As a member of the Advisory team, he lead and participated in Mr. McDonald earned his M.B.A. from the University of Virginia's Darden numerous projects in the public and the private sectors, involving strategic School of Business where he was a William Michael Shermet Scholar and a planning and business modelling, investment analysis and appraisal, recipient of the Faculty Award for Academic Excellence. He earned his B.A. feasibility studies, costing and project management. in economics from Emory University. He is registered with FINRA as a General Securities Representative (Series 7 and 63) and a Limited As a member of the Assurance team, Mr. Tsirikos was part of the International Representative - Investment Banking (Series 79). Financial Reporting Standards, or IFRS, technical team of PwC Greece and lead numerous IFRS conversion projects for listed companies. He holds a Master's of Science in Shipping Trade and Finance from City University of London and a Bachelor's Degree with honours in Business Administration from Boston University in the United States. He speaks English, French and Greek. Page 48 S P E A K E R B I O S

Dale Ploughman Emil Yiannopoulos Chief Executive Officer Partner, Assurance Leader Seanergy Maritime Holdings Corp. PricewaterhouseCoopers

Dale Ploughman, Seanergy Maritime, has served as a member of our board of Emil Yiannopoulos, Chartered Accountant (ICAEW), in 1994 established directors and our chief executive officer since May 20, 2008. He has over 43 and, until 30 June 2009, led the Corporate Finance and Transactions Advisory years of shipping industry experience. Since 1999, Mr. Ploughman has been team in Greece. He is the Financial Services Industry Leader of the Greek the chairman of South African Marine Corporation (Pty) Ltd., a dry bulk firm, coordinating the provision of both assurance, tax and performance shipping company based in South Africa and affiliate to members of the improvement services to the major Greek financial institutions and a member Restis family, and the chairman of the Bahamas Ship Owners Association. In of the firm's senior management team. Recently he has assumed the Greek addition, Mr. Ploughman has served as president, chief executive officer and Territory Assurance Leadership role. a director of Golden Energy Marine Corp. since February 2005. Mr. Ploughman also serves as president and chief executive officer of numerous Emil joined PwC in 1981 in London as an auditor, where he had a wide range private shipping companies controlled by members of the Restis family. From of experience, including the banking and insurance sectors. In 1987, he joined 1989 to 1999, Mr. Ploughman was the president of Great White Fleet, a fleet the firm's Corporate Finance team in London where he worked on a variety of owned by Chiquita Brands International Inc., which was one of the largest investigative and advisory assignments, primarily acquisitions, disposals and shipping carriers to and from Central America. Mr. Ploughman has previously valuation related projects. worked as president and chief executive officer of Lauritzen Reefers A.S., a shipping company based in Denmark, the managing director of Dammers and Emil is based in Athens and has worked on a wide variety of investment Vander Hiede Shipping and Trading Inc., a shipping company based in the transactions in Greece, and in the surrounding region, on behalf of both Netherlands and as the chairman of Mackay Shipping, a shipping company domestic and international clients and investors with particular focus on the based in New Zealand. He holds degrees in Business Administration and shipping, banking and investment industries and on Private Equity Personnel Management and Master's level Sea Certificates and was educated transactions. at the Thames Nautical Training College, HMS Worcester.

Demetris Nenes President & Chief Operating Officer Evangelos M. Marinakis OceanFreight, Inc. Chairman of the Board & Chief Executive Officer Crude Carriers Corp. Demetris Nenes is our President and Chief Operating Officer. Mr. Nenes began his professional career working at Sikorsky Aircraft Corporation as a Design Engineer working in various posts with the most significant being Mr. Marinakis has served as Chairman of the Board and Chief Executive Head of the Trasmission Design Team for the Navy version of the S92. Mr. Officer of Crude Carriers Corp. since its inception in 2010, as well as the Nenes began his shipping career in 2005 joining OMI Corporation's Vetting / Chairman of the Board of Capital Product Partners L.P since its inception in Safety & Quality department. During his career at OMI he moved in the 2007. Mr. Marinakis has also served as Capital Maritime's Chief Executive commercial side of the business being involved in FFA Trading and Sales and Officer and as a director since its incorporation in March 2005. From 1992 to Purchase. After the sale of OMI to TK and Torm, Mr. Nenes joined Ospraie 2005, Mr. Marinakis was the Commercial Manager of Capital Ship Management LLC. Ospraie is a commodity hedge fund based in New York. Management and oversaw the businesses of the group of companies that At Ospraie Mr. Nenes was involved in both FFA trading and Market Research currently form Capital Maritime. For the past 16 years, Mr. Marinakis has also and Intelligence. Mr. Nenes holds a diploma in Naval Architecture and been active in various other family businesses, all related to the shipping Marine Engineer from the National Technical University of Athens and a industry. Master's Degree in Business Administration from the University of Connecticut.

Dimitri J. Andritsoyiannis Fotini Karamanlis Vice-President & Chief Financial Chief Executive Officer Officer Hellenic Carriers, Ltd. Danaos Corp.

Dimitri Andritsoyiannis is the Vice President, Chief Financial Officer and a member of the Board of Directors of Danaos Corporation. Mr. Ms. Karamanlis is responsible for strategy, vessel acquisitions, chartering and Andritsoyiannis has over 15 years of experience in finance and banking. Prior financing. to joining us, Dimitri served as director of investment banking and as a member of the board of Alpha Finance, the investment banking arm of Ms. Karamanlis has 12 years shipping experience and has been with Mantinia ALPHA BANK. During his years with Alpha Finance, he led a variety of Shipping Company S.A. since 1999. From 1998 to 1999 Ms. Karamanlis financings, mergers and acquisitions, restructurings, privatizations and public worked in the Sale and Purchase Department of Galbraiths Shipbrokers in offerings both in Greece and abroad. He holds a degree in Economics and London and before that she practiced as a shipping lawyer with Norton Rose Political Science from the Economic University of Athens, an MBA in in London and Greece. finance from Columbia University, as well as a post-graduate diploma in Ship Risk Management from the Massachusetts Institute of Technology. Ms. Karamanlis is a member of the Law Society of England and Wales and Page 49 S P E A K E R B I O S

also participates in the legal committee of the Association of Greek listed in the NYSE in March 2001. During his time at Stelmar Shipping Ship-Owners. Ms. Karamanlis is an independent Non-executive Member of Limited, Mr. Karageorgiou assisted with both vessel acquisitions and the Board of Directors of Piraeus Bank, a Company listed on the Athens Stock financings and was involved with the company's initial public offering and Exchange. subsequent sale to OSG in December 2004.

Ms. Karamanlis holds a Bachelor's degree in Law from the University of He was also a director of easyGroup Ltd, easyJet Holdings Ltd, Athens and a LL.M (Masters in Laws) from Cambridge University. easyInternetCafe Ltd, easyCruise Ltd, Stelinvest Corp. and a number of other easyGroup subsidiaries in the years 1995 - 2005.

Mr. Karageorgiou holds a BE in Mechanical Engineering and an ME in Ocean George D. Cambanis Engineering from Stevens Institute of Technology and an MSC in Shipping Trade and Finance from City University Business School. (CASS) Senior Partner Global Shipping Leader

George coordinates the firm's global shipping network of 460 industry professionals. He has over 30 years of experience and assisting shipping Gust Biesbroeck companies with US listings, secondary offers, bond issues and Sarbanes Managing Director of Transportation Oxley 404 Readiness. In Greece Deloitte has over 50 dedicated shipping Fortis Bank Nederland professionals and audits 45% of the Greek companies listed in the US. Deloitte has developed industry specific templates and flowcharts to document and implement financial reporting procedures and controls for Gust has a global responsibility for Fortis Bank Nederland's Shipping - and shipping companies. Aviation activities. His international career of almost 20 year has been entirely devoted to financing the shipping- and transportation industry. Prior As global shipping leader he presents at shipping forums, meets with shipping to becoming the Managing Director, Gust was Transportation's risk- and organizations and large shipping companies globally. He regularly meets with portfolio manager for 7 years. Prior to joining Fortis in 2001, Gust worked for the boards of all his listed shipping companies and serves as advisor to private over 10 years for Nedship Bank (now DVB) in various commercial-and shipping companies. managerial roles based in Rotterdam, Athens and Hong Kong. Gust is a graduate from Erasmus University's Economic Faculty and completed an executive General Management Program at Cedep in Fontainebleau, France in 2006 George Kassiotis President & Chief Executive Officer Omega Navigation Enterprises, Inc. Harris Antoniou Chief Executive Officer of Energy, George Kassiotis has served as the President, Chief Executive Officer and Commodities & Transportation Director of Omega Navigation Enterprises since the company's inception in Fortis Bank Nederland February 2005. Prior to joining Omega Navigation, Mr. Kassiotis was the senior executive director of Target Marine S.A., where he led the Harris Antoniou, CEO of Energy, Commodities & Transportation Harris development of Target's business and oversaw its growth and expansion. In Antoniou is globally responsible for Energy, Commodities & Transportation this capacity, Mr. Kassiotis was responsible for vessel sales and purchases, (ECT), and a member of the Merchant Banking Management Team of Fortis project development, financing and other transactions effected by other Bank Nederland NV. Prior to that Harris was Managing Director of Fortis' shipowning affiliates of Target, including the development of Horizon Transportation group based in Rotterdam, following different positions within Tankers Ltd., which has contracted twelve newbuilding product tankers since Fortis in Greece, the UK and the Netherlands. Before joining Fortis, Harris 2002. Mr. Kassiotis comes from a shipping family, and has been involved in worked for a short period with ABN AMRO, global clients unit in various sectors of the shipping industry for 15 years. Mr. Kassiotis graduated Amsterdam. He is a graduate of Piraeus University in Greece, holder of a from the Universite de Paris, Pantheon - Sorbonne, France in 1993, where he MBA from Erasmus University in the Netherlands, and has completed the studied International Business Law, and holds a Master's Degree in Law from General Management Program of Harvard Business School. Harris is the University of London, England. married, has four children and lives in Amsterdam.

Georgios Karageorgiou Ioannis E. Lazaridis Chief Executive Officer Chief Executive & Chief Financial Officer Globus Maritime, Ltd. Capital Product Partners L.P.

Mr. Lazaridis has served as Chief Executive and Chief Financial Officer of Mr. Karageorgiou has been the Chief Executive Officer of Globus Maritime Capital Product Partners L.P, since its inception in 2007. Mr. Lazaridis has (GLBS.L) since July 2005. also served as President of Crude Carriers Corp. since its inception in 2010. Mr. Lazaridis also has served as Capital Maritime's Chief Financial Officer Mr. Karageorgiou has 18 years shipping experience (4 years experience in a and as a director of Capital Maritime since its incorporation in March 2005. public company). He worked as a projects engineer for Kassos Maritime From 2004 to March 2005, Mr. Lazaridis was employed by Capital Maritime's Enterprises from 1990-1992 and as a director and corporate secretary for predecessor companies in the same capacity. From 1996 to 2004, Mr. Stelmar Shipping Limited from 1992-2004, a shipping company that was Lazaridis served in various positions in the financial industry in the UK. Page50 S P E A K E R B I O S

Isabella Schidrich Managing Director Nicolas Bornozis The Nasdaq Stock Market President & Chief Executive Officer Isabella joined NASDAQ International as Managing Director in 2001, Capital Link, Inc. responsible for business development and account management of The NASDAQ Stock Market in Western Europe. Following NASDAQ's Nicolas Bornozis has over 28 years of experience in the US and European acquisition of OMX, Isabella was promoted to Vice President, responsible for financial and capital markets. Since 1996, he is the Founder and President of the listing business of NASDAQ OMX within Europe. Capital Link, Inc., an international investor relations and advisory firm, which assists listed companies to develop access to European and North American Prior to that, Isabella gained extensive business development experience investors. He also established and managed, Alexander Capital, L.P, a US within the telecommunications industry, heading business units at British broker-dealer firm, which developed securities brokerage business in North Telecommunications Plc and at Deutsche Telekom AG, and within the America with the Greek, Egyptian and Russian markets and sold the company Services Industry. at the end of 2003. Prior to Capital Link (1988-1995), he served as President and CEO of CCF International Finance Corp. (CCF IFC), the US Isabella graduated from Munich University with an Honours Degree with broker/dealer subsidiary of Credit Commercial de France, now part of HSBC. distinction in Business Management. Prior to CCF IFC, he worked at the International Department of Bankers Trust Company in New York and then at the Commercial Banking operation of CCF in New York where he was responsible for business development and lending to US multinationals and the Wall Street firms with focus on asset based financing - shipping and real estate. He holds an MBA from Harvard Business School (1982) and a Law Degree from the University of Athens (1979), in John Dragnis Greece with specialization in commercial and corporate law. For ten years he Commercial Director was a Visiting Lecturer on International Banking and Finance at the City University Business School in London, United Kingdom. He is a member of Goldenport Holdings, Inc. the Advisory Board of the Atlantic Bank of New York, a subsidiary of the New York Community Bank. John was appointed as the Commercial Director of the Company on Admission. Prior to that John has been the Commercial Director of Goldenport Shipmanagement Ltd. for three years and has been employed by Nikolas P. Tsakos them for a total of five years. In the last five years he has also been involved in setting up and managing a yachting management and chartering business. President & Chief Executive Officer He holds a degree in Business Administration and a Masters degree in Tsakos Energy Navigation, Ltd. Shipping Trade and Finance from City Business School (City University), London. Mr. Nikolas P. Tsakos has been President, Chief Executive Officer and a director of the Company since inception. Mr. Tsakos is the sole shareholder of Tsakos Energy Management Limited. He has been involved in ship management since 1981 and has seafaring experience of 36 months. He is the former President of the Hellenic Marine Environment Protection Agency (HELMEPA). Mr. Tsakos is a member of the council of the Independent Tanker Owners Association (INTERTANKO), a board member of the UK Michael Bodouroglou P&I Club, a board member of the Union of Greek Shipowners (UGS), a Chairman & Chief Executive Officer council member of the board of the Greek Shipping Co-operation Committee Paragon Shipping, Inc. (GSCC) and a council member of the American Bureau of Shipping (ABS), Bureau Veritas (BV) and of the Greek Committee of Det Norske Veritas (DNV). He graduated from Columbia University in New York in 1985 with a Michael Bodouroglou, the founder and Chief Executive Officer of Paragon degree in Economics and Political Science and obtained a Masters Degree in Shipping, has been involved in the shipping industry in various capacities for Shipping, Trade and Finance from the City of London University Business more than 25 years. He has served as Paragon Shipping's chairman and chief School in 1987. Mr. Tsakos served as an officer in the Hellenic Navy in 1988. executive officer since the company was founded in June 2006.

Mr. Bodouroglou has owned and operated tanker and drybulk vessels since 1993. He is the founder of Allseas Marine Inc. which serves as the technical and commercial managing company to the Paragon fleet. Prior to 1993, Mr. Pankaj Khanna Bodouroglou was employed as a technical superintendent supervising both Chief Operating Officer tanker and drybulk vessels for various shipping companies. DryShips, Inc.

In 1977 Mr. Bodouroglou graduated with honours from the University of Newcastle-upon-Tyne in the United Kingdom with a Bachelor of Science in Pankaj Khanna was appointed as the Chief Operating Officer of Dryships, Marine Engineering and in 1978 he was awarded a Masters of Science in Inc. in March 2009. Mr. Khanna has 19 years of experience in the shipping Naval Architecture. Mr. Bodouroglou is a member of the Cayman Islands industry. Prior to joining the Company, Mr. Khanna was the Chief Strategy Shipowners' Advisory Council and is also a member of the Board of Officer for Excel Maritime Carriers Ltd. Mr. Khanna also previously served Academic Entrepreneurship of the Free University of Varna, Bulgaria. In as Chief Operating Officer of Alba Maritime Services S.A. Prior to joining 2007 he was appointed as a member of the Hellas Committee of the Alba Maritime Services S.A., Mr. Khanna was Vice President of Strategic classification society, Germanischer Lloyd, which focuses on continuously Development at Teekay Corporation where he headed vessel sales & purchase improving safety at sea. activities, newbuilding ordering activities and other strategic development Page 51 S P E A K E R B I O S projects from 2001 through 2007. Prior to this, Mr. Khanna was a Senior Thomas Kaas Christiansen Analyst at SSY, a large multinational shipbroker. Mr. Khanna graduated from Blackpool and the Fylde College, Fleetwood Nautical Campus and also Chief Commercial Officer received a post-graduate diploma in international trade and transport from Excel Maritime Carriers, Ltd. London Metropolitan University. Thomas Kaas Christiansen was appointed Chief Commercial Officer in January 2010. Christiansen, Danish national, joined the company from a similar position as Vice President of Athens based SwissMarine. Prior hereto he has, since the beginning of his career as a graduate of the MISE Polys Hajioannou management program with AP Moller-Maersk, held various Management and Commercial positions of increasing depth within the organizations Chief Executive Officer throughout Europe, South East Asia and the Mediterranean. He brings more Safe Bulkers, Inc. than a decade of experience in commercial management and leadership with him and is an ICS, London chartered broker, Shipping Finance and Management Graduate and is part of the Executive Education program at Harvard Business School. Polys Hajioannou is our Chief Executive Officer and has been Chairman of our board of directors since 2008. Mr. Hajioannou also serves with our Manager, and prior to its inception, our Manager's predecessor Alassia Steamship Co., Ltd., which he joined in 1987. Mr. Hajioannou was elected as a member of the board of directors of the Union of Greek Shipowners in 2006 Dr. Anastasios Aslidis and served on the board until February 2009. Mr. Hajioannou is also a Director founding member of the Union of Cyprus Shipowners. Mr. Hajioannou holds Euroseas, Ltd. a bachelor of science degree in nautical studies from Sunderland University. Dr. Anastasios Aslidis has been a partner at Marsoft, an international consulting firm focusing on investment and risk management in the maritime industry. As of August 2005, he joined us as a director and our CFO. Dr. Aslidis has more than 17 years of experience in the maritime industry. Since Stefan Jekel 2003, he has been working on financial risk management methods for Managing Director shipowners and banks lending to the maritime industry, especially as NYSE Euronext pertaining to compliance to the Basel II Capital Accords. He has been consultant to the Board of Directors of shipping companies (public and private) advising in strategy development, asset selection and investment Mr. Jekel is responsible for client service and new business of the EMEA timing. Between 1993 and 2003, as part of his work at Marsoft, he worked on region. This includes meetings with international listed companies' officials various projects including development of portfolio and risk management and prospects to increase their understanding of the strategic benefits of an methods for shipowners, establishment of investments funds and structuring NYSE Euronext listing and the NYSE Euronext's service initiatives. Stefan private equity in the maritime industry and business development for Jekel joined the New York Stock Exchange in March 2001. Marsoft's services. Between 1991 and 1993, Dr. Aslidis work on the economics of the offshore drilling industry. Between 1989 and 1991,he Mr. Jekel, a German national, had been employed with the New York office of worked on the development of a trading support system for the dry bulk PricewaterhouseCoopers LLP from 1998 through 2001. As part of Assurance shipping industry on behalf of a major European owner. Dr. Aslidis holds a and Business Advisory Services, he serviced international clients by resolving diploma in Naval Architecture and Marine Engineering from the National their cross-border accounting and reporting issues. Technical University of Athens (1983), M.S. in Ocean Systems Management (1984) and Operations Research (1987) from MIT, and a Ph.D.in Ocean Mr. Jekel is a graduate from New York University (USA) and European Systems Management (1989) also from MIT. Business School (Germany), who participated in exchange programs with the London Business School (UK), Ecole Supérieure de Commerce in Dijon (France), and the University of California at Berkeley (USA).

Ted C. Petrone President Navios Corporation

Mr. Ted Petrone became a director in May 2007 having become President of Navios Corporation in October 2006. He heads Navios' worldwide commercial operations. Mr. Petrone served in the Maritime Industry for 30 years, of which 27 were with Navios. After joining Navios as an assistant vessel operator, Mr. Petrone worked in various operational and commercial positions. For the last fifteen years, Mr. Petrone was responsible for all the aspects of the daily commercial Panamax activity, encompassing the trading of tonnage, derivative hedge positions and cargoes. Mr. Petrone graduated from New York Maritime College at Fort Schuyler with a B.S. in Maritime Transportation. He served as a third Mate aboard U.S. Navy (Military Sealift Command) tankers for one year. Page 52 C O M P A N Y P R O F I L E S

IN COOPERATION WITH

NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets – the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca – represent one-third of the world's equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second- largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the S&P 100 index and Fortune 500. For more information, please visit: http://www.nyx.com

The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with over 3,700 listed companies.

NASDAQ OMX Group offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; NASDAQ OMX Nordic, NASDAQ OMX Baltic, including NASDAQ OMX First North; and the U.S. 144A sector.

The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs.

NASDAQ OMX Group technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries.

NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX Group exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius.

For more information about NASDAQ OMX, please visit: www.nasdaqomx.com.

Page 53 C O M P A N Y P R O F I L E S

GLOBAL LEAD SPONSOR

Fortis Bank Nederland’s Merchant Banking provides bespoke financial solutions to corporate and institutional clients active in the Nether- lands and abroad. We offer a broad spectrum of banking services, including cash and treasury management, debt, equity and structured finance, trading and financial risk hedging, financial advisory and structuring. Our clients are commodity producers, traders and distributors. We are a top player in fund administration, global custody, securities lending and clearing services.

Merchant Banking combines the strength of an international presence in three time zones with local expertise and proximity to our clients. Dedicated Relationship Managers offer the full range of banking products and have access to specialists in a variety of fields.

About Energy, Commodities & Transportation and Principal Finance

ECT is a business line within Merchant Banking that serves a wide range of customers and prospects in the energy, commodities and transportation industries. Our extensive market knowledge have made us leaders in these industries.

Energy is engaged in offshore oil and gas services, oil and gas, power and utilities, renewables (wind and solar energy) and carbon banking. Fortis Groenbank in Utrecht is a separate legal entity within Energy, providing green financing to companies that invest in sustainable projects in the Netherlands. Commodities finances the physical flow of agri, metals, steel and energy products, from the pre-production stage through to storage & delivery. The Transportation arm offers structured and innovative financing solutions to companies active in deep-sea shipping, container transport and the aviation sector.

Principle Finance is responsible for all direct investment activities (where FBNL acts as Principal) in the ECT sectors PF acquires (portfolio’s of) assets at attractive valuations, provides subordinated debt or preferred equity with upside sharing and invest selectively in companies or projects of core clients of the bank, oftentimes on the basis of tangible collateral and diversified cash-flows

Achievements Energy, Commodities & Transportation:

Top 3 global position in oil field services industry Among the top 5 commodity banks worldwide Shipping Debt Deal of the Year Award 2009 – North America by Jane’s Transport Finance 2nd Best bank for Soft Commodity Finance 2009 organised by Trade and Forfaiting Review (after having first positions in the years 2005- 2008) European Power Deal of the Year (Project Finance International, December 2008) European Oil & Gas Deal of the Year (Project Finance International, December 2008) Restructuring Deal of the Year 2008 (Marine Money)

GLOBAL GOLD SPONSOR

Knight Capital Group, Inc. (Nasdaq: NITE) is global financial services firm that provides market access and trade execution services across multiple asset classes to buy- and sell-side firms. Knight's hybrid market model features complementary electronic and voice trade execution services in global equities and fixed income as well as foreign exchange, futures and options. The firm is consistently ranked as the leading source of off-exchange liquidity in U.S. equities. Knight also provides capital markets services to corporate issuers. For additional information, please visit: www.knight.com. Page 54 C O M P A N Y P R O F I L E S

GLOBAL SILVER SPONSORS

Deloitte’s Shipping Group specialises in providing professional services to the water transportation industry including cruise lines, ferries, cargo shipping, ports and harbour authorities. Our main objective is to develop solutions to assist our clients resolve the issues affecting them and the complex industry environment in which they operate.

The group comprises of a multidisciplinary network of 460 industry practitioners, of which 245 are partners, in 33 major shipping centres and continues to expand.

Professionals in the member firms have worked together for many years to serve the shipping industry.

A PREMIER QUALITY REGISTRY

International Registries, Inc. (IRI) and its affiliates are the Maritime and Corporate Administrators of the Republic of the Marshall Islands (RMI) and have been administering maritime and corporate programs for over half a century. IRI prides itself on its high level of customer service, economical pricing and extensive experience. The Marshall Islands Maritime and Corporate Registry (Registry) is fully committed to the safety and security of personnel ashore and afloat, the Registry’s vessels and the marine environment. IRI has an excellent reputation within the international business community and will continue to be at the forefront of vessel and corporate registries.

IRI is the world’s oldest and most experienced privately administered maritime and corporate registry, providing for the specialized needs of the shipping and financial services industries across a broad commercial and economic spectrum. IRI, which is headquartered in Reston, Virginia USA, with easy access to Washington, DC, has full service offices in 20 major shipping and financial centers around the world.

LEADERSHIP

IRI, through a legislatively endorsed joint venture agreement with the Government of the Marshall Islands, is authorized to administer the maritime and corporate programs for the Marshall Islands. The IRI Board of Managers is the executive body that is responsible for the Registry’s growth and strategic direction.

WHAT IRI DOES

The Marshall Islands ship registry program was initiated by the Government of the Marshall Islands in 1988. With the adoption of a new Mari- time Act in 1990, the maritime laws of the Marshall Islands were aligned with the many changes in ship registration, financing and licensing that have taken place in the shipping industry. The Marshall Islands ship registry is the fourth largest open registry in the world. Vessel types include, but are not limited to, tankships, LNG/gas carriers, bulk carriers, offshore exploration and support vessels, container ships, passenger vessels and yachts. The Registry’s network of worldwide offices has the ability to register a vessel, record a mortgage, form a corporation and service clientele.

Page 55 C O M P A N Y P R O F I L E S

GLOBAL SILVER SPONSORS (cont.)

At PricewaterhouseCoopers (PwC) we offer innovative ideas and practical solutions. We provide industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders.

PwC in Greece (www.pwc.gr) is the largest professional services organisation, with more than 800 people and premises in Athens, Thessalo- niki and Piraeus. It is part of the global network of member firms of PricewaterhouseCoopers International Limited (www.pwc.com), each of which is a separate legal entity. More than 163,000 people in 151 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.

Assurance

As audit and assurance market leader, we provide services that improve corporate reporting and assurance systems that operate effectively within a well-controlled environment. Our leading edge audit approach is tailored to the nature and size of your organisation. Our deep understanding of the regulatory framework and legislation means we can help with complex business requirements, such as Sarbanes-Oxley and IFRS.

Deals

We assist you in transforming your businesses across the business lifecycle. We offer a full range of services around the deal for financial transactions. These include review of strategic options before the deal, due diligence, lead financial advice, valuations for strategic and financial reporting purposes, and delivering post deal value through synergies and operational improvements consequent to the deal.

Consulting

We are world-class transformation consultants with capabilities based on trusted relationships, deep industry knowledge and professional experience. We bring together a range of functional skills in strategy, operations, finance, people & change, risk, and technology. We assess new markets, offer new insights on how to best tackle the challenges presented by change.

Tax services

Our network of experienced professionals can assist you in achieving your goals across a wide spectrum of tax and accounting activities and helps you deal with the rapidly increasing complexity of the Greek tax environment. Our services include international tax planning and restructuring, mergers & acquisitions, consulting on indirect taxes and transfer pricing, tax compliance services, as well as accounting outsourcing solutions, payroll services and IFRS reporting.

PwC Academy

In addition to business services, we also provide professional training through the PwC Academy. Within our training programmes we focus on all business related areas such as Accounting, Strategy, Mini MBA, Marketing, Finance – Banking, Business & Financial English etc. Selected programmes leading to professional qualifications are certified by international institutions namely ACCA, CFA, ICAEW and EDI.

Page 56 C O M P A N Y P R O F I L E S

MEDIA PARTNERS

ECONOMIC OUTLOOK Shipping Monthly Magazine Digital Ship is the commercial maritime world’s authority on satellite communications, software, navigation technology and The ECONOMIC OUTLOOK Magazine provides comprehensive computer based training. Established in August 2000, Digital Ship documentation on Greek Shipping developments. publishes a monthly full color print and electronic magazine, organizes six large conference / exhibitions every year in Cyprus, Born as a maritime magazine in Piraeus in 1983 with 4,000 Oslo, Hamburg, USA, Singapore and Athens. We also provide an subscribers throughout the world, ECONOMIC OUTLOOK has online newsletter and networking service to help executives in the always met the ever growing demand for critical information and is maritime industry stay ahead of the very latest developments in considered a complete channel of information on shipping, and is shipping IT. also recognized for its exclusive interviews with highly respected personages and decision-makers in the day to day operation and the future on Greek Shipping.

NAFS shipping & economic magazine was first introduced in November 1996 and as from February 1998 is regularly published every two months, from February to December. Over 3,000 people are NAFS readers in Greece and abroad.

About 50% are Greek shipping offices

About 20% are ship suppliers and equipment manufacturers.

ELNAVI is the biggest and most respected Greek shipping maga- About 5% are shipbrokers and shipagents zine. It analyzes every month the most important shipping events in the Greek and global maritime industry. ELNAVI was established in About 10% are shipbuilding and shiprepair facilities 1974 and today has 4,000 subscribers which is the highest readership amongst all Greek shipping magazines. Elnavi, participates in The rest 15% is referring to Ports, Banks, Financial consultunts, Posidonia Exhibition holding a stand of 30sq.m. promoting the latest classification societies, inspector services, marine insurance, P&I developments and achievements of the Greek Shipping Industry. In Clubs, Yachting, Salvage & Towage, Shipowning companies, non 2010 we have introduced an e-paper service which is free for our profit organizations etc. subscribers marking a new era of shipping press. For e-paper visit www.elnavi.gr Now you can enjoy reading your hard copy, as well as surfing in our protal. Starting thinking GREEN in the marine industry begins from NAFSGREEN.

All the material given (advertising, video, audio, texts, photos, etc.) will be considered property of NIKOS DOUKAS Publications, and can be used or not by the company at the discretion of the owner. The views of columnists do not always reflect the position of the owner.

Page 57 C O M P A N Y P R O F I L E S

MEDIA PARTNERS (cont.)

SHIPPING International Monthly Review was launched in 1957! If it’s happening in shipping, you’ll find it first in TradeWinds. How? We simply dig much deeper and not just scratching the surface of the Over these six decades SHIPPING has become the leading maritime key news stories from around the world. With approximately 8,500 voice not only for Greek Shipping, but beyond. fully paid subscribers in all the major maritime centres and over 48,000 weekly readers, TradeWinds is the world’s most-read We pride ourselves that we dictate the news and have the largest and shipping title. the top of the echelon contributors and devotees worldwide. Get all the maritime multi-media you need – via newspaper, website On an unbiased and un-censored basis, we openly feature all materi- and TV and with the latest breaking global news backed up by highly als which state an opinion about all aspects of the industry, including targeted business reports and truly independent opinions, Maritime Politics, Safety and Security, Ship Finance, the Environ- TradeWinds is as entertaining as it is informative. ment…. you name it! Join the club of the biggest and most successful newspaper in the We are also the only Greek medium to have a real base within the shipping industry. For your own free test run of the best selling Square Mile – with our own London presence (the Water Dragon) shipping paper and online news see www.tradewinds.no or email since 1997! [email protected].

Last, but not least, we cover the markets and on numerous occasions have rightly forecasted their destiny as well as that of the entire industry. Our 3,000 plus subscribers are our best ambassadors!

With a woman (and a proud member of WISTA) at the helm, we have proven why a ship is called a she…!

Page 58 www.CapitalLinkFunds.com

Closed-End Funds ETFs

Capital Link Excellence in Investor Relations and Financial Communications www.capitallink.com www.capitallinkforum.com www.capitallinkfunds.com Capital Link New York – London - Athens Capital Link Shipping ...Linking Shipping and Investors Across the Globe

Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Capitalizing on our in-depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to the shipping industry becoming the largest provider of Investor Relations and Financial Communications services to international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York with a presence in London and Athens.

Investor Relations & Financial Advisory Operating more like a boutique investment bank rather than a traditional Investor Relations firm, our objective is to assist our clients enhance long term shareholder value and achieve proper valuation through their positioning in the investment community. We assist them to determine their objectives, establish the proper investor outreach strategies, generate a recurring information flow, identify the proper investor and analyst target groups and gather investor and analyst feedback and related market intelligence information while keeping track of their peer group. Also, to enhance their profile in the financial and trade media.

In our effort to enhance the information flow to the investment community and contribute to improving investor knowledge of shipping, Capital Link has undertaken a series of initiatives beyond the traditional scope of its investor relations activity, such as:

www.CapitalLinkShipping.com A web based resource that provides information on the major shipping and stock market indices, as well as on all shipping stocks. It also features an earnings and conference call calendar, industry reports from major industry participants and interviews with CEOs, analysts and other market participants.

Weekly Capital Link Shipping e-Newsletter Weekly distribution to an extensive audience in the US & European shipping, financial and investment communities with updates on the shipping markets, the stock market and listed company news.

www.CapitalLinkWebinars.com Sector Forums & Webinars: Regularly, we organize panel discussions among CEOs, analysts, bankers and shipping industry participants on the developments in the various shipping sectors (containers, dry bulk, tankers) and on other topics of interest (such as Raising Equity in Shipping Today, Scrapping, etc).

Capital Link Investor Shipping Forums In New York, Athens and London bringing together investors, bankers, financial advisors, listed companies CEOs, analysts, and shipping industry participants.

www.MaritimeIndices.com Capital Link Maritime Indices: Capital Link developed and maintains a series of stock market maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Index, CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fleet Index, CL Shipping MLP Index – Bloomberg page: CPLI. The Indices are also distributed through the Reuters Newswires and are available on Factset.

We believe that the companies which succeed after the downturn are those which have the vision to plan ahead. Deloitte has the experience, insight and knowledge to help you identify opportunities, make plans and implement them. Be one step ahead, visit www.deloitte.com Capital Link Shipping Forum 2nd Posidonia Analyst & Investor Day

Monday,Mondayy, JJuneune 7, 2010 AstirAAtiPlstir PPalacealace HtlVHHotel,otel, VouliagmeniVo Athens, Greece

ORGANISED BY

Capital Link

INVESTOR RELATIONS & FINANCIAL COMMUNICATIONS www.capitallink.com www.capitallinkforum.com www.capitallinkshipping.com www.capitallinkgreece.com www.capitallinkfunds.com www.irawards.gr

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