World Shipyard Monitor

Volume 10, No.6June-2003 ISSN: 1358-8788

Highlights Major European Shipyards Orderbook The orderbook at the end of May is 134.9m dwt for all vessel types …………………….p.2/3. New Orders The surge in ordering in the 1 Post-Panamax sector, has lifted contracting to 39.5m dwt... p.4/5. 6 1 7 5 12 15 9 Deliveries 14

So far this year (to the end of 8 May) 390 ships have been 3 10 17 13 18 delivered……………….. p.6/7. 4 16 Newbuilding Prices 2 Restis order a pair of Suezmax MAIN SHIPYARDS tankers at a firm $49m each p.8. 1.Damen, Hoogezand, Neth. 7.Harland & Wolff, Belfast, UK 13.Brod. Split, Split, Croatia 2.AESA, Puertoreal, Spain 8.Ch. de L'Atl., St.Nazaire, France 14.MeyerWerft, Papenburg, Ger. Investment 3.Fincantieri, Monfalcone, Italy 9.Stocznia Szczecin, Poland 15.Stocznia Gdynia, Poland 4.AESA, Sestao, Spain 10.Brod. 3 Maj, Rijeka, Croatia 16.Varna Shipyard, Bulgaria After another flurry of 5.HDW, Kiel, Germany 11.Kvaerner Masa, Turku, Finland 17.Fincantieri, Marghera, Italy 6.Odense, Lindo, Denmark 12.Meeres Technik, Wismar, Ger. 18.Galatz Shipyard, Romania newbuilding contracts in May, investment is much stronger than last year. …………………..p.9. Contracting by Region Global contracting stands at 14.6m cgt, up 68% on this time Major Far Eastern Shipyards last year………………….. p.12. MAIN SHIPYARDS JAPAN 11.Shin Kurushima, Onishi CHINA Deliveries by Region 1.Mitsubishi, Nagasaki 12.Koyo, Mihara 1.Dalian New Yard, Dalian Deliveries grew to reach 20.7m 2.Hitachi, Ariake 13.Tsuneishi, Numakuma 2.Jiangnan, Shanghai 3.Imabari,Marugame 3.Hudong, Shanghai dwt by the end of May 4.Namura, Imari SOUTH KOREA 4.Shanghai, Shanghai 5.Mitsui, Chiba 1.Hyundai, Ulsan 5.Guangzhou, Guangzhou 2003……………………p.14/15. 6.Kawasaki, Sakaide 2.Daewoo, Okpo 6.Xingang, Tianjin 7.Sumitomo, Oppama 3.Samsung, Koje Shipyard Capacity 8.Oshima, Oshima 4.Samho, Samho TAIWAN 9.I.H.I., Kure 5.Hanjin, Busan 1.China Sb., Kaohsiung In 2001 the Tianjin Xingang 10.Nippon Kokan, Tsu 6.STX, Chinhae 2.China Sb., Keelung Shipyard signed its largest ever contract……………..……p.16. Demolition So far this year 11.1m dwt of cargo vessels have been sold for demolition 20/21. S.KOREA 6 JAPAN Shipbuilding Focus 1 7 5 2 5 4 3 Aframax newbuilding prices are 9 12 13 10 6 1 3 4 “really” low, and recovery is a 8 1 long way off……….………p24. 2

Shipping Intelligence Network.... "With shipping's first 'need to know' "represents a giant leap forward in Join the SIN Club information portal, Clarkson has made the information technology shipping intelligence better than ever development in shipping." www.clarksons.net before." Orderbook by Vessel Type Orderbook As % Of Fleet (DWT)

5.2% Summary Specialised 6.6% 21.4% • The orderbook at the end of May is 134.9m dwt Chemical 21.2% for all Vessel Types. This is a 3.6% increase on last 26.7% Products 21.9% month, and a 16% increase on the orderbook since the 41.3% Panamax 34.9% end of 2002. 23.9% Aframax 25.3% • Several sectors are the driving forces behind the Suezmax 23.1% 20.2% growth in the orderbook. Remarkable growth is taking 18.3% VLCC 15.2% place in the Post-Panamax containership (>3,000 teu) 5.1% Handysize 4.9% End May 03 orderbook, which grew by nearly 5% in May compared 15.1% End 2002 to the previous month, and by nearly 44% since the end Handymax 13.9% 12.6% of 2002. Panamax 9.6% 15.0% Capesize 13.1% • In the tanker sector the VLCC orderbook is 22.8m 2.1% Combos 2.0% dwt at the end of May, a growth of nearly 8% since the 9.0% FCC<3Kteu 8.4% 36.7% start of the year. Since the start of the year the Panamax Tanker orderbook grew by 21.5%, but ordering slowed FCC>3Kteu 26.5% in May to give a month on month growth of just over 0% 10% 20% 30% 40% 50% 3%. Source: Clarkson Research Studies • The Capesize orderbook has grown to 14.2m dwt, a growth of 16% since the end of 2002.

Bulk Vessel No. end m.CGT, end: m. DWT, end: Orderbook, Delivery in: Orderbook 2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004 2005+ VLCC > 200,000 62 75 3.0 3.6 22.4 27.2 26.2 19.0 22.8 7.0 8.8 7.0 Suezmax 120-200,000 54 63 1.7 2.0 5.5 9.3 9.9 8.5 9.9 3.1 3.3 3.5 Aframax 80-120,000 129 126 3.0 3.0 3.4 7.0 12.9 13.9 13.7 4.4 4.9 4.4 Panamax 60-80,000 71 86 1.5 1.9 1.4 0.8 2.5 5.1 6.2 1.2 2.8 2.2 Products 10-60,000 210 257 4.0 4.9 2.4 4.0 7.5 8.8 10.9 2.7 4.2 3.9 Chemical 10-60,000 125 128 1.9 1.9 2.0 2.1 2.6 3.3 3.4 1.5 1.1 0.8 Specialised 10-60,000 5 4 0.1 0.1 0.3 0.3 0.2 0.2 0.2 0.1 0.1 0.0 Tankers > 10,000 656 739 15.2 17.3 37.5 50.7 61.7 58.8 67.0 20.0 25.2 21.9 Tankers < 10,000 113 107 0.7 0.6 0.3 0.3 0.5 0.7 0.7 0.4 0.2 0.1 Capesize > 80,000 73 89 1.9 2.3 12.2 10.5 8.8 12.2 14.2 3.4 5.8 5.0 Panamax 60-80,000 95 125 1.9 2.5 12.5 12.1 5.8 7.2 9.4 1.1 4.7 3.6 Handymax 40-60,000 147 162 2.3 2.6 6.4 9.6 7.0 7.5 8.4 2.2 3.3 2.9 Handysize 10-40,000 128 131 1.4 1.5 2.5 3.1 2.7 3.5 3.7 1.2 1.7 0.8 Bulkers > 10,000 443 507 7.6 8.8 33.5 35.3 24.4 30.5 35.7 7.9 15.4 12.3 Combos > 10,000 2 2 0.1 0.1 0.0 0.0 0.2 0.2 0.2 0.2 0.0 0.0 Total Bulk Vessels 1214 1355 23.6 26.8 71.3 86.3 86.8 90.3 103.6 28.6 40.8 34.2 Special Vessel No. end m.CGT, end: m. DWT, end: Orderbook, Delivery in: Orderbook 2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004 2005+ LNG Carriers 56 56 4.6 4.6 1.3 1.9 3.4 4.0 4.0 0.9 1.5 1.6 LPG Carriers 41 42 0.8 0.8 0.9 0.9 1.1 1.1 1.2 0.5 0.3 0.4 Reefers 9 9 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0 Containers > 3,000 teu 163 226 6.5 9.3 8.7 13.5 12.6 10.7 15.4 3.4 6.3 5.7 Containers < 3,000 teu 179 193 2.5 2.7 3.1 5.1 4.8 3.7 4.0 1.6 1.6 0.8 Other Dry > 5,000 dwt 212 242 4.1 4.9 3.2 2.9 2.7 2.9 3.1 1.2 1.2 0.7 Offshore & Other 263 250 2.0 1.8 1.7 1.6 2.3 3.0 3.1 1.3 1.3 0.0 Cruise Vessels 30 26 3.0 2.9 0.3 0.3 0.3 0.2 0.2 0.1 0.1 0.0 Ro-Ro Ferries 53 55 1.4 1.4 0.2 0.3 0.2 0.2 0.2 0.1 0.1 0.0 Total Special Vessels 1,006 1,099 25.0 28.6 19.7 26.6 27.5 25.9 31.3 9.3 12.3 9.2 Total No. end m.CGT, end: m. DWT, end: Orderbook, Delivery in: Orderbook 2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004 2005+ All Vessels Types 2,220 2,454 48.6 55.4 90.9 113.0 114.3 116.1 134.9 37.9 53.1 43.9 N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu, ,000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable. Clarkson Research Studies Page 2 Jun-03 Orderbook by Vessel Type

m. cgt Monthly Forward Orderbook by Shiptype and CGT 3.0

2.5 Others Cruise/Pax 2.0 Containers Gas 1.5 Bulkers Tankers 1.0

0.5

0.0 Jul-03 Jul-04 Jul-05 Jul-06 Jan-03 Jan-04 Jan-05 Jan-06 Mar-03 Mar-04 Mar-05 Mar-06 Nov-03 Nov-04 Nov-05 Sep-03 Sep-04 Sep-05 Sep-06 May-03 May-04 May-05 May-06 Source: Clarkson Research Studies

Bulk Vessel Million GT Orderbook, Delivery in: Orderbook 1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 2005+ VLCC > 200,000 4.0 4.1 10.2 12.6 11.8 14.2 13.7 9.9 11.9 3.7 4.6 3.6 Suezmax 120-200,000 1.6 2.3 3.8 3.6 2.9 4.9 5.2 4.4 5.1 1.6 1.7 1.8 Aframax 80-120,000 1.6 2.6 4.4 4.2 1.9 3.9 7.1 7.6 7.4 2.4 2.7 2.4 Panamax 60-80,000 0.1 0.0 0.4 1.0 0.8 0.5 1.4 2.8 3.4 0.7 1.5 1.2 Products 10-60,000 1.7 1.7 2.3 1.9 1.5 2.6 4.7 5.5 6.7 1.7 2.6 2.4 Chemical 10-60,000 1.1 1.3 1.8 1.6 1.3 1.3 1.7 2.1 2.1 0.9 0.7 0.5 Specialised 10-60,000 0.2 0.1 0.1 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.0 Tankers > 10,000 10.2 12.2 23.2 25.0 20.4 27.6 33.8 32.4 36.8 11.0 13.8 12.0 Tankers < 10,000 0.2 0.3 0.4 0.3 0.2 0.2 0.3 0.5 0.4 0.2 0.1 0.0 Capesize > 80,000 7.2 4.8 4.2 5.0 6.3 5.4 4.5 6.2 7.2 1.7 2.9 2.5 Panamax 60-80,000 4.1 4.7 4.4 4.1 6.6 6.5 3.1 3.8 5.0 0.6 2.5 1.9 Handymax 40-60,000 4.6 4.4 3.5 2.0 3.7 5.7 4.2 4.5 5.0 1.4 1.9 1.7 Handysize 10-40,000 2.6 2.5 2.1 1.6 1.6 2.0 1.8 2.2 2.3 0.8 1.1 0.5 Bulkers > 10,000 18.5 16.3 14.3 12.7 18.2 19.5 13.6 16.7 19.5 4.5 8.4 6.6 Combos > 10,000 0.4 0.3 0.3 0.3 0.0 0.0 0.1 0.1 0.1 0.1 0.0 0.0 Total Bulk Vessels 29.3 29.2 38.1 38.3 38.8 47.3 47.8 49.6 56.8 15.8 22.3 18.6 Special Vessel Million GT Orderbook, Delivery in: Orderbook 1996 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 2005+ LNG Carriers 1.9 1.8 2.3 2.0 1.8 2.5 4.5 5.4 5.4 1.2 2.0 2.2 LPG Carriers 0.6 0.4 0.6 0.9 0.7 0.8 1.0 0.9 1.0 0.5 0.2 0.3 Reefers 0.2 0.3 0.5 0.4 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0 Containers > 3,000 teu 6.5 6.4 4.2 4.4 8.0 12.2 11.5 9.9 14.1 3.2 5.7 5.2 Containers < 3,000 teu 4.3 5.5 4.2 2.6 2.5 4.0 3.8 3.0 3.2 1.3 1.3 0.6 Other Dry > 5,000 dwt 2.6 3.9 5.9 6.1 4.8 4.2 3.8 4.4 5.1 1.7 1.9 1.5 Offshore & Others 0.5 0.8 1.2 1.8 1.3 1.3 1.7 2.2 2.2 1.2 0.4 0.0 Cruise Vessels 1.6 1.7 1.8 2.4 3.3 4.0 3.4 2.4 2.3 1.0 1.0 0.4 Ro-Ro Ferries 0.6 0.6 0.5 0.6 1.3 1.5 0.9 0.8 0.8 0.3 0.4 0.1 Total Special Vessels 18.9 21.4 21.1 21.1 23.8 30.6 30.6 28.9 34.1 10.4 12.9 10.3 Total Million GT Orderbook, Delivery in: Orderbook 1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 2005+ All Vessels Types 48.3 50.6 59.2 59.4 62.7 77.9 78.4 78.5 90.9 26.0 35.7 29.3 N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu, ,000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable. Clarkson Research Studies Page 3 Jun-03 New Orders by Vessel Type Quarterly Contracting by m. cgt Summary m. cgt 3.5 • The surge in containership ordering, especially in Tankers Bulkers Gas Container Other the Post-Panamax and Tanker sectors, has lifted 3.0 contracting to 39.5m dwt by the end of May. This is an 84% increase on this time last year. 2.5 • As can be seen from the table below, contracting in the Containership sectors is reaching near record proportions. The drive to build is fuelled by several 2.0 factors. Demand is very high, and this is coupled to 100% financing available through the German KG market. 1.5 Interest rates are low, and finally the ships are ordered in large series, which the yards prefer. 1.0 • Compared to May 2002 contracting is up 310% in the Post-Panamax >3000 teu sector. The rate of growth 0.5 has yet to slacken. Orders grew 1.2m dwt or by over 20% in May compared to the previous month. • In May, Conti Reederei ordered six 8,100teu 0.0 102,000dwt Post-Panamax containerships for delivery starting 2006. The ships were ordered from Samsung. 3Q95 1Q96 3Q96 1Q97 3Q97 1Q98 3Q98 1Q99 3Q99 1Q00 3Q00 1Q01 3Q01 1Q02 3Q02 1Q03 Source: Clarkson Research Studies • Rising steel prices in S. Korea may lead to higher vessel prices and a subsequent reduction in orders.

Bulk Vessel No. end m.CGT, end: m. DWT, end: Ordering Trends Contracting 2002 May* 2002 May* 1999 2000 2001 2002 May* This Year v. Last VLCC > 200,000 17 28 0.8 1.3 7.6 17.0 6.8 5.2 8.5 UP BY…. 298% Suezmax 120-200,000 15 20 0.5 0.6 1.1 7.2 3.1 2.3 3.2 UP BY…. 227% Aframax 80-120,000 44 30 1.0 0.7 1.0 5.8 7.3 4.8 3.2 UP BY…. 62% Panamax 60-80,000 45 24 1.0 0.5 0.3 0.5 2.0 3.3 1.7 UP BY…. 26% Products 10-60,000 82 79 1.5 1.5 1.2 2.9 4.6 3.5 3.4 UP BY…. 134% Chemical 10-60,000 71 22 0.9 0.3 0.8 1.2 1.2 1.6 0.6 DOWN BY….. -14% Specialised 10-60,000 3 0 0.1 0.0 0.2 0.1 0.0 0.1 0.0 DOWN BY….. -100% Tankers > 10,000 277 203 5.9 5.0 12.0 34.7 25.1 20.8 20.7 UP BY…. 138% Tankers < 10,000 78 22 0.5 0.1 0.2 0.2 0.4 0.5 0.1 DOWN BY….. -45% Capesize > 80,000 44 24 1.2 0.6 6.7 4.4 3.8 7.5 3.3 UP BY…. 5% Panamax 60-80,000 73 39 1.4 0.8 9.5 3.7 2.0 5.5 3.0 UP BY…. 28% Handymax 40-60,000 93 44 1.4 0.7 4.7 5.1 2.5 4.9 2.4 UP BY…. 17% Handysize 10-40,000 85 26 0.9 0.3 1.8 1.9 1.3 2.3 0.8 DOWN BY….. -20% Bulkers > 10,000 295 133 5.0 2.3 22.8 15.1 9.5 20.2 9.4 UP BY…. 12% Combos > 10,000 0 0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 Total Bulk Vessels 650 358 11.4 7.5 35.0 49.9 35.3 41.5 30.2 UP BY…. 74% Special Vessel No. end m.CGT, end: m. DWT, end: Ordering Trends Contracting 2002 May* 2002 May* 1999 2000 2001 2002 May* This Year v. Last LNG Carriers 19 3 1.6 0.2 0.4 1.4 1.6 1.3 0.2 DOWN BY….. -61% LPG Carriers 14 12 0.2 0.2 0.2 0.5 0.7 0.3 0.4 UP BY…. 196% Reefers 3 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DOWN BY….. -100% Containers > 3,000 teu 58 92 2.4 3.9 5.5 8.7 4.6 3.9 6.6 UP BY…. 310% Containers < 3,000 teu 71 50 0.9 0.7 1.7 4.0 2.2 1.4 1.0 UP BY…. 67% Other Dry > 5,000 dwt 103 61 2.3 1.4 1.1 1.8 0.9 1.4 0.7 UP BY…. 25% Offshore & Others 138 39 0.9 0.2 0.6 1.2 1.3 1.4 0.3 DOWN BY….. -42% Cruise Vessels 4 1 0.2 0.1 0.1 0.1 0.0 0.0 0.0 UP BY…. 143% Ro-Ro Ferries 33 8 0.8 0.2 0.1 0.1 0.1 0.1 0.0 DOWN BY….. -26% Total Special Vessels 443 266 9.4 7.1 9.7 17.8 11.5 9.8 9.3 UP BY…. 127% Total No. end m.CGT, end: m. DWT, end: Ordering Trends Contracting 2002 May* 2002 May* 1999 2000 2001 2002 May* This Year v. Last All Vessels Types 1,093 624 20.8 14.6 44.7 67.7 46.8 51.4 39.5 UP BY…. 84% N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu, '000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable. Clarkson Research Studies Page 4 Jun-03 New Orders by Vessel Type

Recently Confirmed Shipbuilding Contracts Date Type DwtUnit Delivery Builder Hull No. $m. Owner May-03 Panamax 74,000 1 2005 Dalian New Yard COSCO (Hong Kong) May-03 Panamax 74,000 1 2005 Dalian New Yard China Ocean (COSCO) May-03 Handy Prod 51,000 1 2005 STX Shipbuild. Pietro Barbaro SpA May-03 Handy Prod 51,000 1 2005 STX Shipbuild. Pietro Barbaro SpA May-03 Handy Prod 46,000 1 2005 Hyundai Mipo 27.00 Athenian Tankers May-03 Small/Spec 6,400 1 2005 Vyborg S/Yard Baltic Shpg. Co. May-03 Small/Spec 6,400 1 2005 Vyborg S/Yard Baltic Shpg. Co. May-03 Small/Spec 6,400 1 2005 Vyborg S/Yard Baltic Shpg. Co. May-03 Small/Spec 5,600 1 2005 Vyborg S/Yard Baltic Shpg. Co. May-03 Small/Spec 5,600 1 2004 Vyborg S/Yard Baltic Shpg. Co. May-03 Capesize 170,000 1 2005 Waigaoqiao S/Y Chinese Mar. Trans. May-03 Capesize 170,000 1 2005 Waigaoqiao S/Y COSCO Bulk Carrier May-03 Capesize 170,000 1 2005 Waigaoqiao S/Y COSCO Bulk Carrier May-03 Panamax 74,500 1 2005 Hudong S/Yard COSCO Bulk Carrier May-03 Panamax 74,500 1 2005 Hudong S/Yard COSCO Bulk Carrier May-03 Handymax 53,000 1 2006 New Century S/Y Gleamray Maritime May-03 Handysize 30,000 1 2004 Shanhaiguan S/Y Clipper Group May-03 Handysize 30,000 1 2005 Shanhaiguan S/Y Clipper Group May-03 Handysize 30,000 1 2005 Shanhaiguan S/Y Clipper Group May-03 Handysize 30,000 1 2005 Shanhaiguan S/Y Clipper Group May-03 Panamax 42,200 3,100 TEU 1 2006 Szczecin. Nowa B178/120 Unknown Owner May-03 Panamax 42,200 3,100 TEU 1 2006 Szczecin. Nowa B178/119 Unknown Owner May-03 Ro-Ro > 5K DWT 8,000 1 2004 Mitsubishi H.I. Shin Nihonkai Ferry

Bulk Vessel Million GT Ordering Trends Contracting 1995 1996 1997 1998 1999 2000 2001 2002 May* This Year v. Last VLCC > 200,000 0.4 3.0 7.7 4.4 3.9 8.8 3.6 2.7 4.4 UP BY…. 293% Suezmax 120-200,000 0.9 1.3 2.4 1.4 0.6 3.7 1.6 1.2 1.6 UP BY…. 222% Aframax 80-120,000 0.9 1.6 2.9 1.7 0.5 3.2 4.0 2.6 1.8 UP BY…. 63% Panamax 60-80,000 0.0 0.0 0.4 0.6 0.2 0.3 1.1 1.8 0.9 UP BY…. 28% Products 10-60,000 0.4 0.8 1.1 0.5 0.8 1.9 2.9 2.2 2.1 UP BY…. 132% Chemical 10-60,000 0.5 0.6 0.9 0.5 0.5 0.7 0.8 1.0 0.4 DOWN BY….. -13% Specialised 10-60,000 0.2 0.0 0.1 0.1 0.1 0.1 0.0 0.1 0.0 DOWN BY….. -100% Tankers > 10,000 3.4 7.5 15.5 9.2 6.6 18.8 14.0 11.5 11.2 UP BY…. 133% Tankers < 10,000 0.2 0.2 0.3 0.2 0.1 0.1 0.3 3.8 0.1 DOWN BY….. -95% Capesize > 80,000 3.7 1.4 3.2 2.0 3.5 2.2 1.9 3.8 1.7 UP BY…. 8% Panamax 60-80,000 3.5 2.0 2.6 1.9 5.0 2.0 1.0 2.9 1.6 UP BY…. 30% Handymax 40-60,000 3.0 2.2 1.3 0.6 2.7 3.1 1.5 2.8 1.4 UP BY…. 17% Handysize 10-40,000 2.0 1.3 1.2 0.6 1.1 1.3 0.8 1.4 0.5 DOWN BY….. -20% Bulkers > 10,000 12.3 6.8 8.2 5.1 12.4 8.5 5.2 10.9 5.1 UP BY…. 12% Combos > 10,000 0.3 0.1 0.1 0.0 0.0 0.0 0.1 0.0 0.0 Total Bulk Vessels 16.1 14.5 23.9 14.3 19.0 27.3 19.3 22.5 16.3 UP BY…. 74% Special Vessel Million GT Ordering Trends Contracting 1995 1996 1997 1998 1999 2000 2001 2002 May* This Year v. Last LNG Carriers 0.3 0.6 0.9 0.1 0.5 1.9 2.1 1.9 0.3 DOWN BY….. -64% LPG Carriers 0.5 0.1 0.4 0.5 0.2 0.5 0.6 0.2 0.3 UP BY…. 195% Reefers 0.2 0.2 0.3 0.1 0.0 0.0 0.0 0.0 0.0 DOWN BY….. -100% Containers > 3,000 teu 3.6 2.3 0.8 3.4 5.0 7.7 4.3 3.6 6.0 UP BY…. 294% Containers < 3,000 teu 3.2 3.3 1.5 1.4 1.4 3.1 1.8 1.1 0.8 UP BY…. 75% Other Dry > 5,000 dwt 2.0 2.1 3.2 2.6 1.5 2.5 1.3 2.3 1.4 UP BY…. 45% Offshore & Others 0.3 0.6 0.9 1.1 0.5 0.9 0.9 1.0 0.3 DOWN BY….. -34% Cruise Vessels 0.7 0.4 0.5 1.3 1.5 1.3 0.2 0.1 0.1 UP BY…. 132% Ro-Ro Ferries 0.4 0.4 0.2 0.5 0.8 0.5 0.2 0.5 0.1 DOWN BY….. -29% Total Special Vessels 11.1 10.0 8.8 10.9 11.4 18.5 11.4 10.8 9.3 UP BY…. 106% Total Million GT Ordering Trends Contracting 1995 1996 1997 1998 1999 2000 2001 2002 May* This Year v. Last All Vessels Types 27.2 24.6 33.0 25.3 30.5 45.9 31.0 33.6 25.7 UP BY…. 83% N.B. Details of special cargo ships orderbook, in terms of special units of measurement e.g. cbm, teu, '000 cuft. etc. may be found in the blue centre pages. - denotes figure unavailable. Clarkson Research Studies Page 5 Jun-03 Deliveries by Vessel Type Quarterly Deliveries (DWT) Summary 16.0 • So far this year (to the end of May) 20.7m dwt of Tankers Bulkers Gas Container Other vessels, amounting to 390 ships, have been delivered. 14.0 Tankers 12.0 • The number of Aframax tankers delivered so far this year is 33, compared to 36 for the whole of 2002. In May 10.0 American Eagle Tankers took delivery of the 107,000dwt “EAGLE TRENTON” from Imabari shipyard. Great 8.0 Eastern Shipping of India also took delivery of the 105,470dwt “JAG LATA” from Hyundai Samho shipyard. 6.0 Dry Bulk Carriers • By comparison dry bulk carrier deliveries seem 4.0 modest, just ten vessels delivered in the last month. No Capesize ships joined the fleet and there was only two 2.0 Panamax bulk carriers added to the fleet.

0.0 Containerships • Seven Post-Panamax ships joined the world fleet, including the 81,094dwt Containership “SAFMARINE Jun-96 Jun-97 Jun-98 Jun-99 Jun-00 Jun-01 Jun-02 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Source: Clarkson Research Studies ANTWERP” for Costamare Shipping from the Hyundai HI shipyard.

Bulk Vessel No. end m.CGT, end: m. DWT, end: Delivery Trends Deliveries 2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004 2005 VLCC > 200,000 39 15 1.9 0.7 9.0 12.3 7.8 12.3 4.7 9.8 9.1 7.4 Suezmax 120-200,000 24 11 0.8 0.3 2.4 3.3 2.5 3.8 1.8 4.0 3.5 3.4 Aframax 80-120,000 36 33 0.8 0.8 5.0 2.3 1.5 3.8 3.5 7.7 5.0 4.2 Panamax 60-80,000 10 9 0.2 0.2 0.6 1.1 0.3 0.7 0.6 1.7 2.6 2.2 Products 10-60,000 57 32 1.1 0.6 1.8 1.2 1.2 2.2 1.3 3.4 4.0 3.5 Chemical 10-60,000 37 19 0.5 0.3 1.3 1.1 0.7 1.0 0.5 1.7 1.2 0.7 Specialised 10-60,000 3 1 0.0 0.0 0.1 0.2 0.2 0.1 0.0 0.1 0.1 0.0 Tankers > 10,000 206 120 5.4 3.0 20.2 21.4 14.2 23.7 12.5 28.3 25.5 21.3 Tankers < 10,000 45 28 0.3 0.2 0.3 0.2 0.2 0.3 0.2 0.2 0.2 0.2 Capesize > 80,000 25 8 0.6 0.2 4.3 6.1 5.4 4.1 1.3 4.6 5.7 4.7 Panamax 60-80,000 56 9 1.1 0.2 4.7 4.0 8.3 4.2 0.7 1.7 4.3 3.1 Handymax 40-60,000 86 29 1.3 0.4 1.9 1.8 5.1 4.3 1.5 3.4 3.3 2.8 Handysize 10-40,000 56 23 0.6 0.2 1.8 1.4 1.6 1.5 0.6 1.6 1.7 0.9 Bulkers > 10,000 223 69 3.7 1.1 12.7 13.3 20.5 14.1 4.2 11.3 15.0 11.4 Combos > 10,000 0 0 0.0 0.0 0.4 0.0 0.0 0.0 0.0 0.1 0.0 0.0 Total Bulk Vessels 474 217 9.5 4.2 33.7 34.9 35.0 38.1 16.8 39.8 40.7 32.9 Special Vessel No. end m.CGT, end: m. DWT, end: Delivery Trends Deliveries 2002 May* 2002 May* 2001 2000 2001 2002 May* 2003 2004 2005 LNG Carriers 10 3 0.9 0.3 0.5 0.8 0.1 0.7 0.2 1.0 1.5 1.1 LPG Carriers 24 11 0.3 0.2 0.3 0.5 0.5 0.3 0.3 0.8 0.3 0.3 Reefers 2 0 0.0 0.0 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Containers > 3,000 teu 89 29 3.4 1.1 1.6 3.9 5.5 5.8 1.9 5.4 6.3 4.5 Containers < 3,000 teu 113 36 1.6 0.5 1.9 2.0 2.5 2.5 0.7 2.0 1.7 0.7 Other Dry > 5,000 dwt 90 31 1.6 0.6 1.8 2.1 1.1 1.2 0.5 0.5 0.5 0.5 Offshore & Others 140 52 1.0 0.4 1.2 1.3 0.7 0.7 0.0 0.0 0.0 0.0 Cruise Vessels 14 5 1.4 0.2 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.0 Ro-Ro Ferries 35 6 1.1 0.2 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.0 Total Special Vessels 517 173 11.4 3.5 7.7 10.9 10.7 11.5 3.6 10.0 10.4 7.1 Total No. endm.CGT, end: m. DWT, end: Delivery Trends Deliveries 2002 May* 2002 May* 2001 2000 2001 2002 May* 2003 2004 2005 All Vessels Types 991 390 20.9 7.8 41.3 45.8 45.7 49.6 20.7 54.1 53.2 40.5 N.B. Specialised ships deliveries in terms of other units of measurement (e.g. cbm, teu) are in the blue centre pages. * denotes data for year to date. Deliveries are those reported

Clarkson Research Studies Page 6 Jun-03 Deliveries by Vessel Type

Recent Shipbuilding Deliveries Type Vessel Name Flag DwtUnit Delivery Builder Owner Aframax British Swift I.M. 115,000May 2003 Samsung S.B. BP Amoco Shpg. Ltd. Panamax White Dolphin IT. 73,000Apr 2003 Hudong S/Yard D'Amato di Nav. Handy Prod Jag Pankhi IN. 46,345May 2003 Hanjin H.I. Great Eastern Shpg. Handy Chem Apollo GB. 23,400May 2003 Brod. 3 Maj Carl Buttner Small/Spec Pacific Venturer SG. 3,000May 2003 Samho Tongyoung Dilmun Nav. (S'pore) Small/Spec Kolguyev RS. 6,590 8,556 cbmMay 2003 Volgograd S.Y. Lukoil 8-20K cu.m. LPG Norgas Alameda H.K. 9,260May 2003 Zhonghua S/Yard Norgas Carriers Handymax Fortune Glory PA. 52,000May 2003 Kanasashi K.K. Cido Shipping Handysize Puffin AT. 37,500 2,478 TEUMay 2003 Shanghai Shpyd. Harren & Partner Sub-Panamx Calapalos CY. 34,100 670 TEUMay 2003 Aker MTW Werft Oldendorff, Klaus Feedermax Marina AT. 8,000 450 TEUApr 2003 Jiangzhou S/Y Armin Klingenberg Feeder Capitaine Wallis SG. 5,700May 2003 Jiangsu S/Yard Pacific Carriers Ro-Ro > 5K DWT Stena Forecaster BR. 12,833 2,500 GTMay 2003 Dalian Shipyard Stena AB Offshore Pacific Warlock BR. 2,000 3,183 GTApr 2003 Brevik Constr. Swire Pacific Offshore Art Carlson VA. 3,000 2,230 GTApr 2003 ST Marine Tidewater Marine Offshore Anglian Sovereign BR. 2,000 3,020 GTMay 2003 Yantai Raffles Klyne Tugs Offshore SBS Nimbus BR. 3,900 930 GTMay 2003 Karmsund M'time SBS Marine Offshore Milissa Candies AM. 1,350 2,200 GTMay 2003 Houma Fabricat. Otto Candies Offshore Cabo Frio BZ. 3,200 2,000 GTApr 2003 Est. Promar Edison Chouest Offshore Edda Fonn NO. 2,200 48,500 GTMay 2003 Kleven Verft Johannes Ostensjo Ro-Ro Ferries La Suprema IT. 8,000May 2003 Cant. Apuania Grimaldi Group Misc. Volvox Olympia NE. 6,350Apr 2003 Van Der Giessen Van Oord ACZ Misc. Jumping Jack NE. 4,000Mar 2003 Ravestein B.V. Mammoet Van Oord

Bulk Vessel Million GT Delivery Trends Deliveries 1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 2005 VLCC > 200,000 3.9 3.6 1.6 2.0 4.7 6.4 4.1 6.4 2.5 5.8 4.7 3.6 Suezmax 120-200,000 0.6 0.7 0.9 1.7 1.3 1.8 1.3 2.0 0.9 2.3 1.8 1.7 Aframax 80-120,000 0.7 0.8 1.0 2.0 2.8 1.3 0.9 2.1 1.9 4.2 2.7 2.3 Panamax 60-80,000 0.1 0.1 0.0 0.0 0.4 0.6 0.2 0.4 0.4 0.9 1.4 1.2 Products 10-60,000 0.7 1.1 0.5 0.8 1.2 0.7 0.8 1.4 0.8 2.1 2.5 2.2 Chemical 10-60,000 0.2 0.4 0.5 0.7 0.8 0.7 0.4 0.6 0.3 1.0 0.8 0.4 Specialised 10-60,000 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.0 Tankers > 10,000 6.4 6.8 4.6 7.4 11.2 11.7 7.8 13.0 6.8 16.5 13.9 11.4 Tankers < 10,000 0.2 0.2 0.2 0.3 0.2 0.1 0.1 0.2 0.1 0.4 0.1 0.0 Capesize > 80,000 3.0 4.1 3.8 1.1 2.2 3.1 2.8 2.1 0.7 2.4 2.9 2.4 Panamax 60-80,000 2.2 1.7 2.8 2.3 2.5 2.1 4.4 2.2 0.4 0.9 2.3 1.6 Handymax 40-60,000 2.2 2.6 2.1 2.1 1.1 1.0 2.9 2.6 0.9 2.0 2.0 1.6 Handysize 10-40,000 1.3 1.4 1.6 1.2 1.1 0.9 1.0 1.0 0.4 1.0 1.0 0.5 Dry Bulk > 10,000 8.7 9.7 10.4 6.7 6.9 7.2 11.2 7.8 2.3 6.3 8.2 6.2 Combos > 10,000 0.0 0.2 0.2 0.0 0.3 0.0 0.0 0.0 0.0 0.1 0.0 0.0 Total Bulk Vessels 15.3 16.9 15.4 14.3 18.6 19.0 19.2 21.0 9.2 23.2 22.3 17.6 Special Vessel Million GT Delivery Trends Deliveries 1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 2005 LNG Carriers 0.5 0.7 0.5 0.4 0.7 1.2 0.1 1.0 0.3 1.4 1.9 1.5 LPG Carriers 0.2 0.4 0.3 0.2 0.3 0.4 0.4 0.3 0.2 0.7 0.2 0.2 Reefers 0.0 0.1 0.2 0.2 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Containers > 3,000 teu 2.3 2.6 3.0 3.2 1.5 3.5 5.0 5.2 1.7 4.9 5.7 4.2 Containers < 3,000 teu 1.6 2.1 2.9 2.9 1.5 1.5 2.0 1.9 0.5 1.6 1.3 0.6 Other Dry > 5,000 dwt 1.2 1.0 1.3 2.4 2.8 3.2 1.7 1.7 0.7 1.8 1.8 1.5 Offshore & Others 0.2 0.4 0.5 0.6 1.0 0.9 0.6 0.6 0.3 0.9 0.8 0.5 Cruise Vessels 0.4 0.6 0.4 0.7 0.6 0.7 0.8 1.1 0.1 1.2 1.0 0.2 Ro-Ro Ferries 0.3 0.5 0.3 0.3 0.2 0.3 0.8 0.6 0.1 0.4 0.4 0.1 Total Special Vessels 6.8 8.3 9.3 10.9 8.7 11.8 11.4 12.5 4.0 12.8 13.3 8.7 Total Million GT Delivery Trends Deliveries 1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 2005 All Vessels Types 22.0 25.2 24.7 25.2 27.3 30.7 30.6 33.5 13.3 36.2 35.7 26.3 N.B. Specialised ships deliveries in terms of other units of measurement (e.g. cbm, teu) are in the blue centre pages. * denotes data for year to date. Deliveries are those reported

Clarkson Research Studies Page 7 Jun-03 Shipbuilding Price Trends Tanker Newbuilding Prices Price Developments Summary $m 90.0 • The tanker market remains active with a number of 85.0 VLCC Suezmax Aframax Panamax recent deals to report. We understand that HHI took orders 80.0 Handy for a pair of Suezmax Tankers from the Restis family controlled Golden Energy for delivery at the end of 75.0 2005/6. The price has been reported to be $49million each, 70.0 which, if correct, would suggest a substantially upgraded 65.0 specification, possibly involving coating. 60.0 • Hanseatic Lloyd is understood to have contracted 55.0 four units of 18,500dwt stainless steel IMO II chemical 50.0 tankers at Qingshan shipyard in China. The price is 45.0 expected to be in the region of $25m with delivery of the first vessel at the end of 2005. Qingshan is the only yard in 40.0 China to have built stainless steel chemical tankers, having 35.0 recently delivered similar vessels for Belgian owners. 30.0 25.0 • In the dry bulk market Transmed signed contracts with Bohai for 2 option 2 option 1 units of double hulled 20.0 Capesize Bulk Carriers after several months of negotiations. The first vessel is due to deliver at the end of Feb-99 Feb-00 Feb-01 Feb-02 Feb-03 Nov-98 Nov-99 Nov-00 Nov-01 Nov-02 Aug-98 Aug-99 Aug-00 Aug-01 Aug-02 May-98 May-99 May-00 May-01 May-02 May-03 2005 with the second firm unit in the middle of 2006. The Source: Clarkson Research Studies price is reported to be in the region of US$36million per unit.

Bulk Vessel Price $ million, end Price Trend Against a Prices… 1995 1996 1997 1998 1999 2000 2001 2002 May* Year Ago Is… VLCC 300,000 dwt 85.00 82.00 83.00 72.50 69.00 76.50 70.00 63.50 67.00 STEADY... 1.5% Suezmax 150,000 dwt 54.00 51.00 52.00 44.00 42.50 52.50 46.50 43.75 46.75 FIRMER... 5.1% Aframax 110,000 dwt 43.50 40.50 41.00 34.50 33.00 41.50 36.00 34.75 37.00 FIRMER... 5.7% Panamax 70,000 dwt 37.50 37.00 31.00 31.00 36.00 32.00 31.25 33.00 STRONG... 10.0% Handy 47,000 dwt 33.50 31.50 31.50 26.00 26.00 29.50 26.25 27.00 29.00 STRONG... 9.4% Capesize 170,000 dwt 42.50 39.00 40.50 33.00 35.00 40.50 36.00 36.25 38.50 STRONG... 11.6% Panamax 75,000 dwt 28.50 26.50 27.00 20.00 22.00 22.50 20.50 21.50 22.50 FIRMER... 4.7% Handymax 51,000 dwt 24.00 23.00 22.50 18.00 20.00 20.50 18.50 19.00 19.75 FIRMER... 6.8% Handysize 30,000 dwt 19.50 19.00 18.00 14.25 15.50 15.00 14.50 15.00 15.75 STRONG... 10.5% Price Index 140 133 131 111 107 114 108 106 110 FIRMER... 4.3% % change -6% -2% -15% -4% 7% -5% -3% 4%

Other Vessel Price $ million, end Price Trend Against a Prices… 1995 1996 1997 1998 1999 2000 2001 2002 May* Year Ago Is… LNG 138,000 m3 230.0 220.0 230.0 190.0 165.0 172.5 165.0 150.0 150.0 SOFTER... -5.1% LPG 78,000 m3 70.00 68.00 62.00 58.00 56.00 60.00 60.00 58.00 60.00 FIRMER... 3.4% Container 725 teu 18.00 17.00 13.50 14.00 14.00 13.00 13.00 14.00 FIRMER... 7.7% Container 1,000 teu 21.00 20.00 18.00 17.50 18.00 15.50 15.50 16.50 FIRMER... 6.5% Container 1,700 teu 31.00 29.00 24.50 23.00 25.00 21.50 21.00 22.00 FIRMER... 4.8% Container 2,000 teu 35.00 33.00 29.00 28.00 31.50 28.00 27.00 28.00 STEADY... 1.8% Container 2,750 teu 38.00 38.00 31.00 33.00 37.50 31.00 29.50 32.50 STRONG... 8.3% Container 3,500 teu 52.00 50.00 42.00 38.00 41.50 36.00 33.00 37.00 STRONG... 10.4% Container 4,600 teu 54.00 52.00 45.00 49.00 FIRMER... 5.4% Container 6,200 teu 73.00 72.00 60.00 63.00 STEADY... -0.8% Ro-Ro 1,2-1,300 Lm 24.00 19.50 21.50 20.00 19.00 18.50 18.75 STEADY... -1.3% Ro-Ro 2,3-2,700 Lm 37.00 30.00 32.50 33.00 31.00 31.00 31.50 STEADY... 1.6% Sources: Clarksons. Ro-Ro prices for 1997 are averages not end year. All historial data refers to standard vessel sizes published at the time. The dwt sizes quoted refer to the latest spec. in that vessel sector, and new vessel sizes are introduced from time to time. Tanker and Capesize prices are for double-hull vessels; VLCCs from 1992, Suezmax & Aframax from 1990. Panamax and Handy Tankers are coated. Price data assumes a "European spec", with 10/10/10/70% payments, basis "first class competitive yards". Price data latest available at time of press. NB Price Index is value at the end of the previous month.

Clarkson Research Studies Page 8 Jun-03 Shipbuilding Investment & Key Ratios Investment in Bulk Vessels ($bn.) Investment Scene This Month Newbuilding Investment Summary 45 Total Tankers Total Bulk Carriers Total Gas Total Container • After another flurry of newbuilding contracts in May, 40 the newbuilding investment trend is much stronger than last year. The trend is now 82.9% higher than in 2002. 12.1 35 11.5 • In the Post-Panamax Containership sector investment has risen by 25% in the last month, and 61% since the start 30 of the year. • In the Container market, we understand Safmarine 25 have contracted three units of 3,700 teu at the AP Moller 11.5 12.1 6.6 6.3 owned Odense shipyard in Demark for delivery in 2004. 20 4.2 Normally this yard only builds for AP Moller and associated 3.6 6.2 companies, and Safmarine is now part of the AP Moller 4.0 4.1 2.9 15 3.6 6.6 5.4 5.7 5.7 group. Nonetheless it is a significant event when 4.0 6.2 3.1 6.1 containership orders are placed in Europe. 0.7 10 5.3 9.4 3.0 • HSBC has become the first foreign shareholder in 3.1 6.8 STX Shipbuilding. STX Corp, the engine maker, bought a 11.5 12.1 11.0 5 8.8 98% stake in the shipbuilder when it came out of 6.6 6.2 7.3 3.6 4.0 receivership. Subsequently 30% was floated on the stock 0 exchange. HSBC is a major shareholder in STX Corp, and 1995 1996 1997 1998 1999 2000 2001 2002 2003 Source: Clarkson Research Studies the sale of 22% of STX Shipbuilding to a HSBC fund is seen as preparation for stock market floatation.

Investment Value $ billion Investment Trends Trends 1995 1996 1997 1998 1999 2000 2001 2002 May This Year … VLCC > 200,000 0.3 1.6 4.0 2.1 1.7 4.1 1.6 1.1 1.8 UP BY…. 291.3% Suezmax 120-200,000 0.6 0.9 1.5 0.8 0.3 2.2 1.0 0.7 0.9 UP BY…. 222.6% Aframax 80-120,000 0.7 1.2 2.0 1.1 0.3 2.1 2.8 1.5 1.1 UP BY…. 66.6% Panamax 60-80,000 0.0 0.0 0.4 0.5 0.1 0.2 1.0 1.4 0.7 UP BY…. 32.3% Handy 10-60,000 2.0 3.0 3.5 1.6 1.6 3.5 4.6 4.1 2.8 UP BY…. 61.3% Total Tankers 3.6 6.6 11.5 6.2 4.0 12.1 11.0 8.8 7.3 UP BY…. 99.1% Capesize > 80,000 1.9 0.6 1.6 0.9 1.4 1.1 0.9 1.5 0.9 UP BY…. 35.9% Panamax 60-80,000 2.7 1.4 1.8 1.1 2.7 1.1 0.6 1.5 0.8 UP BY…. 31.8% Handymax 40-60,000 2.5 1.9 1.0 0.4 1.8 2.1 1.0 1.7 0.8 UP BY…. 16.7% Handysize 10-40,000 2.4 1.5 1.3 0.6 1.0 1.1 0.7 1.2 0.4 DOWN BY….. -23.3% Total Bulk Carriers 9.4 5.3 5.7 3.1 6.8 5.4 3.1 6.1 3.0 UP BY…. 17.2% LNG 0.7 1.3 2.1 0.2 0.8 3.3 3.8 2.8 0.5 DOWN BY….. -60.9% LPG > 60,000m³ 0.2 0.0 0.3 0.5 0.1 0.4 0.4 0.1 0.2 UP BY…. 709% Container > 3,000 teu 4.5 2.8 1.1 3.7 4.6 7.9 4.2 3.1 5.0 UP BY…. 287.8% Container 1-3,000 teu 4.7 4.8 2.0 1.8 1.8 4.4 2.1 1.1 0.7 UP BY…. 54.7% Container < 1,000 teu 1.9 2.0 0.7 0.6 0.2 0.5 0.8 0.6 0.5 UP BY…. 110.7% Total Specialised 12.0 11.0 6.1 6.8 7.6 16.4 11.2 7.7 6.9 UP BY…. 116.2% Total 25.1 22.9 23.3 16.1 18.4 33.8 25.4 22.5 17.1 UP BY…. 82.9% % Change -9% 2% -31% 14% 84% -25% -11%

Price Ratios Price Ratios (Secondhand/Newbuilding) Price Ratio Trends for Investors 1995 1996 1997 1998 1999 2000 2001 2002 May v. End last Year VLCC 5 Yr. Old 64% 71% 78% 69% 77% 93% 83% 85% 91% UP BY…. 7.1% Suezmax 5 Yr. Old 70% 83% 85% 83% 82% 93% 84% 87% 94% UP BY…. 8.4% Aframax 5 Yr. Old 74% 85% 88% 68% 79% 94% 89% 76% 92% UP BY…. 20.5% Panamax 5 Yr. Old n/a 85% 88% 81% 79% 85% 73% 64% 82% UP BY…. 27.8% Handy 5 Yr. Old 67% 78% 86% 81% 77% 83% 78% 72% 81% UP BY…. 11.7% Tanker Average 69% 81% 85% 76% 79% 90% 81% 77% 88% UP BY…. 14.4% Capesize 5 Yr. Old 77% 72% 85% 78% 83% 75% 75% 80% 83% STEADY…. 3.9% Panamax 5 Yr. Old 75% 74% 81% 70% 76% 71% 68% 79% 83% UP BY…. 5.4% Handymax 5 Yr. Old 88% 82% 80% 69% 80% 74% 72% 75% 81% UP BY…. 8.0% Handysize 5 Yr. Old 85% 68% 76% 65% 74% 80% 76% 75% 76% STEADY…. 1.6% Bulk Carrier Average 81% 74% 81% 71% 78% 75% 73% 77% 81% STEADY…. 4.7% NB: The SH/NB ratios have been altered as above. The end 2001 figures have been adjusted in the same manner and the percentage change represents the gain/loss over the end 2001 value. Clarkson Research Studies Page 9 Jun-03 Orderbook by Country/Region

Global Orderbook 2003 by cgt Asian Orderbook 2003 by cgt South Korea 44.7% Europe P.R. China P.R. China 20.2% 15.8% 12.8% Others 1.9%

Other Asia 3.8% Japan 35.7%

European Orderbook 2003 by cgt Poland Croatia 15% 9%

Japan South Spain 28.8% 7% Korea 36.2% Other Europe 35%

Italy Source (all graphs): Clarkson Research Studies 19% Germany 15%

Major Million DWT For Delivery in: Shipbuilders 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003* 2003 2004 2005+ Japan 5.38 20.23 26.54 28.67 36.08 36.21 34.42 37.94 39.40 41.05 45.48 12.61 19.12 13.76 South Korea 4.83 12.90 22.26 23.01 31.10 33.95 36.66 50.36 46.38 44.82 54.16 13.13 20.94 20.09 Taiwan 0.17 1.46 2.05 1.63 1.26 1.72 2.26 1.98 1.47 1.17 2.00 0.33 1.00 0.66 P.R. China 0.30 2.10 4.62 5.70 5.23 4.09 7.83 9.63 12.02 15.11 18.60 5.63 6.64 6.33 Other Asia 0.26 0.63 0.77 1.01 1.02 0.85 0.89 0.88 0.92 1.86 1.79 0.43 0.85 0.51 TOTAL ASIA 10.94 37.32 56.24 60.02 74.68 76.82 82.06 100.80 100.19 104.02 122.02 32.13 48.55 41.35 Germany 0.04 1.42 2.02 2.08 1.67 1.46 1.28 1.99 2.00 1.46 1.57 0.71 0.60 0.27 Denmark 0.90 1.09 1.54 1.07 0.94 0.80 0.91 0.49 1.13 0.64 0.78 0.32 0.40 0.06 France 0.37 0.23 0.21 0.13 0.07 0.10 0.07 0.07 0.06 0.08 0.08 0.03 0.05 0.00 Italy 0.07 0.22 1.19 1.00 0.95 0.88 0.52 0.55 0.53 0.51 0.48 0.34 0.10 0.03 Netherlands 0.01 0.07 0.17 0.35 0.43 0.51 0.37 0.36 0.48 0.59 0.57 0.17 0.27 0.12 Spain 0.08 0.89 1.21 0.76 1.23 1.02 0.45 0.40 0.78 0.85 0.70 0.38 0.23 0.10 Finland 0.33 0.39 0.38 0.23 0.07 0.06 0.05 0.08 0.06 0.06 0.06 0.02 0.04 0.00 Norway 0.19 0.24 0.38 0.35 0.44 0.30 0.23 0.35 0.40 0.26 0.17 0.16 0.01 0.00 Turkey 0.12 0.22 0.28 0.34 0.33 0.36 0.20 0.28 0.29 0.25 0.29 0.16 0.11 0.03 Poland 0.09 1.32 2.47 2.00 1.67 1.40 1.40 2.90 2.34 1.91 2.17 1.00 0.82 0.35 Ukraine 0.06 0.47 0.84 0.67 0.53 0.49 0.44 0.44 0.45 0.46 0.46 0.26 0.19 0.01 Croatia 0.00 0.57 0.68 0.93 1.25 0.91 0.81 1.65 2.37 2.02 2.30 0.85 0.82 0.63 Other Europe 0.89 1.09 1.58 1.41 1.38 1.28 1.19 1.02 1.06 0.91 1.15 0.62 0.28 0.26 TOTAL EUROPE 3.13 8.20 12.95 11.30 10.96 9.58 7.92 10.59 11.93 9.99 10.78 5.01 3.91 1.86 Brazil 0.25 0.25 0.18 0.08 0.18 0.06 0.06 0.05 0.51 0.62 0.62 0.05 0.25 0.31 USA 0.21 0.32 0.43 0.67 1.11 1.00 0.85 1.48 1.61 1.47 1.43 0.65 0.40 0.38 Others 0.07 0.07 0.07 0.08 0.08 0.08 0.06 0.03 0.04 0.04 0.04 0.03 0.01 0.00 TOTAL OTHERS 0.53 0.63 0.68 0.84 1.36 1.14 0.96 1.57 2.16 2.12 2.08 0.74 0.66 0.69 GLOBAL TOTAL 14.60 46.16 69.87 72.17 87.00 87.53 90.94 112.96 114.28 116.13 134.89 37.87 53.12 43.90 *after a year indicates data are the latest year to date figures.

Clarkson Research Studies Page 10 Jun-03 Orderbook by Country/Region

Major Million CGT For Delivery in: Shipbuilders 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003* 2003 2004 2005+ Japan 2.7 7.2 9.9 11.6 13.5 11.8 11.2 12.3 13.0 14.3 15.5 1.6 6.5 4.6 South Korea 1.4 3.9 7.2 7.4 9.0 9.9 11.4 15.8 15.3 15.5 19.4 2.0 7.4 7.7 Taiwan 0.0 0.5 0.5 0.7 0.5 0.7 0.8 0.7 0.5 0.4 0.8 3.7 0.3 0.3 P.R. China 0.1 0.8 1.9 2.5 2.5 2.2 3.1 4.0 5.0 5.7 6.9 1.9 2.4 2.2 Other Asia 0.1 0.3 0.4 0.5 0.6 0.5 0.4 0.5 0.6 0.9 0.8 1.2 0.4 0.2 TOTAL ASIA 4.4 12.7 19.9 22.7 26.1 25.2 26.9 33.3 34.4 36.9 43.5 10.4 17.0 14.9 Germany 0.1 1.2 2.1 1.9 1.6 2.0 2.4 3.0 2.4 1.7 1.6 0.6 0.7 0.3 Denmark 0.5 0.7 0.9 0.7 0.6 0.5 0.5 0.3 0.7 0.4 0.5 0.2 0.2 0.0 France 0.4 0.4 0.5 0.4 0.4 0.8 1.1 1.1 0.8 0.6 0.5 0.4 0.1 0.0 Italy 0.1 0.5 1.7 2.1 2.5 2.4 2.4 2.9 2.4 1.9 2.0 0.9 0.7 0.4 Netherlands 0.0 0.1 0.3 0.5 0.4 0.6 0.5 0.4 0.5 0.5 0.4 0.2 0.2 0.1 Spain 0.1 0.4 0.7 0.6 0.9 0.7 0.4 0.6 0.8 0.9 0.8 0.3 0.4 0.1 Finland 0.6 1.1 0.9 0.7 0.5 0.5 0.7 1.1 0.9 0.6 0.6 0.3 0.3 0.0 Norway 0.2 0.3 0.5 0.5 0.7 0.5 0.4 0.5 0.6 0.4 0.2 0.2 0.0 0.0 Turkey 0.1 0.1 0.2 0.3 0.2 0.3 0.2 0.3 0.3 0.2 0.3 0.1 0.1 0.0 Poland 0.1 0.8 1.4 1.1 0.9 0.9 1.0 1.8 1.5 1.4 1.6 0.6 0.7 0.3 Ukraine 0.1 0.3 0.5 0.4 0.3 0.3 0.2 0.2 0.2 0.3 0.3 0.1 0.1 0.0 Croatia 0.0 0.3 0.3 0.5 0.7 0.6 0.5 0.8 1.0 0.8 1.0 0.3 0.4 0.3 Other Europe 0.4 0.6 0.8 0.8 0.9 1.0 1.0 1.0 1.0 0.9 1.0 0.6 0.2 0.1 TOTAL EUROPE 2.5 6.9 10.9 10.4 10.7 10.9 11.2 13.8 13.1 10.5 10.9 4.9 4.2 1.7 Brazil 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.1 0.1 0.1 USA 0.1 0.3 0.5 0.7 1.1 0.9 0.7 0.8 0.8 0.7 0.7 0.4 0.2 0.1 Others 0.1 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 TOTAL OTHERS 0.3 0.5 0.7 0.9 1.3 1.1 0.9 1.0 1.1 1.1 1.0 0.5 0.4 0.2 GLOBAL TOTAL 7.2 20.2 31.5 34.0 38.1 37.2 39.0 48.1 48.6 48.6 55.4 15.8 21.6 16.9

Major Numbers of Vessels For Delivery in: Shipbuilders 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003* 2003 2004 2005+ Japan 76 336 489 595 657 533 501 538 532 607 626 205 259 162 South Korea 40 153 298 292 312 317 364 513 475 483 607 143 232 232 Taiwan 2222738323633302417296 1310 P.R. China 11 58 151 217 210 182 210 250 314 363 429 145 159 125 Other Asia 13 34 42 50 61 50 35 42 56 81 78 39 28 11 TOTAL ASIA 142 603 1007 1192 1272 1118 1143 1373 1401 1551 1769 538 691 540 Germany 4 64 112 116 98 89 78 105 107 82 80 34 34 12 Denmark 18 31 32 29 24 19 12 11 15 7 9 3 5 1 France 579810151713887 4 2 1 Italy 91456647469464945444729144 Netherlands 1 8 23 54 68 93 71 62 68 86 83 30 38 15 Spain 62944445133232228343118112 Finland 7161310986101066 2 4 0 Norway 11 22 36 44 64 44 24 42 60 48 35 31 4 0 Turkey 41624342835263842394327142 Poland 462977663596091684959262310 Ukraine 7172519171413131421217 122 Croatia 014182635282336483949131818 Other Europe 37 61 84 90 108 141 129 106 109 104 120 70 36 14 TOTAL EUROPE 113 361 573 614 649 647 528 598 622 567 590 294 215 81 Brazil 665457771626269 9 8 USA 6 9 22 32 87 64 37 31 62 67 62 40 16 6 Others 10161513131497997 4 3 0 TOTAL OTHERS 22 31 42 49 105 85 53 45 87 102 95 53 28 14

GLOBAL TOTAL 277 995 1622 1855 2026 1850 1724 2016 2110 2220 2454 885 934 635 *after a year indicates data are the latest year to date figures.

Clarkson Research Studies Page 11 Jun-03 Contracting by Country/Region

Japanese Contracts in 2003 (GT) Summary • Global contracting stands at 14.6m cgt, up 68% on this Other Dry Tanker time last year. Even though European shipyards won less 45.2% 9.7% than 12% of this business, the proportion has risen during the year. In 2002 the European share of contracting in terms of cgt was just under 13%. • Not only is contracting to the Asian yards up 74% on this point last year, but around 72% of the 2002 level of L.N.G. 0.6% contracting has already been achieved. Japan Chem. 7% • In a booming shipbuilding market such as this one, Bulk Other L.P.G. Passenger contracting in Japan has been muted. The Yen has been 37.7% 3.8% 1.1% 0.4% stronger relative to the dollar, and has risen by around 10% in the last 12 months. The US dollar continues to weaken, Korean Contracts in 2003 (GT) especially against the Euro. In the early part of 2003, the L.N.G. Bank of Japan was quick to intervene, selling a huge amount Container Bulk 0.6% 37.7% of Yen. Even though the European Central Bank left interest 6.0% rates alone, putting further pressure on the Yen, no Chemical intervention has yet taken place. 6.0% Korea • More than half of the orders placed in Asia were to Korean yards. The added value of vessels ordered in Korea is rising. In 1997 21.0m dwt of orders were placed in Korea, equivalent to 5.6m cgt. The same cgt level was reached by Others the end of April 2003 with just 16.5m dwt of contracts being Tanker 4.6% 45.2% placed. The rise in Containership ordering in South Korea will be the main factor behind the growth in cgt.

Major Million DWT Trends This Year Shipbuilders 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003* % Japan 4.5 17.7 17.1 17.7 22.8 14.9 16.2 22.4 21.0 21.0 12.0 UP BY…. 37.1% South Korea 4.6 9.0 11.5 10.7 0.0 14.7 18.2 32.7 14.1 19.1 18.6 UP BY…. 132.9% Taiwan 0.2 1.3 1.1 0.7 0.8 1.1 1.2 0.5 0.1 0.7 1.1 UP BY…. 264.4% P.R. China 0.3 1.9 2.7 2.4 1.7 1.4 5.6 4.3 5.3 6.6 5.5 UP BY…. 100.0% Other Asia 0.0 0.4 0.3 0.5 0.2 0.4 0.5 0.4 0.5 1.4 0.2 DOWN BY… -73.0% TOTAL ASIA 9.6 30.3 32.6 32.1 25.5 32.3 41.8 60.4 41.1 49.0 37.4 UP BY…. 83.2% Germany 0.0 1.4 1.3 1.3 0.8 1.0 0.6 1.6 0.8 0.6 0.3 UP BY…. 44.7% Denmark 0.9 0.3 0.7 0.1 0.4 0.4 0.6 0.0 1.1 0.0 0.3 UP BY…. France 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DOWN BY… -100.0% Italy 0.0 0.2 1.0 0.2 0.4 0.2 0.1 0.2 0.1 0.1 0.1 UP BY…. 44.1% Netherlands 0.0 0.1 0.1 0.3 0.3 0.3 0.1 0.3 0.4 0.4 0.1 DOWN BY… -40.3% Spain 0.1 0.8 0.4 0.4 0.8 0.3 0.0 0.3 0.4 0.1 0.0 DOWN BY… -65.5% Finland 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DOWN BY… -100.0% Norway 0.2 0.1 0.2 0.1 0.3 0.1 0.1 0.3 0.2 0.1 0.0 DOWN BY… -38.5% Turkey 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 UP BY…. 107.0% Poland 0.1 1.3 1.5 0.3 0.5 0.6 0.7 2.2 0.2 0.2 0.4 UP BY…. 390.8% Ukraine 0.1 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 DOWN BY… -100.0% Croatia 0.0 0.6 0.1 0.7 0.5 0.1 0.3 1.1 1.1 0.2 0.5 UP BY…. 407.9% Other Europe 0.3 0.2 0.6 0.4 0.4 0.5 0.1 0.2 0.3 0.2 0.3 UP BY…. 324.5% TOTAL EUROPE 2.0 5.6 6.5 3.8 4.4 3.7 2.8 6.5 4.8 2.1 2.0 UP BY…. 129.2% Brazil 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.5 0.1 0.0 DOWN BY… -62.5% USA 0.2 0.1 0.1 0.2 0.5 0.3 0.1 0.8 0.4 0.1 0.0 DOWN BY… -100.0% Others 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DOWN BY… -96.5% TOTAL OTHERS 0.3 0.1 0.1 0.3 0.7 0.3 0.1 0.8 0.9 0.2 0.0 DOWN BY… -83.2%

GLOBAL TOTAL 12.0 36.0 39.3 36.2 30.6 36.4 44.7 67.7 46.8 51.4 39.5 UP BY…. 84.3%

*after a year indicates data are the latest year to date figures.

Clarkson Research Studies Page 12 Jun-03 Shipyard Orderbook Monitor Volume 10, No.6 June-2003 Shipyard Index

Argentina 3 ZHOU SHAN S/Y GIACALONE SHIPYD. BIJLSMA INP HEAVY IND. RODRIQUEZ VOLHARDING NOKBONG S.B. ARS Croatia 8 ROSETTI MARINO Norway 20 SAMHO TONGYOUNG Australia 3 BROD. 3 MAJ SESTRI-CANTIERE SAMSUNG S.B. BROD. SPLIT SOC. ESERCIZIO AKER AUKRA AS SHINA S.B. AUSTAL SHIPS BROD. TROGIR VISENTINI AKER BRATTVAAG STX SHIPBUILD. INCAT TASMANIA BROD. ULJANIK BREVIK CONSTR. Azerbaijan 3 KRALJEVICA Japan 12 FITJAR M/V Spain 29 ASAKAWA S.B. FJELLSTRAND A/S AST. DE HUELVA CASPIAN SHIPYD. Czech Republic 9 EVERGREEN H.I. HAVYARD LIERVIK AST. DE MURUETA Brazil 3 CESKOSLOVENSKA FUKUOKA S.B. KARMSUND M'TIME BARRERAS S.A. EISA SHIPYARD Denmark 9 HAKODATE DOCK KLEVEN FLOROE IZAR FENE HIGAKI ZOSEN KLEVEN VERFT IZAR GIJON EST. PROMAR ODENSE LINDO ETN BELEM I.H.I. LANGSTEN SLIP IZAR P. REAL FELS-SETAL Egypt 9 IMABARI S.B. MOEN SLIP IZAR S/FERNANDO ITAJAI SHIPYARD ALEXANDRIA S.Y. IWAGI ZOSEN MYKLEBUST M/V IZAR SESTAO WILSONS SONS KANASASHI K.K. SIMEK A/S IZAR SEVILLA Finland 9 KANDA ZOSENSHO SOEVIKNES VERFT METALSHIPS Bulgaria 3 AKER FINNYARDS KAWASAKI H.I. ULSTEIN VERFT NAVAL GIJON BOURGAS SHIPYD. KVAERNER MASA KITANIHON ZOSEN WESTCON A/S VULCANO S.A. ROUSSE SHIPYARD France 9 KOYO DOCK K.K. Philippines 21 Taiwan 30 VARNA SHIPYARD KYOKUYO S/YARD CHANT. PIRIOU MINAMI NIPPON TSUNEISHI CEBU CSBC Canada 3 DE L'ATLANTIQUE MITSUBISHI H.I. IRVING S.B. Poland 21 Turkey 30 MITSUI S.B. Germany 10 STOCZ. POLNOCNA ANADOLU TUZLA MIURA ZOSENSHO China P.R. 4 AKER MTW WERFT STOCZNIA GDANSK AYKIN DENIZ. MIYOSHI ZOSEN AFAI SHIPS LTD. FLENSBURGER S.B STOCZNIA GDYNIA CEKSAN SHIPYARD MURAKAMI HIDE BOHAI SEMBAWANG J. J. SIETAS SZCZECIN. NOWA CELIKTEKNE NAIKAI S.B. BOHAI SHIPYARD KROEGER WERFT CICEK SHIPYARD NAMURA ZOSENSHO Portugal 22 CHENGXI SHIPYD. KV. WARNOWWERFT DEARSAN SHIPYD. NIIGATA ENG. CO DALIAN NEW YARD LINDENAU EST. MONDEGO GELIBOLU SHIPYD NISHI S.B. CO. DALIAN SHIPYARD LLOYD WERFT VIANAYARD GEMAK SHIPYARD ONOMICHI DOCKYD DAMEN YICHANG MEYER WERFT GISAN SHIPYARD OSHIMA S.B. CO. Romania 22 DONG FENG S/Y MUTZELFELDT MADENCI S/Y SAIKI HVY. IND. BRAILA SHIPYARD GUANG. WENCHONG NORDSEEWERKE MARMARA SANOYAS DAEWOO-MANGALIA GUANG. WHAMPOA PEENE WERFT PENDIK S.Y. SANYO ZOSEN DAMEN GALATI GUANGZHOU SHPYD ROLANDWERFT RMK MARINE SASAKI ZOSEN SEVERNAV S.A. HUDONG S/YARD SCHW. CASSENS SEDEF GEMI END. SASEBO H.I. JIANGDONG S/Y SSW FAHR Russia 22 SELAH SHIPYARD SHIKOKU DOCK. JIANGDU S/YARD VOLKSWERFT ADMIRALTY S.Y. TORGEM GEMI SHIN KOCHI H.I. JIANGNAN S/YARD AMUR SHIPYARD YARDIMCI DENIZ Greece 11 SHIN KURUSHIMA JIANGSU S/YARD BALTIC SHIPYD. ATSALAKIS S/Y SHITANOE ZOSEN Ukraine 31 JIANGYANG S.Y. KRASNOY SORMOVO HELLENIC S/YARD SUMITOMO H.I. 61 KOMMUNAR JIANGZHOU S/Y SEVERNAYA S.B. TSUNEISHI ZOSEN CHERNOMORSKIY JINGJIANG SUMEC India 11 VOLGOGRAD S.Y. JINLING SHIPYD. UNIVERSAL S.B. DAMEN OKEAN ABG SHIPYARD VYBORG S/YARD KOUAN S.B. USUKI ZOSENSHO OKEAN SHIPYARD COCHIN S.Y. LTD YANTAR SHIPYARD LIANJIANG WENSU WATANABE ZOSEN ZALIV SHIPYARD HINDUSTAN S/Y MAWEI SHIPYARD Singapore 23 HOOGHLY DOCKING Lithuania 19 United Kingdom 31 NANTONG S.B. JAYA S.B. & ENG BALTIJA S.Y. APPLEDORE S.B. NEW CENTURY S/Y Indonesia 11 JURONG S/YARD QINGSHAN S.Y. KODJA BAHARI Malta 19 KEPPEL FELS United States 31 SHANDONG HUANG. NOAHTU S/YARD MALTA S.B. KEPPEL HITACHI ATLANTIC MARINE SHANGHAI EDWARD P.T. PAL INDON. KEPPEL SING. Netherlands 19 AVONDALE IND. SHANGHAI SHPYD. PAN UNITED BENDER S.B. Iran 11 BARKMEIJER SHANHAIGUAN S/Y PRESIDENT MAR. BOLLINGER S.Y. ISOICO DAMEN SHIPYARDS WAIGAOQIAO S/Y BREAUX BROS. NEKA SHIPYARD DE MERWEDE Slovakia 23 WEIHAI S/YARD C & G BOATWORK SADRA SHIPYARD FERUS SMIT SLKB KOMARNO WENZHOU SHIPYD. EASTERN S.B. IHC HOLLAND SLOVENSKE WUCHANG S/YARD Italy 11 HOUMA FABRICAT. WUHU SHIPYARD K. DAMEN CANT. APUANIA South Korea 24 KVAERNER PHIL. XIAMEN SHIPYARD NIESTERN-SANDER CANT. DE POLI DAE SUN S.B. NATIONAL STEEL XINGANG S.Y. PETERS SCHPSW. CANT. ORLANDO DAEWOO S.B. NG AVONDALE YANTAI RAFFLES SCHELDEGROEP CANT. TERMOLI HANJIN H.I. NORTH AMERICAN ZHEJIANG S/YARD SCHPS. BODEWES CANT.NAV.MORINI HYUNDAI H.I. PATTI SHIPYARD ZHENJIANG S/Y SCHPSW. DE HOOP CANT.NAV.PESARO HYUNDAI MIPO QUALITY S/YARDS ZHONGHUA S/YARD SCHPSW. DE WAAL FINCANTIERI HYUNDAI SAMHO VT HALTER

World Copyright reserved to: TANKERS DRY CARGO CLARKSON RESEARCH STUDIES 2003 SALE PURCHASE BUNKERS Telephone +44 (0)20 7283 9010 Telephone +44 (0)20 7283 8977 TELEPHONE 12, CAMOMILE STREET TELEFAX Telephone +44 (0)20 7334 0000 Telephone +44 (0)20 7283 9010 Telex 8812927 CLTNKA G Telex 887811 CLDRYA G +44 (0)20 7283 8955 LONDON EC3A 7BP, +44 (0)20 7623 0539 Telex 886661 CLSNPA G Telex 8814221 CLFUEL G Telefax +44 (0)20 7623 8703 Telefax +44 (0)20 7626 4189 ENGLAND Telefax +44 (0)20 7283 5260 Telefax +44 (0)20 7626 0798 E-mail: [email protected] Web: http://www..clarksonresearch.com Orderbook by Yard Argentina Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

AHTS 2,450 2,900 GT Delba Maritima Mar 2004 Argentina AHTS 2,450 2,900 GT Delba Maritima Mar 2004 PSV 4,900 3,500 GT Brasmar Ltda. Jul 2005 ARS PSV 4,900 3,500 GT Brasmar Ltda. Sep 2005 Ensenada On Order:- 5 Vessel(s); 17,150 DWT. Bulk 71 27,321 Alpina Shpg. GmbH Jul 2003 On Order:- 1 Vessel(s); 27,321 DWT. ITAJAI SHIPYARD Itajai Australia MSV 3,000 2,000 GT Sealion Shipping Jun 2003 L.P.G. 112 8,250 6,000 cbm Metalnave Comercio Jul 2003 AUSTAL SHIPS L.P.G. 113 8,250 6,000 cbm Metalnave Comercio Dec 2003 Henderson Container 135 22,500 1,700 TEU Mercosul Line Nov 2004 Pass/Car Cat 196 500 2,000 GT Fred Olsen & Co. Aug 2003 Container 136 22,500 1,700 TEU Mercosul Line Mar 2005 Fast PCCat 117 1,200 GT Aremiti Cruise Jan 2004 On Order:- 5 Vessel(s); 64,500 DWT. On Order:- 2 Vessel(s); 617 DWT. WILSONS SONS INCAT TASMANIA Guaruja Hobart PSV 3,000 2,500 GT Wilsons Sons Group Jul 2003 Fast PCCat 062 750 5,400 GT Builders Account Dec 2003 On Order:- 1 Vessel(s); 3,000 DWT. Fast PCCat 063 750 454 GT Builders Account May 2004 On Order:- 2 Vessel(s); 1,500 DWT. Bulgaria

Azerbaijan BOURGAS SHIPYD. Bourgas CASPIAN SHIPYD. Pass/Car F. 2,000 GT Smiltynes Perkela Feb 2004 Baku On Order:- 1 Vessel(s); DWT. Jackup Drill. 14,000 A.P. Moller Sep 2003 On Order:- 1 Vessel(s); 14,000 DWT. ROUSSE SHIPYARD Rousse Brazil MPP 4,550 Briese-Schiffahrts 2003 MPP 351 4,550 Briese-Schiffahrts 2003 EISA SHIPYARD Asp.& Bit. 701 5,000 Enea Management Inc. Jun 2003 Rio De Janeiro MPP 4,400 Briese-Schiffahrts Jun 2003 Asp.& Bit. 702 5,000 Enea Management Inc. Sep 2003 MPP 416 19,600 Frota Amazonica S.A. Jul 2003 Products 3,500 Crescent plc Oct 2003 Container 42,000 3,800 TEU Empresa Alianca 2004 Products 3,500 Crescent plc Dec 2003 Container 42,000 3,800 TEU Empresa Alianca 2004 MPP 4,400 Hesse Reederei 2004 Tanker 130,000 Petrobras Oct 2004 Asp.& Bit. 703 5,000 Enea Management Inc. Jan 2004 Tanker 130,000 Petrobras Jan 2005 Asp.& Bit. 704 5,000 Enea Management Inc. Jul 2004 Tanker 70,000 Petrobras Apr 2005 Container 4,850 282 TEU Nimmrich & Prahm Dec 2004 Tanker 70,000 Petrobras Aug 2005 On Order:- 11 Vessel(s); 49,750 DWT. AHTS 2,500 2,132 GT Trico Supply ASA Dec 2005 AHTS 4,000 3,411 GT Astromaritima Nav. Jan 2006 VARNA SHIPYARD On Order:- 9 Vessel(s); 510,100 DWT. Varna EST. PROMAR Bulk 512 42,425 Builders Account 2003 Rio De Janeiro Bulk 513 42,425 Builders Account 2003 MPP 285 9,370 GEMARFIN 2003 PSV 06 3,500 2,000 GT NorSkan Offshore Jul 2003 MPP 286 9,370 GEMARFIN 2003 PSV 07 3,500 2,000 GT Navegacao do Brasil Dec 2003 Bulk 510 41,425 Polish Steamship Co. Mar 2003 PSV 08 3,500 2,000 GT NorSkan Offshore Feb 2004 Bulk 456 20,500 Navibulgar Mar 2003 PSV 09 3,300 2,555 GT GulfMark Offshore Sep 2004 MPP 287 9,370 Unknown Owner 2004 PSV 3,500 2,000 GT Seabulk Offshore Oct 2004 MPP 288 9,370 Unknown Owner 2004 On Order:- 5 Vessel(s); 17,300 DWT. On Order:- 8 Vessel(s); 184,255 DWT. ETN BELEM Belem Canada Products 414 3,330 Sao Miguel Nav. Mar 2003 IRVING S.B. On Order:- 1 Vessel(s); 3,330 DWT. Halifax FELS-SETAL AHTS 6089 3,250 3,050 GT Atlantic Towing Ltd. May 2003 Angra Dos Reis On Order:- 1 Vessel(s); 3,250 DWT. AHTS 2,450 2,900 GT Delba Maritima Dec 2003

World Shipyard Monitor Database Page 3 1st June 2003 China P.R. Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

DALIAN SHIPYARD China P.R. Dalian AFAI SHIPS LTD. Chem & Oil CP350-1 35,000 A.P. Moller Jul 2003 Panyu Ro-Ro RO123-3 12,833 Stena AB Jul 2003 Fast PCCat 009 2,950 GT Incat Offshore Pty. 2003 Chem & Oil CP450-6 44,800 Wawasan Shipping Aug 2003 On Order:- 1 Vessel(s); DWT. MPP MC300-5 34,500 Schoeller Holdings Aug 2003 Ro-Ro RO123/4 12,833 Stena AB Oct 2003 BOHAI SEMBAWANG Chem & Oil CP350-2 35,000 A.P. Moller Nov 2003 Tianjin MPP MC300-6 34,500 Schoeller Holdings Nov 2003 Products PC720-1 72,000 Stena Bulk AB Dec 2003 MPP 29,000 Shandong Int. Trans. Jul 2004 Chem & Oil 35,000 A.P. Moller 2004 MPP 29,000 Shandong Int. Trans. Nov 2004 Chem & Oil 35,000 A.P. Moller 2004 On Order:- 2 Vessel(s); 58,000 DWT. Products PC720-2 72,000 Stena Bulk AB Mar 2004 BOHAI SHIPYARD MPP MC300-9 34,500 Schoeller Holdings Jul 2004 Hu Lu Dao Chem & Oil 44,800 Wawasan Shipping Sep 2004 MPP MC300-7 34,500 Schoeller Holdings Dec 2004 Open Hatch 408-3 29,000 Sinotrans 2003 Chem & Oil 35,000 Schulte Group 2005 Open Hatch 408-4 29,000 Sinotrans 2003 Chem & Oil 35,000 Schulte Group 2005 Products 507/4 46,000 Nanjing Changjiang Mar 2003 Chem & Oil 44,800 Wawasan Shipping 2005 Products 46,000 Beihai Marine Co. Jul 2003 Chem & Oil 44,800 Wawasan Shipping Jan 2005 Tanker 159K-1 159,000 China Ocean (COSCO) Dec 2003 MPP MC300-8 34,500 Schoeller Holdings Apr 2005 Bulk 57,700 China Shpg. Tramp 2004 Products 72,000 Stena Bulk AB Jun 2005 Tanker 159K-2 159,000 China Ocean (COSCO) Jun 2004 Products 72,000 Stena Bulk AB Jul 2005 Tanker 159K-3 159,000 China Ocean (COSCO) Dec 2004 On Order:- 21 Vessel(s); 875,366 DWT. Bulk 57,700 China Shpg. Tramp 2005 Bulk 57,700 China Shpg. Tramp 2005 DAMEN YICHANG Bulk 57,700 China Shpg. Tramp 2005 On Order:- 11 Vessel(s); 857,800 DWT. Yichang Container 11,000 850 TEU Karl Schluter Jun 2003 CHENGXI SHIPYD. Container 11,000 850 TEU Karl Schluter Nov 2003 Jiangyin Container 11,000 850 TEU Karl Schluter Apr 2004 On Order:- 3 Vessel(s); 33,000 DWT. Chem & Oil CX7206 25,000 Marittima Emiliana Jun 2003 Bulk 53,000 Spar Shipping A/S Dec 2004 DONG FENG S/Y Bulk 53,000 Spar Shipping A/S Apr 2005 Bulk 53,000 Spar Shipping A/S Aug 2005 Hangzhou Bulk 15,000 Arko Energy Holdings 2004 Bulk 53,000 Spar Shipping A/S Nov 2005 Bulk 15,000 Arko Energy Holdings 2004 Bulk 53,000 Spar Shipping A/S Mar 2006 Bulk 15,000 Arko Energy Holdings 2004 Bulk 53,000 Spar Shipping A/S Jul 2006 Bulk 10,160 Arko Energy Holdings 2004 On Order:- 7 Vessel(s); 343,000 DWT. Bulk 10,160 Arko Energy Holdings 2004 DALIAN NEW YARD Bulk 10,160 Arko Energy Holdings 2004 Dalian Bulk 10,160 Arko Energy Holdings 2004 Bulk 15,000 Arko Energy Holdings 2005 Tanker T2000-3 299,500 Nat. Iranian Tanker Apr 2003 On Order:- 8 Vessel(s); 100,640 DWT. Container C5600-2 69,000 5,618 TEU China Shpg. Cont. Jun 2003 FPSO 210,000 Conoco Phillips Inc. Jun 2003 GUANG. WENCHONG Tanker T2000-4 299,500 Nat. Iranian Tanker Jul 2003 Tanker T2000-5 299,500 Nat. Iranian Tanker Dec 2003 Huangpu Container 293 23,580 1,718 TEU Leonhardt & Blumberg 2003 Container C5600-3 69,000 5,618 TEU China Shpg. Cont. Dec 2003 Container 296 20,700 1,550 TEU Leonhardt & Blumberg Jul 2003 FPSO 150,000 CNOOC May 2004 Container 297 20,700 1,550 TEU Leonhardt & Blumberg Oct 2003 Tanker 105,000 China Shpg. Tankers Oct 2004 Container 20,700 1,550 TEU Leonhardt & Blumberg Dec 2003 Products 110,000 A.P. Moller Nov 2004 Bulk 29,000 Sunship Schiff. 2004 Survey 3,000 GT COSL China Oilfield Nov 2004 Bulk 29,000 Sunship Schiff. 2004 Tanker 105,000 China Shpg. Tankers Dec 2004 Bulk 29,000 Sunship Schiff. 2004 Tanker 105,000 China Shpg. Tankers 2005 Bulk 29,000 Sunship Schiff. Mar 2004 Tanker 74,000 COSCO (Hong Kong) 2005 Container 299 20,700 1,550 TEU Leonhardt & Blumberg Mar 2004 Tanker 74,000 COSCO (Hong Kong) 2005 Container 311 23,580 1,718 TEU Schulte Group Dec 2004 Tanker 74,000 China Ocean (COSCO) 2005 Bulk 29,000 Sunship Schiff. 2005 Products 110,000 A.P. Moller Jan 2005 Bulk 29,000 Sunship Schiff. 2005 Products 110,000 A.P. Moller Mar 2005 Container 23,580 1,718 TEU Schulte Group Apr 2005 Products 110,000 A.P. Moller Jul 2005 Container 23,580 1,718 TEU Norse Mngt. U.K. Aug 2005 On Order:- 18 Vessel(s); 2,373,500 DWT. Container 23,580 1,718 TEU Schulte Group Sep 2005 Container 23,580 1,718 TEU Norse Mngt. U.K. Nov 2005

World Shipyard Monitor Database Page 4 1st June 2003 Orderbook by Yard China P.R. Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Container 23,580 1,718 TEU Schulte Group Dec 2005 Bulk 74,500 COSCO Bulk Carrier Dec 2005 On Order:- 17 Vessel(s); 421,860 DWT. Bulk 74,500 COSCO Bulk Carrier Dec 2005 Bulk 74,500 Iolcos Hellenic Jan 2006 GUANG. WHAMPOA Bulk 74,500 Iolcos Hellenic May 2006 Guangzhou On Order:- 33 Vessel(s); 2,231,000 DWT. AHTS 2,300 1,961 GT COSL China Oilfield Jun 2004 On Order:- 1 Vessel(s); 2,300 DWT. JIANGDONG S/Y Wuhu GUANGZHOU SHPYD Container 1100-3 13,760 1,118 TEU W. Bockstiegel May 2003 Guangzhou Container 1100-4 13,760 1,150 TEU W. Bockstiegel Sep 2003 RoPax 9130005 4,700 Gotland Rederi AB Apr 2003 MPP 13,000 Krey Schiffahrts Oct 2003 Chem & Oil 130003 35,000 A.P. Moller Jun 2003 MPP 13,000 Krey Schiffahrts Mar 2004 Hvy Dk Carg 9130013 18,000 15,000 GT COSCO Guangzhou Jun 2003 MPP 12,000 W. Bockstiegel Apr 2004 Products 130010 40,015 China Shpg. Tankers Jul 2003 MPP 12,000 W. Bockstiegel Jun 2004 Chem & Oil 130004 35,000 A.P. Moller Jul 2003 MPP 13,000 Krey Schiffahrts Jul 2004 Chem & Oil 130005 35,000 A.P. Moller Sep 2003 MPP 12,000 W. Bockstiegel Sep 2004 Products 130011 40,015 China Shpg. Tankers Oct 2003 MPP 13,000 Krey Schiffahrts Nov 2004 Products 130012 40,015 China Shpg. Tankers Dec 2003 MPP 12,000 W. Bockstiegel Mar 2005 Chem & Oil 130006 35,000 A.P. Moller Dec 2003 On Order:- 10 Vessel(s); 127,520 DWT. Products 130015 38,000 Overseas Maritime Feb 2004 Chem & Oil 35,000 A.P. Moller Mar 2004 JIANGDU S/YARD Products 40,015 China Shpg. Tankers Apr 2004 Yangzhou Products 130016 38,000 Overseas Maritime Apr 2004 Open Hatch 32000-5 32,000 F. H. Bertling 2003 Products 40,015 China Shpg. Tankers Jul 2004 Products 46000-1 46,000 Capo Gallo Apr 2003 Products 47,000 Scope Management Dec 2004 Open Hatch 32000-3 32,000 F. H. Bertling Apr 2003 Products 38,000 Overseas Maritime Dec 2004 Products 46000-2 46,000 Capo Gallo Jun 2003 Products 38,500 Norden D/S A/S 2005 Products 46000-3 46,000 Capo Gallo Oct 2003 Products 38,500 Norden D/S A/S 2005 Open Hatch 32000-4 32,000 F. H. Bertling Oct 2003 Products 47,000 Scope Management Mar 2005 Products 46000-4 46,000 Capo Gallo Dec 2003 On Order:- 19 Vessel(s); 682,775 DWT. Open Hatch 32000-6 32,000 F. H. Bertling 2004 Products A46-01 46,500 Int. Andromeda Shpg. Jul 2004 HUDONG S/YARD Products A46-02 46,500 Int. Andromeda Shpg. Dec 2004 Shanghai Products 46000-5 46,000 Capo Gallo Dec 2004 Container H1293A 50,500 4,050 TEU China Shpg. Cont. 2003 Products 46000-6 46,000 Capo Gallo Jan 2005 Container H1294A 50,500 4,050 TEU China Shpg. Cont. 2003 Products A46-03 46,500 Int. Andromeda Shpg. Nov 2005 Container H1295A 50,500 4,050 TEU China Shpg. Cont. 2003 Products A46-04 46,500 Int. Andromeda Shpg. Feb 2006 Container H1265A 69,000 5,618 TEU China Shpg. Cont. Jun 2003 On Order:- 14 Vessel(s); 590,000 DWT. Tanker H1311A 72,000 Diamlemos Shpg. Corp Jul 2003 Products H1318A 73,000 Fratelli D'Amato Aug 2003 JIANGNAN S/YARD Container H1266A 69,000 5,618 TEU China Shpg. Cont. Sep 2003 Shanghai Tanker H1312A 72,000 Diamlemos Shpg. Corp Dec 2003 Pass/Car F. 5,600 15,000 GT Yue Hai Railway 2003 Tanker 70,000 Prime Maritime 2004 Pass/Car F. 5,600 15,000 GT Yue Hai Railway 2003 Bulk 74,000 KC Maritime Ltd. 2004 Pass/Car F. H2279 5,600 15,000 GT Yue Hai Railway Jan 2003 Container 50,500 4,050 TEU China Shpg. Cont. 2004 Bulk H2267 51,000 Vrontados Shipping Apr 2003 Container H1296A 50,500 4,050 TEU China Shpg. Cont. 2004 Chem & Oil H2286 16,400 Stenersen A/S Jul 2003 Products H1319A 73,000 Fratelli D'Amato Jan 2004 Bulk H2270 51,000 Vrontados Shipping Aug 2003 Bulk 74,000 KC Maritime Ltd. Jun 2004 Chem & Oil 16,400 Stenersen A/S Nov 2003 Container 59,000 5,618 TEU China Shpg. Cont. Jul 2004 Chem & Oil H2289 13,700 Ektank AB Nov 2003 Bulk 1304A 74,500 Bocimar N.V. Sep 2004 Bulk 74,000 Komrowski Befracht. Dec 2003 Container 59,000 5,618 TEU China Shpg. Cont. Sep 2004 Bulk H2271 51,000 Vrontados Shipping Dec 2003 Products 73,000 Paradise Navigation Oct 2004 Tanker 74,000 China Shpg. Tankers 2004 Products 73,000 Paradise Navigation Dec 2004 Tanker 74,000 China Shpg. Tankers 2004 Bulk 1305A 74,500 Bocimar N.V. Dec 2004 Chem & Oil 13,700 Ektank AB 2004 Tanker 73,000 Paradise Navigation 2005 Bulk 74,000 Komrowski Befracht. Jan 2004 Container 59,000 5,618 TEU China Shpg. Cont. 2005 Chem & Oil 18,000 Algoma Tankers Ltd. Jun 2004 Container 59,000 5,618 TEU China Shpg. Cont. 2005 Bulk 74,000 Diana Shpg. Agencies Sep 2004 Bulk 74,000 Gleamray Maritime Mar 2005 Pass/Car F. 5,000 16,500 GT China Shpg. Pass. Sep 2004 Container 59,000 5,618 TEU China Shpg. Cont. Mar 2005 Bulk 74,000 Komrowski Befracht. Oct 2004 Bulk H1306A 74,500 Bocimar N.V. Apr 2005 Bulk 74,000 Diana Shpg. Agencies Nov 2004 Bulk 74,500 KC Maritime Ltd. Aug 2005 Pass/Car F. 5,000 16,500 GT China Shpg. Pass. Nov 2004 Bulk 74,000 Gleamray Maritime Sep 2005 Bulk 74,000 Komrowski Befracht. Dec 2004 Bulk 74,500 KC Maritime Ltd. Nov 2005 FPSO 120,000 Monitor 2005

World Shipyard Monitor Database Page 5 1st June 2003 China P.R. Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

FPSO 120,000 Monitor 2005 Chem & Oil 01-0204 25,000 Fortum Oil & Gas Jan 2005 On Order:- 23 Vessel(s); 1,090,000 DWT. Chem & Oil 02-0504 37,300 Brostrom Tankers SA Apr 2005 On Order:- 11 Vessel(s); 265,460 DWT. JIANGSU S/YARD Yangzijiang KOUAN S.B. Bulk 00-628E 10,200 Unknown Owner 2003 Taizhou Bulk 00-629E 10,200 Unknown Owner 2003 PSV 60-01 4,000 3,097 GT Doha Marine Services 2003 Container 9,200 700 TEU Pacific Carriers Mar 2003 MPP 25000-02 25,000 Pacific Carriers Feb 2003 Container 632 24,000 1,800 TEU Rickmers Reederei Sep 2003 MPP 25000-03 25,000 Pacific Carriers Apr 2003 Container 634 24,000 1,800 TEU Rickmers Reederei 2004 Open Hatch 34,000 F. H. Bertling 2004 Container 635 24,000 1,800 TEU Rickmers Reederei 2004 MPP 00-04 25,000 Pacific Carriers 2004 Container 633 24,000 1,800 TEU Rickmers Reederei Jan 2004 Open Hatch 34,000 F. H. Bertling 2005 Chem & Oil 651Y1 19,000 Marittima Emiliana Sep 2004 On Order:- 6 Vessel(s); 147,000 DWT. Ro-Ro 11,000 Oceanex (1997) Inc. 2005 On Order:- 9 Vessel(s); 155,600 DWT. LIANJIANG WENSU Fuzhou JIANGYANG S.Y. Products FH527 9,500 Kando Maritime 2003 Yangzhou On Order:- 1 Vessel(s); 9,500 DWT. Chem & Oil 97126 13,500 Stenersen A/S 2003 Bulk 99136 74,500 Unknown Owner 2003 MAWEI SHIPYARD Bulk 99142 51,000 Unknown Owner 2003 Fuzhou On Order:- 3 Vessel(s); 139,000 DWT. Open Hatch 436/3 17,600 B&N Nordsjofrakt Jun 2003 Open Hatch 436/4 17,600 Palkkiythyma Oy Sep 2003 JIANGZHOU S/Y On Order:- 2 Vessel(s); 35,200 DWT. Jiangxi Container A455 8,000 670 TEU Armin Klingenberg Jun 2003 NANTONG S.B. MPP A458 13,000 Krey Schiffahrts Jun 2003 Nantong MPP A459 13,000 Krey Schiffahrts Sep 2003 Bulk 49,500 Da Sin Shpg. Pte. Sep 2003 MPP A460 13,000 Krey Schiffahrts Dec 2003 Tanker 298,000 Sea Fortune Tankers Oct 2003 MPP A461 13,000 Krey Schiffahrts Mar 2004 Bulk 015 48,000 Jiangsu Marine Shpg. Oct 2003 MPP 6,800 W. Bockstiegel Mar 2005 Bulk 48,000 Jiangsu Marine Shpg. Jan 2004 MPP 6,800 W. Bockstiegel Jun 2005 Tanker 298,000 Sea Fortune Tankers Mar 2004 MPP 6,800 W. Bockstiegel Sep 2005 Bulk 55,000 COSCO Beijing Mar 2004 MPP 6,800 W. Bockstiegel Dec 2005 Bulk 55,000 COSCO Beijing Apr 2004 MPP 6,800 W. Bockstiegel Mar 2006 Bulk 55,000 COSCO (Hong Kong) Jun 2004 MPP 6,800 W. Bockstiegel Jun 2006 Bulk 55,500 Setaf-Saget Aug 2004 On Order:- 11 Vessel(s); 100,800 DWT. Bulk 55,000 COSCO (Hong Kong) Sep 2004 Bulk 55,500 Geden Line Oct 2004 JINGJIANG SUMEC Bulk 55,000 COSCO Beijing Nov 2004 Jingjiang Bulk 55,500 Setaf-Saget Jan 2005 Container 9,200 700 TEU Pacific Carriers 2003 Bulk 55,500 Geden Line Jan 2005 Container 6,500 450 TEU Pacific Carriers 2003 Bulk 55,000 Jiangsu Marine Shpg. Jan 2005 Minibulk 11,000 Tom Worden Schiffs Jan 2005 Bulk 49,500 Da Sin Shpg. Pte. Jan 2005 Minibulk 7,200 Peter Dohle Schiff. Apr 2005 Bulk 55,000 Jiangsu Marine Shpg. Apr 2005 Minibulk 11,000 Tom Worden Schiffs May 2005 Bulk 55,000 COSCO Beijing May 2005 Minibulk 7,200 Peter Dohle Schiff. Aug 2005 Pure Car 16,000 Kawasaki Kisen Aug 2005 Minibulk 11,000 Tom Worden Schiffs Sep 2005 Pure Car 16,000 Kawasaki Kisen Nov 2005 Minibulk 7,200 Peter Dohle Schiff. Dec 2005 Pure Car 16,000 Kawasaki Kisen Feb 2006 Minibulk 7,200 Peter Dohle Schiff. Apr 2006 On Order:- 21 Vessel(s); 1,501,000 DWT. On Order:- 9 Vessel(s); 77,500 DWT. NEW CENTURY S/Y JINLING SHIPYD. Jingjiang Nanjing Bulk 99-032 52,000 Blue Planet Shpg. Jun 2003 Chem & Oil 01-0201 25,000 Fortum Oil & Gas Aug 2003 Open Hatch 99-038 51,000 Dockendale Shpg Co. Jun 2003 MPP 98-0106 5,530 W. Bockstiegel Aug 2003 Bulk 99-033 52,000 Blue Planet Shpg. Sep 2003 MPP 98-0107 5,530 W. Bockstiegel Nov 2003 Bulk 00-020 35,000 Intership Nav. Co. Nov 2003 Chem & Oil 01-0202 25,000 Fortum Oil & Gas Jan 2004 Bulk 99-034 52,000 Blue Planet Shpg. Dec 2003 Ro-Ro 02-0401 5,200 Fret-CETAM Mar 2004 Tanker 73,000 Deiulemar Cia. Nav. 2004 Chem & Oil 02-0501 37,300 Rigel Schiffahrts Apr 2004 Tanker 73,000 Deiulemar Cia. Nav. 2004 Chem & Oil 02-0502 37,300 Rigel Schiffahrts Jun 2004 Bulk 00-021 35,000 Intership Nav. Co. 2004 Chem & Oil 02-0503 37,300 Brostrom Tankers SA Aug 2004 Open Hatch 00-041 27,023 Dockendale Shpg Co. 2004 Chem & Oil 01-0203 25,000 Fortum Oil & Gas Aug 2004 Open Hatch 00-042 27,023 Clipper Group 2004

World Shipyard Monitor Database Page 6 1st June 2003 Orderbook by Yard China P.R. Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Open Hatch 99-027 27,023 Dockendale Shpg Co. May 2004 MPP 193 34,500 Schoeller Holdings Mar 2004 Open Hatch 99-028 27,023 Clipper Group Jun 2004 MPP 30,000 Chinese-Polish Shpg. Mar 2004 Products 73,000 Consolidated Nav. 2005 MPP 30,000 Chinese-Polish Shpg. Jul 2004 Products 73,000 Consolidated Nav. 2005 Bulk 57,700 China Shpg. Tramp 2005 Bulk 53,000 Graig Ship Mngt. 2005 Bulk 57,700 China Shpg. Tramp 2005 Bulk 53,000 Thenamaris (Mgmt.) 2005 Bulk 57,700 China Shpg. Tramp 2005 Bulk 53,000 Thenamaris (Mgmt.) 2005 On Order:- 18 Vessel(s); 715,640 DWT. Bulk 53,000 Graig Ship Mngt. 2005 Products 73,000 Fratelli D'Amato Jul 2005 SHANHAIGUAN S/Y Products 73,000 Fratelli D'Amato Oct 2005 Shanhaiguan Products 73,000 Ravennavi S.P.A. 2006 Wind T. Inst. TIV-1 Mayflower Energy May 2003 Products 73,000 Ravennavi S.P.A. 2006 Bulk 30,000 Clipper Group 2004 Bulk 53,000 Gleamray Maritime 2006 Bulk 30,000 Clipper Group 2005 On Order:- 23 Vessel(s); 1,234,092 DWT. Bulk 30,000 Clipper Group 2005 Bulk 30,000 Clipper Group 2005 QINGSHAN S.Y. On Order:- 5 Vessel(s); 120,000 DWT. Wuhan Chem & Oil 18,500 Guy Somers 2003 WAIGAOQIAO S/Y Cement 5,000 Unknown Owner Apr 2003 Shanghai MPP 00-0302 6,750 Al-Sham Shpg. Co. May 2003 FPSO 150,000 CNOOC 2003 Container 990307 6,500 600 TEU Briese-Schiffahrts Jun 2003 Bulk H1001 175,000 Tai Chong Cheang Jun 2003 MPP 990308 6,500 W. Bockstiegel Sep 2003 Bulk H1002 170,000 COSCO Bulk Carrier Oct 2003 MPP 990309 6,500 W. Bockstiegel Dec 2003 Bulk H1004 175,000 Tai Chong Cheang Jan 2004 MPP 13,000 Krey Schiffahrts 2004 Bulk H1003 170,000 COSCO Bulk Carrier Feb 2004 MPP 13,000 Krey Schiffahrts 2004 Bulk 176,000 Bocimar N.V. May 2004 Products 3,750 F. T. Everard & Sons Mar 2004 Bulk 176,000 Bocimar N.V. Aug 2004 Products 3,750 F. T. Everard & Sons May 2004 Bulk 175,000 Foremost Maritime Dec 2004 Products 3,750 F. T. Everard & Sons Jul 2004 Tanker 105,000 Stealth Maritime 2005 Products 3,750 F. T. Everard & Sons Sep 2004 Tanker 105,000 Stealth Maritime 2005 Container 11,500 830 TEU Karl Schluter Sep 2004 Bulk 176,000 Bocimar N.V. 2005 Container 11,500 830 TEU Karl Schluter Dec 2004 Bulk 176,000 Bocimar N.V. 2005 On Order:- 14 Vessel(s); 113,750 DWT. FPSO 170,000 CNOOC 2005 Bulk 170,000 COSCO Bulk Carrier Jun 2005 SHANDONG HUANG. Bulk 170,000 COSCO Bulk Carrier Jul 2005 Rongcheng Bulk 170,000 Chinese Mar. Trans. Dec 2005 AHTS 2,500 2,132 GT COSL China Oilfield Aug 2004 On Order:- 16 Vessel(s); 2,609,000 DWT. AHTS 2,500 2,132 GT COSL China Oilfield Oct 2004 On Order:- 2 Vessel(s); 5,000 DWT. WEIHAI S/YARD Weihai SHANGHAI EDWARD Minibulk 3,800 Unknown Owner 2003 Shanghai MPP 4,900 Navigia Shipmngt. Sep 2003 Asp.& Bit. H126 6,400 Nynas Bitumen AB Jul 2003 Container CZ042 18,000 1,300 TEU Briese-Schiffahrts Dec 2003 Chem & Oil H127 14,000 Tarntank Rederi AB Sep 2003 MPP 4,900 Navigia Shipmngt. Dec 2003 Chem & Oil H128 13,658 Tarbit Shpg. AB Dec 2003 Container CZ043 18,000 1,300 TEU Briese-Schiffahrts Apr 2004 Chem & Oil H129 15,999 Furetank Rederi A/B 2004 Container 18,000 1,300 TEU Briese-Schiffahrts Oct 2004 Chem & Oil H130 15,999 Alvtank AB 2004 Container 18,000 1,300 TEU Briese-Schiffahrts Dec 2004 On Order:- 5 Vessel(s); 66,056 DWT. Container 18,000 1,300 TEU Briese-Schiffahrts 2005 Container 18,000 1,300 TEU Briese-Schiffahrts 2005 SHANGHAI SHPYD. Container 13,000 1,100 TEU Shandong Yantai Jan 2005 Shanghai Container 13,000 1,100 TEU Shandong Yantai Mar 2005 Open Hatch 183 32,420 Cogema S.A.M. May 2003 On Order:- 11 Vessel(s); 147,600 DWT. MPP 191 34,500 Rickmers Reederei May 2003 Container 197 41,500 3,139 TEU NVA Norddeutsche Jun 2003 WENZHOU SHIPYD. Open Hatch 184 32,420 Cogema S.A.M. Aug 2003 Wenzhou MPP 200 30,000 Chinese-Polish Shpg. Aug 2003 Products 99008 3,800 Chinese Govt. Mar 2003 Bulk 196 37,500 Harren & Partner Sep 2003 On Order:- 1 Vessel(s); 3,800 DWT. Container 198 41,500 3,139 TEU NVA Norddeutsche Oct 2003 MPP 00-0105 34,500 Rickmers Reederei Nov 2003 WUCHANG S/YARD MPP 30,000 Chinese-Polish Shpg. Nov 2003 Wuhan Bulk 57,700 China Shpg. Tramp 2004 Ro-Ro 65/1L 678 Chinese Govt. Mar 2003 MPP 1102 34,500 Rickmers Reederei 2004 AHTS 2,000 1,705 GT COSL China Oilfield Aug 2004 Container 41,500 3,139 TEU NVA Norddeutsche Feb 2004 AHTS 2,000 1,705 GT COSL China Oilfield Oct 2004

World Shipyard Monitor Database Page 7 1st June 2003 China P.R. Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

AHTS 2,000 1,705 GT COSL China Oilfield Dec 2004 Container 12,000 850 TEU Unknown Owner Aug 2004 AHTS 2,000 1,705 GT COSL China Oilfield Jan 2005 Bulk 01-105 51,000 Phoenix Bulk Carrs. Dec 2004 On Order:- 5 Vessel(s); 8,678 DWT. Container 12,000 850 TEU Unknown Owner Dec 2004 Bulk 01-106 51,000 Phoenix Bulk Carrs. Mar 2005 WUHU SHIPYARD Container 12,000 850 TEU Unknown Owner May 2005 Wuhu Container 12,000 850 TEU Unknown Owner Sep 2005 AHTS 50011 2,000 2,500 GT Shengli Oilfield 2003 Container 12,000 850 TEU Unknown Owner Jan 2006 AHTS 65011 2,500 2,132 GT CNOOC Feb 2003 On Order:- 11 Vessel(s); 293,300 DWT. AHTS 80011 2,000 1,705 GT CNOOC Feb 2003 Bulk W0014 27,000 Navarone S.A. May 2003 ZHENJIANG S/Y AHTS 65021 2,500 2,132 GT CNOOC Aug 2003 Zhenjiang AHTS 80021 2,000 1,705 GT CNOOC Aug 2003 PSV 3,000 2,150 GT Vroon B.V. Mar 2004 Bulk W0015 27,000 Navarone S.A. Jan 2004 PSV 3,000 2,150 GT Vroon B.V. Dec 2004 PSV W0211 3,500 3,126 GT Sealion Shipping Feb 2004 On Order:- 2 Vessel(s); 6,000 DWT. Bulk W0016 27,000 Navarone S.A. Apr 2004 PSV W0212 3,500 3,126 GT Sealion Shipping Apr 2004 ZHONGHUA S/YARD PSV W213 3,500 3,126 GT Sealion Shipping Jul 2004 Shanghai On Order:- 11 Vessel(s); 102,500 DWT. Ro-Ro 420 12,500 Dag Engstrom 2003 Ethy/LPG 450 10,500 10,000 cbm Norgas Carriers Aug 2003 XIAMEN SHIPYARD Ethy/LPG 451 10,500 10,000 cbm Norgas Carriers Oct 2003 Xiamen On Order:- 3 Vessel(s); 33,500 DWT. MPP MX439F 34,500 Rickmers Reederei Jun 2003 Bulk 53,000 Pacific Basin Agen. 2004 ZHOU SHAN S/Y Bulk 52,000 Lemitec ASA 2004 Zhoushan Bulk 52,000 Lemitec ASA 2004 Container 2006 8,015 660 TEU Hermann Buss Jul 2003 Bulk 53,000 Pacific Basin Agen. 2005 Container 2007 8,015 660 TEU Hermann Buss Sep 2003 Bulk 53,000 Pacific Basin Agen. 2005 Container 2008 8,015 660 TEU Hermann Buss Nov 2003 Pure Car 12,000 SAMAMA 2005 Container 10,500 900 TEU Hermann Buss 2004 Pure Car 12,000 SAMAMA 2005 Container 10,500 900 TEU Hermann Buss 2004 On Order:- 8 Vessel(s); 321,500 DWT. Container 10,500 900 TEU Hermann Buss 2004 Container 10,500 900 TEU Hermann Buss 2004 XINGANG S.Y. Container 2009 8,330 660 TEU Hermann Buss 2004 Tianjin Container 2010 8,330 660 TEU Hermann Buss 2004 MPP 326 7,200 Briese-Schiffahrts 2003 Bulk 25,000 Mineral Shpg. Co. Jul 2004 Bulk 334 34,300 Dockendale Shpg Co. Jul 2003 Bulk 25,000 Mineral Shpg. Co. Dec 2004 Bulk 341 34,300 Clipper Group Nov 2003 Container 10,500 900 TEU Hermann Buss 2005 Bulk 342 34,300 Dockendale Shpg Co. Mar 2004 Container 10,500 900 TEU Hermann Buss 2005 Bulk 35,000 Parakou Shpg. Jun 2004 Container 10,500 900 TEU Hermann Buss 2005 Bulk 335 34,300 Clipper Group Aug 2004 Container 8,330 660 TEU Hermann Buss 2005 Bulk 35,000 Parakou Shpg. Nov 2004 Container 8,330 660 TEU Hermann Buss 2005 Bulk 336 34,300 Dockendale Shpg Co. Nov 2004 On Order:- 16 Vessel(s); 180,865 DWT. Bulk 38,000 Polish Steamship Co. 2005 Bulk 38,000 Polish Steamship Co. 2005 Croatia Bulk 38,000 Polish Steamship Co. 2005 Bulk 38,000 Polish Steamship Co. 2005 BROD. 3 MAJ On Order:- 12 Vessel(s); 400,700 DWT. Rijeka YANTAI RAFFLES Chem & Oil 684 35,000 Ottavio Novella Jun 2003 Products 676 47,300 Byzantine Maritime. Sep 2003 Yantai Products 677 47,300 Byzantine Maritime. Dec 2003 AHTS 2000-118 4,000 3,411 GT Tidewater Marine Jan 2003 Chem & Oil 683 23,400 Carl Buttner Jan 2004 AHTS 2000-119 4,000 3,411 GT Tidewater Marine Apr 2003 Products 694 47,300 Byzantine Maritime. Apr 2004 AHTS 2000-120 4,000 3,411 GT Tidewater Marine Jul 2003 Chem & Oil 687 23,400 Carl Buttner Jun 2004 AHTS 2000-121 4,000 3,411 GT Tidewater Marine Oct 2003 Products 47,300 Uljanik Plovidba Dec 2004 AHTS 2000-122 4,000 3,411 GT Tidewater Marine Jan 2004 Products 47,300 Uljanik Plovidba Jun 2005 On Order:- 5 Vessel(s); 20,000 DWT. On Order:- 8 Vessel(s); 318,300 DWT.

ZHEJIANG S/YARD BROD. SPLIT Ningbo Split MPP 00-03 25,000 Pacific Carriers 2003 Products 435 95,000 European Navigation Jun 2003 Asp.& Bit. 01-104 4,300 Petronav May 2003 Products 436 95,000 European Navigation Sep 2003 Bulk 01-102 51,000 W.E.M. Lines Dec 2003 Tanker 433 167,000 Tankerska Plovidba Oct 2003 Bulk 01-103 51,000 W.E.M. Lines Mar 2004 Products 439 108,000 Primorsk Shpg. Corp. Dec 2003

World Shipyard Monitor Database Page 8 1st June 2003 Orderbook by Yard Croatia Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Chem & Oil 432 45,000 European Navigation 2004 Products 440 108,000 Primorsk Shpg. Corp. Jun 2004 Denmark Tanker 434 167,000 Tankerska Plovidba Jul 2004 ODENSE LINDO Products 437 103,000 European Navigation 2005 Products 49,900 Stena Bulk AB 2005 Lindo Products 49,900 Stena Bulk AB 2005 Container 186 105,750 7,500 TEU Maersk Sealand May 2003 Products 49,900 Stena Bulk AB 2005 Container 187 105,750 7,500 TEU Maersk Sealand Jul 2003 Products 49,900 Stena Bulk AB 2005 Container 188 105,750 7,500 TEU Maersk Sealand Oct 2003 On Order:- 12 Vessel(s); 1,087,600 DWT. Container 189 105,750 7,500 TEU Maersk Sealand Jan 2004 Container 190 105,750 7,500 TEU Maersk Sealand Apr 2004 BROD. TROGIR Container 63,200 3,700 TEU Safmarine Cont. Line Jul 2004 Trogir Container 63,200 3,700 TEU Safmarine Cont. Line Oct 2004 Chem & Oil 304 47,500 Anglo-Atlantic S.S. Jul 2003 Container 63,200 3,700 TEU Safmarine Cont. Line Dec 2004 Chem & Oil 305 47,500 Anglo-Atlantic S.S. Nov 2003 Container 63,200 3,700 TEU Deutsche Afrika Mar 2005 Chem & Oil 306 47,500 Anglo-Atlantic S.S. May 2004 On Order:- 9 Vessel(s); 781,550 DWT. Chem & Oil 307 47,500 Anglo-Atlantic S.S. Sep 2004 On Order:- 4 Vessel(s); 190,000 DWT. Egypt BROD. ULJANIK ALEXANDRIA S.Y. Pula Alexandria Chem & Oil 443 47,400 Gestioni Armatoriali Jun 2003 Ro-Ro N27 6,000 Egyptian Govt. Jan 2004 Pure Car 442 14,900 Grimaldi Group Jul 2003 On Order:- 1 Vessel(s); 6,000 DWT. Chem & Oil 444 47,400 Gestioni Armatoriali Sep 2003 Products 448 47,000 Novorossiysk Shpg. Dec 2003 Finland Bulk 417 75,000 Atlantska Plovidba Jan 2004 Products 449 47,000 Novorossiysk Shpg. Feb 2004 AKER FINNYARDS Pure Car 452 14,900 Grimaldi Group May 2004 Rauma Products 447 47,400 Gestioni Armatoriali Jun 2004 Pass/Car F. 434 7,500 40,000 GT Tallink May 2004 Pure Car 453 12,400 Grimaldi Group Oct 2004 Pass/Car F. 442 24,000 48,000 GT Birka Line Sep 2004 Chem & Oil 455 46,000 Iceport Shipping Dec 2004 On Order:- 2 Vessel(s); 31,500 DWT. RoPax 459 5,000 Mintrans Feb 2005 Products 450 47,000 Novorossiysk Shpg. Mar 2005 KVAERNER MASA Products 451 47,000 Novorossiysk Shpg. May 2005 Helsinki RoPax 460 5,000 Mintrans Jun 2005 Cruise 502 7,200 86,000 GT Costa Crociere May 2003 Pure Car 454 12,400 Grimaldi Group Jul 2005 Cruise 503 7,200 86,000 GT Carnival Corp. Feb 2004 Chem & Oil 456 46,000 Iceport Shipping Sep 2005 Chem & Oil 457 46,000 Iceport Shipping Dec 2005 Turku RoPax 461 5,000 Mintrans Feb 2006 Cruise 1348 10,000 137,300 GT Royal Caribbean Oct 2003 Chem & Oil 458 46,000 Iceport Shipping May 2006 Pass/Car F. 1351 5,000 75,000 GT Color Line Oct 2004 RoPax 462 5,000 Mintrans Jun 2006 On Order:- 4 Vessel(s); 29,400 DWT. On Order:- 20 Vessel(s); 663,800 DWT. France KRALJEVICA Kraljevica CHANT. PIRIOU Pass/Car F. 535 200 2,000 GT Jadrolinija Jan 2004 Concarneau Asp.& Bit. 531 9,240 Sargeant Marine Inc. Apr 2004 AHTS 2,500 2,300 GT SURF May 2003 Asp.& Bit. 532 9,240 Sargeant Marine Inc. Oct 2004 On Order:- 1 Vessel(s); 2,500 DWT. Asp.& Bit. 533 9,240 Sargeant Marine Inc. Apr 2005 Asp.& Bit. 534 9,240 Sargeant Marine Inc. Oct 2005 DE L'ATLANTIQUE On Order:- 5 Vessel(s); 37,160 DWT. Lorient Research 1,300 IFREMER Mar 2005 Czech Republic St. Nazaire CESKOSLOVENSKA Cruise D32 6,000 88,000 GT Princess Cruises Inc Jun 2003 Chvaletice Cruise H32 7,000 68,000 GT Nippon Yusen Kaisha Jun 2003 Cruise G32 10,000 150,000 GT Cunard Line Ltd. Dec 2003 GCargo 201 2,500 Builders Account 2003 Cruise L32 6,000 60,000 GT Mediterranean Shpg. 2004 GCargo 203 2,500 Builders Account 2003 L.N.G. M32 45,000 74,000 cbm Gaz de France Oct 2004 On Order:- 2 Vessel(s); 5,000 DWT. On Order:- 6 Vessel(s); 75,300 DWT.

World Shipyard Monitor Database Page 9 1st June 2003 Germany Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

LINDENAU Germany Kiel AKER MTW WERFT Chem & Oil 257 32,450 German Tanker Shpg. Jun 2003 Wismar Chem & Oil 251 32,450 German Tanker Shpg. Dec 2003 Container 017 34,100 2,478 TEU Oldendorff, Klaus Aug 2003 Chem & Oil 254 32,300 German Tanker Shpg. Jun 2004 Container 018 34,100 2,478 TEU Oldendorff, Klaus Sep 2003 Chem & Oil 270 32,230 German Tanker Shpg. Dec 2004 Container 019 34,100 2,478 TEU Oldendorff, Klaus Nov 2003 Chem & Oil 258 34,200 Seychelles Petroleum Jun 2005 Container 020 33,900 2,478 TEU Iran Shipping Lines Dec 2003 Chem & Oil 259 34,200 Seychelles Petroleum Dec 2005 Container 021 33,900 2,478 TEU Iran Shipping Lines Dec 2003 Chem & Oil 32,480 Unknown Owner Jun 2006 Container 023 33,900 2,478 TEU Iran Shipping Lines May 2004 On Order:- 7 Vessel(s); 230,310 DWT. Container 025 33,900 2,478 TEU Iran Shipping Lines Jul 2004 LLOYD WERFT On Order:- 7 Vessel(s); 237,900 DWT. Bremerhaven FLENSBURGER S.B Cruise 7671 6,000 72,000 GT Norw. Cruise Line May 2004 Flensburg Cruise 7672 6,000 72,000 GT Norw. Cruise Line 2005 Ro-Ro 721 10,070 DFDS Tor line Sep 2003 On Order:- 2 Vessel(s); 12,000 DWT. Ro-Ro 722 10,070 DFDS Tor line Dec 2003 MEYER WERFT Ro-Ro 723 10,070 DFDS Tor line Apr 2004 Ro-Ro 724 10,070 DFDS Tor line Aug 2004 Papenburg Ro-Ro 725 10,070 DFDS Tor line Nov 2004 Cruise 657 8,900 90,090 GT Royal Caribbean Jun 2003 Ro-Ro 726 11,300 UND RoRo Isletmeleri Apr 2005 Pass/Car F. 650 35,000 GT Brittany Ferries Feb 2004 Ro-Ro 727 11,300 UND RoRo Isletmeleri Aug 2005 Cruise 658 8,900 90,090 GT Royal Caribbean Jun 2004 On Order:- 7 Vessel(s); 72,950 DWT. Pass 663 3,500 15,000 GT Pelni, P.T. Jul 2004 On Order:- 4 Vessel(s); 21,300 DWT. J. J. SIETAS MUTZELFELDT Hamburg Container 1160 8,900 822 TEU Petra Heinrich May 2003 Cuxhaven Container 1165 8,900 822 TEU Peter Dohle Schiff. Jun 2003 Chem & Oil 211/238 16,000 Fleischer & Co. AS Apr 2003 Container 1166 8,900 822 TEU Peter Dohle Schiff. Aug 2003 Container 242 12,900 1,100 TEU Thien & Heyenga Aug 2003 MPP 1137 9,600 Sal-Altes Land Oct 2003 Container 243 12,900 1,100 TEU Thien & Heyenga Dec 2003 MPP 1138 9,600 Sal-Altes Land Dec 2003 Chem & Oil 212/239 16,000 Fleischer & Co. AS Jan 2004 Container 11,200 880 TEU Unknown Owner 2004 On Order:- 4 Vessel(s); 57,800 DWT. Container 11,200 880 TEU Unknown Owner 2004 NORDSEEWERKE Container 11,200 880 TEU Unknown Owner 2004 Container 1070 11,200 880 TEU Peter Dohle Schiff. 2004 Emden Container 1140 11,200 880 TEU Martens, Ingolf Mar 2004 Res. SWATH 537 German Govt. Nov 2003 Container 1141 11,200 880 TEU Martens, Ingolf Apr 2004 Container 33,900 2,452 TEU Iran Shipping Lines Jul 2004 Container 1142 11,200 880 TEU Martens, Ingolf May 2004 On Order:- 2 Vessel(s); 33,900 DWT. Container 22,300 1,719 TEU Unknown Owner Dec 2004 Container 22,300 1,719 TEU Unknown Owner 2005 PEENE WERFT Container 22,300 1,719 TEU Unknown Owner 2005 Wolgast Container 22,300 1,719 TEU Unknown Owner Jan 2005 Container 503 18,400 1,150 TEU Schoeller Holdings Jun 2003 On Order:- 16 Vessel(s); 213,500 DWT. Container 504 18,400 1,150 TEU Schoeller Holdings Sep 2003 Container 505 18,400 1,150 TEU Schoeller Holdings Dec 2003 KROEGER WERFT Container 18,400 1,150 TEU Simatech L.L.C. Mar 2004 Rendsburg Container 18,400 1,150 TEU Simatech L.L.C. May 2004 Research 4/1566 1,050 German Govt. Jun 2004 Container 18,400 1,150 TEU Simatech L.L.C. Mar 2005 On Order:- 1 Vessel(s); 1,050 DWT. Container 18,400 1,150 TEU Simatech L.L.C. May 2005 On Order:- 7 Vessel(s); 128,800 DWT. KV. WARNOWWERFT Warnemunde ROLANDWERFT Container 31 33,545 2,524 TEU MPC Steamship Jun 2003 Bremen Container 32 33,750 2,524 TEU Ugland Int. Holdings Aug 2003 Ro-Ro 208 7,172 Harren & Partner 2003 Container 33 33,750 2,524 TEU Ugland Int. Holdings Oct 2003 Ro-Ro/Lo-Lo 206 3,300 Harren & Partner 2003 Container 34 33,750 2,524 TEU Ugland Int. Holdings Dec 2003 Ro-Ro/Lo-Lo 207 3,300 Harren & Partner 2003 Container 35 33,750 2,524 TEU Ugland Int. Holdings Mar 2004 On Order:- 3 Vessel(s); 13,772 DWT. Container 022 33,900 2,478 TEU Iran Shipping Lines Mar 2004 Container 024 33,900 2,478 TEU Iran Shipping Lines Jun 2004 SCHW. CASSENS On Order:- 7 Vessel(s); 236,345 DWT. Emden Cruise 236 700 4,000 GT Unknown Owner Oct 2003 Pass/Car F. 237 500 3,500 GT Sun Bay Shipping May 2004

World Shipyard Monitor Database Page 10 1st June 2003 Orderbook by Yard Germany Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

On Order:- 2 Vessel(s); 1,200 DWT. On Order:- 1 Vessel(s); 1,560 DWT.

SSW FAHR HOOGHLY DOCKING Bremerhaven Calcutta Container 2010 33,800 2,496 TEU E.R. Schiffahrt Nov 2003 Pass 460 635 2,400 GT Indian Govt. Aug 2004 On Order:- 1 Vessel(s); 33,800 DWT. On Order:- 1 Vessel(s); 635 DWT.

VOLKSWERFT Indonesia Stralsund Container 444 40,410 3,000 TEU A.P. Moller May 2003 KODJA BAHARI Container 445 40,410 3,000 TEU A.P. Moller Sep 2003 Tanjung Priok Container 446 40,410 3,000 TEU A.P. Moller Dec 2003 Products 1238 1,500 Builders Account 2003 MSV 447 5,000 6,500 GT Maersk Supply Feb 2004 On Order:- 1 Vessel(s); 1,500 DWT. Container 449 27,500 2,100 TEU Safmarine Cont. Line Jun 2004 AHTS 448 4,500 6,500 GT Maersk Supply Jun 2004 NOAHTU S/YARD Container 450 27,500 2,100 TEU Safmarine Cont. Line Aug 2004 Panjang Container 27,500 2,100 TEU Safmarine Cont. Line Oct 2004 Container 27 4,180 208 TEU Djakarta Lloyd 2003 Container 452 33,570 2,500 TEU Rudolf Schepers Dec 2004 On Order:- 1 Vessel(s); 4,180 DWT. Container 453 33,570 2,500 TEU Rudolf Schepers Mar 2005 On Order:- 10 Vessel(s); 280,370 DWT. P.T. PAL INDON. Surabaya Greece Products 3,500 Pertamina 2003 Open Hatch M142 45,000 Meranti Maritime Sep 2003 ATSALAKIS S/Y Open Hatch M143 45,000 Meranti Maritime Dec 2003 Perama On Order:- 3 Vessel(s); 93,500 DWT. Pass/Car F. 010 1,500 7,000 GT Tomasos Brothers May 2003 Pass/Car F. 011 1,500 7,000 GT Tomasos Brothers Dec 2003 Iran On Order:- 2 Vessel(s); 3,000 DWT. ISOICO HELLENIC S/YARD Bandar Abbas Skaramanga Bulk 76,000 Nat. Iranian Tanker 2004 Pass/Car F. 1701 1,960 18,000 GT Strintzis Lines 2003 Bulk 76,000 Nat. Iranian Tanker 2004 Pass/Car F. 1702 1,960 18,000 GT Strintzis Lines 2003 Container 33,900 2,452 TEU Iran Shipping Lines 2004 On Order:- 2 Vessel(s); 3,920 DWT. Container 33,900 2,452 TEU Iran Shipping Lines 2004 Container 33,900 2,452 TEU Iran Shipping Lines 2004 India Container 33,900 2,452 TEU Iran Shipping Lines 2004 Container 33,900 2,452 TEU Iran Shipping Lines 2004 ABG SHIPYARD Chem & Oil 35,000 Nat. Iranian Tanker Nov 2004 Surat Chem & Oil 35,000 Nat. Iranian Tanker Jan 2005 Oil Well Svc 193 900 1,600 GT Al Mansoori Product. 2003 On Order:- 9 Vessel(s); 391,500 DWT. AHTS 190 1,300 1,500 GT Halul Offshore 2003 AHTS 191 1,300 1,500 GT Halul Offshore 2003 NEKA SHIPYARD Oil Well Svc 192 650 950 GT Al Mansoori Product. 2003 Neka Supply 196 900 690 GT Zamil Operations Jan 2003 Products 6,000 Iran Shipping Lines Jun 2003 Oil Well Svc 195 490 GT Halul Offshore Apr 2003 Products 6,000 Iran Shipping Lines Sep 2003 Diving Spt 201 2,000 1,800 GT Halul Offshore Jun 2003 Products 6,000 Iran Shipping Lines Dec 2003 Supply 198 900 690 GT Zamil Operations Jun 2003 On Order:- 3 Vessel(s); 18,000 DWT. Supply 199 900 690 GT Zamil Operations Jul 2003 Supply 200 900 690 GT Zamil Operations Aug 2003 SADRA SHIPYARD Utility 202 500 GT Lamnalco Ltd. 2004 Bandar Abbas Utility 203 500 GT Lamnalco Ltd. 2004 Launch Barge FLB124 18,500 Builders Account 2003 On Order:- 12 Vessel(s); 9,750 DWT. On Order:- 1 Vessel(s); 18,500 DWT. COCHIN S.Y. LTD Italy Cochin Bulk BY-45 29,000 National Pet. Const. Jul 2003 CANT. APUANIA On Order:- 1 Vessel(s); 29,000 DWT. M. Di. Carrara HINDUSTAN S/Y Chem & Oil 13,500 Castaldi, P.G. & M. Mar 2004 On Order:- 1 Vessel(s); 13,500 DWT. Visakhapatnam RoPax 11102 1,560 Shpg. Corp. of India Dec 2003

World Shipyard Monitor Database Page 11 1st June 2003 Italy Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

CANT. DE POLI GIACALONE Venice Mazara Chem & Oil 191 16,800 Ar.Co.In. S.R.L. May 2003 Bunkering 2,000 G. D'Alesio S.A.S. 2004 L.P.G. 2,700 3,000 cbm Stargas S.r.l. Aug 2003 Bunkering 2,000 G. D'Alesio S.A.S. 2004 L.P.G. 2,700 3,000 cbm Stargas S.r.l. Nov 2003 On Order:- 2 Vessel(s); 4,000 DWT. Chem & Oil 16,800 Ar.Co.In. S.R.L. 2004 L.P.G. 2,700 3,000 cbm Stargas S.r.l. 2004 RODRIQUEZ L.P.G. 2,700 3,000 cbm Stargas S.r.l. 2004 Pietro Ligure On Order:- 6 Vessel(s); 44,400 DWT. Fast PCFerry 1,200 GT Unknown Owner 2003 On Order:- 1 Vessel(s); DWT. CANT. ORLANDO Leghorn ROSETTI MARINO Chem & Oil 293 23,000 Castaldi, P.G. & M. Sep 2003 Ravenna Pass/Car F. 299 3,500 23,700 GT Corsica Ferries S.A. Mar 2004 PSV 3,100 2,400 GT Augusta Offshore Dec 2003 On Order:- 2 Vessel(s); 26,500 DWT. On Order:- 1 Vessel(s); 3,100 DWT.

CANT. TERMOLI SESTRI-CANTIERE Termoli Genoa Chem & Oil C173 6,500 Marnavi S.P.A. 2003 Cruise 6086 11,150 101,350 GT Costa Crociere Oct 2003 Chem & Oil C174 6,500 Finaval S.P.A. 2003 Cruise 6087 11,150 101,350 GT Costa Crociere Sep 2004 On Order:- 2 Vessel(s); 13,000 DWT. On Order:- 2 Vessel(s); 22,300 DWT.

CANT.NAV.MORINI SOC. ESERCIZIO Ancona Viareggio Chem & Oil 273 5,200 Marnavi S.P.A. Jun 2003 Chem & Oil 1555 21,700 Unknown Owner 2003 Chem & Oil 280 12,000 Finbeta S.P.A Dec 2003 Chem & Oil 1556 21,700 Unknown Owner 2003 On Order:- 2 Vessel(s); 17,200 DWT. Ro-Ro 1548 12,350 Builders Account 2003 Ro-Ro 1549 12,350 Builders Account 2003 CANT.NAV.PESARO Ro-Ro 1547 12,350 Stena AB Jun 2003 Pesaro Ro-Ro 1550 12,350 Builders Account 2004 Chem & Oil 92 6,000 Cali, Diego E Figli 2003 On Order:- 6 Vessel(s); 92,800 DWT. Chem & Oil 93 6,000 Cali, Diego E Figli 2003 Ethy/LPG 89 8,000 9,000 cbm Cispa Gas Transport Sep 2003 VISENTINI On Order:- 3 Vessel(s); 20,000 DWT. Donada RoPax 197 7,000 Visentini Trasporti Jun 2003 FINCANTIERI RoPax 200 7,000 Visentini Trasporti Dec 2003 Ancona RoPax 7,000 Visentini Trasporti 2004 L.P.G. 6106 38,000 37,300 cbm Carbofin S.p.A. Nov 2003 On Order:- 3 Vessel(s); 21,000 DWT. Castellammare Ro-Ro 6093 25,000 Grimaldi Group Mar 2003 Japan Pass/Car F. 6096 4,500 35,000 GT Tirrenia Soc. Nav. May 2003 ASAKAWA S.B. Pass/Car F. 4,500 35,000 GT Tirrenia Soc. Nav. Jun 2004 Pass/Car F. 4,500 35,000 GT Tirrenia Soc. Nav. Feb 2005 Imabari L.P.G. 431 8,600 10,500 cbm Komaya Shipping Co. Jul 2003 Marghera L.P.G. 12,000 10,500 cbm Komaya Shipping Co. Dec 2003 Cruise 6076 7,200 84,000 GT Holland America Line Jul 2003 Chem & Oil 537 14,200 Berlian Laju Tanker Oct 2004 Cruise 6077 7,200 84,000 GT Holland America Line Dec 2003 Chem & Oil 538 14,200 Berlian Laju Tanker Feb 2005 Cruise 6078 7,200 84,000 GT Cunard Line Ltd. 2004 On Order:- 4 Vessel(s); 49,000 DWT. Cruise 6079 7,200 84,000 GT Holland America Line Jan 2006 Monfalcone EVERGREEN H.I. Cruise 6058 8,200 110,000 GT Carnival Corp. Jul 2003 Nagasaki Cruise 6067 9,000 120,000 GT P&O Cruises Ltd. Jan 2004 Pass/Car F. 5,000 GT Oshima Unyu K.K. Apr 2003 Cruise 6082 8,200 110,000 GT Carnival Corp. Dec 2004 Container 1056 19,309 1,618 TEU Evergreen Mar. Corp. Jul 2003 Cruise 8,200 110,000 GT Carnival Corp. 2005 On Order:- 2 Vessel(s); 19,309 DWT. Cruise 9,000 116,000 GT Princess Cruises Inc May 2006 FUKUOKA S.B. Palermo Fukuoka Ro-Ro 6094 25,000 Grimaldi Group Jun 2003 Chem & Oil 1229 12,300 Unknown Owner May 2003 Ro-Ro 6095 25,000 Grimaldi Group Dec 2003 Chem & Oil 1230 15,200 Unknown Owner Aug 2003 On Order:- 16 Vessel(s); 197,900 DWT. Chem & Oil 1231 19,700 Unknown Owner Nov 2003 Chem & Oil 1232 9,800 Unknown Owner Jan 2004

World Shipyard Monitor Database Page 12 1st June 2003 Orderbook by Yard Japan Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Chem & Oil 1233 9,800 Unknown Owner Mar 2004 Bulk 52,000 A.M. Nomikos Oct 2004 Chem & Oil 1236 20,000 Gerhard Wessels Aug 2004 Bulk 52,000 A.M. Nomikos Dec 2004 Chem & Oil 1237 20,000 Gerhard Wessels Oct 2004 On Order:- 31 Vessel(s); 4,031,800 DWT. On Order:- 7 Vessel(s); 106,800 DWT. IMABARI S.B. HAKODATE DOCK Imabari Hakodate Container 581 17,000 1,400 TEU Shoei Kisen K.K. May 2003 Bulk 792 31,900 Orient Line Ltd. Jun 2003 Container 582 17,000 1,400 TEU Shoei Kisen K.K. Jun 2003 Bulk 32,000 Orient Line Ltd. Sep 2003 Bulk 32,000 Mingtai Nav. Jul 2003 Bulk 791 31,900 Orion Schiff. Reith Sep 2003 Container 583 17,000 1,400 TEU Shoei Kisen K.K. Jul 2003 Bulk 795 32,000 Lasco Shpg. Jan 2004 Bulk 32,000 Mingtai Nav. Aug 2003 Bulk 31,900 Orion Schiff. Reith Jan 2004 Bulk 28,500 Hsin Chien Marine Aug 2003 Bulk 796 32,000 Lasco Shpg. Feb 2004 Bulk 28,500 Hsin Chien Marine Sep 2003 Bulk 32,000 Pacific Basin Agen. May 2004 Bulk 28,200 Pacific Basin Agen. 2004 Bulk 32,000 Pacific Basin Agen. Jul 2004 Log 28,000 Lasco Shpg. Feb 2004 Bulk 32,000 Pacific Basin Agen. Oct 2004 Log 28,000 Lasco Shpg. Apr 2004 On Order:- 9 Vessel(s); 287,700 DWT. Marugame HIGAKI ZOSEN Bulk 1385 76,000 Unknown Owner May 2003 Bulk 1391 88,000 Kawasaki Kisen Jul 2003 Imabari Tanker 1383 107,000 Neptune Orient Lines Aug 2003 Ro-Ro 551 2,650 Unknown Owner Mar 2003 Bulk 1376 76,000 Yangming Marine Aug 2003 Bulk 553 12,500 Unknown Owner May 2003 Tanker 1384 107,000 Neptune Orient Lines Sep 2003 Ro-Ro 560 9,450 Unknown Owner Jul 2003 Bulk 1389 53,000 Unknown Owner Oct 2003 L.N.G. 545 2,000 2,500 cbm Shinwa Chemical Aug 2003 Pure Car 16,000 Kawasaki Kisen Oct 2003 Chem & Oil 8,400 Unknown Owner Nov 2003 Methanol 44,950 Nippon Yusen Kaisha Dec 2003 GCargo 563 10,100 Kawasaki Kinkai Nov 2003 Chip 1361 57,000 Nippon Yusen Kaisha Dec 2003 GCargo 565 10,100 Kawasaki Kinkai Feb 2004 Pure Car 16,000 Kawasaki Kisen Dec 2003 GCargo 10,100 Kawasaki Kinkai May 2004 Chip 55,100 Unknown Owner 2004 On Order:- 8 Vessel(s); 65,300 DWT. Products 45,000 Cido Shipping Jan 2004 I.H.I. Products 45,000 Cido Shipping Mar 2004 Bulk 1392 88,000 Kawasaki Kisen Mar 2004 Kure Pure Car 19,000 Nippon Yusen Kaisha Apr 2004 Container 3158 78,000 6,200 TEU Kaisho Shipping Co. Jun 2003 Pure Car 19,000 Nippon Yusen Kaisha Jul 2004 Tanker 3171 300,000 Nippon Yusen Kaisha Jul 2003 Pure Car 19,000 Nippon Yusen Kaisha Sep 2004 Tanker 3161 300,000 Tokyo Tanker Sep 2003 Products 44,950 Nippon Yusen Kaisha Oct 2004 Container 3167 78,000 6,200 TEU Kaisho Shipping Co. Dec 2003 Bulk 76,000 Taiyo Kaiun Oct 2004 Container 3168 78,000 6,200 TEU Kaisho Shipping Co. Feb 2004 Pure Car 19,000 Nippon Yusen Kaisha Dec 2004 Tanker 3162 300,000 Tokyo Tanker Jun 2004 Bulk 76,000 Unknown Owner 2005 Tanker 3170 300,000 Idemitsu Tanker Co. Jul 2004 Bulk 76,000 Unknown Owner 2005 Container 3169 78,000 6,200 TEU Kaisho Shipping Co. Jul 2004 Bulk 76,000 Unknown Owner 2005 Bulk 3183 86,000 Pacific Carriers Aug 2004 Pure Car 18,000 Mitsui O.S.K. Lines 2005 FPSO/LPG 1063 77,000 ChevronTexaco Aug 2004 Pure Car 18,000 Mitsui O.S.K. Lines 2005 Tanker 300,000 Kyoei Tanker Co. Sep 2004 Bulk 88,000 Shinwa Kaiun Kaisha Jan 2005 Bulk 3184 86,000 Pacific Carriers Oct 2004 Bulk 88,000 Shinwa Kaiun Kaisha Feb 2005 Bulk 3185 86,000 Pacific Carriers Dec 2004 Bulk 88,000 Shinwa Kaiun Kaisha Mar 2005 Container 98,000 7,700 TEU Blue Star Reederei Dec 2004 Bulk 76,500 Sanko S.S. Oct 2005 Bulk 86,000 Pacific Carriers 2005 Container 98,000 7,700 TEU Blue Star Reederei Mar 2005 Saijo Tanker 3178 300,000 Formosa Plastics Co. May 2005 Tanker 8013 107,000 Itochu Corp. Jun 2003 Container 98,000 7,700 TEU Blue Star Reederei May 2005 Tanker 8019 107,222 Tsakos Shpg. & Trad. Aug 2003 Tanker 3179 300,000 Formosa Plastics Co. Aug 2005 Tanker 8023 107,000 Unknown Owner Aug 2003 Bulk 3181 170,000 Formosa Plastics Co. Sep 2005 Tanker 300,000 Nippon Yusen Kaisha 2004 Container 98,000 7,700 TEU Blue Star Reederei Dec 2005 Tanker 107,000 Kawasaki Kisen Mar 2004 Bulk 3182 170,000 Formosa Plastics Co. Jan 2006 Ore 8021 233,000 Mitsui O.S.K. Lines Jun 2004 Bulk 205,000 Kawasaki Kisen 2005 Yokohama Bulk 205,000 Kawasaki Kisen 2005 Container 3164 55,000 4,500 TEU Kaisho Shipping Co. Jun 2003 Bulk 171,000 Norden D/S A/S 2005 Container 3165 55,000 4,500 TEU Kaisho Shipping Co. Sep 2003 Tanker 107,000 Kawasaki Kisen May 2005 Container 3166 55,000 4,500 TEU Kaisho Shipping Co. Dec 2003 On Order:- 49 Vessel(s); 3,580,922 DWT. Bulk 3174 48,600 A.M. Nomikos Feb 2004 Bulk 3175 48,600 A.M. Nomikos Apr 2004 Bulk 3176 48,600 A.M. Nomikos Jun 2004 Bulk 52,000 A.M. Nomikos Aug 2004

World Shipyard Monitor Database Page 13 1st June 2003 Japan Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

IWAGI ZOSEN Sakaide Iwagi L.P.G. 1518 49,000 80,000 cbm Kumiai Senpaku K.K. Jul 2003 Bulk 227 53,400 Unknown Owner Apr 2003 L.N.G. 1520 78,000 145,000 cbm Tokyo LNG Tanker Co. Sep 2003 Products 215 48,000 Iino Kaiun Kaisha Sep 2003 L.P.G. 1523 45,000 59,200 cbm Bergesen D.Y. ASA Sep 2003 Products 216 48,000 Iino Kaiun Kaisha Oct 2003 L.P.G. 1530 45,000 59,200 cbm Bergesen D.Y. ASA Oct 2003 Products 220 48,000 Iino Kaiun Kaisha Nov 2003 L.P.G. 1531 45,000 59,200 cbm Skibs. Solvang Dec 2003 Bulk 225 53,500 T&E Bulkers 2004 Tanker 300,000 Mitsui O.S.K. Lines 2004 Bulk 53,000 Unknown Owner Jan 2004 L.N.G. 1527 76,000 145,000 cbm Mitsui O.S.K. Lines Mar 2004 Products 218 48,000 Mitsui O.S.K. Lines Apr 2004 L.P.G. 1543 45,000 59,200 cbm Skibs. Solvang Mar 2004 Products 219 48,000 Mitsui O.S.K. Lines Jul 2004 L.P.G. 1546 45,000 59,200 cbm Sonatrach Sep 2004 Products 221 45,800 Cido Shipping Dec 2004 L.N.G. 1534 75,000 145,000 cbm Algeria Nippon Gas Dec 2004 Products 222 45,800 Cido Shipping Dec 2004 Tanker 300,000 Mitsui O.S.K. Lines 2005 Bulk 226 53,500 T&E Bulkers Mar 2005 L.N.G. 1521 78,000 145,000 cbm Tokyo LNG Tanker Co. Mar 2005 Products 48,000 Mitsui O.S.K. Lines 2006 L.P.G. 1547 45,000 59,200 cbm Sonatrach Mar 2005 Products 48,000 Mitsui O.S.K. Lines 2006 L.P.G. 1548 45,000 59,200 cbm Sonatrach May 2005 On Order:- 13 Vessel(s); 641,000 DWT. L.N.G. 1532 72,000 140,000 cbm Kawasaki Kisen Apr 2006 L.N.G. 1545 75,000 145,000 cbm Osaka Gas Corp. Sep 2006 KANASASHI K.K. On Order:- 18 Vessel(s); 1,518,000 DWT. Toyohashi KITANIHON ZOSEN Bulk 3557 46,600 Unknown Owner Jun 2003 Container 3560 36,000 2,700 TEU Unknown Owner Jul 2003 Hachinohe Pure Car 3561 19,250 Mitsui O.S.K. Lines Sep 2003 Chem & Oil 337 25,000 Jo Tankers A/S May 2003 Pure Car 3562 19,250 Mitsui O.S.K. Lines Nov 2003 Chem & Oil 338 19,500 Osaka Shipping Jul 2003 Bulk 3545 46,600 Shinwa Kaiun Kaisha Jan 2004 Chem & Oil 350 19,500 Doun Kisen K.K. Oct 2003 Pure Car 3563 19,250 Mitsui O.S.K. Lines Jan 2004 Chem & Oil 351 30,000 Jo Tankers A/S Jan 2004 Pure Car 3566 17,500 Cido Shipping Apr 2004 Chem & Oil 19,500 MT Maritime Mngt. May 2004 Pure Car 3567 17,500 Cido Shipping Jun 2004 Chem & Oil 32,000 MT Maritime Mngt. Nov 2004 Pure Car 17,550 Nippon Yusen Kaisha Aug 2004 On Order:- 6 Vessel(s); 145,500 DWT. Pure Car 17,550 Nippon Yusen Kaisha Oct 2004 Pure Car 17,550 Nippon Yusen Kaisha Dec 2004 KOYO DOCK K.K. Pure Car 18,000 Mitsui O.S.K. Lines 2005 Mihara Pure Car 18,000 Mitsui O.S.K. Lines 2005 Container 2145 34,500 2,750 TEU OOCL Apr 2003 Pure Car 3572 17,500 Cido Shipping Jan 2005 Products 2162 68,467 Tsakos Shpg. & Trad. May 2003 Pure Car 3573 17,500 Cido Shipping Mar 2005 Container 2146 34,500 2,750 TEU OOCL May 2003 Pure Car 17,550 Nippon Yusen Kaisha Jun 2005 Products 2163 68,467 Tsakos Shpg. & Trad. Sep 2003 Pure Car 18,000 Mitsui O.S.K. Lines 2006 Container 2147 78,000 6,200 TEU Nippon Yusen Kaisha Sep 2003 On Order:- 17 Vessel(s); 381,150 DWT. Container 2148 78,000 6,200 TEU Nippon Yusen Kaisha Nov 2003 Container 2150 66,500 5,500 TEU Unknown Owner Nov 2003 KANDA ZOSENSHO Container 66,500 5,500 TEU Shoei Kisen K.K. Jan 2004 Kawajiri Container 2151 66,500 5,500 TEU Unknown Owner Jan 2004 Bulk 441 32,000 Chugoku Sogyo Co. May 2003 Container 66,500 5,500 TEU Shoei Kisen K.K. Mar 2004 Bulk 434 32,600 Pacific Basin Agen. Jul 2003 Products 2166 70,000 Pleiades Shpg. Agcy. Aug 2004 Bulk 435 32,600 Pacific Basin Agen. Aug 2003 Products 70,000 Pleiades Shpg. Agcy. Nov 2004 Bulk 437 32,000 Sincere Industrial Oct 2003 On Order:- 12 Vessel(s); 767,934 DWT. Bulk 438 32,000 Sincere Industrial Dec 2003 Bulk 446 32,000 Unknown Owner Feb 2004 KYOKUYO S/YARD Bulk 443 32,600 Pacific Basin Agen. Mar 2004 Shimonoseki Bulk 447 32,600 Pacific Basin Agen. May 2004 Chem & Oil 445 16,500 Petroships Pte. Jun 2003 Bulk 450 32,000 Unknown Owner Jul 2004 Rfr Fish C. 446 5,035 199,883 Cu.ft Yamane Kaiun K.K. Jun 2003 Bulk 451 32,000 Unknown Owner Sep 2004 Rfr Fish C. 450 4,950 200,000 Cu.ft Unknown Owner Aug 2003 Bulk 455 32,000 Unknown Owner Oct 2004 Bulk 447 13,600 Arklow Shipping Ltd. Nov 2003 Bulk 456 32,000 Unknown Owner Dec 2004 Bulk 448 13,600 Arklow Shipping Ltd. Jan 2004 Bulk 457 32,000 Unknown Owner Feb 2005 Container 451 12,550 831 TEU Shandong Int. Trans. Mar 2004 Bulk 32,000 Sincere Industrial Mar 2005 Container 452 12,550 831 TEU Shandong Int. Trans. May 2004 On Order:- 14 Vessel(s); 450,400 DWT. Chem & Oil 16,500 Petroships Pte. Jul 2004 On Order:- 8 Vessel(s); 95,285 DWT. KAWASAKI H.I. Kobe MINAMI NIPPON Bulk 1539 50,000 Unknown Owner Jun 2003 Usuki Bulk 1541 50,000 Unknown Owner Sep 2003 Pure Car 675 21,000 Mitsui O.S.K. Lines Jun 2003 Pure Car 676 21,000 Mitsui O.S.K. Lines Dec 2003 Pure Car 18,000 Mitsui O.S.K. Lines 2004

World Shipyard Monitor Database Page 14 1st June 2003 Orderbook by Yard Japan Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Pure Car 18,000 Mitsui O.S.K. Lines 2004 Tamano Pure Car 18,000 Mitsui O.S.K. Lines 2005 Bulk 1571 50,000 Mitsui & Co. Ltd. Jun 2003 On Order:- 5 Vessel(s); 96,000 DWT. Bulk 1575 50,000 Mitsui & Co. Ltd. Jul 2003 MITSUBISHI H.I. Tanker 1567 110,000 Fratelli D'Amico Sep 2003 Bulk 1573 56,000 Niovis Shipping Co. Oct 2003 Kobe Tanker 1568 110,000 Fratelli D'Amico Nov 2003 Container 1247 50,800 4,500 TEU Mitsui O.S.K. Lines Jun 2003 Bulk 1595 56,000 Norden D/S A/S Feb 2004 Container 1248 50,800 4,500 TEU Mitsui O.S.K. Lines Aug 2003 Tanker 1569 110,000 Fratelli D'Amico Mar 2004 Container 1249 50,800 4,500 TEU Mitsui O.S.K. Lines Nov 2003 Open Hatch 1531 44,500 Grieg Shipping A/S Apr 2004 Container 1256 50,800 4,500 TEU Mitsubishi Corp. Mar 2004 Open Hatch 1532 44,500 Grieg Shipping A/S Jun 2004 Pure Car 18,000 Mitsui O.S.K. Lines 2005 Bulk 1576 50,000 Ocean Bulk Carriers Jul 2004 Pure Car 18,000 Mitsui O.S.K. Lines 2005 Bulk 1591 56,000 Oskar Wehr Aug 2004 Pure Car 18,000 Mitsui O.S.K. Lines 2005 Bulk 1578 55,000 Unknown Owner Aug 2004 Pure Car 18,000 Mitsui O.S.K. Lines 2006 Bulk 1586 56,000 Chellaram Shpg. Nov 2004 Nagasaki Bulk 1580 50,000 Ocean Bulk Carriers Nov 2004 L.P.G. 2179 48,500 78,000 cbm Nippon Yusen Kaisha Jun 2003 Bulk 56,000 Sanko S.S. Dec 2004 L.N.G. 2169 76,190 137,100 cbm Malaysian Int. Shpg. Sep 2003 Bulk 1592 56,000 Oskar Wehr Dec 2004 L.N.G. 2176 78,700 135,000 cbm Tokyo Electric Corp. Sep 2003 Bulk 1583 55,000 Lepta Shipping Co. 2005 L.P.G. 2182 49,700 78,000 cbm Nippon Yusen Kaisha Dec 2003 Bulk 1581 56,000 Lepta Shipping Co. Jan 2005 Tanker 300,000 Nippon Yusen Kaisha 2004 Bulk 1582 56,000 Lepta Shipping Co. Feb 2005 Tanker 300,000 Mitsui O.S.K. Lines 2004 Bulk 56,000 Sanko S.S. Mar 2005 L.P.G. 2186 26,000 35,000 cbm Nippon Yusen Kaisha Jan 2004 Bulk 1587 56,000 Chellaram Shpg. Apr 2005 L.N.G. 2183 67,300 135,000 cbm STASCO (Shell) Mar 2004 Bulk 1594 56,000 Unknown Owner Jun 2005 Cruise 2181 10,000 113,000 GT Princess Cruises Inc Mar 2004 Bulk 1589 56,000 Unknown Owner Jul 2005 Cruise 2180 10,000 113,000 GT Princess Cruises Inc May 2004 Bulk 1596 56,000 Unknown Owner Sep 2005 RoPax 8,000 Shin Nihonkai Ferry Jun 2004 On Order:- 37 Vessel(s); 3,571,030 DWT. RoPax 8,000 Shin Nihonkai Ferry Jul 2004 L.N.G. 2177 76,190 137,100 cbm Malaysian Int. Shpg. Sep 2004 MIURA ZOSENSHO Pure Car 17,500 Wilh Wilhelmsen Oct 2004 Saiki Tanker 300,000 Mitsui O.S.K. Lines 2005 Products 1262 7,696 Hong Lam Marine Apr 2003 L.P.G. 49,700 78,000 cbm Yuyo S.S. 2005 L.P.G. 1263 1,970 1,500 cbm Ogaki Kaiun May 2003 Pure Car 17,500 Wilh Wilhelmsen Jan 2005 On Order:- 2 Vessel(s); 9,666 DWT. L.N.G. 2184 74,400 138,000 cbm Leif Hoegh & Others Oct 2005 L.N.G. 2185 74,400 138,000 cbm Leif Hoegh & Others Jan 2006 MIYOSHI ZOSEN L.N.G. 2187 78,700 135,000 cbm Tokyo Electric Corp. Mar 2006 Uwajima Shimonoseki Chem & Oil 372 12,000 Unknown Owner Jul 2003 On Order:- 1 Vessel(s); 12,000 DWT. Pass/Car F. 1100 850 2,380 GT Oki Kisen K.K. Apr 2003 Pass/Car F. 1091 5,560 13,300 GT Hankyu Ferry Co. Ltd Jun 2003 MURAKAMI HIDE Pass/Car F. 1096 6,100 10,500 GT Nippon Express Sep 2003 Pass/Car F. 1097 6,100 10,500 GT Shosen Mitsui Ferry Oct 2003 Hakata Chem & Oil 528 8,800 Unknown Owner 2003 Pass/Car F. 1098 6,100 10,500 GT Shosen Mitsui Ferry Nov 2003 Chem & Oil 531 8,800 Unknown Owner 2003 Pass/Car F. 1099 6,100 10,500 GT Nippon Express Dec 2003 GCargo 6,750 Unknown Owner 2003 Pass/Car F. 6,700 14,000 GT Taiheiyo Ferry Jan 2005 On Order:- 3 Vessel(s); 24,350 DWT. On Order:- 35 Vessel(s); 1,983,490 DWT.

MITSUI S.B. NAIKAI S.B. Chiba Setoda Container 674 33,000 2,495 TEU Schepers & Co. May 2003 Bulk 184,500 Nippon Steel Shpg May 2003 Methanol 678 48,200 Koyo Kaiun Co. Ltd. Jan 2004 Tanker 1558 300,000 Mitsui O.S.K. Lines Jul 2003 Products 681 18,000 Kirana Tanker Pte. Feb 2004 Bulk 1555 184,550 Nittetsu Kaiun Nov 2003 Products 682 18,000 Kirana Tanker Pte. Mar 2004 Tanker 300,000 Mitsui O.S.K. Lines 2004 Pass/Car F. 685 420 2,200 GT Unknown Owner Mar 2004 L.N.G. 1507 76,190 137,100 cbm Malaysian Int. Shpg. Jan 2004 Products 683 45,900 Unknown Owner Jun 2004 Bulk 1584 177,000 Nissen Kaiun K.K. Jun 2004 Products 684 45,900 Unknown Owner Sep 2004 L.N.G. 1561 79,600 135,000 cbm Mitsui Bussan Aug 2004 Products 687 45,900 Unknown Owner Mar 2005 Bulk 1585 177,000 Nissen Kaiun K.K. Aug 2004 Pass/Car F. 686 420 2,200 GT Unknown Owner Mar 2005 Bulk 1593 177,000 Mizuho Sangyo Co. Oct 2004 On Order:- 9 Vessel(s); 255,740 DWT. Tanker 300,000 Mitsui O.S.K. Lines 2005 L.N.G. 1562 76,190 137,100 cbm Malaysian Int. Shpg. Jan 2005 NAMURA ZOSENSHO Pass/Car F. 7,000 14,500 GT Techno Marine Co. Mar 2005 L.N.G. 1564 75,000 140,000 cbm Kawasaki Kisen Dec 2005 Imari Bulk 227 177,000 Mitsui O.S.K. Lines May 2003

World Shipyard Monitor Database Page 15 1st June 2003 Japan Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Bulk 229 177,000 Kawasaki Kisen Jun 2003 Bulk 76,500 Unknown Owner 2004 Bulk 225 177,000 Kawasaki Kisen Aug 2003 Bulk 76,500 Unknown Owner 2004 Bulk 74,000 Unknown Owner Aug 2003 Bulk 10366 55,000 Norden D/S A/S 2004 Tanker 234 105,000 Augustea Ship Mngt Sep 2003 Bulk 46,000 Sanko S.S. 2004 Tanker 240 105,000 Daiichi Chuo Oct 2003 Bulk 46,000 Sanko S.S. 2004 Bulk 241 177,000 Kumiai Senpaku K.K. Dec 2003 Bulk 46,000 Sanko S.S. 2004 Bulk 177,000 Kawasaki Kisen 2004 Bulk 52,500 Van Ommeren Clipper Jan 2004 Bulk 177,000 Hokoku Kaiun K.K. 2004 Bulk 76,500 Unknown Owner Mar 2004 Bulk 224 74,000 Livanos Group Jan 2004 Bulk 74,000 Transocean Maritime Mar 2004 Tanker 242 156,000 Onassis Group Feb 2004 Bulk 50,600 Liberty Maritime Mar 2004 Bulk 74,000 Unknown Owner Mar 2004 Open Hatch 10333 48,000 Westfal-Larsen Mar 2004 Bulk 247 229,900 Nippon Yusen Kaisha May 2004 Open Hatch 10332 48,000 Westfal-Larsen Apr 2004 Tanker 243 156,000 Onassis Group Jul 2004 Bulk 10346 36,300 Yawatahama Kisen Apr 2004 Bulk 244 73,990 Angelakos Ltd. Sep 2004 Bulk 10347 96,400 Daiichi Chuo May 2004 Bulk 246 177,000 Santoku Senpaku Jan 2005 Bulk 10365 55,000 Norden D/S A/S May 2004 Bulk 177,300 Sanko S.S. Sep 2005 Bulk 33,300 Shih Wei Navigation May 2004 Bulk 236 74,000 Unknown Owner Sep 2005 Bulk 10348 96,400 Doun Kisen K.K. Jul 2004 On Order:- 18 Vessel(s); 2,538,190 DWT. Bulk 10360 33,000 Cido Shipping Jul 2004 Bulk 10357 55,500 T&E Bulkers Aug 2004 NIIGATA ENG. CO Bulk 33,300 Shih Wei Navigation Aug 2004 Niigata Bulk 74,000 Transocean Maritime Sep 2004 AHTS 2506 2,000 2,400 GT SNK Ocean Co. Ltd. Mar 2003 Bulk 55,000 Wah Kwong Shpg. Sep 2004 On Order:- 1 Vessel(s); 2,000 DWT. Bulk 10361 33,000 Cido Shipping Sep 2004 Bulk 55,000 COSCO (Hong Kong) Oct 2004 NISHI S.B. CO. Bulk 52,500 Taiwan Navigation Nov 2004 Imabari Bulk 55,000 COSCO (Hong Kong) Dec 2004 GCargo 9,350 Kawasaki Kinkai Oct 2003 Bulk 75,000 Shinyo International 2005 GCargo 9,350 Kawasaki Kinkai Dec 2004 Bulk 75,000 Shinyo International 2005 On Order:- 2 Vessel(s); 18,700 DWT. Bulk 10391 55,500 T&E Bulkers 2005 Bulk 55,000 Sanko S.S. 2005 ONOMICHI DOCKYD Bulk 52,500 Sanko S.S. 2005 Onomichi Bulk 55,000 Wah Kwong Shpg. Jan 2005 Products 491 47,000 Nisshin Shpg.Co.Ltd. Jun 2003 Bulk 10358 53,500 T&E Bulkers Jan 2005 Products 492 47,000 Stargas S.r.l. Jul 2003 Bulk 52,500 Taiwan Navigation Jan 2005 Products 493 47,000 Nisshin Shpg.Co.Ltd. Sep 2003 Bulk 33,000 Cido Shipping Jan 2005 Products 494 47,000 Vanguard Enterprise Oct 2003 Bulk 33,000 Cido Shipping Mar 2005 Products 495 47,000 Vanguard Enterprise Jan 2004 Bulk 35,000 Shinwa Kaiun Kaisha Jul 2005 Products 497 47,000 Nisshin Shpg.Co.Ltd. Jan 2004 Bulk 55,500 Cido Shipping Aug 2005 Tanker 498 71,000 Dynacom Tankers Mngt Feb 2004 Bulk 55,500 Cido Shipping Oct 2005 Tanker 499 71,000 Dynacom Tankers Mngt Apr 2004 Bulk 35,000 Shinwa Kaiun Kaisha Jan 2006 Products 500 47,000 Yamamoto Kaiun K.K. Jul 2004 On Order:- 49 Vessel(s); 2,722,849 DWT. Bulk 502 53,000 COSCO (Hong Kong) Jul 2004 SAIKI HVY. IND. Products 501 47,000 Yamamoto Kaiun K.K. Aug 2004 Products 47,000 Unknown Owner Sep 2004 Saiki Bulk 503 53,000 COSCO (Hong Kong) Sep 2004 Chem & Oil 1123 39,500 Intership Nav. Co. Aug 2003 Bulk 504 53,000 COSCO (Hong Kong) Sep 2004 Chem & Oil 1125 39,500 Intership Nav. Co. Oct 2003 Bulk 505 53,000 COSCO (Hong Kong) Nov 2004 Chem & Oil 1126 39,500 Intership Nav. Co. Jan 2004 Products 507 71,000 Dynacom Tankers Mngt Mar 2005 Chem & Oil 1127 39,500 Intership Nav. Co. Mar 2004 Products 506 47,000 Wah Kwong Shpg. Mar 2005 Chem & Oil 1128 39,500 Intership Nav. Co. Jun 2004 On Order:- 17 Vessel(s); 895,000 DWT. Chem & Oil 1130 39,500 Intership Nav. Co. Aug 2004 Open Hatch 31,350 Egon Oldendorff Aug 2004 OSHIMA S.B. CO. Open Hatch 1131 31,350 Intership Nav. Co. Oct 2004 Oshima Open Hatch 1132 38,000 Intership Nav. Co. Dec 2004 Bulk 10329 52,500 Nisshin Shpg.Co.Ltd. May 2003 On Order:- 9 Vessel(s); 337,700 DWT. Bulk 10309 89,999 Nippon Yusen Kaisha Jun 2003 SANOYAS Bulk 10342 47,900 Kawasaki Kisen Jun 2003 Bulk 10343 52,500 Usui Kaiun Co. Ltd. Jul 2003 Mizushima Open Hatch 10330 48,000 Westfal-Larsen Aug 2003 Bulk 1207 75,000 Unknown Owner Jun 2003 Bulk 10341 46,000 Sanko S.S. Aug 2003 Tanker 1206 113,000 Seaarland Shpg.Mgmnt Jul 2003 Bulk 10354 81,300 Mitsui O.S.K. Lines Oct 2003 Bulk 1210 75,000 Unknown Owner Aug 2003 Bulk 10344 76,350 Kawasaki Kisen Oct 2003 Bulk 75,000 Nitta Kisen 2004 Open Hatch 10331 48,000 Westfal-Larsen Oct 2003 Bulk 75,000 Unknown Owner 2004

World Shipyard Monitor Database Page 16 1st June 2003 Orderbook by Yard Japan Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Bulk 75,000 Unknown Owner 2004 Bulk 1020 28,900 Unknown Owner Mar 2005 Bulk 75,000 Unknown Owner 2004 Bulk 28,900 Wisdom Marine Lines Sep 2005 Bulk 75,000 Marubeni Corp 2004 Bulk 28,900 Inui S.S. Co. Ltd. Jan 2006 Tanker 1209 113,000 Seaarland Shpg.Mgmnt Jan 2004 On Order:- 13 Vessel(s); 381,199 DWT. Bulk 75,000 Nitta Kisen Jan 2004 Bulk 75,000 Mitsubishi Corp. Apr 2004 SHIN KOCHI H.I. Bulk 75,000 Mitsubishi Corp. Jun 2004 Kochi City Bulk 75,000 Unknown Owner Sep 2004 MPP 9,980 Mitsui O.S.K. Lines May 2003 Bulk 75,000 Unknown Owner Jan 2005 Container 7160 18,700 1,100 TEU Pacific Int. Lines Jun 2003 Bulk 75,000 Unknown Owner Feb 2005 Bulk 16,600 Daiichi Chuo Jul 2003 Bulk 75,000 Unknown Owner Mar 2005 Log 28,300 Cido Shipping Dec 2003 Tanker 1224 113,000 Seaarland Shpg.Mgmnt Jun 2005 Log 28,300 Cido Shipping Apr 2004 Bulk 76,000 Yasa Shpg. Industry Dec 2005 Log 28,300 Cido Shipping Jul 2004 Bulk 76,000 Yasa Shpg. Industry Mar 2006 Log 28,300 Cido Shipping Oct 2004 On Order:- 19 Vessel(s); 1,541,000 DWT. On Order:- 7 Vessel(s); 158,480 DWT.

SANYO ZOSEN SHIN KURUSHIMA Mukaishima Akitsu GCargo 1086 7,500 Unknown Owner 2003 Chem & Oil 5177 19,305 Tokyo Marine Co. Ltd May 2003 On Order:- 1 Vessel(s); 7,500 DWT. Chem & Oil 5216 19,500 Pan Ocean Shipping Aug 2003 Chem & Oil 5257 25,000 Tokyo Marine Co. Ltd Nov 2003 SASAKI ZOSEN Chem & Oil 5256 19,500 Pan Ocean Shipping Mar 2004 Kinoe Container 11,000 900 TEU Pacific Int. Lines Dec 2005 Chem & Oil 645 8,509 Unknown Owner Sep 2003 Container 11,000 900 TEU Pacific Int. Lines Jan 2006 Products 647 8,500 Unknown Owner Oct 2003 Hashihama Chem & Oil 648 10,000 Unknown Owner Jan 2004 Asp.& Bit. 5226 7,000 Tipco Maritime Co. Jun 2003 On Order:- 3 Vessel(s); 27,009 DWT. Chem & Oil 5227 8,650 Orix Maritime Corp. Aug 2003 SASEBO H.I. Chem & Oil 5228 8,650 Orix Maritime Corp. Sep 2004 Chem & Oil 8,650 Taiheiyo Kaiun K.K. Feb 2005 Sasebo Pass/Car F. 5,300 16,000 GT Shuttle Highway Line Feb 2003 Onishi Pass/Car F. 5,300 16,000 GT Shuttle Highway Line Feb 2003 Bulk 32,000 Unknown Owner 2003 Bulk 487 169,800 Carras Hellas May 2003 Bulk 32,000 Unknown Owner 2003 Bulk 488 169,800 Carras Hellas Jul 2003 Chem & Oil 5211 32,000 Nisshin Shpg.Co.Ltd. Mar 2003 Bulk 489 169,800 Carras Hellas Sep 2003 Bulk 5220 32,500 Unknown Owner Apr 2003 Bulk 490 169,770 Carras Hellas Nov 2003 Chem & Oil 5193 30,050 Iino Kaiun Kaisha Jun 2003 Bulk 491 169,770 Ceres Hellenic Jan 2004 Products 5178 45,800 Norden D/S A/S Jul 2003 Bulk 76,600 Efploia Shpg. Co. Apr 2004 Products 5168 45,800 Cido Shipping Aug 2003 Bulk 76,600 Cido Shipping May 2004 Products 5187 45,800 Norden D/S A/S Sep 2003 Bulk 76,600 Cido Shipping Aug 2004 Chem & Oil 5210 32,000 Maruta Industries Sep 2003 Bulk 76,600 Cido Shipping Nov 2004 Pass/Car F. 6,000 13,900 GT Kyushu Kyuko Ferry Sep 2003 Bulk 76,600 Unknown Owner 2005 Products 5185 45,800 Fukunaga Kaiun Oct 2003 Bulk 76,600 Cido Shipping Feb 2005 Products 5186 45,800 Unknown Owner Oct 2003 Bulk 76,600 Cido Shipping May 2005 Pure Car 21,000 Mitsui O.S.K. Lines Oct 2003 Bulk 76,600 Cido Shipping Aug 2005 Chem & Oil 5218 32,000 Nisshin Shpg.Co.Ltd. Dec 2003 Bulk 76,600 Unknown Owner 2006 Products 5230 45,800 Formosa Plastics Co. 2004 Bulk 76,600 Unknown Owner 2006 Products 5231 45,800 Formosa Plastics Co. 2004 Bulk 76,600 Unknown Owner 2006 Products 5232 45,800 Formosa Plastics Co. 2004 On Order:- 18 Vessel(s); 1,702,140 DWT. Products 5212 45,800 Unknown Owner Jan 2004 Products 5195 45,800 Nisshin Shpg.Co.Ltd. Mar 2004 SHIKOKU DOCK. Methanol 5250 45,100 Iino Kaiun Kaisha Mar 2004 Takamatsu Pure Car 21,000 Mitsui O.S.K. Lines Mar 2004 Bulk 1007 28,800 Unknown Owner Apr 2003 Products 5196 45,800 Unknown Owner Apr 2004 Bulk 1008 28,800 Unknown Owner Jul 2003 Products 5197 45,800 Unknown Owner Jun 2004 Bulk 1010 28,800 Unknown Owner Sep 2003 Products 5213 45,800 Norden D/S A/S Jul 2004 Bulk 1011 28,700 Unknown Owner Nov 2003 Products 45,800 Unknown Owner Nov 2004 Bulk 1012 28,799 Unknown Owner Mar 2004 Products 5245 45,800 Unknown Owner Dec 2004 Bulk 1016 35,000 Unknown Owner Jun 2004 Products 5233 45,800 Formosa Plastics Co. 2005 Bulk 1017 28,900 Unknown Owner Aug 2004 Products 45,800 Unknown Owner Feb 2005 Bulk 28,900 Unknown Owner 2005 Bulk 32,500 Unknown Owner Nov 2005 Bulk 28,900 Unknown Owner 2005 Bulk 32,500 Cido Shipping Dec 2005 Bulk 28,900 Inui S.S. Co. Ltd. Jan 2005 On Order:- 40 Vessel(s); 1,297,505 DWT.

World Shipyard Monitor Database Page 17 1st June 2003 Japan Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

SHITANOE ZOSEN Bulk 1271 76,300 Unknown Owner Jan 2005 Bulk 1279 76,300 Lepta Shipping Co. Jan 2005 Usuki Bulk 1275 76,000 Safety Management Feb 2005 Chem & Oil 1228 7,800 Tabuchi Kaiun Kaisha Mar 2003 Bulk 1280 76,300 Lepta Shipping Co. Mar 2005 Chem & Oil 8,500 Berlian Laju Tanker Mar 2004 Bulk 1283 76,300 Unknown Owner Mar 2005 Chem & Oil 8,500 Berlian Laju Tanker Jun 2004 Bulk 52,500 Unknown Owner Mar 2005 On Order:- 3 Vessel(s); 24,800 DWT. Bulk 76,000 Unknown Owner Apr 2005 SUMITOMO H.I. Bulk 1276 76,000 Safety Management Apr 2005 Bulk 1281 76,300 Lepta Shipping Co. May 2005 Oppama Bulk 1282 76,300 Unknown Owner Jun 2005 Tanker 1293 105,200 Dynacom Tankers Mngt Jun 2003 Bulk 1286 76,300 Cido Shipping Jun 2005 Tanker 1295 105,250 Scinicariello S/mngt Aug 2003 Bulk 76,000 Unknown Owner Jul 2005 Tanker 1298 105,400 DSD Shipping A/S Oct 2003 Bulk 1277 76,000 Safety Management Jul 2005 Products 1297 105,200 Unique Shpg. (H.K.) Nov 2003 Bulk 1292 52,500 Unknown Owner Jul 2005 Tanker 1299 105,200 Dynacom Tankers Mngt Jan 2004 Bulk 82,500 Mitsubishi Corp. Aug 2005 Tanker 1304 62,000 Pleiades Shpg. Agcy. Jan 2004 Bulk 1287 76,300 Cido Shipping Aug 2005 Tanker 1300 105,200 Dynacom Tankers Mngt Feb 2004 Bulk 1288 76,300 Unknown Owner Sep 2005 Bulk 1301 76,200 Unknown Owner Apr 2004 Bulk 1285 76,300 Unknown Owner Oct 2005 Bulk 1302 76,200 Unknown Owner May 2004 Bulk 82,500 Yasa Shpg. Industry Nov 2005 Bulk 1303 76,200 Samos Steamship Jun 2004 Bulk 82,500 Yasa Shpg. Industry 2006 Bulk 1306 76,200 Samos Steamship Jul 2004 Bulk 82,500 Yasa Shpg. Industry Jan 2006 Tanker 105,400 DSD Shipping A/S 2005 Bulk 1293 52,500 Unknown Owner Feb 2006 Tanker 1305 62,000 Pleiades Shpg. Agcy. Feb 2005 Bulk 76,000 Safety Management May 2006 Tanker 62,000 Pleiades Shpg. Agcy. Jun 2005 On Order:- 58 Vessel(s); 4,595,132 DWT. On Order:- 14 Vessel(s); 1,227,650 DWT. UNIVERSAL S.B. TSUNEISHI ZOSEN Ariake Numakuma Tanker 4989 296,000 Wah Kwong Shpg. Apr 2003 Bulk 1230 52,000 Marfin Mangt. S.A.M. May 2003 Tanker 4995 302,700 Mitsui O.S.K. Lines Jul 2003 Chip 1250 49,132 Nippon Yusen Kaisha May 2003 Tanker 4996 302,700 Mitsui O.S.K. Lines Sep 2003 Bulk 1232 170,000 Nippon Yusen Kaisha Jun 2003 Tanker 5010 302,700 Frontline Ltd. Dec 2003 Bulk 1179 73,000 Safety Management Aug 2003 Tanker 300,000 Formosa Plastics Co. 2004 Tanker 1246 106,000 Sovcomflot AKP Oct 2003 Tanker 5005 302,900 Nissho Shpg. Co. Ltd Mar 2004 Tanker 1253 106,000 Unknown Owner Oct 2003 Tanker 5011 302,700 Frontline Ltd. Mar 2004 Bulk 1180 73,000 Safety Management Oct 2003 Tanker 298,100 Malaysian Int. Shpg. Apr 2004 Bulk 1259 52,000 Alexandria Shipping Oct 2003 Bulk 200,000 Samos Steamship Sep 2004 Tanker 1254 106,000 BP Amoco Shpg. Ltd. Nov 2003 Tanker 298,000 Hong Kong Ming Wah Dec 2004 Bulk 76,300 Nippon Yusen Kaisha Dec 2003 Tanker 300,000 China Ocean (COSCO) 2005 Bulk 1251 52,200 Unknown Owner Dec 2003 Tanker 298,000 Hong Kong Ming Wah Feb 2005 Tanker 1247 106,000 Sovcomflot AKP Jan 2004 Tanker 298,000 Unknown Owner Jul 2005 Tanker 1255 106,000 BP Amoco Shpg. Ltd. Jan 2004 Bulk 220,000 Unknown Owner Sep 2005 Bulk 1248 76,000 Safety Management Jan 2004 Tanker 298,000 Unknown Owner Oct 2005 Bulk 1252 52,200 Unknown Owner Jan 2004 Bulk 220,000 Unknown Owner Dec 2005 Tanker 1256 106,000 BP Amoco Shpg. Ltd. Mar 2004 Tanker 300,000 China Ocean (COSCO) 2006 Bulk 1260 76,300 Unknown Owner Mar 2004 Tanker 1257 106,000 BP Amoco Shpg. Ltd. Apr 2004 Maizuru Bulk 1261 76,300 Unknown Owner May 2004 Tanker 70,200 Wah Kwong Shpg. Jun 2003 Bulk 1249 76,000 Safety Management May 2004 Bulk 4992 75,000 Unknown Owner Dec 2003 Bulk 1262 76,300 Unknown Owner Jul 2004 Products 4998 70,000 Formosa Plastics Co. Nov 2004 Bulk 1968 76,300 Unknown Owner Jul 2004 Products 4999 70,000 Formosa Plastics Co. Mar 2005 Bulk 1266 76,300 Unknown Owner Aug 2004 Products 5000 70,000 Formosa Plastics Co. Jun 2005 Bulk 1268 76,000 COSCO (Hong Kong) Aug 2004 Tsu Bulk 1269 76,300 Unknown Owner Sep 2004 Bulk 228 200,000 Nippon Yusen Kaisha Jul 2003 Bulk 1272 76,300 Sumitomo Corp Sep 2004 Tanker 240 150,000 Ondimar Transp. Oct 2003 Products 1264 106,000 Unknown Owner Oct 2004 Bulk 227 176,000 Portline S.A. Oct 2003 Bulk 1263 76,300 Unknown Owner Oct 2004 Tanker 229 300,000 Mitsui O.S.K. Lines Nov 2003 Bulk 1267 76,300 Unknown Owner Nov 2004 Tanker 241 150,000 Ondimar Transp. Dec 2003 Bulk 1271 76,300 Unknown Owner Nov 2004 Tanker 300,000 Nippon Yusen Kaisha 2004 Bulk 1278 76,300 Lepta Shipping Co. Nov 2004 Tanker 232 300,000 Kawasaki Kisen Jan 2004 Bulk 1269 76,000 COSCO (Hong Kong) Nov 2004 Bulk 231 176,000 Nippon Yusen Kaisha Jan 2004 Bulk 82,500 Unknown Owner 2005 Tanker 230 300,000 Mitsui O.S.K. Lines Mar 2004 Bulk 82,500 Anglo-Swiss 2005 Tanker 233 300,000 Kawasaki Kisen May 2004 Bulk 82,500 Nisshin Kisen 2005

World Shipyard Monitor Database Page 18 1st June 2003 Orderbook by Yard Japan Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

L.P.G. 55,000 82,000 cbm Unique Shpg. (H.K.) Sep 2004 GCargo 4,400 Arklow Shipping Ltd. Jun 2004 Bulk 234 200,000 Mitsui O.S.K. Lines Sep 2004 GCargo 4,400 Arklow Shipping Ltd. Sep 2004 Ore 239 200,000 Kawasaki Kisen Oct 2004 GCargo 4,400 Arklow Shipping Ltd. Dec 2004 Tanker 164,000 C.M. Lemos 2005 GCargo 4,400 Arklow Shipping Ltd. Mar 2005 Tanker 164,000 C.M. Lemos 2005 On Order:- 5 Vessel(s); 20,800 DWT. Tanker 105,000 Kumiai Senpaku K.K. 2005 Bulk 176,000 Korea Line 2005 DAMEN SHIPYARDS Bulk 235 200,000 Nippon Yusen Kaisha Jan 2005 Bergum Bulk 236 200,000 Mitsui O.S.K. Lines Mar 2005 MPP 9346 3,850 Unknown Owner 2003 Bulk 178,000 Fukujin Shipping Apr 2005 GCargo 9332 2,460 Unknown Owner 2003 Bulk 200,000 Mitsui O.S.K. Lines Jun 2005 GCargo 9987 2,460 Unknown Owner 2003 Tanker 153,000 Dynacom Tankers Mngt Dec 2005 Hoogezand On Order:- 44 Vessel(s); 9,542,000 DWT. MPP 821 9,000 Unknown Owner 2003 USUKI ZOSENSHO MPP 822 9,000 Unknown Owner 2003 Usuki On Order:- 5 Vessel(s); 26,770 DWT. Chem & Oil 1677 19,500 Nisshin Shpg.Co.Ltd. Apr 2003 DE MERWEDE Chem & Oil 1681 19,500 SAMAMA Jun 2003 Hardinxveld Chem & Oil 8,700 Unknown Owner Jul 2003 Suct. Dredger 695 28,400 Boskalis Westminster Feb 2004 Chem & Oil 1682 19,500 SAMAMA Sep 2003 Suct. Dredger 696 28,400 Boskalis Westminster Jul 2004 Chem & Oil 19,500 Fairfield Chemical Oct 2003 On Order:- 2 Vessel(s); 56,800 DWT. Chem & Oil 19,500 Fairfield Chemical May 2004 Chem & Oil 19,500 Unknown Owner Aug 2004 FERUS SMIT Chem & Oil 19,500 Unknown Owner Oct 2004 Chem & Oil 19,500 Cido Shipping Jul 2005 Westerbroek Chem & Oil 19,500 Cido Shipping Dec 2005 GCargo 338 4,800 Erik Thun AB Jun 2003 On Order:- 10 Vessel(s); 184,200 DWT. Products 341 7,560 Erik Thun AB Jul 2003 GCargo 339 4,800 Erik Thun AB Nov 2003 WATANABE ZOSEN Products 342 7,560 Erik Thun AB Jan 2004 Hakata Products 343 7,560 Erik Thun AB Apr 2004 Chem & Oil 7,500 Wisby Tankers AB Aug 2004 Chem & Oil 334 25,000 Jo Tankers A/S Jun 2003 On Order:- 6 Vessel(s); 39,780 DWT. Bulk 333 12,500 Wisdom Marine Lines Jul 2003 Chem & Oil 335 16,000 Kyoyu Kisen K.K. Oct 2003 IHC HOLLAND Chem & Oil 337 25,000 Miyawa Kaiun Feb 2004 Container 338 11,200 900 TEU Unknown Owner May 2004 Kinderdijk Chem & Oil 339 25,000 Yamamaru Kisen Aug 2004 Suct. Dredger Dredging Internat. Jan 2004 Bulk 336 10,800 Wisdom Marine Lines Oct 2004 Suct. Dredger 13,000 Guangzhou Dredging Apr 2004 Chem & Oil 340 25,000 Saito Kisen Feb 2005 On Order:- 2 Vessel(s); 13,000 DWT. Chem & Oil 341 25,000 Toko Kaiun Jun 2005 K. DAMEN Container 342 11,200 900 TEU Unknown Owner Jul 2005 On Order:- 10 Vessel(s); 186,700 DWT. Hardinxveld Suct. Dredger 743 12,350 Scelveringhe Scheep. Feb 2004 Lithuania On Order:- 1 Vessel(s); 12,350 DWT. NIESTERN-SANDER BALTIJA S.Y. Delfzijl Klaipeda Chem & Oil 815 14,800 Petromarine S.A. Oct 2003 PSV 3,800 2,943 GT Brod. Klovning Oct 2003 Research 816 1,000 Nationale De Nav. Jul 2004 On Order:- 1 Vessel(s); 3,800 DWT. On Order:- 2 Vessel(s); 15,800 DWT.

Malta PETERS SCHPSW. MALTA S.B. Kampen MPP 480 3,740 Amasus Chartering 2003 Marsa MPP 501 3,740 Amasus Chartering 2003 PSV 3,000 2,323 GT Havila Supply ASA Nov 2003 MPP 804 5,000 Unknown Owner May 2003 On Order:- 1 Vessel(s); 3,000 DWT. GCargo 1001 3,200 Builders Account Nov 2003 MPP 805 5,000 Unknown Owner Dec 2003 Netherlands GCargo 1002 3,200 Builders Account Feb 2004 MPP 806 5,000 Unknown Owner Apr 2004 BARKMEIJER GCargo 1003 3,200 Builders Account Jun 2004 Stroobos MPP 807 5,000 Unknown Owner Aug 2004 Minibulk 298 3,200 Wagenborg Shpg. B.V. Jul 2003 MPP 809 5,000 Unknown Owner Sep 2004

World Shipyard Monitor Database Page 19 1st June 2003 Netherlands Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

GCargo 1004 3,200 Builders Account Oct 2004 MPP 556 12,000 Beluga Shpg. GmbH. Oct 2005 MPP 808 5,000 Unknown Owner Dec 2004 MPP 571 12,000 Beluga Shpg. GmbH. Dec 2005 MPP 810 5,000 Unknown Owner Dec 2004 Foxhol GCargo 1005 3,200 Builders Account Jan 2005 MPP 521 5,700 Italtech S.r.L Sep 2003 GCargo 1006 3,200 Builders Account May 2005 MPP 564 5,700 Italtech S.r.L Dec 2003 GCargo 1007 3,200 Builders Account Sep 2005 GCargo 1008 3,200 Builders Account Dec 2005 Harlingen On Order:- 17 Vessel(s); 68,080 DWT. Chem & Oil 558 10,000 Gerhard Wessels 2004 Ro-Ro 528 10,000 Wagenborg Shpg. B.V. Jan 2004 SCHELDEGROEP Ro-Ro 529 10,000 Wagenborg Shpg. B.V. Oct 2004 Vlissingen Chem & Oil 559 10,000 Gerhard Wessels 2005 Buoy Tender 394 890 Middle East Nav Aids May 2004 Container 565 10,600 900 TEU Beluga Shpg. GmbH. May 2005 On Order:- 1 Vessel(s); 890 DWT. Container 566 10,600 900 TEU Beluga Shpg. GmbH. Aug 2005 Container 567 10,600 900 TEU Beluga Shpg. GmbH. Oct 2005 SCHPS. BODEWES Container 568 10,600 900 TEU Beluga Shpg. GmbH. Dec 2005 Hoogezand On Order:- 21 Vessel(s); 211,700 DWT. MPP 618 7,800 Feederlines B.V. May 2003 GCargo 613 4,250 Unknown Owner Sep 2003 Norway MPP 619 7,650 Feederlines B.V. Nov 2003 MPP 630 3,400 Flinter Groningen Nov 2003 AKER AUKRA AS MPP 625 4,250 Unknown Owner Dec 2003 Aukra MPP 620 7,650 Feederlines B.V. Feb 2004 PSV 110 3,300 2,000 GT Waveney Shipping Aug 2003 MPP 635 3,400 Flinter Groningen Feb 2004 PSV 113 3,300 3,100 GT Unknown Owner Dec 2003 GCargo 631 4,270 Unknown Owner Feb 2004 On Order:- 2 Vessel(s); 6,600 DWT. MPP 636 3,400 Flinter Groningen May 2004 MPP 621 7,850 Unknown Owner Jun 2004 AKER BRATTVAAG MPP 623 7,650 Feederlines B.V. Jun 2004 Brattvaag GCargo 632 4,270 Unknown Owner Jun 2004 PSV 96 3,100 1,850 GT GulfMark Offshore Jun 2003 MPP 637 3,400 Flinter Groningen Aug 2004 PSV 84 3,500 2,000 GT J. Hagenaes & Co. Nov 2003 MPP 638 3,400 Flinter Groningen Sep 2004 PSV 99 3,500 2,000 GT J. Hagenaes & Co. Dec 2003 MPP 624 7,650 Feederlines B.V. Nov 2004 PSV 104 3,350 2,100 GT SURF Jan 2004 MPP 626 7,850 Unknown Owner Feb 2005 PSV 105 3,350 2,100 GT SURF Mar 2004 On Order:- 16 Vessel(s); 88,140 DWT. On Order:- 5 Vessel(s); 16,800 DWT.

SCHPSW. DE HOOP BREVIK CONSTR. Lobith Brevik PSV 401 3,800 3,500 GT Otto Candies Jan 2004 AHTS 29 2,000 2,500 GT TFDS Offshore May 2003 On Order:- 1 Vessel(s); 3,800 DWT. PSV 28 3,500 2,000 GT Farstad Shipping A/S Jul 2003 SCHPSW. DE WAAL PSV 3,500 2,000 GT Intl. Offshore Serv. Sep 2003 On Order:- 3 Vessel(s); 9,000 DWT. Werkendam Chem & Oil 5,500 Atlantis CTEX Mar 2003 FITJAR M/V Chem & Oil 5,500 Guy Somers Jun 2003 Fitjar On Order:- 2 Vessel(s); 11,000 DWT. Fishing 3,500 DOF Management A/S Jul 2003 SHIPYD. BIJLSMA PSV 19 4,400 4,250 GT DOF Management A/S Oct 2003 Fishing 3,500 DOF Management A/S Oct 2003 Warten/lemmer On Order:- 3 Vessel(s); 11,400 DWT. Pass/Car F. 400 2,300 GT Wagenborg Shpg. B.V. Jun 2003 L.N.G. 900 1,100 cbm Knutsen O.A.S. Shpg. Oct 2003 FJELLSTRAND A/S On Order:- 2 Vessel(s); 1,300 DWT. Omastrand VOLHARDING Fast PCCat 1664 680 3,500 GT Rogaland Trafikk. 2003 Fast PCCat 680 3,500 GT Istanbul Deniz Otob. Nov 2003 Eemshaven Fast PCCat 680 3,500 GT Istanbul Deniz Otob. Jan 2004 MPP 515 9,900 Wagenborg Shpg. B.V. Sep 2003 On Order:- 3 Vessel(s); 2,040 DWT. Container 541 9,500 750 TEU Unitas Schiff. Oct 2003 Container 542 9,500 750 TEU Beluga Shpg. GmbH. Nov 2003 HAVYARD LIERVIK Container 540 9,500 750 TEU JR Shipping B.V. Dec 2003 Leirvik Container 557 9,500 750 TEU Beluga Shpg. GmbH. Jul 2004 PSV 4,000 3,097 GT Havila Supply ASA Nov 2003 MPP 549 11,500 Beluga Shpg. GmbH. Oct 2004 On Order:- 1 Vessel(s); 4,000 DWT. MPP 550 11,500 Beluga Shpg. GmbH. Dec 2004 MPP 552 11,500 Beluga Shpg. GmbH. 2005 MPP 551 11,500 Beluga Shpg. GmbH. Jul 2005

World Shipyard Monitor Database Page 20 1st June 2003 Orderbook by Yard Norway Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

KARMSUND M'TIME Philippines Kopervik PSV 3,900 3,020 GT SBS Marine Sep 2003 TSUNEISHI CEBU On Order:- 1 Vessel(s); 3,900 DWT. Cebu KLEVEN FLOROE Bulk SC-039 52,300 Temm Maritime Co. Jul 2003 Bulk SC-038 52,300 Unknown Owner Sep 2003 Floroe Bulk SC-041 52,300 Toyo Kaiun K.K. Nov 2003 Fruit Juice 148/5002 42,500 Mar. Aleuropa Aug 2003 Bulk SC-042 52,000 Van Ommeren Clipper Feb 2004 Chem & Oil 144 37,000 Odfjell ASA Dec 2003 Bulk SC-045 52,300 Sanko S.S. Mar 2004 On Order:- 2 Vessel(s); 79,500 DWT. Bulk SC-043 52,000 Van Ommeren Clipper Apr 2004 Bulk SC-050 52,300 Unknown Owner Aug 2004 KLEVEN VERFT Bulk SC-046 52,300 Portline S.A. Oct 2004 Ulsteinvik Bulk SC-056 52,000 Van Ommeren Clipper Nov 2004 PSV 303 5,800 4,400 GT Mokster Shipping Jul 2003 Bulk SC-047 52,300 Portline S.A. Jan 2005 On Order:- 1 Vessel(s); 5,800 DWT. Bulk SC-048 52,300 Portline S.A. Mar 2005 Bulk SC-054 52,300 Ugland Marine Svcs. Mar 2005 LANGSTEN SLIP Bulk SC-049 52,300 Portline S.A. May 2005 Tomrefjord Bulk 52,300 Sanko S.S. Jul 2005 Standby/Resc. 107/190 2,000 2,104 GT Mokster Shipping Jun 2003 Bulk 53,200 Ugland Marine Svcs. Aug 2005 Fishing 192 Unknown Owner Dec 2003 Bulk 52,300 Sanko S.S. Sep 2005 On Order:- 2 Vessel(s); 2,000 DWT. Bulk 52,300 Sanko S.S. Nov 2005 Bulk 52,300 Sanko S.S. Jan 2006 MOEN SLIP On Order:- 18 Vessel(s); 941,400 DWT. Kolvereid Pass/Car F. 54 1,150 GT Unknown Owner Feb 2003 Poland On Order:- 1 Vessel(s); DWT. STOCZ. POLNOCNA MYKLEBUST M/V Gdansk Gursken Fishing B322/1 Unknown Owner Dec 2003 Fishing 35 3,000 Unknown Owner Sep 2003 On Order:- 1 Vessel(s); DWT. PSV 4,195 3,295 GT DOF Management A/S Jan 2004 On Order:- 2 Vessel(s); 7,195 DWT. STOCZNIA GDANSK Gdansk SIMEK A/S Open Hatch 6684/3 48,000 Gearbulk Ltd. Jun 2003 Flekkefjord Ro-Ro/Lo-Lo 8222/4 18,500 B&N Nordsjofrakt Jun 2003 AHTS 107 2,000 2,000 GT Intl. Offshore Serv. Jul 2003 Open Hatch 6684/4 48,000 Gearbulk Ltd. Sep 2003 Fishing 108 1,000 Unknown Owner Sep 2003 Open Hatch 6684/5 48,000 Gearbulk Ltd. Dec 2003 On Order:- 2 Vessel(s); 3,000 DWT. Minibulk 8203/13 7,600 Polish Ocean Lines Jan 2004 Open Hatch 6684/6 48,000 Gearbulk Ltd. Mar 2004 SOEVIKNES VERFT Minibulk 8203/14 7,600 Polish Ocean Lines Apr 2004 Sovikgrend On Order:- 7 Vessel(s); 225,700 DWT. AHTS 137 4,000 2,500 GT Havila Supply ASA Jul 2003 AHTS 140 2,200 3,100 GT GulfMark Offshore Sep 2003 STOCZNIA GDYNIA AHTS 141 2,200 3,100 GT GulfMark Offshore Dec 2003 Gdynia On Order:- 3 Vessel(s); 8,400 DWT. Open Hatch 8228/3 40,000 Westwood Shipping May 2003 Container 8234/2 56,900 4,425 TEU Peter Dohle Schiff. May 2003 ULSTEIN VERFT Open Hatch 8228/7 40,000 Westwood Shipping Jun 2003 Ulsteinvik Container 8234/3 56,900 4,425 TEU Rickmers Reederei Jun 2003 PSV 4,200 3,252 GT Farstad Shipping A/S Dec 2003 Container 8234/4 56,900 4,425 TEU Rickmers Reederei Jul 2003 PSV 3,400 2,633 GT Farstad Shipping A/S Dec 2003 Container 8200/7 35,600 2,650 TEU Leonhardt & Blumberg Jul 2003 On Order:- 2 Vessel(s); 7,600 DWT. Container 8200/9 35,600 2,650 TEU Projex-Schiff. Jul 2003 Pure Car 8168/4 17,000 Ray Shipping Jul 2003 WESTCON A/S Open Hatch 8228/4 40,000 Westwood Shipping Aug 2003 Odensvag Container 8234/5 56,900 4,425 TEU Rickmers Reederei Sep 2003 Fishing 23 1,800 Unknown Owner Jun 2003 Container 8200/8 35,600 2,650 TEU Leonhardt & Blumberg Sep 2003 Fishing 24 2,000 Unknown Owner Nov 2003 Pure Car 8168/5 17,000 Ray Shipping Oct 2003 On Order:- 2 Vessel(s); 3,800 DWT. Container 8234/6 56,900 4,425 TEU Rickmers Reederei Nov 2003 Open Hatch 8228/5 40,000 Westwood Shipping Dec 2003 Pure Car 8168/6 17,000 Ray Shipping Jan 2004 Container 8234/7 56,900 4,425 TEU Rickmers Reederei Feb 2004 Open Hatch 8228/6 40,000 Westwood Shipping Apr 2004

World Shipyard Monitor Database Page 21 1st June 2003 Poland Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Container 8230/6 35,600 2,650 TEU Rendsburg, Schiff. Apr 2004 MPP 1330 5,500 Unknown Owner 2003 Container 8234/8 56,900 4,425 TEU Rickmers Reederei May 2004 MPP 1331 5,500 Unknown Owner 2003 Pure Car 8168/7 17,000 Ray Shipping May 2004 MPP 1332 5,500 Unknown Owner 2003 Container 8234/9 56,900 4,425 TEU Rickmers Reederei Jul 2004 MPP 1333 5,500 Unknown Owner 2003 Pure Car 8168/8 17,000 Ray Shipping Aug 2004 MPP 1334 5,500 Unknown Owner 2003 Container 8234/10 56,900 4,425 TEU Rickmers Reederei Sep 2004 On Order:- 7 Vessel(s); 38,500 DWT. Container 8276/1 56,900 4,425 TEU Hermann Wulff Oct 2004 Container 8276/2 56,900 4,425 TEU Hermann Wulff Nov 2004 DAEWOO-MANGALIA Pure Car 8168/9 17,000 Ray Shipping Nov 2004 Mangalia Pure Car 8168/10 17,000 Ray Shipping Feb 2005 Container 543 9,500 750 TEU Beluga Shpg. GmbH. Dec 2003 Pure Car 8168/11 17,000 Ray Shipping Jun 2005 Container 544 9,500 750 TEU JR Shipping B.V. Mar 2004 On Order:- 28 Vessel(s); 1,104,300 DWT. Container 553 9,500 750 TEU JR Shipping B.V. Jul 2004 Container 545 9,500 750 TEU Unitas Schiff. Oct 2004 SZCZECIN. NOWA On Order:- 4 Vessel(s); 38,000 DWT. Szczecin Chem & Oil B588/31 40,000 Odfjell ASA Jun 2003 DAMEN GALATI Container B178/16 42,200 3,100 TEU Peter Dohle Schiff. Jun 2003 Galatz Container B170/315 22,900 1,728 TEU Rickmers Reederei Jun 2003 MPP 824 19,000 Carisbrooke Shipping Apr 2003 Container B170/314 22,900 1,730 TEU Danz und Tietjens Aug 2003 Heavy Lift 9101 13,000 Kahn Scheepvaart Jun 2003 Container B178/17 42,200 3,100 TEU Peter Dohle Schiff. Sep 2003 Chem & Oil 989 8,241 Wubbe H.H. Jul 2003 Chem & Oil B588/32 40,000 Odfjell ASA Dec 2003 Chem & Oil 990 8,241 Wubbe H.H. Oct 2003 Container B178/18 42,200 3,100 TEU Peter Dohle Schiff. Dec 2003 Heavy Lift 9102 13,000 Kahn Scheepvaart Oct 2003 Container B178/19 42,200 3,100 TEU Dietrich Tamke K.G. Apr 2004 Chem & Oil 991 8,241 Wubbe H.H. Jan 2004 MPP B587/45 21,250 Spliethoff Apr 2004 Chem & Oil 992 8,241 Wubbe H.H. Apr 2004 Chem & Oil B588/33 40,000 Odfjell ASA Jun 2004 Products 4,500 Jubilee Ships (UK) Jul 2004 Container B178/110 42,200 3,100 TEU Gerd Ritscher K.G. Jul 2004 Products 3,100 Jubilee Ships (UK) Aug 2004 MPP B587/46 21,250 Spliethoff Aug 2004 Products 4,500 Jubilee Ships (UK) Sep 2004 Container B178/111 42,200 3,100 TEU Peter Dohle Schiff. Nov 2004 Container 10,500 804 TEU Kopping, Jorg Sep 2004 Chem & Oil B588/34 40,000 Odfjell ASA Dec 2004 Container 10,500 804 TEU Kopping, Jorg Jan 2005 MPP B587/47 21,250 Spliethoff Dec 2004 On Order:- 12 Vessel(s); 111,064 DWT. Container B178/112 42,200 3,100 TEU Peter Dohle Schiff. Feb 2005 MPP B587/48 21,250 Spliethoff Apr 2005 SEVERNAV S.A. Container B178/114 42,200 3,100 TEU Peter Dohle Schiff. May 2005 Turnu Severin Chem & Oil B588/35 40,000 Odfjell ASA Jun 2005 Ethy/LPG 8,000 8,495 cbm Hartmann Schiff. Jul 2003 Container B178/114 42,200 3,100 TEU Peter Dohle Schiff. Aug 2005 Ethy/LPG 8,000 8,495 cbm Hartmann Schiff. Dec 2003 Chem & Oil B588/36 40,000 Odfjell ASA Dec 2005 On Order:- 2 Vessel(s); 16,000 DWT. Container B178/119 42,200 3,100 TEU Unknown Owner Dec 2006 Container B178/120 42,200 3,100 TEU Unknown Owner Dec 2006 Russia On Order:- 23 Vessel(s); 835,000 DWT. ADMIRALTY S.Y. Portugal St. Petersburg EST. MONDEGO Products 2740 47,400 Sovcomflot AKP Sep 2003 Products 20,000 Rosneft JSC Sep 2003 Figueira Products 20,000 Rosneft JSC Dec 2003 GCargo 2,730 Naveiro Transportes Sep 2003 Products 2741 47,400 Sovcomflot AKP Mar 2004 On Order:- 1 Vessel(s); 2,730 DWT. Products 47,400 Sovcomflot AKP 2005 Products 47,400 Sovcomflot AKP 2005 VIANAYARD Products 47,400 Sovcomflot AKP 2006 Viana Castelo Products 47,400 Sovcomflot AKP 2006 Pass/Car F. 237 800 8,100 GT Porto Santo Line Apr 2003 On Order:- 8 Vessel(s); 324,400 DWT. Rfr/Cont. 213 14,800 460,000 Cu.ft Agrexco Ltd. Jun 2003 Rfr/Cont. 214 14,800 460,000 Cu.ft Agrexco Ltd. Sep 2003 AMUR SHIPYARD Chem & Oil 224 15,500 Fortum Oil & Gas Oct 2003 Komsomolsk Chem & Oil 225 15,500 Fortum Oil & Gas Jan 2004 MPP 5,295 Far-Eastern Shpg. Co Jun 2003 On Order:- 5 Vessel(s); 61,400 DWT. On Order:- 1 Vessel(s); 5,295 DWT.

Romania BALTIC SHIPYD. St. Petersburg BRAILA SHIPYARD Chem & Oil 5202 5,700 John T. Essberger Jul 2003 Braila Chem & Oil 5203 5,700 Unknown Owner 2004 MPP 1328 5,500 Unknown Owner 2003 Chem & Oil 5204 5,700 Unknown Owner 2004 MPP 1329 5,500 Unknown Owner 2003 Icebreaker 705 4,000 Govt. of Russia 2005

World Shipyard Monitor Database Page 22 1st June 2003 Orderbook by Yard Russia Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

On Order:- 4 Vessel(s); 21,100 DWT. On Order:- 5 Vessel(s); 9,620 DWT.

KRASNOY SORMOVO JURONG S/YARD Gorkiy Tanjong Kling Products 8,000 Caspian Shipping 2003 Container 1065 30,700 2,512 TEU Pacific Carriers Oct 2003 Products 8,000 Caspian Shipping 2003 Container 1067 30,700 2,512 TEU Niki Group 2004 Products 5,400 Navigator JSC Jul 2003 Container 1068 30,700 2,512 TEU Niki Group 2004 Products 5,400 Navigator JSC Oct 2003 Container 1069 30,700 2,512 TEU Niki Group 2004 Products 12,000 Caspian Shipping 2004 Container 1066 30,700 2,512 TEU Pacific Carriers Apr 2004 Products 12,000 Caspian Shipping 2004 On Order:- 5 Vessel(s); 153,500 DWT. Chem & Oil 8,200 Neva River Tanker Aug 2004 Chem & Oil 8,200 Neva River Tanker May 2005 KEPPEL FELS On Order:- 8 Vessel(s); 67,200 DWT. Singapore AHTS 3,500 2,985 GT Sudjaca Palembang Dec 2003 SEVERNAYA S.B. Jackup Drill. Ensco International Mar 2005 St. Petersburg On Order:- 2 Vessel(s); 3,500 DWT. MPP 903 5,010 North-Western Shpg. Jul 2003 MPP 904 5,010 North-Western Shpg. Oct 2003 KEPPEL HITACHI MPP 905 5,010 North-Western Shpg. Dec 2003 Tuas MPP 906 5,010 North-Western Shpg. Dec 2003 Cable Layer 33 7,800 Tyco Submarine May 2003 MPP 907 5,010 North-Western Shpg. Mar 2004 On Order:- 1 Vessel(s); 7,800 DWT. MPP 908 5,010 North-Western Shpg. Jun 2004 MPP 909 5,010 North-Western Shpg. Sep 2004 KEPPEL SING. MPP 910 5,010 North-Western Shpg. Dec 2004 Jurong On Order:- 8 Vessel(s); 40,080 DWT. AHTS 1,500 1,279 GT Hadi H. Al-Hamman Jan 2004 AHTS 1,500 1,279 GT Pacific Richfield Feb 2004 VOLGOGRAD S.Y. AHTS 1,500 1,279 GT Pacific Richfield Mar 2004 Volgograd On Order:- 3 Vessel(s); 4,500 DWT. Products 10 6,590 Lukoil Sep 2003 GCargo 6,700 Palmali Shipping May 2004 PAN UNITED GCargo 6,700 Palmali Shipping Aug 2004 Singapore GCargo 6,700 Palmali Shipping Nov 2004 AHTS 160 2,500 2,132 GT Emas Offshore Pte. Aug 2003 GCargo 6,700 Palmali Shipping Mar 2005 AHTS 2,200 1,876 GT Sudjaca Palembang Oct 2003 GCargo 6,700 Palmali Shipping Jun 2005 AHTS 2,200 1,876 GT Sudjaca Palembang Jan 2004 GCargo 6,700 Palmali Shipping Sep 2005 On Order:- 3 Vessel(s); 6,900 DWT. On Order:- 7 Vessel(s); 46,790 DWT. PRESIDENT MAR. VYBORG S/YARD Singapore Vyborg MSV 2,700 2,954 GT P.S. Marine Trans. Jun 2003 Chem & Oil 5,600 Baltic Shpg. Co. 2004 MSV 2,700 2,954 GT P.S. Marine Trans. Jun 2003 Products 6,400 Baltic Shpg. Co. 2005 On Order:- 2 Vessel(s); 5,400 DWT. Products 6,400 Baltic Shpg. Co. 2005 Products 6,400 Baltic Shpg. Co. 2005 Slovakia Chem & Oil 5,600 Baltic Shpg. Co. 2005 On Order:- 5 Vessel(s); 30,400 DWT. SLKB KOMARNO YANTAR SHIPYARD Komarno MPP 2951 3,700 Erwin Strahlmann Jul 2003 Kaliningrad MPP 1109 3,490 W. Bockstiegel Dec 2003 MPP 503 12,000 Unknown Owner 2003 MPP 1110 3,490 W. Bockstiegel Mar 2004 MPP 504 12,000 Unknown Owner 2003 MPP 2952 3,680 Unknown Owner Apr 2004 MPP 505 12,000 Estonian Shpg. 2003 MPP 2954 3,680 Unknown Owner Jun 2004 On Order:- 3 Vessel(s); 36,000 DWT. MPP 1107 3,490 W. Bockstiegel Jul 2004 MPP 1108 3,490 Unknown Owner Nov 2004 Singapore On Order:- 7 Vessel(s); 25,020 DWT.

JAYA S.B. & ENG SLOVENSKE Singapore Komarno PSV 2,500 1,936 GT Jaya Offshore Pte. 2003 MPP 5103 5,580 Unknown Owner 2003 PSV 2,500 1,936 GT Jaya Offshore Pte. 2003 MPP 5104 5,580 Unknown Owner 2003 AHTS 830 1,540 1,400 GT Jaya Offshore Pte. 2003 MPP 1902 3,380 Unknown Owner 2003 AHTS 831 1,540 1,400 GT Jaya Offshore Pte. 2003 MPP 1905 3,380 Unknown Owner 2003 AHTS 832 1,540 1,400 GT Jaya Offshore Pte. 2003

World Shipyard Monitor Database Page 23 1st June 2003 Slovakia Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

MPP 1906 3,380 Unknown Owner 2003 Tanker 5247 69,000 LMZ Transoil Oct 2004 GCargo 2001 2,600 Unknown Owner 2003 Bulk 1155 171,000 Anangel Shpg. Ent. Oct 2004 GCargo 2002 2,600 Unknown Owner 2003 Container 4096 59,000 5,100 TEU Hamburg-Sud. Oct 2004 On Order:- 7 Vessel(s); 26,500 DWT. Tanker 5251 159,000 Montanari, Navigaz. Nov 2004 LNG/Regas 2208 76,500 138,000 cbm Exmar N.V. Nov 2004 South Korea Tanker 5196 147,000 Shpg. Corp. of India Dec 2004 L.N.G. 2211 69,500 138,000 cbm Petronet LNG Ltd. Dec 2004 DAE SUN S.B. Container 4097 59,000 5,100 TEU Hamburg-Sud. Dec 2004 Pusan Tanker 115,000 Teekay Shpg. Canada 2005 Tanker 115,000 Teekay Shpg. Canada 2005 Container 443 8,000 500 TEU Qatar National Nav. Apr 2003 Tanker 5260 306,000 Aeolos Management Jan 2005 Container 9,350 720 TEU Pacific Int. Lines 2004 Tanker 5197 159,000 Naviera F. Tapias Jan 2005 Container 9,350 720 TEU Pacific Int. Lines 2004 Pure Car 4432 19,000 HUAL Jan 2005 Container 9,000 700 TEU Nam Sung Shpg. Co. Feb 2004 Tanker 5250 105,000 Montanari Group Feb 2005 Container 9,000 700 TEU Nam Sung Shpg. Co. Mar 2004 L.P.G. 2304 52,100 78,000 cbm Geogas Shipping Feb 2005 On Order:- 5 Vessel(s); 44,700 DWT. Products 5256 49,000 Vela International Mar 2005 DAEWOO S.B. L.N.G. 2221 75,000 140,500 cbm Bergesen D.Y. ASA Mar 2005 Okpo Bulk 1156 171,000 Anangel Shpg. Ent. Mar 2005 Container 4098 59,000 5,100 TEU Hamburg-Sud. Mar 2005 Tanker 5208 300,000 World-Wide Shpg. Agy Apr 2003 Tanker 5261 306,000 Kristen Navigation Apr 2005 Products 5234 70,297 OMI Marine Services May 2003 LNG/Regas 2218 76,500 138,000 cbm Exmar N.V. Apr 2005 Container 4089 59,000 4,115 TEU Canada Maritime May 2003 Pure Car 4433 19,000 HUAL Apr 2005 Tanker 5203 306,000 Kristen Navigation Jun 2003 Tanker 5278 105,000 Tai Chong Cheang May 2005 Tanker 5205 306,000 Kristen Navigation Jun 2003 Products 5257 49,000 Vela International May 2005 Tanker 5230 115,000 Sovcomflot AKP Jun 2003 LNG/Regas 2219 76,500 138,000 cbm Exmar N.V. May 2005 Products 5224 105,000 Vela International Jun 2003 Container 4099 59,000 5,100 TEU Hamburg-Sud. May 2005 L.N.G. 2212 72,000 138,000 cbm Bergesen D.Y. ASA Jun 2003 Jackup Drill. BP Amoco PLC May 2005 Container 4087 79,500 6,750 TEU NSB Niederelbe Jun 2003 Tanker 5270 159,000 Naviera F. Tapias Jun 2005 Container 4090 59,000 4,115 TEU Canada Maritime Jun 2003 Tanker 5298 306,000 Sincere Navigation Jul 2005 Container 4091 59,000 4,115 TEU OOCL Jun 2003 L.N.G. 2222 75,000 140,500 cbm Bergesen D.Y. ASA Jul 2005 L.N.G. 2215 70,000 138,000 cbm Golar LNG ltd. Aug 2003 Container 4100 59,000 5,100 TEU Hamburg-Sud. Jul 2005 Container 4088 79,500 6,750 TEU NSB Niederelbe Aug 2003 Pure Car 4434 19,000 HUAL Jul 2005 Tanker 5193 159,000 Kristen Navigation Sep 2003 Products 5252 105,000 Chandris (Hellas) Aug 2005 Tanker 5231 115,000 Sovcomflot AKP Sep 2003 Tanker 5271 159,000 Naviera F. Tapias Sep 2005 Container 4092 79,500 6,750 TEU NVA Norddeutsche Oct 2003 Container 4101 59,000 5,100 TEU Hamburg-Sud. Sep 2005 Tanker 5239 75,000 Stelmar Tankers Nov 2003 Tanker 5262 306,000 Kristen Navigation Nov 2005 L.N.G. 2216 69,500 138,000 cbm STASCO (Shell) Nov 2003 L.N.G. 2223 75,000 140,500 cbm Bergesen D.Y. ASA Nov 2005 L.N.G. 2210 69,500 138,000 cbm Petronet LNG Ltd. Dec 2003 L.P.G. 2305 25,000 38,000 cbm Bergesen D.Y. ASA Nov 2005 Container 4093 79,500 6,750 TEU NVA Norddeutsche Dec 2003 Tanker 5192 159,000 Centrofin Mngt. Dec 2005 Tanker 69,000 LMZ Transoil 2004 L.P.G. 2306 25,000 38,000 cbm A.P. Moller Feb 2006 FPSO 300,000 BP Amoco PLC 2004 L.N.G. 2224 75,000 140,500 cbm Bergesen D.Y. ASA Mar 2006 Tanker 5228 300,000 World-Wide Shpg. Agy Jan 2004 Products 5253 105,000 Chandris (Hellas) May 2006 Tanker 5232 115,000 Sovcomflot AKP Jan 2004 L.P.G. 2307 25,000 38,000 cbm Exmar N.V. May 2006 Tanker 5238 300,000 World-Wide Shpg. Agy Feb 2004 L.P.G. 2308 25,000 38,000 cbm A.P. Moller Aug 2006 Tanker 5240 75,000 Stelmar Tankers Feb 2004 L.P.G. 2309 25,000 38,000 cbm Bergesen D.Y. ASA Nov 2006 Container 4094 79,500 6,750 TEU NVA Norddeutsche Feb 2004 On Order:- 89 Vessel(s); 9,987,397 DWT. L.N.G. 2220 70,000 138,000 cbm Golar LNG ltd. Mar 2004 Tanker 5162 306,000 Kristen Navigation Apr 2004 HANJIN H.I. Products 5258 105,000 Unique Shpg. (H.K.) Apr 2004 Tanker 5241 75,000 Stelmar Tankers Apr 2004 Busan Container N-105 67,000 5,744 TEU Gebab Jul 2003 L.N.G. 2214 76,500 138,000 cbm Aust. LNG Ship Optg. Apr 2004 Container 55,000 4,900 TEU Mediterranean Shpg. Sep 2003 Container 4095 79,500 6,750 TEU NVA Norddeutsche Apr 2004 Container N-106 67,000 5,744 TEU Gebab Oct 2003 Tanker 5201 300,000 Euronav (UK) Agen. Jul 2004 Container 55,000 4,900 TEU Mediterranean Shpg. Dec 2003 Tanker 5248 115,000 Teekay Shpg. Canada Jul 2004 Container 55,000 4,900 TEU NVA Norddeutsche 2004 Tanker 5242 75,000 Stelmar Tankers Jul 2004 Container 55,000 4,900 TEU NVA Norddeutsche 2004 L.N.G. 2209 72,000 138,000 cbm Union Fenosa Jul 2004 Container 55,000 4,900 TEU Mediterranean Shpg. Jan 2004 L.N.G. 2217 72,000 138,000 cbm Bergesen D.Y. ASA Jul 2004 Container 55,000 4,900 TEU Mediterranean Shpg. Jan 2004 Tanker 5195 147,000 Shpg. Corp. of India Sep 2004 Container 55,000 4,900 TEU NVA Norddeutsche Mar 2004 Tanker 5243 75,000 Stelmar Tankers Sep 2004 Container 24,000 1,800 TEU Korea Marine Trans. Mar 2004 L.N.G. 2213 76,500 138,000 cbm Exmar N.V. Sep 2004 Container 55,000 4,900 TEU NVA Norddeutsche Jun 2004 Bulk 1153 75,000 Unknown Owner Sep 2004 Container 24,000 1,800 TEU Korea Marine Trans. Jun 2004 Bulk 1154 75,000 Unknown Owner Sep 2004 Products 45,000 Great Eastern Shpg. Jul 2004 Tanker 5249 115,000 Teekay Shpg. Canada Oct 2004

World Shipyard Monitor Database Page 24 1st June 2003 Orderbook by Yard South Korea Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Container N-122 66,762 4,943 TEU Hansa Treuhand Jul 2004 Bulk 1507 172,000 Zela Shpg Jan 2004 Container 67,550 5,060 TEU Rickmers Reederei Sep 2004 Container 1488 33,870 2,500 TEU Blue Star Reederei Jan 2004 Container N-123 66,762 4,943 TEU Hansa Treuhand Sep 2004 Products 1510 75,000 Gotland Rederi AB Feb 2004 Container 67,550 5,060 TEU Rickmers Reederei Oct 2004 Container 1489 33,870 2,500 TEU Blue Star Reederei Feb 2004 Container 67,550 5,060 TEU Rickmers Reederei Nov 2004 Products 1440 105,500 Eletson Corp. Mar 2004 Container 67,550 5,060 TEU Rickmers Reederei Dec 2004 Tanker 1454 105,000 Tanker Pacific Mngt. Mar 2004 Container 67,550 5,060 TEU Rickmers Reederei Feb 2005 Products 1511 75,000 Oldendorff, Klaus Mar 2004 Container 102,000 8,030 TEU Reederei C.-P. Offen Mar 2005 Container 1523 52,000 4,130 TEU Deomar Schiffahrts Mar 2004 Container 67,550 5,060 TEU Rickmers Reederei Apr 2005 Container 1490 33,870 2,500 TEU Blue Star Reederei Mar 2004 Container 102,000 8,030 TEU Reederei C.-P. Offen May 2005 Tanker 1481 159,000 Athenian Tankers Apr 2004 Container 102,000 8,030 TEU Reederei C.-P. Offen Jul 2005 Tanker 1497 159,000 Alpha Tankers & Frt. Apr 2004 Container 66,762 4,943 TEU Hansa Treuhand Jul 2005 Products 1512 75,000 Oldendorff, Klaus Apr 2004 Container 66,762 4,943 TEU Hansa Treuhand Sep 2005 Products 1513 75,000 Oldendorff, Klaus Apr 2004 Container 102,000 8,030 TEU Reederei C.-P. Offen Oct 2005 Bulk 1503 172,000 Metrostar Management Apr 2004 Container 102,000 8,030 TEU Reederei C.-P. Offen Dec 2005 Container 1526 54,760 4,800 TEU Ofer Bros. (Mngmt.) Apr 2004 On Order:- 28 Vessel(s); 1,849,348 DWT. Tanker 1537 105,000 Mitsui O.S.K. Lines May 2004 Products 1514 75,000 Oldendorff, Klaus May 2004 HYUNDAI H.I. Container 1527 54,760 4,800 TEU Costamare Shipping May 2004 Ulsan Container 1524 52,000 4,130 TEU Dauelsberg, Herm May 2004 FSU(NP) 100,000 Unknown Owner 2003 Container 1491 33,870 2,500 TEU Blue Star Reederei May 2004 Bulk/Oil 1424 121,000 K. G. Jebsen Apr 2003 FPSO 1525 368,000 ExxonMobil Corp. May 2004 RoPax 1393 9,400 Stena Line AB Apr 2003 Products 1441 105,500 Eletson Corp. Jun 2004 Tanker 1403 114,600 Shpg. Corp. of India May 2003 Products 1515 75,000 LGR di Navigazione Jun 2004 Products 1447 70,124 Eletson Corp. May 2003 Container 1528 54,760 4,800 TEU Ofer Bros. (Mngmt.) Jun 2004 Container 1451 37,230 3,607 TEU NVA Norddeutsche May 2003 Container 1492 33,870 2,500 TEU Blue Star Reederei Jun 2004 Tanker 1281 301,000 Nat. Iranian Tanker Jun 2003 Tanker 1540 300,000 Pertamina Jul 2004 L.P.G. 1423 50,777 82,000 cbm Consolidated Marine Jun 2003 Products 1516 75,000 Torm, Dampskibss Jul 2004 Bulk/Oil 1425 121,000 K. G. Jebsen Jun 2003 Container 1532 100,400 8,189 TEU Conti Reederei Jul 2004 Container 1458 85,250 6,730 TEU Mediterranean Shpg. Jun 2003 Container 1550 52,000 4,130 TEU Dauelsberg, Herm Jul 2004 Container 1428 81,094 6,246 TEU Costamare Shipping Jun 2003 Container 1493 33,870 2,500 TEU Blue Star Reederei Jul 2004 Tanker 1419 316,000 Vela International Jul 2003 Tanker 1551 159,000 Arcadia Shipmngt. Aug 2004 Tanker 1421 105,000 A.M.P.T.C. Jul 2003 Tanker 1538 105,000 Mitsui O.S.K. Lines Aug 2004 Tanker 1438 105,000 Arcadia Shipmngt. Jul 2003 Container 1542 93,000 7,500 TEU E.R. Schiffahrt Aug 2004 Container 1413 62,007 4,300 TEU Maersk Sealand Jul 2003 Container 1529 54,760 4,800 TEU Ofer Bros. (Mngmt.) Aug 2004 Tanker 1404 114,600 Shpg. Corp. of India Aug 2003 Tanker 1553 318,000 Wah Kwong Shpg. Sep 2004 Tanker 1462 70,000 Golden Energy Mngt. Aug 2003 Products 1517 75,000 Schulte Group Sep 2004 Tanker 1463 70,000 Golden Energy Mngt. Aug 2003 Container 1543 93,000 7,500 TEU E.R. Schiffahrt Sep 2004 L.P.G. 1430 22,800 35,000 cbm Mitsui O.S.K. Lines Aug 2003 Tanker 1541 300,000 Pertamina Oct 2004 Tanker 1282 301,000 Nat. Iranian Tanker Sep 2003 Products 1518 75,000 Schulte Group Oct 2004 Tanker 1431 152,000 Teekay Shpg. Canada Sep 2003 L.N.G. 1460 70,000 138,000 cbm Golar LNG ltd. Oct 2004 Tanker 1433 112,000 Teekay Shpg. Canada Sep 2003 Container 1533 100,400 8,189 TEU Conti Reederei Oct 2004 L.P.G. 1436 55,000 82,000 cbm Shinwa Kaiun Kaisha Sep 2003 Container 1544 93,000 7,500 TEU E.R. Schiffahrt Oct 2004 Tanker 1478 159,000 Athenian Tankers Oct 2003 Tanker 1552 159,000 Arcadia Shipmngt. Nov 2004 Bulk 1473 172,000 Golden Union Shpg. Oct 2003 L.N.G. 1469 71,000 141,000 cbm Nigeria LNG Ltd. Nov 2004 Container 1485 33,870 2,500 TEU Blue Star Reederei Oct 2003 Container 1534 100,400 8,189 TEU Conti Reederei Nov 2004 Container 1486 33,870 2,500 TEU Blue Star Reederei Oct 2003 Container 1545 93,000 7,500 TEU E.R. Schiffahrt Nov 2004 Tanker 1479 159,000 Athenian Tankers Nov 2003 Container 1575 54,750 4,014 TEU Kawasaki Kisen Nov 2004 Tanker 1435 152,000 Teekay Shpg. Canada Nov 2003 L.P.G. 1547 45,000 60,000 cbm Norsk Hydro A/S Dec 2004 Tanker 1453 105,000 Tanker Pacific Mngt. Nov 2003 Container 1535 100,400 8,189 TEU Conti Reederei Dec 2004 Tanker 1508 73,000 Livanos Group Nov 2003 Container 1546 93,000 7,500 TEU E.R. Schiffahrt Dec 2004 Bulk 1474 172,000 Golden Union Shpg. Nov 2003 Container 1576 54,750 4,014 TEU Kawasaki Kisen Dec 2004 Container 1506 85,250 6,730 TEU Mediterranean Shpg. Nov 2003 Container 1577 54,750 4,014 TEU Kawasaki Kisen Dec 2004 Container 1487 33,870 2,500 TEU Blue Star Reederei Nov 2003 L.P.G. 45,000 60,000 cbm Norsk Hydro A/S 2005 Tanker 1495 159,000 Alpha Tankers & Frt. Dec 2003 Container 100,000 8,000 TEU Hapag-Lloyd A.G. 2005 L.N.G. 1444 70,000 138,000 cbm Golar LNG ltd. Dec 2003 Container 55,000 4,700 TEU Reederei C.-P. Offen 2005 Tanker 1480 159,000 Athenian Tankers Jan 2004 Container 55,000 4,700 TEU Reederei C.-P. Offen 2005 Tanker 1496 159,000 Alpha Tankers & Frt. Jan 2004 Container 54,750 4,014 TEU Kawasaki Kisen 2005 Tanker 1432 152,000 Teekay Shpg. Canada Jan 2004 Container 54,750 4,014 TEU Kawasaki Kisen 2005 Tanker 1434 112,000 Teekay Shpg. Canada Jan 2004 Container 54,750 4,014 TEU Kawasaki Kisen 2005 Products 1509 75,000 Torm, Dampskibss Jan 2004 Tanker 1558 156,000 Great Eastern Shpg. Jan 2005 Bulk 1475 172,000 Golden Union Shpg. Jan 2004 Tanker 1539 105,000 Unknown Owner Jan 2005 Bulk 1482 172,000 Golden Union Shpg. Jan 2004 Tanker 1559 105,000 Tai Chong Cheang Jan 2005

World Shipyard Monitor Database Page 25 1st June 2003 South Korea Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Container 1578 54,750 4,014 TEU Kawasaki Kisen Jan 2005 Products 0217 46,000 BP Amoco Shpg. Ltd. Jun 2004 Tanker 1562 150,000 Sovcomflot AKP Feb 2005 Chem & Oil 0228 37,000 Tsakos Shpg. & Trad. Jun 2004 Container 1566 65,000 5,000 TEU Reederei C.-P. Offen Feb 2005 Chem & Oil 0144 35,000 Schoeller Holdings Jun 2004 Container 1579 54,750 4,014 TEU Kawasaki Kisen Feb 2005 Chem & Oil 0225 35,000 Nat. Iranian Tanker Jun 2004 Tanker 1587 319,000 Thenamaris (Mgmt.) Mar 2005 Chem & Oil 0255 37,000 OMI Marine Services Jul 2004 Tanker 1555 105,000 MOST Med Oil Supply Mar 2005 Products 0234 46,000 Athenian Tankers Aug 2004 Container 1567 65,000 5,000 TEU Reederei C.-P. Offen Mar 2005 Chem & Oil 0250 35,000 Montanari, Navigaz. Aug 2004 Tanker 1563 150,000 Sovcomflot AKP Apr 2005 Products 0218 46,000 BP Amoco Shpg. Ltd. Sep 2004 Tanker 1569 105,000 MOST Med Oil Supply Apr 2005 Products 0219 46,000 BP Amoco Shpg. Ltd. Sep 2004 Container 1536 100,400 8,189 TEU Conti Reederei Apr 2005 Chem & Oil 0205 37,000 Arminter S.A.M. Sep 2004 Container 1568 65,000 5,000 TEU Reederei C.-P. Offen Apr 2005 Chem & Oil 0229 37,000 Tsakos Shpg. & Trad. Sep 2004 Tanker 1564 159,000 Sovcomflot AKP May 2005 Chem & Oil 0226 35,000 Nat. Iranian Tanker Sep 2004 Container 1570 67,000 5,050 TEU Dauelsberg, Herm May 2005 Chem & Oil 0258 37,000 OMI Marine Services Oct 2004 Tanker 1560 165,000 Besiktas Denizcilik Jun 2005 Chem & Oil 0317 37,000 Interorient Nav. Co. Nov 2004 Tanker 1565 159,000 Sovcomflot AKP Jun 2005 Products 0220 46,000 BP Amoco Shpg. Ltd. Dec 2004 Container 1571 67,000 5,050 TEU Dauelsberg, Herm Jun 2005 Products 0221 46,000 BP Amoco Shpg. Ltd. Dec 2004 Tanker 1561 165,000 Besiktas Denizcilik Jul 2005 Chem & Oil 0337 37,000 Tsakos Shpg. & Trad. Dec 2004 L.N.G. 1470 71,000 141,000 cbm Nigeria LNG Ltd. Jul 2005 Chem & Oil 0227 35,000 Nat. Iranian Tanker Dec 2004 Container 65,000 5,000 TEU Reederei C.-P. Offen Jul 2005 Chem & Oil 0256 35,000 Schoeller Holdings Dec 2004 Tanker 1585 159,000 Sovcomflot AKP Sep 2005 Products 46,000 Athenian Tankers 2005 Tanker 1573 105,000 Euroceanica Sep 2005 Chem & Oil 35,000 Bottiglieri Nav. 2005 Tanker 1586 159,000 Sovcomflot AKP Nov 2005 Chem & Oil 35,000 Bottiglieri Nav. 2005 L.N.G. 1471 71,000 141,000 cbm Nigeria LNG Ltd. Nov 2005 Products 35,000 Augusta Dua S.r.l. 2005 Container 100,000 8,000 TEU Hapag-Lloyd A.G. 2006 Products 35,000 Augusta Dua S.r.l. 2005 Container 100,000 8,000 TEU Hapag-Lloyd A.G. 2006 Products 0235 46,000 Athenian Tankers Jan 2005 L.N.G. 1472 71,000 141,000 cbm Nigeria LNG Ltd. Mar 2006 Chem & Oil 0327 37,000 Int. Andromeda Shpg. Feb 2005 On Order:- 131 Vessel(s); 13,950,002 DWT. Products 0222 46,000 BP Amoco Shpg. Ltd. Mar 2005 Products 0236 46,000 Athenian Tankers Mar 2005 HYUNDAI MIPO Products 0331 46,000 BP Amoco Shpg. Ltd. Mar 2005 Ulsan Chem & Oil 0206 37,000 Arminter S.A.M. Mar 2005 Chem & Oil 0121 37,000 Metrostar Management May 2003 Chem & Oil 0338 37,000 Tsakos Shpg. & Trad. Mar 2005 Products 0054 46,000 Admanthos Shipping Jun 2003 Chem & Oil 0251 35,000 Montanari, Navigaz. Mar 2005 Chem & Oil 0049 45,000 Bakri Navigation Co. Jun 2003 Chem & Oil 0257 35,000 Schoeller Holdings Mar 2005 Container 0114 38,200 2,770 TEU Suisse-Atlantique Jun 2003 Chem & Oil 0328 37,000 Int. Andromeda Shpg. Apr 2005 Chem & Oil 0120 37,000 Int. Andromeda Shpg. Jul 2003 Products 0303 52,800 Western Petroleum Jun 2005 Chem & Oil 0129 37,000 Interorient Nav. Co. Jul 2003 Products 0237 46,000 Athenian Tankers Jun 2005 Chem & Oil 0122 37,000 Marlink Schiffs. Aug 2003 Products 0332 46,000 BP Amoco Shpg. Ltd. Jun 2005 Chem & Oil 0130 37,000 Interorient Nav. Co. Aug 2003 Products 0333 46,000 BP Amoco Shpg. Ltd. Jun 2005 Chem & Oil 0139 35,000 Schoeller Holdings Aug 2003 Chem & Oil 0252 35,000 Montanari, Navigaz. Jun 2005 Container 0115 38,200 2,770 TEU Suisse-Atlantique Aug 2003 Container 38,300 2,770 TEU Ch. F. Ahrenkiel Jun 2005 Products 0111 46,000 Admanthos Shipping Sep 2003 Products 0306 52,800 Western Petroleum Sep 2005 Chem & Oil 0145 37,000 Marlink Schiffs. Sep 2003 Products 0334 46,000 BP Amoco Shpg. Ltd. Sep 2005 Container 0116 38,200 2,770 TEU Ch. F. Ahrenkiel Sep 2003 Products 0335 46,000 BP Amoco Shpg. Ltd. Sep 2005 Container 0117 38,200 2,770 TEU Ch. F. Ahrenkiel Sep 2003 Chem & Oil 0318 37,000 Interorient Nav. Co. Sep 2005 Chem & Oil 0146 37,000 Metrostar Management Oct 2003 Products 0304 52,800 Western Petroleum Oct 2005 Chem & Oil 0140 35,000 Schoeller Holdings Oct 2003 Products 46,000 Athenian Tankers Oct 2005 Chem & Oil 0137 37,000 Interorient Nav. Co. Nov 2003 Chem & Oil 0319 37,000 Interorient Nav. Co. Nov 2005 Chem & Oil 0141 35,000 Schoeller Holdings Nov 2003 Products 0305 52,800 Western Petroleum Dec 2005 Products 0125 47,000 Sovcomflot AKP Dec 2003 Products 0336 46,000 BP Amoco Shpg. Ltd. Dec 2005 Products 0126 47,000 Sovcomflot AKP Dec 2003 Chem & Oil 35,000 G. D'Alesio S.A.S. Dec 2005 Products 0127 47,000 Sovcomflot AKP Dec 2003 Chem & Oil 46,000 Bakri Navigation Co. 2006 Products 0133 45,000 SK Shipping Co. Ltd. Dec 2003 Chem & Oil 46,000 Bakri Navigation Co. 2006 Chem & Oil 0138 37,000 Interorient Nav. Co. Jan 2004 Container 38,300 2,770 TEU Suisse-Atlantique 2006 Chem & Oil 0142 35,000 Schoeller Holdings Jan 2004 Container 38,300 2,770 TEU Suisse-Atlantique 2006 Products 0128 47,000 Sovcomflot AKP Mar 2004 Container 38,300 2,770 TEU Ch. F. Ahrenkiel 2006 Products 0201 47,000 Novoship (UK) Ltd. Mar 2004 Products 52,800 Western Petroleum Jan 2006 Products 0202 47,000 Novoship (UK) Ltd. Mar 2004 Products 52,800 Western Petroleum Feb 2006 Products 0134 45,000 SK Shipping Co. Ltd. Mar 2004 On Order:- 89 Vessel(s); 3,661,800 DWT. Chem & Oil 0143 35,000 Schoeller Holdings Mar 2004 Chem & Oil 0254 37,000 OMI Marine Services Apr 2004 HYUNDAI SAMHO Products 0203 47,000 Novoship (UK) Ltd. Jun 2004 Samho Products 0204 47,000 Novoship (UK) Ltd. Jun 2004 Tanker S157 112,900 Geden Line May 2003

World Shipyard Monitor Database Page 26 1st June 2003 Orderbook by Yard South Korea Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Tanker S153 317,420 Saudi Maritime Hldg. Jun 2003 NOKBONG S.B. Products S156 159,460 K. G. Jebsen Jun 2003 Tongyoung Tanker S184 105,000 Grupo Suardiaz Aug 2003 Chem & Oil 388 9,000 Unknown Owner 2003 Tanker S182 115,000 Novorossiysk Shpg. Sep 2003 Chem & Oil 3,500 Woolim Shipping Jun 2003 Tanker S158 112,900 Geden Line Sep 2003 Chem & Oil 3,500 Woolim Shipping Dec 2003 Tanker S163 112,700 Overseas Shipholding Oct 2003 On Order:- 3 Vessel(s); 16,000 DWT. Tanker S183 115,000 Novorossiysk Shpg. Nov 2003 Products S161 99,990 Torm, Dampskibss Nov 2003 SAMHO TONGYOUNG Bulk S189 74,380 Andriaki Shpg. Co. Nov 2003 Tanker S171 317,420 Saudi Maritime Hldg. Dec 2003 Tongyoung Chem & Oil 1039 6,000 Master Marine Corp. Jun 2003 Tanker S164 112,700 Overseas Shipholding Dec 2003 Products 1041 3,500 Samho Shipping Co. Jun 2003 Products S162 99,990 Torm, Dampskibss Dec 2003 Chem & Oil 1037 12,000 Samho Shipping Co. Jul 2003 Tanker S172 105,000 Thenamaris (Mgmt.) Jan 2004 On Order:- 3 Vessel(s); 21,500 DWT. Tanker S173 105,000 Thenamaris (Mgmt.) Jan 2004 Bulk S185 170,000 Safbulk Jan 2004 SAMSUNG S.B. Bulk S186 170,000 Safbulk Feb 2004 Tanker S174 105,000 Minerva Marine Inc. Mar 2004 Koje Tanker S175 105,000 Minerva Marine Inc. Mar 2004 Container 1395 50,500 4,250 TEU Ofer Bros. (Mngmt.) May 2003 Bulk S187 170,000 Marmaras Nav. Ltd. Mar 2004 Tanker 1383 160,000 Premuda S.P.A.N. Jun 2003 Container S178 53,000 4,250 TEU E.R. Schiffahrt Mar 2004 Tanker 1401 160,000 C.T.G.M. S.A. Jun 2003 Tanker S191 105,000 Geden Line Apr 2004 L.N.G. 1415 75,000 138,000 cbm BP Amoco Shpg. Ltd. Jun 2003 Container S194 55,000 4,900 TEU Mediterranean Shpg. Apr 2004 Container 1419 100,000 8,063 TEU OOCL Jun 2003 Bulk S188 170,000 Marmaras Nav. Ltd. May 2004 Container 1396 50,500 4,250 TEU E.R. Schiffahrt Jun 2003 Container S195 55,000 4,900 TEU Mediterranean Shpg. May 2004 Tanker 1412 310,000 Frontline Ltd. Jul 2003 Tanker S192 105,000 Geden Line Jun 2004 Tanker 1411 105,000 ChevronTexaco Shpg. Jul 2003 Bulk S193 172,000 Safbulk Jun 2004 Shuttle 1408 150,000 Ugland Nordic Shpg. Aug 2003 Container S196 85,280 6,408 TEU Mediterranean Shpg. Jun 2004 Tanker 1407 73,000 Ionia Mgmt. S.A. Aug 2003 Container S199 67,170 5,040 TEU E.R. Schiffahrt Jun 2004 Tanker 1403 308,500 Marcare Shpg. Co. Sep 2003 Container S179 53,000 4,250 TEU E.R. Schiffahrt Jun 2004 L.N.G. 1405 71,000 138,000 cbm I.S. Carriers S.A. Sep 2003 Container S200 67,170 5,040 TEU E.R. Schiffahrt Jul 2004 Container 1397 50,500 4,250 TEU E.R. Schiffahrt Sep 2003 Container S201 67,170 5,040 TEU E.R. Schiffahrt Aug 2004 FPSO 1385 313,300 Shell Group Sep 2003 Bulk S197 170,000 Tropis Shpg. Co. Sep 2004 Tanker 1434 160,000 Ceres Hellenic Oct 2003 Container S202 67,170 5,040 TEU E.R. Schiffahrt Sep 2004 Shuttle 1409 150,000 A/S J. Mowinckels Oct 2003 Tanker S203 320,000 N.S. Lemos Oct 2004 Tanker 1404 105,000 Great Eastern Shpg. Oct 2003 Tanker S205 113,000 Marmaras Nav. Ltd. Oct 2004 Tanker 1417 105,000 ChevronTexaco Shpg. Oct 2003 Tanker S222 320,000 American Eagle Tnkrs Nov 2004 Tanker 1436 155,000 Viken Shipping Nov 2003 Container S216 67,000 5,000 TEU Oltmann, D. Dec 2004 Products 1449 73,000 Pacific Carriers Nov 2003 Tanker 320,000 N.S. Lemos 2005 Tanker 1413 317,000 SK Shipping Co. Ltd. Dec 2003 Tanker S206 113,000 Marmaras Nav. Ltd. Jan 2005 Products 1450 73,000 Pacific Carriers Dec 2003 Tanker S212 105,000 Thenamaris (Mgmt.) Jan 2005 Container 1398 50,500 4,250 TEU E.R. Schiffahrt Dec 2003 Tanker S213 105,000 Thenamaris (Mgmt.) Jan 2005 Tanker 1435 160,000 Ceres Hellenic Jan 2004 Bulk S198 170,000 Tropis Shpg. Co. Jan 2005 Tanker 1431 115,000 BP Amoco Shpg. Ltd. Jan 2004 Container S220 67,170 5,040 TEU E.R. Schiffahrt Jan 2005 L.N.G. 1406 70,000 138,000 cbm Exmar N.V. Jan 2004 Tanker S204 320,000 N.S. Lemos Mar 2005 Tanker 1451 105,000 Minerva Marine Inc. Feb 2004 Tanker S207 113,000 Marmaras Nav. Ltd. Apr 2005 Container 1420 100,000 8,063 TEU OOCL Feb 2004 Container S221 67,170 5,040 TEU E.R. Schiffahrt Apr 2005 Container 1457 65,800 5,770 TEU CMA-CGM Feb 2004 Tanker S208 113,000 Marmaras Nav. Ltd. May 2005 Tanker 1414 317,000 SK Shipping Co. Ltd. Mar 2004 Tanker 320,000 Dorian (Hellas) S.A. Jun 2005 L.N.G. 1425 71,000 138,000 cbm A.P. Moller Mar 2004 Tanker 156,000 Great Eastern Shpg. Jul 2005 Container 1455 52,000 4,300 TEU Danaos Shpg. Mar 2004 Container S225 67,170 5,040 TEU E.R. Schiffahrt Jul 2005 Tanker 1438 155,000 Viken Shipping Apr 2004 Container 52,000 4,100 TEU Peter Dohle Schiff. Dec 2005 Tanker 1432 115,000 BP Amoco Shpg. Ltd. Apr 2004 Container 52,000 4,100 TEU Peter Dohle Schiff. Dec 2005 Tanker 1472 115,000 Malaysian Int. Shpg. Apr 2004 On Order:- 53 Vessel(s); 7,037,330 DWT. Container 1421 100,000 8,063 TEU OOCL Apr 2004 Container 1426 100,000 8,063 TEU OOCL Apr 2004 INP HEAVY IND. Container 1458 65,800 5,770 TEU CMA-CGM Apr 2004 Ulsan Tanker 1415 317,000 SK Shipping Co. Ltd. May 2004 Tanker 1471 155,000 Viken Shipping May 2004 AHTS 1127 2,000 2,500 GT Swire Pacific Mar 2003 Tanker 1465 115,000 Teekay Shpg. Canada May 2004 AHTS 1128 2,000 2,500 GT Swire Pacific May 2003 L.N.G. 1428 71,000 138,000 cbm BG Group Plc May 2004 AHTS 1129 2,500 2,500 GT Swire Pacific Jul 2003 Container 1456 52,000 4,300 TEU Danaos Shpg. May 2004 Cement 6,500 Tong Yang Cement Co. Jun 2004 Tanker 1443 115,000 N.S. Lemos Jun 2004 On Order:- 4 Vessel(s); 13,000 DWT. Tanker 1517 115,000 Malaysian Int. Shpg. Jun 2004 Tanker 1452 105,000 Minerva Marine Inc. Jun 2004

World Shipyard Monitor Database Page 27 1st June 2003 South Korea Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Products 1469 73,000 Pacific Carriers Jun 2004 Container 99,700 8,100 TEU Conti Reederei 2006 Container 1427 100,000 8,063 TEU OOCL Jun 2004 Container 99,700 8,100 TEU Conti Reederei 2006 Tanker 1466 115,000 Teekay Shpg. Canada Jul 2004 Container 99,700 8,100 TEU Conti Reederei 2006 Tanker 1444 115,000 N.S. Lemos Aug 2004 Container 99,700 8,100 TEU Conti Reederei 2006 Container 1459 65,800 5,770 TEU CMA-CGM Aug 2004 Container 1510 99,700 8,100 TEU Reederei C.-P. Offen 2006 Container 1460 65,800 5,770 TEU CMA-CGM Aug 2004 Tanker 1504 115,000 Dunya Denizcilik Jan 2006 Tanker 1433 115,000 BP Amoco Shpg. Ltd. Sep 2004 On Order:- 114 Vessel(s); 13,341,600 DWT. Container 1488 105,000 8,100 TEU Seaspan Ship Mngt. Sep 2004 Tanker 115,000 Teekay Shpg. Canada Oct 2004 SHINA S.B. Products 1486 72,000 Euroceanica Oct 2004 Chungmu Container 1461 65,800 5,770 TEU CMA-CGM Oct 2004 Chem & Oil 417 40,000 Fratelli D'Amato May 2003 Tanker 1453 105,000 Minerva Marine Inc. Nov 2004 Chem & Oil 422 37,000 Qatar Shipping Jun 2003 Container 1463 65,800 5,770 TEU CMA-CGM Nov 2004 Chem & Oil 419 40,000 Fullship S.r.l. Aug 2003 Tanker 115,000 Teekay Shpg. Canada Dec 2004 Chem & Oil 418 40,000 Fratelli D'Amato Sep 2003 Products 1487 72,000 Euroceanica Dec 2004 Chem & Oil 423 40,000 Fratelli D'Amato Nov 2003 Container 1489 105,000 8,100 TEU Seaspan Ship Mngt. Dec 2004 Chem & Oil 416 37,000 Chemikalien Seetrans Dec 2003 Container 1462 65,800 5,770 TEU CMA-CGM Dec 2004 Chem & Oil 420 37,000 Chemikalien Seetrans Mar 2004 Container 1464 65,800 5,770 TEU CMA-CGM Dec 2004 Chem & Oil 427 37,000 Unicorn Lines (Pty.) Mar 2004 FPSO 1424 133,000 Husky Oil Operations Dec 2004 Chem & Oil 426 40,000 D'Amato di Nav. May 2004 Tanker 1467 115,000 Scorpio Ship Mngmt. 2005 Chem & Oil 428 37,000 Unicorn Lines (Pty.) Jun 2004 Tanker 1468 115,000 Scorpio Ship Mngmt. 2005 Chem & Oil 421 37,000 Chemikalien Seetrans Aug 2004 Tanker 105,000 Malaysian Int. Shpg. 2005 Products 430 49,700 Ocean Tankers Pte. Sep 2004 Tanker 105,000 Malaysian Int. Shpg. 2005 Chem & Oil 429 37,000 Ancora Investment Sep 2004 Products 73,000 Pacific Carriers 2005 Products 431 49,700 Ocean Tankers Pte. Jan 2005 Products 73,000 Pacific Carriers 2005 Chem & Oil 434 37,000 Unicorn Lines (Pty.) Jan 2005 L.N.G. 72,000 138,000 cbm Malaysian Int. Shpg. 2005 Chem & Oil 435 37,000 Ancora Investment Mar 2005 L.N.G. 72,000 138,000 cbm Malaysian Int. Shpg. 2005 Products 432 49,700 Ocean Tankers Pte. Apr 2005 L.N.G. 1407 70,000 138,000 cbm Exmar N.V. 2005 Chem & Oil 436 37,000 Chemikalien Seetrans Jun 2005 Container 1511 99,700 8,300 TEU Reederei C.-P. Offen 2005 Products 433 49,700 Ocean Tankers Pte. Jul 2005 Container 1491 105,000 8,100 TEU Seaspan Ship Mngt. 2005 Chem & Oil 437 37,000 Ancora Investment Jul 2005 Container 1492 105,000 8,100 TEU Seaspan Ship Mngt. 2005 Products 448 49,700 Ocean Tankers Pte. Sep 2005 Container 1508 99,700 8,100 TEU Reederei C.-P. Offen 2005 Chem & Oil 442 40,000 Fullship S.r.l. Oct 2005 Container 1509 99,700 8,100 TEU Reederei C.-P. Offen 2005 Chem & Oil 438 40,000 Fratelli D'Amato Dec 2005 Container 50,500 4,250 TEU Seaspan Ship Mngt. 2005 Chem & Oil 445 37,000 Unicorn Lines (Pty.) Jan 2006 Tanker 1480 115,000 BP Amoco Shpg. Ltd. Jan 2005 Products 449 49,700 Ocean Tankers Pte. Feb 2006 Tanker 1454 105,000 Minerva Marine Inc. Jan 2005 Chem & Oil 443 40,000 Fullship S.r.l. Mar 2006 Tanker 1475 105,000 Minerva Marine Inc. Jan 2005 Chem & Oil 440 40,000 Morfini S.P.A. May 2006 Shuttle 1445 147,500 Knutsen O.A.S. Shpg. Mar 2005 Chem & Oil 439 40,000 Fratelli D'Amato Jun 2006 Tanker 1482 115,000 BP Amoco Shpg. Ltd. Apr 2005 Chem & Oil 441 40,000 Morfini S.P.A. Aug 2006 Container 1484 100,000 8,063 TEU OOCL Apr 2005 On Order:- 29 Vessel(s); 1,182,200 DWT. Container 1493 50,500 4,250 TEU Seaspan Ship Mngt. Apr 2005 Tanker 1515 308,000 American Eagle Tnkrs May 2005 STX SHIPBUILD. Shuttle 1446 147,500 Knutsen O.A.S. Shpg. May 2005 Chinhae Products 1479 73,000 Pacific Carriers May 2005 Chem & Oil 1097 35,960 Seaarland Shpg.Mgmnt Jun 2003 Tanker 1483 115,000 BP Amoco Shpg. Ltd. Jun 2005 Chem & Oil 1101 37,000 Norden D/S A/S Aug 2003 Container 1485 100,000 8,063 TEU OOCL Jun 2005 Chem & Oil 1098 35,960 Seaarland Shpg.Mgmnt Aug 2003 Container 1494 50,500 4,250 TEU Seaspan Ship Mngt. Jun 2005 Products 1099 70,000 Liquimar Tankers Sep 2003 Tanker 1473 115,000 Dunya Denizcilik Jul 2005 Chem & Oil 1102 37,000 Norden D/S A/S Sep 2003 Container 1498 50,500 4,250 TEU Seaspan Ship Mngt. Jul 2005 Chem & Oil 1103 46,000 D'Amico Soc. di Nav. Sep 2003 Tanker 1516 308,000 American Eagle Tnkrs Aug 2005 Chem & Oil 1104 46,000 D'Amico Soc. di Nav. Oct 2003 Tanker 1483 115,000 BP Amoco Shpg. Ltd. Aug 2005 Chem & Oil 1105 35,960 Seaarland Shpg.Mgmnt Nov 2003 Container 1512 99,700 8,100 TEU Conti Reederei Aug 2005 Products 1108 45,800 Stelmar Tankers Dec 2003 Container 1499 50,500 4,250 TEU Seaspan Ship Mngt. Aug 2005 Products 1100 70,000 Liquimar Tankers Jan 2004 Tanker 1495 308,000 Eastern Med. Mar. Sep 2005 Products 1109 45,800 Stelmar Tankers Feb 2004 Container 1490 105,000 8,100 TEU Seaspan Ship Mngt. Sep 2005 Products 73,000 Byzantine Maritime. May 2004 Tanker 1474 115,000 Dunya Denizcilik Oct 2005 L.P.G. 1112 20,000 23,000 cbm Qatar Shipping May 2004 RoPax 2,500 Norfolk Line B.V. Nov 2005 Products 1116 70,280 Golden Energy Mngt. Jun 2004 Tanker 308,000 Eastern Med. Mar. Dec 2005 Products 46,000 Transpetrol Services Jun 2004 Tanker 1496 308,000 Eastern Med. Mar. Dec 2005 Products 1117 70,280 Golden Energy Mngt. Jul 2004 Container 1513 99,700 8,100 TEU Conti Reederei Dec 2005 Products 51,000 Golden Energy Mngt. Jul 2004 Container 99,700 8,100 TEU Conti Reederei 2006 Products 46,000 Transpetrol Services Jul 2004 Container 99,700 8,100 TEU Conti Reederei 2006 Products 51,000 Golden Energy Mngt. Aug 2004

World Shipyard Monitor Database Page 28 1st June 2003 Orderbook by Yard South Korea Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Products 1110 45,800 Stelmar Tankers Aug 2004 Pass/Car F. 1625 3,500 20,000 GT Armas Group Jun 2004 Products 45,800 SOCATRA Sep 2004 Pass/Car F. 1626 3,500 20,000 GT Armas Group Oct 2004 Products 45,800 Stelmar Tankers Oct 2004 On Order:- 7 Vessel(s); 32,870 DWT. Products 45,000 D'Amico Soc. di Nav. Oct 2004 Chem & Oil 1129 37,000 Marina Investments Nov 2004 IZAR FENE Products 45,800 Stelmar Tankers Dec 2004 El Ferrol Products 45,000 D'Amico Soc. di Nav. Dec 2004 FPSO/LPG 280 40,000 Statoil Aug 2003 L.P.G. 1135 20,000 23,000 cbm Qatar Shipping Dec 2004 On Order:- 1 Vessel(s); 40,000 DWT. Products 74,000 Rederi AB Swan 2005 Products 74,000 Rederi AB Swan 2005 IZAR GIJON Products 46,000 Livanos Group 2005 Gijon Products 46,000 Livanos Group 2005 Chem & Oil 367 19,000 Soc. Nav. Ultragas Jun 2003 Products 46,000 Livanos Group 2005 Suct. Dredger 368 5,000 Jan de Nul N.V. Dec 2003 Products 46,000 Livanos Group 2005 Suct. Dredger 369 5,000 Jan de Nul N.V. Dec 2003 Products 51,000 Golden Energy Mngt. Jan 2005 On Order:- 3 Vessel(s); 29,000 DWT. Products 51,000 Golden Energy Mngt. Jan 2005 Products 45,800 SOCATRA Jan 2005 IZAR P. REAL Chem & Oil 1130 37,000 Marina Investments Jan 2005 Puerto Real Products 73,000 Byzantine Maritime. Mar 2005 L.N.G. 87 77,500 138,000 cbm Empresa Nav. Elcano Dec 2003 Products 45,000 D'Amico Soc. di Nav. Mar 2005 L.N.G. 103 77,500 138,000 cbm Knutsen O.A.S. Shpg. Jun 2004 Products 45,800 Stelmar Tankers Apr 2005 L.N.G. 105 77,500 138,000 cbm Naviera F. Tapias Jun 2006 Products 73,000 Byzantine Maritime. Jun 2005 On Order:- 3 Vessel(s); 232,500 DWT. Products 45,800 Target Marine S.A. Jun 2005 Products 45,000 D'Amico Soc. di Nav. Jun 2005 IZAR S/FERNANDO Products 74,100 Transpetrol Services Jul 2005 San Fernando Products 51,000 Pietro Barbaro SpA Jul 2005 Pass/Car F. 2,000 15,000 GT Strandfaraskip 2004 Bulk 75,500 Efnav Co. Ltd. Jul 2005 On Order:- 1 Vessel(s); 2,000 DWT. Products 74,100 Transpetrol Services Aug 2005 Products 70,280 Golden Energy Mngt. Aug 2005 IZAR SESTAO Products 51,000 Pietro Barbaro SpA Sep 2005 Bilbao/sestao Bulk 75,500 Efnav Co. Ltd. Sep 2005 L.N.G. 319 77,500 138,000 cbm Naviera F. Tapias Sep 2003 Products 70,280 Golden Energy Mngt. Nov 2005 Suct. Dredger 324 22,000 Jan de Nul N.V. Oct 2003 Products 70,280 Golden Energy Mngt. Dec 2005 Suct. Dredger 325 22,000 Jan de Nul N.V. Dec 2003 Bulk 75,500 Efnav Co. Ltd. 2006 L.N.G. 321 77,500 138,000 cbm Knutsen O.A.S. Shpg. Mar 2004 Container 34,000 2,500 TEU Efshipping Co S.A. 2006 On Order:- 4 Vessel(s); 199,000 DWT. Container 34,000 2,500 TEU Efshipping Co S.A. 2006 Bulk 75,500 Efnav Co. Ltd. Jan 2006 IZAR SEVILLA Container 34,000 2,500 TEU Schulte Group Feb 2006 Seville Products 46,000 Transpetrol Services Apr 2006 Pass/Car F. 293 2,900 20,214 GT Algerian Govt. Jan 2004 Container 34,000 2,500 TEU Schulte Group Apr 2006 Pass/Car F. 294 2,900 20,214 GT Algerian Govt. Apr 2004 On Order:- 59 Vessel(s); 3,052,680 DWT. On Order:- 2 Vessel(s); 5,800 DWT.

Spain METALSHIPS AST. DE HUELVA Vigo Maintenance 2,500 4,000 GT North Sea Shpg. AS May 2003 Huelva On Order:- 1 Vessel(s); 2,500 DWT. RoPax 728 10,500 Olzay Green S.L. 2004 RoPax 729 10,500 Unknown Owner 2004 NAVAL GIJON On Order:- 2 Vessel(s); 21,000 DWT. Gijon AST. DE MURUETA Chem & Oil 604 35,000 Knutsen O.A.S. Shpg. Dec 2003 Chem & Oil 610 35,000 Knutsen O.A.S. Shpg. Dec 2004 Murueta-vizcaya On Order:- 2 Vessel(s); 70,000 DWT. Fishing Unknown Owner Sep 2004 On Order:- 1 Vessel(s); DWT. VULCANO S.A. BARRERAS S.A. Vigo Chem & Oil 482 18,500 W.W. Marpetrol S.A. Jun 2003 Vigo MSV 485 9,000 12,473 GT Taubatkompaniet A/S Jun 2003 Pure Car 1593 6,000 Grupo Suardiaz 2003 Chem & Oil 478 21,350 Augusta Dua S.r.l. Dec 2003 Pass/Car F. 1617 420 3,500 GT Anton. Armas Curbelo Mar 2003 Chem & Oil 21,350 Augusta Dua S.r.l. 2005 L.P.G. 1589 7,300 7,000 cbm Globalgas S.L. Apr 2003 On Order:- 4 Vessel(s); 70,200 DWT. Rfr Fish C. 6,150 300,000 Cu.ft Albacora S.A. Jun 2003 Pure Car 1600 6,000 Grupo Suardiaz Dec 2003

World Shipyard Monitor Database Page 29 1st June 2003 Taiwan Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

Chem & Oil 50 7,100 Besiktas Denizcilik Aug 2004 Taiwan Chem & Oil 53 5,500 Ursa Denizcilik Oct 2004 Chem & Oil 51 13,500 Rutger Dehlin & Co. Feb 2005 CSBC Chem & Oil 52 13,500 Rutger Dehlin & Co. Apr 2005 Kaohsiung On Order:- 8 Vessel(s); 64,854 DWT. Container 778 30,700 2,200 TEU SCAC Delmas-Vieljeux May 2003 Container 796 30,700 2,200 TEU CMA-CGM Jun 2003 CICEK SHIPYARD Container 797 30,700 2,200 TEU CMA-CGM Aug 2003 Tuzla Bulk 805 175,000 U-Ming Marine Tran. Oct 2003 Chem & Oil 16,000 Besiktas Denizcilik Jan 2004 Container 798 30,700 2,200 TEU CMA-CGM Oct 2003 Chem & Oil 16,000 Besiktas Denizcilik Mar 2004 Container 799 30,700 2,200 TEU CMA-CGM Dec 2003 On Order:- 2 Vessel(s); 32,000 DWT. Bulk 77,500 Taiwan Navigation 2004 Bulk 77,000 U-Ming Marine Tran. 2004 DEARSAN SHIPYD. Bulk 77,000 U-Ming Marine Tran. 2004 Tuzla Cement 12,600 Ta Ho Maritime 2004 Chem & Oil 18 6,500 Temmar Shipping 2003 Bulk 806 175,000 U-Ming Marine Tran. Feb 2004 On Order:- 1 Vessel(s); 6,500 DWT. Bulk 77,500 Taiwan Navigation Mar 2004 Bulk 77,000 Yangming Marine Apr 2004 GELIBOLU SHIPYD Container 69,000 5,500 TEU Yangming Marine Apr 2004 Gelibolu Bulk 77,000 Yangming Marine Jun 2004 Chem & Oil 23 3,500 Ali Riza Aksoy Sep 2003 Container 69,000 5,500 TEU Yangming Marine Jun 2004 On Order:- 1 Vessel(s); 3,500 DWT. Container 69,000 5,500 TEU Yangming Marine Dec 2004 Container 69,000 5,500 TEU CSAV Dec 2004 GEMAK SHIPYARD Container 69,000 5,500 TEU CSAV 2005 Tuzla Container 69,000 5,500 TEU CSAV 2005 Products 24 4,500 Whitaker, John H. Apr 2003 Container 52,000 4,050 TEU CSAV 2005 On Order:- 1 Vessel(s); 4,500 DWT. Container 52,000 4,050 TEU CSAV 2005 Bulk 175,000 Sincere Navigation May 2005 GISAN SHIPYARD Container 49,500 4,000 TEU Wan Hai Lines Oct 2005 Tuzla Container 49,500 4,000 TEU Wan Hai Lines Dec 2005 MPP 32 5,500 Unknown Owner 2003 Container 49,500 4,000 TEU Wan Hai Lines 2006 Chem & Oil 30 3,500 Unknown Owner Jun 2003 Container 49,500 4,000 TEU Wan Hai Lines 2006 MPP 31 5,800 Builders Account 2004 Container 49,500 4,000 TEU Wan Hai Lines Mar 2006 On Order:- 3 Vessel(s); 14,800 DWT. Keelung Bulk 77,500 Ta Ho Maritime Aug 2004 MADENCI S/Y On Order:- 29 Vessel(s); 1,997,100 DWT. Karadeniz MPP 014 6,250 Charles M. Willie Oct 2003 Turkey MPP 015 6,250 Charles M. Willie 2004 MPP 016 6,250 Charles M. Willie 2004 ANADOLU TUZLA Asp.& Bit. 22 5,400 Petrolmar S.p.A. Jun 2004 Tuzla On Order:- 4 Vessel(s); 24,150 DWT. Chem & Oil 8,100 Furtrans Denizcilik Jul 2004 MARMARA On Order:- 1 Vessel(s); 8,100 DWT. Yarimca AYKIN DENIZ. MPP 60 5,000 Unknown Owner 2003 Tuzla Chem & Oil 63 13,000 Unknown Owner Jun 2003 Chem & Oil 2,300 Aleyna Deniz. Dec 2003 Chem & Oil 66 7,100 Transmarine Mngt. Jun 2003 On Order:- 1 Vessel(s); 2,300 DWT. On Order:- 3 Vessel(s); 25,100 DWT.

CEKSAN SHIPYARD PENDIK S.Y. Tuzla Pendik Chem & Oil 4,500 Unknown Owner 2004 Ro-Ro/Lo-Lo 23 5,500 Sloman Neptun Schiff 2003 Chem & Oil 4,500 Unknown Owner 2004 On Order:- 1 Vessel(s); 5,500 DWT. On Order:- 2 Vessel(s); 9,000 DWT. RMK MARINE CELIKTEKNE Tuzla Tuzla Products 56 6,750 Petrogas Maritima 2003 Chem & Oil 43 5,554 Ursa Denizcilik May 2003 Products 55 4,300 Petrogas Maritima 2003 Chem & Oil 44 7,100 Deval Denizcilik Aug 2003 Chem & Oil 48 1,350 Unifleet B.V. Jun 2003 Chem & Oil 47 5,500 Emden Denizcilik Feb 2004 Chem & Oil 54 1,350 Unifleet B.V. Jun 2003 Chem & Oil 49 7,100 Besiktas Denizcilik Jun 2004 On Order:- 4 Vessel(s); 13,750 DWT.

World Shipyard Monitor Database Page 30 1st June 2003 Orderbook by Yard Turkey Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

SEDEF GEMI END. OKEAN SHIPYARD Tuzla Nikolayev Chem & Oil 124 7,100 Kasif Kalkavan Group 2003 Bulk 502/601 69,100 Unknown Owner 2003 Chem & Oil 125 6,700 Peters, Carl F. Mar 2003 Bulk 503/602 69,100 Unknown Owner 2003 Chem & Oil 129 3,500 Unknown Owner Sep 2003 On Order:- 2 Vessel(s); 138,200 DWT. On Order:- 3 Vessel(s); 17,300 DWT. ZALIV SHIPYARD SELAH SHIPYARD Kerch Tuzla Container 9,500 767 TEU Upstream Marine Jun 2004 Asp.& Bit. 5,850 W.W. Marpetrol S.A. 2003 On Order:- 1 Vessel(s); 9,500 DWT. Chem & Oil 47 6,700 Atlantik Denizcilik Jul 2003 Asp.& Bit. 5,850 W.W. Marpetrol S.A. Dec 2003 United Kingdom On Order:- 3 Vessel(s); 18,400 DWT. APPLEDORE S.B. TORGEM GEMI Appledore Tuzla Pass/Car F. AS190 1,108 GT Caledonian Macbrayne May 2003 Products 69T 4,000 Builders Account 2003 Motor Yacht AS191 DML Plymouth Jun 2003 Container 62 7,500 500 TEU Builders Account 2003 On Order:- 2 Vessel(s); DWT. Container 69 12,500 820 TEU Bayraktar Denizcilik Oct 2003 On Order:- 3 Vessel(s); 24,000 DWT. United States YARDIMCI DENIZ ATLANTIC MARINE Tuzla Jacksonville Chem & Oil 10,000 Clipper Group Oct 2003 Cruise 4243 200 1,599 GT American Classic 2004 Chem & Oil 10,040 Clipper Group 2004 On Order:- 1 Vessel(s); 200 DWT. On Order:- 2 Vessel(s); 20,040 DWT. AVONDALE IND. Ukraine New Orleans 61 KOMMUNAR Logistics 2496 33,819 U.S. Govt. Jun 2003 On Order:- 1 Vessel(s); 33,819 DWT. Nikolayev Reefer 1148 10,500 497,000 Cu.ft Laskaridis Shpg 2003 BENDER S.B. Reefer 1149 10,500 497,000 Cu.ft Laskaridis Shpg 2003 Mobile Reefer 1152 6,815 270,000 Cu.ft Laskaridis Shpg 2003 Container 7255 11,120 825 TEU Santa Maria Shpg. Jun 2003 Reefer 1150 10,500 497,000 Cu.ft Laskaridis Shpg 2004 Container 7260 11,120 825 TEU Santa Maria Shpg. Dec 2003 On Order:- 4 Vessel(s); 38,315 DWT. PSV 2,000 1,548 GT Naviera Tamaulipas Dec 2003 CHERNOMORSKIY MSV 5,000 4,000 GT Torch Inc. Jan 2004 PSV 3,000 2,323 GT SURF/Rigdon Marine Jan 2004 Nikolayev PSV 3,000 2,323 GT SURF/Rigdon Marine Mar 2004 Chem & Oil 207 45,614 Vardinoyannis Group 2003 PSV 3,000 2,323 GT SURF/Rigdon Marine May 2004 Chem & Oil 208 45,614 Vardinoyannis Group 2003 PSV 3,000 2,323 GT SURF/Rigdon Marine Jul 2004 Chem & Oil 209 45,614 Vardinoyannis Group 2004 PSV 3,000 2,323 GT SURF/Rigdon Marine Sep 2004 Chem & Oil 210 45,614 Vardinoyannis Group 2004 PSV 3,000 2,323 GT SURF/Rigdon Marine Nov 2004 On Order:- 4 Vessel(s); 182,456 DWT. PSV 3,000 2,323 GT SURF/Rigdon Marine Jan 2005 DAMEN OKEAN PSV 3,000 2,323 GT SURF/Rigdon Marine Mar 2005 PSV 3,000 2,323 GT SURF/Rigdon Marine May 2005 Nikolayev PSV 3,000 2,323 GT SURF/Rigdon Marine Jul 2005 Container 12,900 1,100 TEU Thien & Heyenga 2004 On Order:- 14 Vessel(s); 59,240 DWT. Container 12,900 1,100 TEU Thien & Heyenga 2004 Container 244 12,900 1,100 TEU Thien & Heyenga 2004 BOLLINGER S.Y. Container 245 12,900 1,100 TEU Thien & Heyenga 2004 Lockport GCargo 6,000 Ukrrichflot Shpg. Co 2004 PSV 435 2,200 1,703 GT Unknown Owner May 2003 GCargo 6,000 Ukrrichflot Shpg. Co 2004 PSV 436 2,200 1,703 GT Unknown Owner Jul 2003 GCargo 6,000 Ukrrichflot Shpg. Co 2004 PSV 437 2,200 1,703 GT Unknown Owner Sep 2003 GCargo 6,000 Ukrrichflot Shpg. Co 2004 PSV 440 2,215 1,715 GT Tidewater Marine Oct 2003 GCargo 6,000 Ukrrichflot Shpg. Co 2005 PSV 441 2,215 1,715 GT Tidewater Marine Dec 2003 GCargo 6,000 Ukrrichflot Shpg. Co 2005 PSV 442 2,215 1,715 GT Tidewater Marine Feb 2004 On Order:- 10 Vessel(s); 87,600 DWT. PSV 443 2,215 1,715 GT Tidewater Marine May 2004 On Order:- 7 Vessel(s); 15,460 DWT.

World Shipyard Monitor Database Page 31 1st June 2003 United States Orderbook by Yard Type Hull No. Dwt. *Other Units Owner Delivery Type Hull No. Dwt. *Other Units Owner Delivery

BREAUX BROS. PSV 220 4,500 3,485 GT Edison Chouest Jul 2003 PSV 4,500 3,485 GT Edison Chouest Oct 2003 Loreauville PSV 4,500 3,485 GT Edison Chouest Oct 2003 Utility 1268 500 350 GT Tidewater Marine 2003 PSV 4,500 3,485 GT Edison Chouest Dec 2003 Utility 1269 500 350 GT Tidewater Marine 2003 On Order:- 6 Vessel(s); 26,000 DWT. Utility 1273 500 350 GT Tidewater Marine 2003 On Order:- 3 Vessel(s); 1,500 DWT. PATTI SHIPYARD C & G BOATWORK Pensacola AHT 159 100 250 GT Harvey Gulf Intl. 2003 Houma AHT 160 100 250 GT Harvey Gulf Intl. 2003 Supply 800 499 GT Tidewater Marine 2003 On Order:- 2 Vessel(s); 200 DWT. Supply 800 499 GT Tidewater Marine 2003 Supply 800 499 GT Tidewater Marine 2003 QUALITY S/YARDS Crew Boat 500 1,415 GT Harvey Gulf Intl. Jan 2003 Houma Crew Boat 500 1,415 GT Harvey Gulf Intl. Jan 2003 PSV 3,200 3,200 GT Tidewater Marine 2003 Crew Boat 500 1,415 GT Harvey Gulf Intl. Feb 2003 On Order:- 1 Vessel(s); 3,200 DWT. Crew Boat 500 1,415 GT Harvey Gulf Intl. Mar 2003 On Order:- 7 Vessel(s); 4,400 DWT. VT HALTER EASTERN S.B. Pascagoula Panama City Pure Car 13,000 Van Ommeren (USA) Dec 2004 On Order:- 1 Vessel(s); 13,000 DWT. PSV 3,000 2,323 GT Harvey Gulf Intl. 2003 PSV 3,000 2,323 GT Harvey Gulf Intl. 2003 PSV 2,000 1,548 GT Harvey Gulf Intl. 2003 Vietnam PSV 3,000 2,323 GT Harvey Gulf Intl. Mar 2003 BACH DANG S/Y PSV 2,000 1,548 GT Harvey Gulf Intl. Dec 2003 On Order:- 5 Vessel(s); 13,000 DWT. Haiphong Products 12,500 Vietnam Ocean Shpg. 2003 HOUMA FABRICAT. Bulk 11,500 Vietnam Nat. Shpg. 2004 Houma On Order:- 2 Vessel(s); 24,000 DWT. Supply 132 1,350 930 GT Otto Candies Aug 2003 HA LONG SHIPYD. Supply 1,350 930 GT Otto Candies Nov 2003 Supply 1,350 930 GT Otto Candies 2004 Haiphong Supply 1,350 930 GT Otto Candies Mar 2004 Bulk 11,500 Vietnam Nat. Shpg. 2003 On Order:- 4 Vessel(s); 5,400 DWT. Container 18,000 1,016 TEU Vietnam Nat. Shpg. 2004 Container 18,000 1,016 TEU Vietnam Nat. Shpg. 2004 KVAERNER PHIL. On Order:- 3 Vessel(s); 47,500 DWT. Philadelphia Container 1 30,000 2,890 TEU Matson Navigation Jun 2003 Yugoslavia Container 2 30,000 2,890 TEU Matson Navigation Apr 2004 On Order:- 2 Vessel(s); 60,000 DWT. BROD. BEOGRAD Beograd NATIONAL STEEL MPP 1161 5,650 Rederi AB Lido & Co. 2003 San Diego On Order:- 1 Vessel(s); 5,650 DWT. Ro-Ro 491 30,000 Totem Ocean Trailer Jun 2003 Tanker 484 185,000 BP Amoco PLC Nov 2003 Tanker 485 185,000 BP Amoco PLC Oct 2004 Tanker 486 185,000 BP Amoco PLC May 2005 Tanker 487 185,000 BP Amoco PLC Aug 2006 On Order:- 5 Vessel(s); 770,000 DWT.

NG AVONDALE New Orleans Tanker 2499 141,740 Polar Tankers Inc. Jan 2003 Tanker 2500 141,740 Polar Tankers Inc. Sep 2003 Tanker 2501 141,740 Polar Tankers Inc. May 2004 On Order:- 3 Vessel(s); 425,220 DWT.

NORTH AMERICAN Larose PSV 3,500 2,295 GT Edison Chouest 2003 PSV 219 4,500 3,485 GT Edison Chouest May 2003

World Shipyard Monitor Database Page 32 1st June 2003 Shiptype Orderbook Monitor Volume 10, No.6 June-2003 Shiptype Index Page Page VLCC Tankers (200,000 + dwt tonnes) 3 Feedermax Containerships 500-1,000 TEU 37 Suezmax Tankers (120-200,000 dwt tonnes) 4 Feeder Containerships 100-500 TEU 38 Aframax Tankers (80-120,000 dwt tonnes) 5 Multi-Purpose > 5,000 dwt 39 Panamax Tankers (60-80,000 dwt tonnes) 7 Multi-Purpose < 5,000 dwt 41 Handy Products Tankers (10 - 60,000 dwt tonnes) 9 Ro-Ro > 5,000 dwt 42 Handy Chemical Tankers (10 - 60,000 dwt tonnes) 12 Ro-Ro < 5,000 dwt 43 Handy Specialised Tankers (10 - 60,000 dwt tonnes) 14 Pure Car Carrier > 5,000 dwt 44 Other Specialised Tankers < 10K DWT 15 Reefers 45 Liquid Natural Gas Carriers 17 Other Dry Cargo > 5,000 dwt 46 Very Large LPG Carrier (60,000 + cu. m.) 18 Other Dry Cargo < 5,000 dwt 47 Mid Size 1 LPG Carrier (20-60,000 cu. m.) 19 Offshore 48 Mid Size 2 LPG Carrier (8-20,000 cu. m.) 20 FPSO/FSU 50 Small LPG Carrier (< 8,000 cu. m.) 21 Cruise Vessels 51 Capesize Bulkers (80,000 + dwt tonnes) 22 Ro-Ro Passenger Ferries 52 Panamax Bulkers (60-80,000 dwt tonnes) 24 Miscellaneous Vessels 53 Handymax Bulkers (40-60,000 dwt tonnes) 26 Handysize Bulkers (10-40,000 dwt tonnes) 28 Combined Carriers 30 Post Panamax Containerships >4,000 TEU 31 Panamax Containerships >3,000 TEU 33 Sub-Panamax Containerships 2-3,000 TEU 35 Handy Containerships 1-2,000 TEU 36 Statistical Notes • The newbuilding orderbook in this report is drawn from the Clarkson Fleet and Newbuilding Database. The database is closed on the first working day of each month. • The sources used to update the database are the ship owners, the newbuilding and demolition brokers of H. Clarkson & Co., shipyards, classification societies and the shipping press. Our policy is not to include new contracts until they have been confirmed by the newbuilding broker or the shipyard. Contracts that are confirmed after the press date of World Shipyard Monitor are included in the next month's new contracts. • To validate the orderbook, shipyards are contacted quarterly to confirm their orderbook and the type, deadweight, delivery date and owner of new orders. • The following definitions are used: Order: public announcement of a firm contract. Delivery: handover of vessel to owner. Orderbook: vessels between the above stages. Loss: total loss or constructive total loss. Miscellaneous: includes deliveries, demolitions and losses from previous years reported in the current year, removals and conversions from one ship type to another. Owner: the Primary Reference Company, i.e. the company with the main commercial responsibility for the ship. It may be part of a larger group or an individual entity. • Options are included in the database, but they are included in the orderbook only once they have been firmly taken up. Losses are checked against published insurance lists.

World Copyright reserved to: TANKERS DRY CARGO CLARKSON RESEARCH STUDIES 2003 SALE PURCHASE BUNKERS Telephone +44 (0)20 7283 9010 Telephone +44 (0)20 7283 8977 TELEPHONE 12, CAMOMILE STREET TELEFAX Telephone +44 (0)20 7334 0000 Telephone +44 (0)20 7283 9010 Telex 8812927 CLTNKA G Telex 887811 CLDRYA G +44 (0)20 7283 8955 LONDON EC3A 7BP, +44 (0)20 7623 0539 Telex 886661 CLSNPA G Telex 8814221 CLFUEL G Telefax +44 (0)20 7623 8703 Telefax +44 (0)20 7626 4189 ENGLAND Telefax +44 (0)20 7283 5260 Telefax +44 (0)20 7626 0798 E-mail: [email protected] Web: http://www..clarksonresearch.com VLCC Tankers (200,000 + dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

VLCC Tankers (200,000 + dwt tonnes) Total 23 Vessel(s) of 7,000,940 DWT.

2004 300,000 Nippon Yusen KaishaImabari S.B. 2004 No. Vessels(end) 2001 2002 May-2003 Orderbook 300,000 Formosa Plastics Co.Universal S.B. 2004 Fleet Totals 428 428 428 2003 23 300,000 Nippon Yusen KaishaMitsubishi H.I. 2004 Deliveries 26 39 15 2004 29 300,000 Mitsui O.S.K. LinesMitsubishi H.I. 2004 Scrapping 30 33 14 2005+ 23 300,000 Mitsui O.S.K. LinesMitsui S.B. 2004 Contracting 22 17 28 Total 75 300,000 Nippon Yusen KaishaUniversal S.B. 2004 Orderbook 84 62 75 % Fleet 17.5% 300,000 Mitsui O.S.K. LinesKawasaki H.I. 2004 300,000 Kawasaki KisenUniversal S.B. Jan 2004 300,000 World-Wide Shpg. AgyDaewoo S.B. Jan 2004 (m) DWT (end) 2001 2002 May-2003 Orderbook 300,000 World-Wide Shpg. AgyDaewoo S.B. Feb 2004 Fleet Totals 125.7 125.2 125.08 2003 7.00 317,000 SK Shipping Co. Ltd.Samsung S.B. Mar 2004 Deliveries 7.8 12.3 4.72 2004 8.80 302,900 Nissho Shpg. Co. LtdUniversal S.B. Mar 2004 Scrapping 8.6 10.9 4.56 2005+ 7.04 302,700 Frontline Ltd.Universal S.B. Mar 2004 Contracting 6.8 5.2 8.55 Total 22.84 300,000 Mitsui O.S.K. LinesUniversal S.B. Mar 2004 Orderbook 26.2 19.0 22.84 % Fleet 18.3% 298,000 Sea Fortune TankersNantong S.B. Mar 2004 306,000 Kristen NavigationDaewoo S.B. Apr 2004 298,100 Malaysian Int. Shpg.Universal S.B. Apr 2004 317,000 SK Shipping Co. Ltd.Samsung S.B. May 2004 Deliveries Contracting 300,000 Kawasaki KisenUniversal S.B. May 2004 300,000 Tokyo TankerI.H.I. Jun 2004 18.0 (m) DWT 300,000 Idemitsu Tanker Co.I.H.I. Jul 2004 16.0 300,000 PertaminaHyundai H.I. Jul 2004 14.0 300,000 Euronav (UK) Agen.Daewoo S.B. Jul 2004 12.0 318,000 Wah Kwong Shpg.Hyundai H.I. Sep 2004 10.0 300,000 Kyoei Tanker Co.I.H.I. Sep 2004 8.0 320,000 N.S. LemosHyundai Samho Oct 2004 6.0 300,000 PertaminaHyundai H.I. Oct 2004 4.0 320,000 American Eagle TnkrsHyundai Samho Nov 2004 2.0 298,000 Hong Kong Ming WahUniversal S.B. Dec 2004 0.0 Total 29 Vessel(s) of 8,797,700 DWT. 2005 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 320,000 N.S. LemosHyundai Samho 2005 300,000 Mitsui O.S.K. LinesMitsui S.B. 2005 300,000 China Ocean (COSCO)Universal S.B. 2005 2003 300,000 Mitsui O.S.K. LinesKawasaki H.I. 2005 300,000 World-Wide Shpg. AgyDaewoo S.B. Apr 2003 300,000 Mitsui O.S.K. LinesMitsubishi H.I. 2005 299,500 Nat. Iranian TankerDalian New Yard Apr 2003 306,000 Aeolos ManagementDaewoo S.B. Jan 2005 296,000 Wah Kwong Shpg.Universal S.B. Apr 2003 298,000 Hong Kong Ming WahUniversal S.B. Feb 2005 317,420 Saudi Maritime Hldg.Hyundai Samho Jun 2003 320,000 N.S. LemosHyundai Samho Mar 2005 306,000 Kristen NavigationDaewoo S.B. Jun 2003 319,000 Thenamaris (Mgmt.)Hyundai H.I. Mar 2005 306,000 Kristen NavigationDaewoo S.B. Jun 2003 306,000 Kristen NavigationDaewoo S.B. Apr 2005 301,000 Nat. Iranian TankerHyundai H.I. Jun 2003 308,000 American Eagle TnkrsSamsung S.B. May 2005 316,000 Vela InternationalHyundai H.I. Jul 2003 300,000 Formosa Plastics Co.I.H.I. May 2005 310,000 Frontline Ltd.Samsung S.B. Jul 2003 320,000 Dorian (Hellas) S.A.Hyundai Samho Jun 2005 302,700 Mitsui O.S.K. LinesUniversal S.B. Jul 2003 306,000 Sincere NavigationDaewoo S.B. Jul 2005 300,000 Nippon Yusen KaishaI.H.I. Jul 2003 298,000 Unknown OwnerUniversal S.B. Jul 2005 300,000 Mitsui O.S.K. LinesMitsui S.B. Jul 2003 308,000 American Eagle TnkrsSamsung S.B. Aug 2005 299,500 Nat. Iranian TankerDalian New Yard Jul 2003 300,000 Formosa Plastics Co.I.H.I. Aug 2005 308,500 Marcare Shpg. Co.Samsung S.B. Sep 2003 308,000 Eastern Med. Mar.Samsung S.B. Sep 2005 302,700 Mitsui O.S.K. LinesUniversal S.B. Sep 2003 298,000 Unknown OwnerUniversal S.B. Oct 2005 301,000 Nat. Iranian TankerHyundai H.I. Sep 2003 306,000 Kristen NavigationDaewoo S.B. Nov 2005 300,000 Tokyo TankerI.H.I. Sep 2003 308,000 Eastern Med. Mar.Samsung S.B. Dec 2005 298,000 Sea Fortune TankersNantong S.B. Oct 2003 308,000 Eastern Med. Mar.Samsung S.B. Dec 2005 300,000 Mitsui O.S.K. LinesUniversal S.B. Nov 2003 Total 22 Vessel(s) of 6,737,000 DWT. 317,420 Saudi Maritime Hldg.Hyundai Samho Dec 2003 317,000 SK Shipping Co. Ltd.Samsung S.B. Dec 2003 2006 302,700 Frontline Ltd.Universal S.B. Dec 2003 300,000 China Ocean (COSCO)Universal S.B. 2006 299,500 Nat. Iranian TankerDalian New Yard Dec 2003 Total 1 Vessel(s) of 300,000 DWT.

World Shipyard Monitor Database Page 3 1st June 2003 Suezmax Tankers (120-200,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Suezmax Tankers (120-200,000 dwt tonnes) 2004 160,000 Ceres HellenicSamsung S.B. Jan 2004 159,000 Athenian TankersHyundai H.I. Jan 2004 No. Vessels(end) 2001 2002 May-2003 Orderbook 159,000 Alpha Tankers & Frt.Hyundai H.I. Jan 2004 152,000 Teekay Shpg. CanadaHyundai H.I. Jan 2004 Fleet Totals 275 286 290 2003 20 156,000 Onassis GroupNamura Zosensho Feb 2004 Deliveries 16 24 11 2004 21 159,000 Alpha Tankers & Frt.Hyundai H.I. Apr 2004 Scrapping 29 11 7 2005+ 22 159,000 Athenian TankersHyundai H.I. Apr 2004 Contracting 20 15 20 Total 63 155,000 Viken ShippingSamsung S.B. Apr 2004 Orderbook 63 54 63 % Fleet 21.7% 155,000 Viken ShippingSamsung S.B. May 2004 141,740 Polar Tankers Inc.NG Avondale May 2004 (m) DWT (end) 2001 2002 May-2003 Orderbook 159,000 China Ocean (COSCO)Bohai Shipyard Jun 2004 Fleet Totals 40.1 42.0 42.82 2003 3.13 167,000 Tankerska PlovidbaBrod. Split Jul 2004 Deliveries 2.5 3.8 1.75 2004 3.28 156,000 Onassis GroupNamura Zosensho Jul 2004 Scrapping 4.0 1.6 0.97 2005+ 3.49 159,000 Arcadia Shipmngt.Hyundai H.I. Aug 2004 Contracting 3.1 2.3 3.17 Total 9.90 147,000 Shpg. Corp. of IndiaDaewoo S.B. Sep 2004 185,000 BP Amoco PLCNational Steel Oct 2004 Orderbook 9.9 8.5 9.90 % Fleet 23.1% 130,000 PetrobrasEisa Shipyard Oct 2004 159,000 Montanari, Navigaz.Daewoo S.B. Nov 2004 159,000 Arcadia Shipmngt.Hyundai H.I. Nov 2004 Deliveries Contracting 159,000 China Ocean (COSCO)Bohai Shipyard Dec 2004 147,000 Shpg. Corp. of IndiaDaewoo S.B. Dec 2004 8.0 (m) DWT Total 21 Vessel(s) of 3,282,740 DWT. 7.0 2005 6.0 164,000 C.M. LemosUniversal S.B. 2005 5.0 164,000 C.M. LemosUniversal S.B. 2005 4.0 159,000 Naviera F. TapiasDaewoo S.B. Jan 2005 3.0 156,000 Great Eastern Shpg.Hyundai H.I. Jan 2005 130,000 PetrobrasEisa Shipyard Jan 2005 2.0 150,000 Sovcomflot AKPHyundai H.I. Feb 2005 1.0 147,500 Knutsen O.A.S. Shpg.Samsung S.B. Mar 2005 0.0 150,000 Sovcomflot AKPHyundai H.I. Apr 2005 185,000 BP Amoco PLCNational Steel May 2005

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 159,000 Sovcomflot AKPHyundai H.I. May 2005 Source: Clarkson Research Studies 147,500 Knutsen O.A.S. Shpg.Samsung S.B. May 2005 165,000 Besiktas DenizcilikHyundai H.I. Jun 2005 2003 159,000 Naviera F. TapiasDaewoo S.B. Jun 2005 159,000 Sovcomflot AKPHyundai H.I. Jun 2005 141,740 Polar Tankers Inc.NG Avondale Jan 2003 165,000 Besiktas DenizcilikHyundai H.I. Jul 2005 160,000 C.T.G.M. S.A.Samsung S.B. Jun 2003 156,000 Great Eastern Shpg.Hyundai Samho Jul 2005 160,000 Premuda S.P.A.N.Samsung S.B. Jun 2003 159,000 Naviera F. TapiasDaewoo S.B. Sep 2005 159,460 K. G. Jebsenc Hyundai Samho Jun 2003 159,000 Sovcomflot AKPHyundai H.I. Sep 2005 150,000 Ugland Nordic Shpg.Samsung S.B. Aug 2003 159,000 Sovcomflot AKPHyundai H.I. Nov 2005 159,000 Kristen NavigationDaewoo S.B. Sep 2003 159,000 Centrofin Mngt.Daewoo S.B. Dec 2005 152,000 Teekay Shpg. CanadaHyundai H.I. Sep 2003 153,000 Dynacom Tankers MngtUniversal S.B. Dec 2005 141,740 Polar Tankers Inc.NG Avondale Sep 2003 167,000 Tankerska PlovidbaBrod. Split Oct 2003 Total 21 Vessel(s) of 3,305,000 DWT. 160,000 Ceres HellenicSamsung S.B. Oct 2003 2006 159,000 Athenian TankersHyundai H.I. Oct 2003 185,000 BP Amoco PLCNational Steel Aug 2006 150,000 A/S J. MowinckelsSamsung S.B. Oct 2003 150,000 Ondimar Transp.Universal S.B. Oct 2003 Total 1 Vessel(s) of 185,000 DWT. 185,000 BP Amoco PLCNational Steel Nov 2003 159,000 Athenian TankersHyundai H.I. Nov 2003 155,000 Viken ShippingSamsung S.B. Nov 2003 152,000 Teekay Shpg. CanadaHyundai H.I. Nov 2003 159,000 Alpha Tankers & Frt.Hyundai H.I. Dec 2003 159,000 China Ocean (COSCO)Bohai Shipyard Dec 2003 150,000 Ondimar Transp.Universal S.B. Dec 2003 Total 20 Vessel(s) of 3,128,940 DWT.

World Shipyard Monitor Database Page 4 1st June 2003 Aframax Tankers (80-120,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Aframax Tankers (80-120,000 dwt tonnes) 105,000 Augustea Ship MngtNamura Zosensho Sep 2003 95,000 European Navigationc Brod. Split Sep 2003 112,700 Overseas ShipholdingHyundai Samho Oct 2003 106,000 Unknown OwnerTsuneishi Zosen Oct 2003 No. Vessels(end) 2001 2002 May-2003 Orderbook 106,000 Sovcomflot AKPTsuneishi Zosen Oct 2003 Fleet Totals 551 568 586 2003 41 105,400 DSD Shipping A/SSumitomo H.I. Oct 2003 Deliveries 15 36 33 2004 45 105,000 ChevronTexaco Shpg.Samsung S.B. Oct 2003 Scrapping 16 17 11 2005+ 40 105,000 Great Eastern Shpg.Samsung S.B. Oct 2003 Contracting 69 44 30 Total 126 105,000 Daiichi ChuoNamura Zosensho Oct 2003 Orderbook 121 129 126 % Fleet 21.5% 115,000 Novorossiysk Shpg.Hyundai Samho Nov 2003 110,000 Fratelli D'AmicoMitsui S.B. Nov 2003 106,000 BP Amoco Shpg. Ltd.Tsuneishi Zosen Nov 2003 (m) DWT (end) 2001 2002 May-2003 Orderbook 105,200 Unique Shpg. (H.K.)c Sumitomo H.I. Nov 2003 Fleet Totals 52.9 55.0 57.10 2003 4.41 105,000 Tanker Pacific Mngt.Hyundai H.I. Nov 2003 Deliveries 1.5 3.8 3.48 2004 4.91 99,990 Torm, Dampskibssc Hyundai Samho Nov 2003 Scrapping 1.4 1.5 0.98 2005+ 4.36 112,700 Overseas ShipholdingHyundai Samho Dec 2003 Contracting 7.3 4.8 3.25 Total 13.67 108,000 Primorsk Shpg. Corp.c Brod. Split Dec 2003 Orderbook 12.9 13.9 13.67 % Fleet 23.9% 99,990 Torm, Dampskibssc Hyundai Samho Dec 2003 c = Coated Tanks Total 41 Vessel(s) of 4,407,652 DWT.

2004 Deliveries Contracting 115,000 Sovcomflot AKPDaewoo S.B. Jan 2004 115,000 BP Amoco Shpg. Ltd.Samsung S.B. Jan 2004 8.0 (m) DWT 113,000 Seaarland Shpg.MgmntSanoyas Jan 2004 7.0 112,000 Teekay Shpg. CanadaHyundai H.I. Jan 2004 6.0 106,000 BP Amoco Shpg. Ltd.Tsuneishi Zosen Jan 2004 5.0 106,000 Sovcomflot AKPTsuneishi Zosen Jan 2004 105,200 Dynacom Tankers MngtSumitomo H.I. Jan 2004 4.0 105,000 Thenamaris (Mgmt.)Hyundai Samho Jan 2004 3.0 105,000 Thenamaris (Mgmt.)Hyundai Samho Jan 2004 2.0 105,200 Dynacom Tankers MngtSumitomo H.I. Feb 2004 1.0 105,000 Minerva Marine Inc.Samsung S.B. Feb 2004 110,000 Fratelli D'AmicoMitsui S.B. Mar 2004 0.0 107,000 Kawasaki KisenImabari S.B. Mar 2004 106,000 BP Amoco Shpg. Ltd.Tsuneishi Zosen Mar 2004 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 105,500 Eletson Corp.c Hyundai H.I. Mar 2004 105,000 Minerva Marine Inc.Hyundai Samho Mar 2004 105,000 Tanker Pacific Mngt.Hyundai H.I. Mar 2004 2003 105,000 Minerva Marine Inc.Hyundai Samho Mar 2004 114,600 Shpg. Corp. of IndiaHyundai H.I. May 2003 115,000 Malaysian Int. Shpg.Samsung S.B. Apr 2004 112,900 Geden LineHyundai Samho May 2003 115,000 BP Amoco Shpg. Ltd.Samsung S.B. Apr 2004 115,000 Sovcomflot AKPDaewoo S.B. Jun 2003 106,000 BP Amoco Shpg. Ltd.Tsuneishi Zosen Apr 2004 107,000 Itochu Corp.Imabari S.B. Jun 2003 105,000 Unique Shpg. (H.K.)c Daewoo S.B. Apr 2004 105,200 Dynacom Tankers MngtSumitomo H.I. Jun 2003 105,000 Geden LineHyundai Samho Apr 2004 105,000 Vela Internationalc Daewoo S.B. Jun 2003 115,000 Teekay Shpg. CanadaSamsung S.B. May 2004 95,000 European Navigationc Brod. Split Jun 2003 105,000 Mitsui O.S.K. LinesHyundai H.I. May 2004 113,000 Seaarland Shpg.MgmntSanoyas Jul 2003 115,000 N.S. LemosSamsung S.B. Jun 2004 105,000 A.M.P.T.C.Hyundai H.I. Jul 2003 115,000 Malaysian Int. Shpg.Samsung S.B. Jun 2004 105,000 Arcadia Shipmngt.Hyundai H.I. Jul 2003 108,000 Primorsk Shpg. Corp.c Brod. Split Jun 2004 105,000 ChevronTexaco Shpg.Samsung S.B. Jul 2003 105,500 Eletson Corp.c Hyundai H.I. Jun 2004 114,600 Shpg. Corp. of IndiaHyundai H.I. Aug 2003 105,000 Minerva Marine Inc.Samsung S.B. Jun 2004 107,222 Tsakos Shpg. & Trad.Imabari S.B. Aug 2003 105,000 Geden LineHyundai Samho Jun 2004 107,000 Unknown OwnerImabari S.B. Aug 2003 115,000 Teekay Shpg. CanadaDaewoo S.B. Jul 2004 107,000 Neptune Orient LinesImabari S.B. Aug 2003 115,000 Teekay Shpg. CanadaSamsung S.B. Jul 2004 105,250 Scinicariello S/mngtSumitomo H.I. Aug 2003 115,000 N.S. LemosSamsung S.B. Aug 2004 105,000 Grupo SuardiazHyundai Samho Aug 2003 105,000 Mitsui O.S.K. LinesHyundai H.I. Aug 2004 115,000 Novorossiysk Shpg.Hyundai Samho Sep 2003 115,000 BP Amoco Shpg. Ltd.Samsung S.B. Sep 2004 115,000 Sovcomflot AKPDaewoo S.B. Sep 2003 115,000 Teekay Shpg. CanadaDaewoo S.B. Oct 2004 112,900 Geden LineHyundai Samho Sep 2003 115,000 Teekay Shpg. CanadaSamsung S.B. Oct 2004 112,000 Teekay Shpg. CanadaHyundai H.I. Sep 2003 113,000 Marmaras Nav. Ltd.Hyundai Samho Oct 2004 110,000 Fratelli D'AmicoMitsui S.B. Sep 2003 106,000 Unknown Ownerc Tsuneishi Zosen Oct 2004 107,000 Neptune Orient LinesImabari S.B. Sep 2003 105,000 China Shpg. TankersDalian New Yard Oct 2004

World Shipyard Monitor Database Page 5 1st June 2003 Aframax Tankers (80-120,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

110,000 A.P. Mollerc Dalian New Yard Nov 2004 105,000 Minerva Marine Inc.Samsung S.B. Nov 2004 115,000 Teekay Shpg. CanadaSamsung S.B. Dec 2004 105,000 China Shpg. TankersDalian New Yard Dec 2004 Total 45 Vessel(s) of 4,909,400 DWT.

2005 115,000 Teekay Shpg. CanadaDaewoo S.B. 2005 115,000 Teekay Shpg. CanadaDaewoo S.B. 2005 115,000 Scorpio Ship Mngmt.Samsung S.B. 2005 115,000 Scorpio Ship Mngmt.Samsung S.B. 2005 105,400 DSD Shipping A/SSumitomo H.I. 2005 105,000 Malaysian Int. Shpg.Samsung S.B. 2005 105,000 Malaysian Int. Shpg.Samsung S.B. 2005 105,000 Stealth MaritimeWaigaoqiao S/Y 2005 105,000 Kumiai Senpaku K.K.Universal S.B. 2005 105,000 Stealth MaritimeWaigaoqiao S/Y 2005 105,000 China Shpg. TankersDalian New Yard 2005 103,000 European Navigationc Brod. Split 2005 115,000 BP Amoco Shpg. Ltd.Samsung S.B. Jan 2005 113,000 Marmaras Nav. Ltd.Hyundai Samho Jan 2005 110,000 A.P. Mollerc Dalian New Yard Jan 2005 105,000 Unknown OwnerHyundai H.I. Jan 2005 105,000 Minerva Marine Inc.Samsung S.B. Jan 2005 105,000 Minerva Marine Inc.Samsung S.B. Jan 2005 105,000 Tai Chong CheangHyundai H.I. Jan 2005 105,000 Thenamaris (Mgmt.)Hyundai Samho Jan 2005 105,000 Thenamaris (Mgmt.)Hyundai Samho Jan 2005 105,000 Montanari GroupDaewoo S.B. Feb 2005 110,000 A.P. Mollerc Dalian New Yard Mar 2005 105,000 MOST Med Oil SupplyHyundai H.I. Mar 2005 115,000 BP Amoco Shpg. Ltd.Samsung S.B. Apr 2005 113,000 Marmaras Nav. Ltd.Hyundai Samho Apr 2005 105,000 MOST Med Oil SupplyHyundai H.I. Apr 2005 113,000 Marmaras Nav. Ltd.Hyundai Samho May 2005 107,000 Kawasaki KisenImabari S.B. May 2005 105,000 Tai Chong CheangDaewoo S.B. May 2005 115,000 BP Amoco Shpg. Ltd.Samsung S.B. Jun 2005 113,000 Seaarland Shpg.MgmntSanoyas Jun 2005 115,000 Dunya DenizcilikSamsung S.B. Jul 2005 110,000 A.P. Mollerc Dalian New Yard Jul 2005 115,000 BP Amoco Shpg. Ltd.Samsung S.B. Aug 2005 105,000 Chandris (Hellas)c Daewoo S.B. Aug 2005 105,000 EuroceanicaHyundai H.I. Sep 2005 115,000 Dunya DenizcilikSamsung S.B. Oct 2005 Total 38 Vessel(s) of 4,137,400 DWT.

2006 115,000 Dunya DenizcilikSamsung S.B. Jan 2006 105,000 Chandris (Hellas)c Daewoo S.B. May 2006 Total 2 Vessel(s) of 220,000 DWT.

World Shipyard Monitor Database Page 6 1st June 2003 Panamax Tankers (60-80,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Panamax Tankers (60-80,000 dwt tonnes) 73,000 Deiulemar Cia. Nav.New Century S/Y 2004 70,000 Prime MaritimeHudong S/Yard 2004 69,000 LMZ TransoilDaewoo S.B. 2004 75,000 Torm, Dampskibssc Hyundai H.I. Jan 2004 No. Vessels(end) 2001 2002 May-2003 Orderbook 73,000 Fratelli D'Amatoc Hudong S/Yard Jan 2004 Fleet Totals 217 220 224 2003 17 70,000 Liquimar Tankersc STX Shipbuild. Jan 2004 Deliveries 410 92004 38 62,000 Pleiades Shpg. Agcy.Sumitomo H.I. Jan 2004 Scrapping 56 52005+ 31 75,000 Gotland Rederi ABc Hyundai H.I. Feb 2004 Contracting 28 45 24 Total 86 75,000 Stelmar TankersDaewoo S.B. Feb 2004 Orderbook 35 71 86 % Fleet 38.4% 71,000 Dynacom Tankers MngtOnomichi Dockyd Feb 2004 75,000 Oldendorff, Klausc Hyundai H.I. Mar 2004 72,000 Stena Bulk ABc Dalian Shipyard Mar 2004 (m) DWT (end) 2001 2002 May-2003 Orderbook 75,000 Oldendorff, Klausc Hyundai H.I. Apr 2004 Fleet Totals 14.5 14.7 14.99 2003 1.21 75,000 Stelmar TankersDaewoo S.B. Apr 2004 Deliveries 0.3 0.7 0.64 2004 2.76 75,000 Oldendorff, Klausc Hyundai H.I. Apr 2004 Scrapping 0.4 0.4 0.34 2005+ 2.22 71,000 Dynacom Tankers MngtOnomichi Dockyd Apr 2004 Contracting 2.0 3.3 1.71 Total 6.20 75,000 Oldendorff, Klausc Hyundai H.I. May 2004 Orderbook 2.5 5.1 6.20 % Fleet 41.3% 73,000 Byzantine Maritime.c STX Shipbuild. May 2004 c = Coated Tanks 75,000 LGR di Navigazionec Hyundai H.I. Jun 2004 73,000 Pacific Carriersc Samsung S.B. Jun 2004 70,280 Golden Energy Mngt.c STX Shipbuild. Jun 2004 Deliveries Contracting 75,000 Stelmar TankersDaewoo S.B. Jul 2004 75,000 Torm, Dampskibssc Hyundai H.I. Jul 2004 3.5 (m) DWT 70,280 Golden Energy Mngt.c STX Shipbuild. Jul 2004 3.0 70,000 Pleiades Shpg. Agcy.c Koyo Dock K.K. Aug 2004 2.5 75,000 Stelmar TankersDaewoo S.B. Sep 2004 75,000 Schulte Groupc Hyundai H.I. Sep 2004 2.0 75,000 Schulte Groupc Hyundai H.I. Oct 2004 1.5 73,000 Paradise Navigationc Hudong S/Yard Oct 2004 72,000 Euroceanicac Samsung S.B. Oct 2004 1.0 69,000 LMZ TransoilDaewoo S.B. Oct 2004 0.5 70,000 Pleiades Shpg. Agcy.c Koyo Dock K.K. Nov 2004 70,000 Formosa Plastics Co.c Universal S.B. Nov 2004 0.0 73,000 Paradise Navigationc Hudong S/Yard Dec 2004 72,000 Euroceanicac Samsung S.B. Dec 2004 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies Total 38 Vessel(s) of 2,757,560 DWT.

2005 2003 74,000 Rederi AB Swanc STX Shipbuild. 2005 70,297 OMI Marine Servicesc Daewoo S.B. May 2003 74,000 COSCO (Hong Kong)Dalian New Yard 2005 70,124 Eletson Corp.c Hyundai H.I. May 2003 74,000 COSCO (Hong Kong)Dalian New Yard 2005 68,467 Tsakos Shpg. & Trad.c Koyo Dock K.K. May 2003 74,000 China Ocean (COSCO)Dalian New Yard 2005 70,200 Wah Kwong Shpg.Universal S.B. Jun 2003 74,000 Rederi AB Swanc STX Shipbuild. 2005 72,000 Diamlemos Shpg. CorpHudong S/Yard Jul 2003 73,000 Paradise NavigationHudong S/Yard 2005 73,000 Fratelli D'Amatoc Hudong S/Yard Aug 2003 73,000 Consolidated Nav.c New Century S/Y 2005 73,000 Ionia Mgmt. S.A.Samsung S.B. Aug 2003 73,000 Consolidated Nav.c New Century S/Y 2005 70,000 Golden Energy Mngt.Hyundai H.I. Aug 2003 73,000 Pacific Carriersc Samsung S.B. 2005 70,000 Golden Energy Mngt.Hyundai H.I. Aug 2003 73,000 Pacific Carriersc Samsung S.B. 2005 70,000 Liquimar Tankersc STX Shipbuild. Sep 2003 62,000 Pleiades Shpg. Agcy.Sumitomo H.I. Feb 2005 68,467 Tsakos Shpg. & Trad.c Koyo Dock K.K. Sep 2003 73,000 Byzantine Maritime.c STX Shipbuild. Mar 2005 75,000 Stelmar TankersDaewoo S.B. Nov 2003 71,000 Dynacom Tankers Mngtc Onomichi Dockyd Mar 2005 73,000 Pacific Carriersc Samsung S.B. Nov 2003 70,000 Formosa Plastics Co.c Universal S.B. Mar 2005 73,000 Livanos GroupHyundai H.I. Nov 2003 70,000 PetrobrasEisa Shipyard Apr 2005 73,000 Pacific Carriersc Samsung S.B. Dec 2003 73,000 Pacific Carriersc Samsung S.B. May 2005 72,000 Stena Bulk ABc Dalian Shipyard Dec 2003 73,000 Byzantine Maritime.c STX Shipbuild. Jun 2005 72,000 Diamlemos Shpg. CorpHudong S/Yard Dec 2003 72,000 Stena Bulk ABc Dalian Shipyard Jun 2005 Total 17 Vessel(s) of 1,213,555 DWT. 70,000 Formosa Plastics Co.c Universal S.B. Jun 2005 62,000 Pleiades Shpg. Agcy.Sumitomo H.I. Jun 2005 2004 74,100 Transpetrol Servicesc STX Shipbuild. Jul 2005 74,000 China Shpg. TankersJiangnan S/Yard 2004 73,000 Fratelli D'Amatoc New Century S/Y Jul 2005 74,000 China Shpg. TankersJiangnan S/Yard 2004 72,000 Stena Bulk ABc Dalian Shipyard Jul 2005 73,000 Deiulemar Cia. Nav.New Century S/Y 2004 74,100 Transpetrol Servicesc STX Shipbuild. Aug 2005

World Shipyard Monitor Database Page 7 1st June 2003 Panamax Tankers (60-80,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

70,280 Golden Energy Mngt.c STX Shipbuild. Aug 2005 70,000 PetrobrasEisa Shipyard Aug 2005 73,000 Fratelli D'Amatoc New Century S/Y Oct 2005 70,280 Golden Energy Mngt.c STX Shipbuild. Nov 2005 70,280 Golden Energy Mngt.c STX Shipbuild. Dec 2005 Total 29 Vessel(s) of 2,078,040 DWT.

2006 73,000 Ravennavi S.P.A.c New Century S/Y 2006 73,000 Ravennavi S.P.A.c New Century S/Y 2006 Total 2 Vessel(s) of 146,000 DWT.

World Shipyard Monitor Database Page 8 1st June 2003 Handy Products Tankers (10 - 60,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Handy Products Tankers (10 - 60,000 dwt tonnes) 39,500 Intership Nav. Co.c Saiki Hvy. Ind. Aug 2003 37,000 Marlink Schiffs.c Hyundai Mipo Aug 2003 37,000 Norden D/S A/Sc STX Shipbuild. Aug 2003 37,000 Interorient Nav. Co.c Hyundai Mipo Aug 2003 No. Vessels(end) 2001 2002 May-2003 Orderbook 35,960 Seaarland Shpg.Mgmntc STX Shipbuild. Aug 2003 Fleet Totals 1,245 1,229 1,233 2003 67 35,000 Schoeller Holdingsc Hyundai Mipo Aug 2003 Deliveries 33 57 32 2004 101 48,000 Iino Kaiun Kaishac Iwagi Zosen Sep 2003 Scrapping 31 68 26 2005+ 89 47,400 Sovcomflot AKPc Admiralty S.Y. Sep 2003 Contracting 111 82 79 Total 257 47,300 Byzantine Maritime.c Brod. 3 Maj Sep 2003 Orderbook 185 210 257 % Fleet 20.8% 47,000 Nisshin Shpg.Co.Ltd.c Onomichi Dockyd Sep 2003 46,000 Admanthos Shippingc Hyundai Mipo Sep 2003 45,800 Norden D/S A/Sc Shin Kurushima Sep 2003 (m) DWT (end) 2001 2002 May-2003 Orderbook 40,000 Fratelli D'Amatoc Shina S.B. Sep 2003 Fleet Totals 40.6 40.2 40.72 2003 2.72 37,000 Marlink Schiffs.c Hyundai Mipo Sep 2003 Deliveries 1.2 2.2 1.33 2004 4.21 37,000 Norden D/S A/Sc STX Shipbuild. Sep 2003 Scrapping 1.0 2.3 0.79 2005+ 3.94 35,000 A.P. Mollerc Guangzhou Shpyd Sep 2003 Contracting 4.6 3.5 3.40 Total 10.87 20,000 Rosneft JSCc Admiralty S.Y. Sep 2003 Orderbook 7.5 8.8 10.87 % Fleet 26.7% 48,000 Iino Kaiun Kaishac Iwagi Zosen Oct 2003 Includes IMO III Only Chemical Tankers 47,000 Vanguard Enterprisec Onomichi Dockyd Oct 2003 46,000 Capo Galloc Jiangdu S/yard Oct 2003 45,800 Fukunaga Kaiunc Shin Kurushima Oct 2003 Deliveries Contracting 45,800 Unknown Ownerc Shin Kurushima Oct 2003 40,015 China Shpg. Tankersc Guangzhou Shpyd Oct 2003 5.0 (m) DWT 39,500 Intership Nav. Co.c Saiki Hvy. Ind. Oct 2003 4.5 37,000 Metrostar Managementc Hyundai Mipo Oct 2003 4.0 35,000 Schoeller Holdingsc Hyundai Mipo Oct 2003 3.5 48,000 Iino Kaiun Kaishac Iwagi Zosen Nov 2003 3.0 40,000 Fratelli D'Amatoc Shina S.B. Nov 2003 2.5 37,000 Interorient Nav. Co.c Hyundai Mipo Nov 2003 2.0 35,960 Seaarland Shpg.Mgmntc STX Shipbuild. Nov 2003 1.5 35,000 Schoeller Holdingsc Hyundai Mipo Nov 2003 1.0 35,000 A.P. Mollerc Dalian Shipyard Nov 2003 0.5 47,300 Byzantine Maritime.c Brod. 3 Maj Dec 2003 0.0 47,000 Sovcomflot AKPc Hyundai Mipo Dec 2003 47,000 Sovcomflot AKPc Hyundai Mipo Dec 2003 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 47,000 Novorossiysk Shpg.c Brod. Uljanik Dec 2003 47,000 Sovcomflot AKPc Hyundai Mipo Dec 2003 46,000 Capo Galloc Jiangdu S/yard Dec 2003 2003 45,800 Stelmar Tankersc STX Shipbuild. Dec 2003 45,614 Vardinoyannis Groupc Chernomorskiy 2003 45,000 SK Shipping Co. Ltd.c Hyundai Mipo Dec 2003 45,614 Vardinoyannis Groupc Chernomorskiy 2003 40,015 China Shpg. Tankersc Guangzhou Shpyd Dec 2003 12,500 Vietnam Ocean Shpg.c Bach Dang S/Y 2003 37,000 Chemikalien Seetransc Shina S.B. Dec 2003 46,000 Nanjing Changjiangc Bohai Shipyard Mar 2003 35,000 A.P. Mollerc Guangzhou Shpyd Dec 2003 46,000 Capo Galloc Jiangdu S/yard Apr 2003 20,000 Rosneft JSCc Admiralty S.Y. Dec 2003 40,000 Fratelli D'Amatoc Shina S.B. May 2003 Total 67 Vessel(s) of 2,719,453 DWT. 37,000 Metrostar Managementc Hyundai Mipo May 2003 47,000 Nisshin Shpg.Co.Ltd.c Onomichi Dockyd Jun 2003 2004 46,000 Capo Galloc Jiangdu S/yard Jun 2003 45,800 Formosa Plastics Co.c Shin Kurushima 2004 46,000 Admanthos Shippingc Hyundai Mipo Jun 2003 45,800 Formosa Plastics Co.c Shin Kurushima 2004 37,000 Qatar Shippingc Shina S.B. Jun 2003 45,800 Formosa Plastics Co.c Shin Kurushima 2004 35,960 Seaarland Shpg.Mgmntc STX Shipbuild. Jun 2003 45,614 Vardinoyannis Groupc Chernomorskiy 2004 35,000 A.P. Mollerc Guangzhou Shpyd Jun 2003 45,614 Vardinoyannis Groupc Chernomorskiy 2004 47,000 Stargas S.r.l.c Onomichi Dockyd Jul 2003 35,000 A.P. Mollerc Dalian Shipyard 2004 46,000 Beihai Marine Co.c Bohai Shipyard Jul 2003 35,000 A.P. Mollerc Dalian Shipyard 2004 45,800 Norden D/S A/Sc Shin Kurushima Jul 2003 12,000 Caspian Shippingc Krasnoy Sormovo 2004 40,015 China Shpg. Tankersc Guangzhou Shpyd Jul 2003 12,000 Caspian Shippingc Krasnoy Sormovo 2004 37,000 Int. Andromeda Shpg.c Hyundai Mipo Jul 2003 47,000 Vanguard Enterprisec Onomichi Dockyd Jan 2004 37,000 Interorient Nav. Co.c Hyundai Mipo Jul 2003 47,000 Nisshin Shpg.Co.Ltd.c Onomichi Dockyd Jan 2004 35,000 A.P. Mollerc Guangzhou Shpyd Jul 2003 45,800 Unknown Ownerc Shin Kurushima Jan 2004 35,000 A.P. Mollerc Dalian Shipyard Jul 2003 45,000 Cido Shippingc Imabari S.B. Jan 2004 45,800 Cido Shippingc Shin Kurushima Aug 2003 39,500 Intership Nav. Co.c Saiki Hvy. Ind. Jan 2004 40,000 Fullship S.r.l.c Shina S.B. Aug 2003 37,000 Interorient Nav. Co.c Hyundai Mipo Jan 2004

World Shipyard Monitor Database Page 9 1st June 2003 Handy Products Tankers (10 - 60,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

35,000 Schoeller Holdingsc Hyundai Mipo Jan 2004 35,000 Nat. Iranian Tankerc Hyundai Mipo Sep 2004 47,000 Novorossiysk Shpg.c Brod. Uljanik Feb 2004 45,800 Stelmar Tankersc STX Shipbuild. Oct 2004 45,800 Stelmar Tankersc STX Shipbuild. Feb 2004 45,000 D'Amico Soc. di Nav.c STX Shipbuild. Oct 2004 38,000 Overseas Maritimec Guangzhou Shpyd Feb 2004 44,950 Nippon Yusen Kaishac Imabari S.B. Oct 2004 18,000 Kirana Tanker Pte.c Naikai S.B. Feb 2004 37,000 OMI Marine Servicesc Hyundai Mipo Oct 2004 47,400 Sovcomflot AKPc Admiralty S.Y. Mar 2004 45,800 Unknown Ownerc Shin Kurushima Nov 2004 47,000 Sovcomflot AKPc Hyundai Mipo Mar 2004 37,000 Interorient Nav. Co.c Hyundai Mipo Nov 2004 47,000 Novoship (UK) Ltd.c Hyundai Mipo Mar 2004 37,000 Marina Investmentsc STX Shipbuild. Nov 2004 47,000 Novoship (UK) Ltd.c Hyundai Mipo Mar 2004 35,000 Nat. Iranian Tankerc ISOICO Nov 2004 45,800 Nisshin Shpg.Co.Ltd.c Shin Kurushima Mar 2004 47,300 Uljanik Plovidbac Brod. 3 Maj Dec 2004 45,000 Cido Shippingc Imabari S.B. Mar 2004 47,000 Scope Managementc Guangzhou Shpyd Dec 2004 45,000 SK Shipping Co. Ltd.c Hyundai Mipo Mar 2004 46,500 Int. Andromeda Shpg.c Jiangdu S/yard Dec 2004 39,500 Intership Nav. Co.c Saiki Hvy. Ind. Mar 2004 46,000 Capo Galloc Jiangdu S/yard Dec 2004 37,000 Unicorn Lines (Pty.)c Shina S.B. Mar 2004 46,000 BP Amoco Shpg. Ltd.c Hyundai Mipo Dec 2004 37,000 Chemikalien Seetransc Shina S.B. Mar 2004 46,000 BP Amoco Shpg. Ltd.c Hyundai Mipo Dec 2004 35,000 A.P. Mollerc Guangzhou Shpyd Mar 2004 45,800 Stelmar Tankersc STX Shipbuild. Dec 2004 35,000 Schoeller Holdingsc Hyundai Mipo Mar 2004 45,800 Unknown Ownerc Shin Kurushima Dec 2004 18,000 Kirana Tanker Pte.c Naikai S.B. Mar 2004 45,800 Cido Shippingc Iwagi Zosen Dec 2004 48,000 Mitsui O.S.K. Linesc Iwagi Zosen Apr 2004 45,800 Cido Shippingc Iwagi Zosen Dec 2004 47,300 Byzantine Maritime.c Brod. 3 Maj Apr 2004 45,000 D'Amico Soc. di Nav.c STX Shipbuild. Dec 2004 45,800 Unknown Ownerc Shin Kurushima Apr 2004 38,000 Overseas Maritimec Guangzhou Shpyd Dec 2004 40,015 China Shpg. Tankersc Guangzhou Shpyd Apr 2004 37,000 Tsakos Shpg. & Trad.c Hyundai Mipo Dec 2004 38,000 Overseas Maritimec Guangzhou Shpyd Apr 2004 35,000 Nat. Iranian Tankerc Hyundai Mipo Dec 2004 37,000 OMI Marine Servicesc Hyundai Mipo Apr 2004 35,000 Schoeller Holdingsc Hyundai Mipo Dec 2004 40,000 D'Amato di Nav.c Shina S.B. May 2004 Total 101 Vessel(s) of 4,211,708 DWT. 47,400 Gestioni Armatorialic Brod. Uljanik Jun 2004 47,000 Novoship (UK) Ltd.c Hyundai Mipo Jun 2004 2005 47,000 Novoship (UK) Ltd.c Hyundai Mipo Jun 2004 49,900 Stena Bulk ABc Brod. Split 2005 46,000 Transpetrol Servicesc STX Shipbuild. Jun 2004 49,900 Stena Bulk ABc Brod. Split 2005 46,000 BP Amoco Shpg. Ltd.c Hyundai Mipo Jun 2004 49,900 Stena Bulk ABc Brod. Split 2005 45,900 Unknown Ownerc Naikai S.B. Jun 2004 49,900 Stena Bulk ABc Brod. Split 2005 45,800 Unknown Ownerc Shin Kurushima Jun 2004 47,400 Sovcomflot AKPc Admiralty S.Y. 2005 39,500 Intership Nav. Co.c Saiki Hvy. Ind. Jun 2004 47,400 Sovcomflot AKPc Admiralty S.Y. 2005 37,000 Unicorn Lines (Pty.)c Shina S.B. Jun 2004 46,000 Livanos Groupc STX Shipbuild. 2005 37,000 Tsakos Shpg. & Trad.c Hyundai Mipo Jun 2004 46,000 Livanos Groupc STX Shipbuild. 2005 35,000 Schoeller Holdingsc Hyundai Mipo Jun 2004 46,000 Livanos Groupc STX Shipbuild. 2005 35,000 Nat. Iranian Tankerc Hyundai Mipo Jun 2004 46,000 Livanos Groupc STX Shipbuild. 2005 51,000 Golden Energy Mngt.c STX Shipbuild. Jul 2004 46,000 Athenian Tankersc Hyundai Mipo 2005 48,000 Mitsui O.S.K. Linesc Iwagi Zosen Jul 2004 45,800 Formosa Plastics Co.c Shin Kurushima 2005 47,000 Yamamoto Kaiun K.K.c Onomichi Dockyd Jul 2004 38,500 Norden D/S A/Sc Guangzhou Shpyd 2005 46,500 Int. Andromeda Shpg.c Jiangdu S/yard Jul 2004 38,500 Norden D/S A/Sc Guangzhou Shpyd 2005 46,000 Transpetrol Servicesc STX Shipbuild. Jul 2004 35,000 Schulte Groupc Dalian Shipyard 2005 45,800 Norden D/S A/Sc Shin Kurushima Jul 2004 35,000 Schulte Groupc Dalian Shipyard 2005 45,000 Great Eastern Shpg.c Hanjin H.I. Jul 2004 35,000 Bottiglieri Nav.c Hyundai Mipo 2005 40,015 China Shpg. Tankersc Guangzhou Shpyd Jul 2004 35,000 Augusta Dua S.r.l.c Hyundai Mipo 2005 37,000 OMI Marine Servicesc Hyundai Mipo Jul 2004 35,000 Augusta Dua S.r.l.c Hyundai Mipo 2005 51,000 Golden Energy Mngt.c STX Shipbuild. Aug 2004 35,000 Bottiglieri Nav.c Hyundai Mipo 2005 47,000 Yamamoto Kaiun K.K.c Onomichi Dockyd Aug 2004 51,000 Golden Energy Mngt.c STX Shipbuild. Jan 2005 46,000 Athenian Tankersc Hyundai Mipo Aug 2004 51,000 Golden Energy Mngt.c STX Shipbuild. Jan 2005 45,800 Stelmar Tankersc STX Shipbuild. Aug 2004 49,700 Ocean Tankers Pte.c Shina S.B. Jan 2005 39,500 Intership Nav. Co.c Saiki Hvy. Ind. Aug 2004 46,000 Capo Galloc Jiangdu S/yard Jan 2005 37,000 Chemikalien Seetransc Shina S.B. Aug 2004 46,000 Athenian Tankersc Hyundai Mipo Jan 2005 35,000 Montanari, Navigaz.c Hyundai Mipo Aug 2004 45,800 SOCATRAc STX Shipbuild. Jan 2005 49,700 Ocean Tankers Pte.c Shina S.B. Sep 2004 37,000 Unicorn Lines (Pty.)c Shina S.B. Jan 2005 47,000 Unknown Ownerc Onomichi Dockyd Sep 2004 37,000 Marina Investmentsc STX Shipbuild. Jan 2005 46,000 BP Amoco Shpg. Ltd.c Hyundai Mipo Sep 2004 35,000 Nat. Iranian Tankerc ISOICO Jan 2005 46,000 BP Amoco Shpg. Ltd.c Hyundai Mipo Sep 2004 45,800 Unknown Ownerc Shin Kurushima Feb 2005 45,900 Unknown Ownerc Naikai S.B. Sep 2004 37,000 Int. Andromeda Shpg.c Hyundai Mipo Feb 2005 45,800 SOCATRAc STX Shipbuild. Sep 2004 49,000 Vela Internationalc Daewoo S.B. Mar 2005 37,000 Ancora Investmentc Shina S.B. Sep 2004 47,000 Scope Managementc Guangzhou Shpyd Mar 2005 37,000 Arminter S.A.M.c Hyundai Mipo Sep 2004 47,000 Novorossiysk Shpg.c Brod. Uljanik Mar 2005 37,000 Tsakos Shpg. & Trad.c Hyundai Mipo Sep 2004 47,000 Wah Kwong Shpg.c Onomichi Dockyd Mar 2005

World Shipyard Monitor Database Page 10 1st June 2003 Handy Products Tankers (10 - 60,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

46,000 Athenian Tankersc Hyundai Mipo Mar 2005 46,000 BP Amoco Shpg. Ltd.c Hyundai Mipo Mar 2005 46,000 BP Amoco Shpg. Ltd.c Hyundai Mipo Mar 2005 45,900 Unknown Ownerc Naikai S.B. Mar 2005 45,000 D'Amico Soc. di Nav.c STX Shipbuild. Mar 2005 37,000 Ancora Investmentc Shina S.B. Mar 2005 37,000 Tsakos Shpg. & Trad.c Hyundai Mipo Mar 2005 37,000 Arminter S.A.M.c Hyundai Mipo Mar 2005 35,000 Schoeller Holdingsc Hyundai Mipo Mar 2005 35,000 Montanari, Navigaz.c Hyundai Mipo Mar 2005 49,700 Ocean Tankers Pte.c Shina S.B. Apr 2005 45,800 Stelmar Tankersc STX Shipbuild. Apr 2005 37,000 Int. Andromeda Shpg.c Hyundai Mipo Apr 2005 49,000 Vela Internationalc Daewoo S.B. May 2005 47,000 Novorossiysk Shpg.c Brod. Uljanik May 2005 52,800 Western Petroleumc Hyundai Mipo Jun 2005 47,300 Uljanik Plovidbac Brod. 3 Maj Jun 2005 46,000 BP Amoco Shpg. Ltd.c Hyundai Mipo Jun 2005 46,000 Athenian Tankersc Hyundai Mipo Jun 2005 46,000 BP Amoco Shpg. Ltd.c Hyundai Mipo Jun 2005 45,800 Target Marine S.A.c STX Shipbuild. Jun 2005 45,000 D'Amico Soc. di Nav.c STX Shipbuild. Jun 2005 37,000 Chemikalien Seetransc Shina S.B. Jun 2005 35,000 Montanari, Navigaz.c Hyundai Mipo Jun 2005 51,000 Pietro Barbaro SpAc STX Shipbuild. Jul 2005 49,700 Ocean Tankers Pte.c Shina S.B. Jul 2005 37,000 Ancora Investmentc Shina S.B. Jul 2005 52,800 Western Petroleumc Hyundai Mipo Sep 2005 51,000 Pietro Barbaro SpAc STX Shipbuild. Sep 2005 49,700 Ocean Tankers Pte.c Shina S.B. Sep 2005 46,000 BP Amoco Shpg. Ltd.c Hyundai Mipo Sep 2005 46,000 BP Amoco Shpg. Ltd.c Hyundai Mipo Sep 2005 37,000 Interorient Nav. Co.c Hyundai Mipo Sep 2005 52,800 Western Petroleumc Hyundai Mipo Oct 2005 46,000 Athenian Tankersc Hyundai Mipo Oct 2005 40,000 Fullship S.r.l.c Shina S.B. Oct 2005 46,500 Int. Andromeda Shpg.c Jiangdu S/yard Nov 2005 37,000 Interorient Nav. Co.c Hyundai Mipo Nov 2005 52,800 Western Petroleumc Hyundai Mipo Dec 2005 46,000 BP Amoco Shpg. Ltd.c Hyundai Mipo Dec 2005 40,000 Fratelli D'Amatoc Shina S.B. Dec 2005 35,000 G. D'Alesio S.A.S.c Hyundai Mipo Dec 2005 Total 77 Vessel(s) of 3,384,100 DWT.

2006 48,000 Mitsui O.S.K. Linesc Iwagi Zosen 2006 48,000 Mitsui O.S.K. Linesc Iwagi Zosen 2006 47,400 Sovcomflot AKPc Admiralty S.Y. 2006 47,400 Sovcomflot AKPc Admiralty S.Y. 2006 52,800 Western Petroleumc Hyundai Mipo Jan 2006 37,000 Unicorn Lines (Pty.)c Shina S.B. Jan 2006 52,800 Western Petroleumc Hyundai Mipo Feb 2006 49,700 Ocean Tankers Pte.c Shina S.B. Feb 2006 46,500 Int. Andromeda Shpg.c Jiangdu S/yard Feb 2006 40,000 Fullship S.r.l.c Shina S.B. Mar 2006 46,000 Transpetrol Servicesc STX Shipbuild. Apr 2006 40,000 Fratelli D'Amatoc Shina S.B. Jun 2006 Total 12 Vessel(s) of 555,600 DWT.

World Shipyard Monitor Database Page 11 1st June 2003 Handy Chemical Tankers (10 - 60,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Handy Chemical Tankers (10 - 60,000 dwt tonnes) 13,000 Unknown Ownerc Marmara Jun 2003 47,500 Anglo-Atlantic S.S.c Brod. Trogir Jul 2003 19,500 Osaka Shippingc Kitanihon Zosen Jul 2003 16,400 Stenersen A/Sc Jiangnan S/Yard Jul 2003 No. Vessels(end) 2001 2002 May-2003 Orderbook 12,000 Unknown Ownerc Miyoshi Zosen Jul 2003 Fleet Totals 591 618 631 2003 59 12,000 Samho Shipping Co.c Samho Tongyoung Jul 2003 Deliveries 27 37 19 2004 44 44,800 Wawasan Shippingc Dalian Shipyard Aug 2003 Scrapping 310 62005+ 25 25,000 Fortum Oil & Gasc Jinling Shipyd. Aug 2003 Contracting 48 71 22 Total 128 19,500 Pan Ocean Shippingc Shin Kurushima Aug 2003 Orderbook 91 125 128 % Fleet 20.3% 15,200 Unknown Ownerc Fukuoka S.B. Aug 2003 47,400 Gestioni Armatorialic Brod. Uljanik Sep 2003 46,000 D'Amico Soc. di Nav.c STX Shipbuild. Sep 2003 (m) DWT (end) 2001 2002 May-2003 Orderbook 32,000 Maruta Industriesc Shin Kurushima Sep 2003 Fleet Totals 14.8 15.5 15.79 2003 1.46 23,000 Castaldi, P.G. & M.c Cant. Orlando Sep 2003 Deliveries 0.7 1.0 0.48 2004 1.11 19,500 SAMAMAc Usuki Zosensho Sep 2003 Scrapping 0.1 0.3 0.15 2005+ 0.80 14,000 Tarntank Rederi ABc Shanghai Edward Sep 2003 Contracting 1.2 1.6 0.58 Total 3.37 46,000 D'Amico Soc. di Nav.c STX Shipbuild. Oct 2003 Orderbook 2.6 3.3 3.37 % Fleet 21.4% 19,500 Doun Kisen K.K.c Kitanihon Zosen Oct 2003 Excludes IMO III Only Chemical Tankers 19,500 Fairfield Chemicalc Usuki Zosensho Oct 2003 16,000 Kyoyu Kisen K.K.c Watanabe Zosen Oct 2003 15,500 Fortum Oil & Gasc Vianayard Oct 2003 Deliveries Contracting 14,800 Petromarine S.A.c Niestern-Sander Oct 2003 10,000 Clipper Groupc Yardimci Deniz Oct 2003 1.8 (m) DWT 47,500 Anglo-Atlantic S.S.c Brod. Trogir Nov 2003 1.6 25,000 Tokyo Marine Co. Ltdc Shin Kurushima Nov 2003 1.4 19,700 Unknown Ownerc Fukuoka S.B. Nov 2003 1.2 16,400 Stenersen A/Sc Jiangnan S/Yard Nov 2003 1.0 13,700 Ektank ABc Jiangnan S/Yard Nov 2003 0.8 40,000 Odfjell ASAc Szczecin. Nowa Dec 2003 0.6 37,000 Odfjell ASAc Kleven Floroe Dec 2003 0.4 35,000 Knutsen O.A.S. Shpg.c Naval Gijon Dec 2003 0.2 32,450 German Tanker Shpg.c Lindenau Dec 2003 32,000 Nisshin Shpg.Co.Ltd.c Shin Kurushima Dec 2003 0.0 21,350 Augusta Dua S.r.l.c Vulcano S.A. Dec 2003 13,658 Tarbit Shpg. ABc Shanghai Edward Dec 2003 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 12,000 Finbeta S.P.Ac Cant.Nav.Morini Dec 2003 Total 59 Vessel(s) of 1,463,563 DWT.

2003 2004 21,700 Unknown Ownerc Soc. Esercizio 2003 45,000 European Navigationc Brod. Split 2004 21,700 Unknown Ownerc Soc. Esercizio 2003 16,800 Ar.Co.In. S.R.L.c Cant. De Poli 2004 18,500 Guy Somersc Qingshan S.Y. 2003 15,999 Furetank Rederi A/Bc Shanghai Edward 2004 13,500 Stenersen A/Sc Jiangyang S.Y. 2003 15,999 Alvtank ABc Shanghai Edward 2004 32,000 Nisshin Shpg.Co.Ltd.c Shin Kurushima Mar 2003 13,700 Ektank ABc Jiangnan S/Yard 2004 19,500 Nisshin Shpg.Co.Ltd.c Usuki Zosensho Apr 2003 10,040 Clipper Groupc Yardimci Deniz 2004 16,000 Fleischer & Co. ASc Mutzelfeldt Apr 2003 10,000 Gerhard Wesselsc Volharding 2004 25,000 Jo Tankers A/Sc Kitanihon Zosen May 2003 30,000 Jo Tankers A/Sc Kitanihon Zosen Jan 2004 19,305 Tokyo Marine Co. Ltdc Shin Kurushima May 2003 25,000 Fortum Oil & Gasc Jinling Shipyd. Jan 2004 16,800 Ar.Co.In. S.R.L.c Cant. De Poli May 2003 23,400 Carl Buttnerc Brod. 3 Maj Jan 2004 12,300 Unknown Ownerc Fukuoka S.B. May 2003 16,000 Besiktas Denizcilikc Cicek Shipyard Jan 2004 47,400 Gestioni Armatorialic Brod. Uljanik Jun 2003 16,000 Fleischer & Co. ASc Mutzelfeldt Jan 2004 45,000 Bakri Navigation Co.c Hyundai Mipo Jun 2003 15,500 Fortum Oil & Gasc Vianayard Jan 2004 40,000 Odfjell ASAc Szczecin. Nowa Jun 2003 10,000 Unknown Ownerc Sasaki Zosen Jan 2004 35,000 Ottavio Novellac Brod. 3 Maj Jun 2003 25,000 Miyawa Kaiunc Watanabe Zosen Feb 2004 32,450 German Tanker Shpg.c Lindenau Jun 2003 19,500 Pan Ocean Shippingc Shin Kurushima Mar 2004 30,050 Iino Kaiun Kaishac Shin Kurushima Jun 2003 16,000 Besiktas Denizcilikc Cicek Shipyard Mar 2004 25,000 Jo Tankers A/Sc Watanabe Zosen Jun 2003 13,500 Castaldi, P.G. & M.c Cant. Apuania Mar 2004 25,000 Marittima Emilianac Chengxi Shipyd. Jun 2003 37,300 Rigel Schiffahrtsc Jinling Shipyd. Apr 2004 19,500 SAMAMAc Usuki Zosensho Jun 2003 47,500 Anglo-Atlantic S.S.c Brod. Trogir May 2004 19,000 Soc. Nav. Ultragasc Izar Gijon Jun 2003 19,500 MT Maritime Mngt.c Kitanihon Zosen May 2004 18,500 W.W. Marpetrol S.A.c Vulcano S.A. Jun 2003 19,500 Fairfield Chemicalc Usuki Zosensho May 2004 16,500 Petroships Pte.c Kyokuyo S/yard Jun 2003 40,000 Odfjell ASAc Szczecin. Nowa Jun 2004

World Shipyard Monitor Database Page 12 1st June 2003 Handy Chemical Tankers (10 - 60,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

37,300 Rigel Schiffahrtsc Jinling Shipyd. Jun 2004 32,300 German Tanker Shpg.c Lindenau Jun 2004 23,400 Carl Buttnerc Brod. 3 Maj Jun 2004 18,000 Algoma Tankers Ltd.c Jiangnan S/Yard Jun 2004 16,500 Petroships Pte.c Kyokuyo S/yard Jul 2004 37,300 Brostrom Tankers SAc Jinling Shipyd. Aug 2004 25,000 Fortum Oil & Gasc Jinling Shipyd. Aug 2004 25,000 Yamamaru Kisenc Watanabe Zosen Aug 2004 20,000 Gerhard Wesselsc Fukuoka S.B. Aug 2004 19,500 Unknown Ownerc Usuki Zosensho Aug 2004 47,500 Anglo-Atlantic S.S.c Brod. Trogir Sep 2004 44,800 Wawasan Shippingc Dalian Shipyard Sep 2004 19,000 Marittima Emilianac Jiangsu S/Yard Sep 2004 20,000 Gerhard Wesselsc Fukuoka S.B. Oct 2004 19,500 Unknown Ownerc Usuki Zosensho Oct 2004 14,200 Berlian Laju Tankerc Asakawa S.B. Oct 2004 32,000 MT Maritime Mngt.c Kitanihon Zosen Nov 2004 46,000 Iceport Shippingc Brod. Uljanik Dec 2004 40,000 Odfjell ASAc Szczecin. Nowa Dec 2004 35,000 Knutsen O.A.S. Shpg.c Naval Gijon Dec 2004 32,230 German Tanker Shpg.c Lindenau Dec 2004 Total 44 Vessel(s) of 1,105,768 DWT.

2005 44,800 Wawasan Shippingc Dalian Shipyard 2005 21,350 Augusta Dua S.r.l.c Vulcano S.A. 2005 10,000 Gerhard Wesselsc Volharding 2005 44,800 Wawasan Shippingc Dalian Shipyard Jan 2005 25,000 Fortum Oil & Gasc Jinling Shipyd. Jan 2005 25,000 Saito Kisenc Watanabe Zosen Feb 2005 14,200 Berlian Laju Tankerc Asakawa S.B. Feb 2005 13,500 Rutger Dehlin & Co.c Celiktekne Feb 2005 37,300 Brostrom Tankers SAc Jinling Shipyd. Apr 2005 13,500 Rutger Dehlin & Co.c Celiktekne Apr 2005 40,000 Odfjell ASAc Szczecin. Nowa Jun 2005 34,200 Seychelles Petroleumc Lindenau Jun 2005 25,000 Toko Kaiunc Watanabe Zosen Jun 2005 19,500 Cido Shippingc Usuki Zosensho Jul 2005 46,000 Iceport Shippingc Brod. Uljanik Sep 2005 46,000 Iceport Shippingc Brod. Uljanik Dec 2005 40,000 Odfjell ASAc Szczecin. Nowa Dec 2005 34,200 Seychelles Petroleumc Lindenau Dec 2005 19,500 Cido Shippingc Usuki Zosensho Dec 2005 Total 19 Vessel(s) of 553,850 DWT.

2006 46,000 Bakri Navigation Co.c Hyundai Mipo 2006 46,000 Bakri Navigation Co.c Hyundai Mipo 2006 46,000 Iceport Shippingc Brod. Uljanik May 2006 40,000 Morfini S.P.A.c Shina S.B. May 2006 32,480 Unknown Ownerc Lindenau Jun 2006 40,000 Morfini S.P.A.c Shina S.B. Aug 2006 Total 6 Vessel(s) of 250,480 DWT.

World Shipyard Monitor Database Page 13 1st June 2003 Handy Specialised Tankers (10 - 60,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Handy Specialised Tankers (10 - 60,000 dwt tonnes)

No. Vessels(end) 2001 2002 May-2003 Orderbook Fleet Totals 123 124 124 2003 2 Deliveries 63 12004 2 Scrapping 22 12005+ 0 Contracting 13 0Total 4 Orderbook 55 4% Fleet 3.2%

(m) DWT (end) 2001 2002 May-2003 Orderbook Fleet Totals 3.4 3.4 3.47 2003 0.09 Deliveries 0.2 0.1 0.05 2004 0.09 Scrapping 0.1 0.1 0.02 2005+ 0.00 Contracting 0.0 0.1 0.00 Total 0.18 Orderbook 0.2 0.2 0.18 % Fleet 5.2%

Deliveries Contracting

0.4 (m) DWT

0.3

0.3

0.2

0.2

0.1

0.1

0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 42,500 Mar. Aleuropac Kleven Floroe Aug 2003 44,950 Nippon Yusen Kaishac Imabari S.B. Dec 2003 Total 2 Vessel(s) of 87,450 DWT.

2004 48,200 Koyo Kaiun Co. Ltd.c Naikai S.B. Jan 2004 45,100 Iino Kaiun Kaishac Shin Kurushima Mar 2004 Total 2 Vessel(s) of 93,300 DWT.

World Shipyard Monitor Database Page 14 1st June 2003 Other Specialised Tankers < 10K DWT

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Other Specialised Tankers < 10K DWT 7,696 Hong Lam Marinec Miura Zosensho Apr 2003 4,500 Whitaker, John H.c Gemak Shipyard Apr 2003 5,554 Ursa Denizcilikc Celiktekne May 2003 4,300 PetronavZhejiang S/Yard May 2003 No. Vessels(end) 2001 2002 May-2003 Orderbook 7,100 Transmarine Mngt.c Marmara Jun 2003 Fleet Totals 1,818 1,842 1,852 2003 64 7,000 Tipco Maritime Co.Shin Kurushima Jun 2003 Deliveries 39 45 28 2004 35 6,000 Master Marine Corp.c Samho Tongyoung Jun 2003 Scrapping 10 20 15 2005+ 8 6,000 Iran Shipping Linesc Neka Shipyard Jun 2003 Contracting 66 78 22 Total 107 5,500 Guy Somersc Schpsw. De Waal Jun 2003 Orderbook 79 113 107 % Fleet 5.8% 5,200 Marnavi S.P.A.c Cant.Nav.Morini Jun 2003 5,000 Enea Management Inc.Rousse Shipyard Jun 2003 3,500 Woolim Shippingc Nokbong S.B. Jun 2003 (m) DWT (end) 2001 2002 May-2003 Orderbook 3,500 Samho Shipping Co.c Samho Tongyoung Jun 2003 Fleet Totals 9.0 9.2 9.27 2003 0.37 3,500 Unknown Ownerc Gisan Shipyard Jun 2003 Deliveries 0.2 0.3 0.18 2004 0.22 1,350 Unifleet B.V.c RMK Marine Jun 2003 Scrapping 0.0 0.1 0.10 2005+ 0.06 1,350 Unifleet B.V.c RMK Marine Jun 2003 Contracting 0.4 0.5 0.12 Total 0.65 8,700 Unknown Ownerc Usuki Zosensho Jul 2003 Orderbook 0.5 0.7 0.65 % Fleet 7.0% 8,241 Wubbe H.H.c Damen Galati Jul 2003 Includes Chemical and Specialised Tankers < 10K dwt 7,560 Erik Thun ABc Ferus Smit Jul 2003 6,700 Atlantik Denizcilikc Selah Shipyard Jul 2003 6,400 Nynas Bitumen ABShanghai Edward Jul 2003 Deliveries Contracting 5,700 John T. Essbergerc Baltic Shipyd. Jul 2003 5,400 Navigator JSCc Krasnoy Sormovo Jul 2003 0.6 (m) DWT 8,650 Orix Maritime Corp.c Shin Kurushima Aug 2003 0.5 7,100 Deval Denizcilikc Celiktekne Aug 2003 8,509 Unknown Ownerc Sasaki Zosen Sep 2003 0.4 6,590 Lukoilc Volgograd S.Y. Sep 2003 6,000 Iran Shipping Linesc Neka Shipyard Sep 2003 0.3 5,000 Enea Management Inc.Rousse Shipyard Sep 2003 0.2 3,500 Ali Riza Aksoyc Gelibolu Shipyd Sep 2003 3,500 Unknown Ownerc Sedef Gemi End. Sep 2003 0.1 8,500 Unknown Ownerc Sasaki Zosen Oct 2003 8,241 Wubbe H.H.c Damen Galati Oct 2003 0.0 5,400 Navigator JSCc Krasnoy Sormovo Oct 2003 3,500 Crescent plcc Rousse Shipyard Oct 2003 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 8,400 Unknown Ownerc Higaki Zosen Nov 2003 6,000 Iran Shipping Linesc Neka Shipyard Dec 2003 5,850 W.W. Marpetrol S.A.Selah Shipyard Dec 2003 2003 3,500 Woolim Shippingc Nokbong S.B. Dec 2003 9,500 Kando Maritimec Lianjiang Wensu 2003 3,500 Crescent plcc Rousse Shipyard Dec 2003 9,000 Unknown Ownerc Nokbong S.B. 2003 2,300 Aleyna Deniz.c Aykin Deniz. Dec 2003 8,800 Unknown Ownerc Murakami Hide 2003 Total 64 Vessel(s) of 373,521 DWT. 8,800 Unknown Ownerc Murakami Hide 2003 8,000 Caspian Shippingc Krasnoy Sormovo 2003 2004 8,000 Caspian Shippingc Krasnoy Sormovo 2003 5,700 Unknown Ownerc Baltic Shipyd. 2004 7,100 Kasif Kalkavan Groupc Sedef Gemi End. 2003 5,700 Unknown Ownerc Baltic Shipyd. 2004 6,750 Petrogas Maritimac RMK Marine 2003 5,600 Baltic Shpg. Co.c Vyborg S/Yard 2004 6,500 Marnavi S.P.A.c Cant. Termoli 2003 4,500 Unknown Ownerc Ceksan Shipyard 2004 6,500 Temmar Shippingc Dearsan Shipyd. 2003 4,500 Unknown Ownerc Ceksan Shipyard 2004 6,500 Finaval S.P.A.c Cant. Termoli 2003 2,000 G. D'Alesio S.A.S.c Giacalone 2004 6,000 Cali, Diego E Figlic Cant.Nav.Pesaro 2003 2,000 G. D'Alesio S.A.S.c Giacalone 2004 6,000 Cali, Diego E Figlic Cant.Nav.Pesaro 2003 9,800 Unknown Ownerc Fukuoka S.B. Jan 2004 5,850 W.W. Marpetrol S.A.Selah Shipyard 2003 8,241 Wubbe H.H.c Damen Galati Jan 2004 4,300 Petrogas Maritimac RMK Marine 2003 7,560 Erik Thun ABc Ferus Smit Jan 2004 4,000 Builders Accountc Torgem Gemi 2003 5,000 Enea Management Inc.Rousse Shipyard Jan 2004 3,500 Pertaminac P.T. PAL Indon. 2003 5,500 Emden Denizcilikc Celiktekne Feb 2004 1,500 Builders Accountc Kodja Bahari 2003 9,800 Unknown Ownerc Fukuoka S.B. Mar 2004 7,800 Tabuchi Kaiun Kaishac Shitanoe Zosen Mar 2003 8,500 Berlian Laju Tankerc Shitanoe Zosen Mar 2004 6,700 Peters, Carl F.c Sedef Gemi End. Mar 2003 3,750 F. T. Everard & Sonsc Qingshan S.Y. Mar 2004 5,500 Atlantis CTEXc Schpsw. De Waal Mar 2003 9,240 Sargeant Marine Inc.Kraljevica Apr 2004 3,800 Chinese Govt.c Wenzhou Shipyd. Mar 2003 8,241 Wubbe H.H.c Damen Galati Apr 2004 3,330 Sao Miguel Nav.c ETN Belem Mar 2003 7,560 Erik Thun ABc Ferus Smit Apr 2004

World Shipyard Monitor Database Page 15 1st June 2003 Other Specialised Tankers < 10K DWT

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

3,750 F. T. Everard & Sonsc Qingshan S.Y. May 2004 8,500 Berlian Laju Tankerc Shitanoe Zosen Jun 2004 7,100 Besiktas Denizcilikc Celiktekne Jun 2004 5,400 Petrolmar S.p.A.Madenci S/Y Jun 2004 8,100 Furtrans Denizcilikc Anadolu Tuzla Jul 2004 5,000 Enea Management Inc.Rousse Shipyard Jul 2004 4,500 Jubilee Ships (UK)c Damen Galati Jul 2004 3,750 F. T. Everard & Sonsc Qingshan S.Y. Jul 2004 8,200 Neva River Tankerc Krasnoy Sormovo Aug 2004 7,500 Wisby Tankers ABc Ferus Smit Aug 2004 7,100 Besiktas Denizcilikc Celiktekne Aug 2004 3,100 Jubilee Ships (UK)c Damen Galati Aug 2004 8,650 Orix Maritime Corp.c Shin Kurushima Sep 2004 4,500 Jubilee Ships (UK)c Damen Galati Sep 2004 3,750 F. T. Everard & Sonsc Qingshan S.Y. Sep 2004 9,240 Sargeant Marine Inc.Kraljevica Oct 2004 5,500 Ursa Denizcilikc Celiktekne Oct 2004 Total 35 Vessel(s) of 216,832 DWT.

2005 6,400 Baltic Shpg. Co.c Vyborg S/Yard 2005 6,400 Baltic Shpg. Co.c Vyborg S/Yard 2005 6,400 Baltic Shpg. Co.c Vyborg S/Yard 2005 5,600 Baltic Shpg. Co.c Vyborg S/Yard 2005 8,650 Taiheiyo Kaiun K.K.c Shin Kurushima Feb 2005 9,240 Sargeant Marine Inc.Kraljevica Apr 2005 8,200 Neva River Tankerc Krasnoy Sormovo May 2005 9,240 Sargeant Marine Inc.Kraljevica Oct 2005 Total 8 Vessel(s) of 60,130 DWT.

World Shipyard Monitor Database Page 16 1st June 2003 Liquid Natural Gas Carriers cbm Owner Builder Sched. Del. cbm Owner Builder Sched. Del.

Liquid Natural Gas Carriers 135,000 STASCO (Shell)Mitsubishi H.I. Mar 2004 138,000 Aust. LNG Ship Optg.Daewoo S.B. Apr 2004 138,000 BG Group PlcSamsung S.B. May 2004 138,000 Knutsen O.A.S. Shpg.Izar P. Real Jun 2004 No. Vessels(end) 2001 2002 May-2003 Orderbook 138,000 Union FenosaDaewoo S.B. Jul 2004 Fleet Totals 129 139 142 2003 14 138,000 Bergesen D.Y. ASADaewoo S.B. Jul 2004 Deliveries 110 32004 21 135,000 Mitsui BussanMitsui S.B. Aug 2004 Scrapping 00 02005+ 21 138,000 Exmar N.V.Daewoo S.B. Sep 2004 Contracting 22 19 3 Total 56 137,100 Malaysian Int. Shpg.Mitsubishi H.I. Sep 2004 Orderbook 47 56 56 % Fleet 39.4% 138,000 Golar LNG ltd.Hyundai H.I. Oct 2004 74,000 Gaz de FranceDe l'Atlantique Oct 2004 141,000 Nigeria LNG Ltd.Hyundai H.I. Nov 2004 (m) cbm. (end) 2001 2002 May-2003 Orderbook 138,000 Exmar N.V.Daewoo S.B. Nov 2004 Fleet Totals 14.3 15.7 16.12 2003 1.66 145,000 Algeria Nippon GasKawasaki H.I. Dec 2004 Deliveries 0.1 1.4 0.41 2004 2.84 138,000 Petronet LNG Ltd.Daewoo S.B. Dec 2004 Scrapping 0.0 0.0 0.00 2005+ 2.93 Total 21 Vessel(s) of 2,843,200 cbm.. Contracting 3.0 2.5 0.41 Total 7.44 Orderbook 6.3 7.4 7.44 % Fleet 46.1% 2005 138,000 Malaysian Int. Shpg.Samsung S.B. 2005 138,000 Malaysian Int. Shpg.Samsung S.B. 2005 138,000 Exmar N.V.Samsung S.B. 2005 Deliveries Contracting 137,100 Malaysian Int. Shpg.Mitsui S.B. Jan 2005 145,000 Tokyo LNG Tanker Co.Kawasaki H.I. Mar 2005 3.5 (m) cbm. 140,500 Bergesen D.Y. ASADaewoo S.B. Mar 2005 3.0 138,000 Exmar N.V.Daewoo S.B. Apr 2005 2.5 138,000 Exmar N.V.Daewoo S.B. May 2005 141,000 Nigeria LNG Ltd.Hyundai H.I. Jul 2005 2.0 140,500 Bergesen D.Y. ASADaewoo S.B. Jul 2005 1.5 138,000 Leif Hoegh & OthersMitsubishi H.I. Oct 2005 141,000 Nigeria LNG Ltd.Hyundai H.I. Nov 2005 1.0 140,500 Bergesen D.Y. ASADaewoo S.B. Nov 2005 0.5 140,000 Kawasaki KisenMitsui S.B. Dec 2005

0.0 Total 14 Vessel(s) of 1,953,600 cbm.. 2006 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 138,000 Leif Hoegh & OthersMitsubishi H.I. Jan 2006 141,000 Nigeria LNG Ltd.Hyundai H.I. Mar 2006 140,500 Bergesen D.Y. ASADaewoo S.B. Mar 2006 2003 135,000 Tokyo Electric Corp.Mitsubishi H.I. Mar 2006 138,000 Bergesen D.Y. ASADaewoo S.B. Jun 2003 140,000 Kawasaki KisenKawasaki H.I. Apr 2006 138,000 BP Amoco Shpg. Ltd.Samsung S.B. Jun 2003 138,000 Naviera F. TapiasIzar P. Real Jun 2006 138,000 Golar LNG ltd.Daewoo S.B. Aug 2003 145,000 Osaka Gas Corp.Kawasaki H.I. Sep 2006 2,500 Shinwa ChemicalHigaki Zosen Aug 2003 Total 7 Vessel(s) of 977,500 cbm.. 145,000 Tokyo LNG Tanker Co.Kawasaki H.I. Sep 2003 138,000 Naviera F. TapiasIzar Sestao Sep 2003 138,000 I.S. Carriers S.A.Samsung S.B. Sep 2003 137,100 Malaysian Int. Shpg.Mitsubishi H.I. Sep 2003 135,000 Tokyo Electric Corp.Mitsubishi H.I. Sep 2003 1,100 Knutsen O.A.S. Shpg.Shipyd. Bijlsma Oct 2003 138,000 STASCO (Shell)Daewoo S.B. Nov 2003 138,000 Petronet LNG Ltd.Daewoo S.B. Dec 2003 138,000 Empresa Nav. ElcanoIzar P. Real Dec 2003 138,000 Golar LNG ltd.Hyundai H.I. Dec 2003 Total 14 Vessel(s) of 1,662,700 cbm..

2004 138,000 Exmar N.V.Samsung S.B. Jan 2004 137,100 Malaysian Int. Shpg.Mitsui S.B. Jan 2004 145,000 Mitsui O.S.K. LinesKawasaki H.I. Mar 2004 138,000 Golar LNG ltd.Daewoo S.B. Mar 2004 138,000 Knutsen O.A.S. Shpg.Izar Sestao Mar 2004 138,000 A.P. MollerSamsung S.B. Mar 2004

World Shipyard Monitor Database Page 17 1st June 2003 Very Large LPG Carrier (60,000 + cu. m.) cbm Owner Builder Sched. Del. cbm Owner Builder Sched. Del.

Very Large LPG Carrier (60,000 + cu. m.)

No. Vessels(end) 2001 2002 May-2003 Orderbook Fleet Totals 105 103 103 2003 5 Deliveries 73 32004 2 Scrapping 05 32005+ 3 Contracting 61 4Total 10 Orderbook 11 9 10 % Fleet 9.7%

(m) cbm. (end) 2001 2002 May-2003 Orderbook Fleet Totals 8.1 8.0 8.04 2003 0.40 Deliveries 0.6 0.2 0.24 2004 0.14 Scrapping 0.0 0.4 0.22 2005+ 0.22 Contracting 0.5 0.1 0.28 Total 0.76 Orderbook 0.9 0.7 0.76 % Fleet 9.4%

Deliveries Contracting

0.7 (m) cbm.

0.6

0.5

0.4

0.3

0.2

0.1

0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 82,000 Consolidated MarineHyundai H.I. Jun 2003 78,000 Nippon Yusen KaishaMitsubishi H.I. Jun 2003 80,000 Kumiai Senpaku K.K.Kawasaki H.I. Jul 2003 82,000 Shinwa Kaiun KaishaHyundai H.I. Sep 2003 78,000 Nippon Yusen KaishaMitsubishi H.I. Dec 2003 Total 5 Vessel(s) of 400,000 cbm..

2004 82,000 Unique Shpg. (H.K.)Universal S.B. Sep 2004 60,000 Norsk Hydro A/SHyundai H.I. Dec 2004 Total 2 Vessel(s) of 142,000 cbm..

2005 78,000 Yuyo S.S.Mitsubishi H.I. 2005 60,000 Norsk Hydro A/SHyundai H.I. 2005 78,000 Geogas ShippingDaewoo S.B. Feb 2005 Total 3 Vessel(s) of 216,000 cbm..

World Shipyard Monitor Database Page 18 1st June 2003 Mid Size 1 LPG Carrier (20-60,000 cu. m.) cbm Owner Builder Sched. Del. cbm Owner Builder Sched. Del.

Mid Size 1 LPG Carrier (20-60,000 cu. m.) 38,000 Exmar N.V.Daewoo S.B. May 2006 38,000 A.P. MollerDaewoo S.B. Aug 2006 38,000 Bergesen D.Y. ASADaewoo S.B. Nov 2006 Total 4 Vessel(s) of 152,000 cbm.. No. Vessels(end) 2001 2002 May-2003 Orderbook Fleet Totals 80 78 79 2003 5 Deliveries 04 22004 5 Scrapping 16 12005+ 7 Contracting 66 6Total 17 Orderbook 11 13 17 % Fleet 21.5%

(m) cbm. (end) 2001 2002 May-2003 Orderbook Fleet Totals 2.9 2.8 2.81 2003 0.25 Deliveries 0.0 0.1 0.08 2004 0.20 Scrapping 0.0 0.2 0.03 2005+ 0.31 Contracting 0.3 0.3 0.25 Total 0.76 Orderbook 0.4 0.6 0.76 % Fleet 26.9%

Deliveries Contracting

0.4 (m) cbm.

0.3

0.3

0.2

0.2

0.1

0.1

0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 35,000 Mitsui O.S.K. LinesHyundai H.I. Aug 2003 59,200 Bergesen D.Y. ASAKawasaki H.I. Sep 2003 59,200 Bergesen D.Y. ASAKawasaki H.I. Oct 2003 37,300 Carbofin S.p.A.Fincantieri Nov 2003 59,200 Skibs. SolvangKawasaki H.I. Dec 2003 Total 5 Vessel(s) of 249,900 cbm..

2004 35,000 Nippon Yusen KaishaMitsubishi H.I. Jan 2004 59,200 Skibs. SolvangKawasaki H.I. Mar 2004 23,000 Qatar ShippingSTX Shipbuild. May 2004 59,200 SonatrachKawasaki H.I. Sep 2004 23,000 Qatar ShippingSTX Shipbuild. Dec 2004 Total 5 Vessel(s) of 199,400 cbm..

2005 59,200 SonatrachKawasaki H.I. Mar 2005 59,200 SonatrachKawasaki H.I. May 2005 38,000 Bergesen D.Y. ASADaewoo S.B. Nov 2005 Total 3 Vessel(s) of 156,400 cbm..

2006 38,000 A.P. MollerDaewoo S.B. Feb 2006

World Shipyard Monitor Database Page 19 1st June 2003 Mid Size 2 LPG Carrier (8-20,000 cu. m.) cbm Owner Builder Sched. Del. cbm Owner Builder Sched. Del.

Mid Size 2 LPG Carrier (8-20,000 cu. m.)

No. Vessels(end) 2001 2002 May-2003 Orderbook Fleet Totals 88 90 91 2003 7 Deliveries 06 42004 0 Scrapping 14 32005+ 0 Contracting 64 0Total 7 Orderbook 13 11 7 % Fleet 7.7%

(m) cbm. (end) 2001 2002 May-2003 Orderbook Fleet Totals 1.1 1.1 1.07 2003 0.07 Deliveries 0.0 0.1 0.03 2004 0.00 Scrapping 0.0 0.1 0.03 2005+ 0.00 Contracting 0.1 0.0 0.00 Total 0.07 Orderbook 0.1 0.1 0.07 % Fleet 6.3%

Deliveries Contracting

0.1 (m) cbm.

0.1

0.1

0.0

0.0

0.0

0.0

0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 10,500 Komaya Shipping Co.Asakawa S.B. Jul 2003 8,495 Hartmann Schiff.Severnav S.A. Jul 2003 10,000 Norgas CarriersZhonghua S/Yard Aug 2003 9,000 Cispa Gas TransportCant.Nav.Pesaro Sep 2003 10,000 Norgas CarriersZhonghua S/Yard Oct 2003 10,500 Komaya Shipping Co.Asakawa S.B. Dec 2003 8,495 Hartmann Schiff.Severnav S.A. Dec 2003 Total 7 Vessel(s) of 66,990 cbm..

World Shipyard Monitor Database Page 20 1st June 2003 Small LPG Carrier (< 8,000 cu. m.) cbm Owner Builder Sched. Del. cbm Owner Builder Sched. Del.

Small LPG Carrier (< 8,000 cu. m.)

No. Vessels(end) 2001 2002 May-2003 Orderbook Fleet Totals 713 712 711 2003 6 Deliveries 23 11 2 2004 2 Scrapping 58 32005+ 0 Contracting 18 3 2 Total 8 Orderbook 16 8 8 % Fleet 1.1%

(m) cbm. (end) 2001 2002 May-2003 Orderbook Fleet Totals 2.0 2.0 2.01 2003 0.03 Deliveries 0.1 0.0 0.01 2004 0.01 Scrapping 0.0 0.0 0.02 2005+ 0.00 Contracting 0.1 0.0 0.01 Total 0.03 Orderbook 0.1 0.0 0.03 % Fleet 1.6%

Deliveries Contracting

0.3 (m) cbm.

0.2

0.2

0.1

0.1

0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 7,000 Globalgas S.L.Barreras S.A. Apr 2003 1,500 Ogaki KaiunMiura Zosensho May 2003 6,000 Metalnave ComercioItajai Shipyard Jul 2003 3,000 Stargas S.r.l.Cant. De Poli Aug 2003 3,000 Stargas S.r.l.Cant. De Poli Nov 2003 6,000 Metalnave ComercioItajai Shipyard Dec 2003 Total 6 Vessel(s) of 26,500 cbm..

2004 3,000 Stargas S.r.l.Cant. De Poli 2004 3,000 Stargas S.r.l.Cant. De Poli 2004 Total 2 Vessel(s) of 6,000 cbm..

World Shipyard Monitor Database Page 21 1st June 2003 Capesize Bulkers (80,000 + dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Capesize Bulkers (80,000 + dwt tonnes) 2004 177,000 Kawasaki KisenNamura Zosensho 2004 177,000 Hokoku Kaiun K.K.Namura Zosensho 2004 No. Vessels(end) 2001 2002 May-2003 Orderbook 176,000 Nippon Yusen KaishaUniversal S.B. Jan 2004 175,000 Tai Chong CheangWaigaoqiao S/Y Jan 2004 Fleet Totals 576 591 597 2003 21 172,000 Zela ShpgHyundai H.I. Jan 2004 Deliveries 33 25 8 2004 35 172,000 Golden Union Shpg.Hyundai H.I. Jan 2004 Scrapping 12 10 2 2005+ 33 172,000 Golden Union Shpg.Hyundai H.I. Jan 2004 Contracting 23 44 24 Total 89 170,000 SafbulkHyundai Samho Jan 2004 Orderbook 54 73 89 % Fleet 14.9% 169,770 Ceres HellenicSasebo H.I. Jan 2004 175,000 U-Ming Marine Tran.CSBC Feb 2004 (m) DWT (end) 2001 2002 May-2003 Orderbook 170,000 SafbulkHyundai Samho Feb 2004 Fleet Totals 90.7 93.5 94.61 2003 3.43 170,000 COSCO Bulk CarrierWaigaoqiao S/Y Feb 2004 Deliveries 5.4 4.1 1.34 2004 5.76 170,000 Marmaras Nav. Ltd.Hyundai Samho Mar 2004 Scrapping 1.6 1.3 0.21 2005+ 4.97 88,000 Kawasaki KisenImabari S.B. Mar 2004 Contracting 3.8 7.5 3.27 Total 14.16 172,000 Metrostar ManagementHyundai H.I. Apr 2004 229,900 Nippon Yusen KaishaNamura Zosensho May 2004 Orderbook 8.8 12.2 14.16 % Fleet 15.0% 176,000 Bocimar N.V.Waigaoqiao S/Y May 2004

170,000 Marmaras Nav. Ltd.Hyundai Samho May 2004 96,400 Daiichi ChuoOshima S.B. Co. May 2004 Deliveries Contracting 233,000 Mitsui O.S.K. LinesImabari S.B. Jun 2004 177,000 Nissen Kaiun K.K.Mitsui S.B. Jun 2004 (m) DWT 9.0 172,000 SafbulkHyundai Samho Jun 2004 8.0 96,400 Doun Kisen K.K.Oshima S.B. Co. Jul 2004 7.0 177,000 Nissen Kaiun K.K.Mitsui S.B. Aug 2004 6.0 176,000 Bocimar N.V.Waigaoqiao S/Y Aug 2004 5.0 86,000 Pacific CarriersI.H.I. Aug 2004 200,000 Samos SteamshipUniversal S.B. Sep 2004 4.0 200,000 Mitsui O.S.K. LinesUniversal S.B. Sep 2004 3.0 170,000 Tropis Shpg. Co.Hyundai Samho Sep 2004 2.0 200,000 Kawasaki KisenUniversal S.B. Oct 2004 1.0 177,000 Mizuho Sangyo Co.Mitsui S.B. Oct 2004 0.0 171,000 Anangel Shpg. Ent.Daewoo S.B. Oct 2004 86,000 Pacific CarriersI.H.I. Oct 2004

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 175,000 Foremost MaritimeWaigaoqiao S/Y Dec 2004 Source: Clarkson Research Studies 86,000 Pacific CarriersI.H.I. Dec 2004 Total 35 Vessel(s) of 5,760,470 DWT. 2003 2005 184,500 Nippon Steel ShpgMitsui S.B. May 2003 205,000 Kawasaki KisenImabari S.B. 2005 177,000 Mitsui O.S.K. LinesNamura Zosensho May 2003 205,000 Kawasaki KisenImabari S.B. 2005 169,800 Carras HellasSasebo H.I. May 2003 176,000 Bocimar N.V.Waigaoqiao S/Y 2005 177,000 Kawasaki KisenNamura Zosensho Jun 2003 176,000 Korea LineUniversal S.B. 2005 175,000 Tai Chong CheangWaigaoqiao S/Y Jun 2003 176,000 Bocimar N.V.Waigaoqiao S/Y 2005 170,000 Nippon Yusen KaishaTsuneishi Zosen Jun 2003 171,000 Norden D/S A/SImabari S.B. 2005 89,999 Nippon Yusen KaishaOshima S.B. Co. Jun 2003 86,000 Pacific CarriersI.H.I. 2005 200,000 Nippon Yusen KaishaUniversal S.B. Jul 2003 82,500 Unknown OwnerTsuneishi Zosen 2005 169,800 Carras HellasSasebo H.I. Jul 2003 82,500 Nisshin KisenTsuneishi Zosen 2005 88,000 Kawasaki KisenImabari S.B. Jul 2003 82,500 Anglo-SwissTsuneishi Zosen 2005 177,000 Kawasaki KisenNamura Zosensho Aug 2003 200,000 Nippon Yusen KaishaUniversal S.B. Jan 2005 169,800 Carras HellasSasebo H.I. Sep 2003 177,000 Santoku SenpakuNamura Zosensho Jan 2005 176,000 Portline S.A.Universal S.B. Oct 2003 170,000 Tropis Shpg. Co.Hyundai Samho Jan 2005 175,000 U-Ming Marine Tran.CSBC Oct 2003 88,000 Shinwa Kaiun KaishaImabari S.B. Jan 2005 172,000 Golden Union Shpg.Hyundai H.I. Oct 2003 88,000 Shinwa Kaiun KaishaImabari S.B. Feb 2005 170,000 COSCO Bulk CarrierWaigaoqiao S/Y Oct 2003 200,000 Mitsui O.S.K. LinesUniversal S.B. Mar 2005 81,300 Mitsui O.S.K. LinesOshima S.B. Co. Oct 2003 171,000 Anangel Shpg. Ent.Daewoo S.B. Mar 2005 184,550 Nittetsu KaiunMitsui S.B. Nov 2003 88,000 Shinwa Kaiun KaishaImabari S.B. Mar 2005 172,000 Golden Union Shpg.Hyundai H.I. Nov 2003 178,000 Fukujin ShippingUniversal S.B. Apr 2005 169,770 Carras HellasSasebo H.I. Nov 2003 175,000 Sincere NavigationCSBC May 2005 177,000 Kumiai Senpaku K.K.Namura Zosensho Dec 2003 200,000 Mitsui O.S.K. LinesUniversal S.B. Jun 2005 Total 21 Vessel(s) of 3,425,519 DWT. 170,000 COSCO Bulk CarrierWaigaoqiao S/Y Jun 2005 170,000 COSCO Bulk CarrierWaigaoqiao S/Y Jul 2005

World Shipyard Monitor Database Page 22 1st June 2003 Capesize Bulkers (80,000 + dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

82,500 Mitsubishi Corp.Tsuneishi Zosen Aug 2005 220,000 Unknown OwnerUniversal S.B. Sep 2005 177,300 Sanko S.S.Namura Zosensho Sep 2005 170,000 Formosa Plastics Co.I.H.I. Sep 2005 82,500 Yasa Shpg. IndustryTsuneishi Zosen Nov 2005 220,000 Unknown OwnerUniversal S.B. Dec 2005 170,000 Chinese Mar. Trans.Waigaoqiao S/Y Dec 2005 Total 30 Vessel(s) of 4,639,800 DWT.

2006 82,500 Yasa Shpg. IndustryTsuneishi Zosen 2006 170,000 Formosa Plastics Co.I.H.I. Jan 2006 82,500 Yasa Shpg. IndustryTsuneishi Zosen Jan 2006 Total 3 Vessel(s) of 335,000 DWT.

World Shipyard Monitor Database Page 23 1st June 2003 Panamax Bulkers (60-80,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Panamax Bulkers (60-80,000 dwt tonnes) 76,000 Nat. Iranian TankerISOICO 2004 76,000 Nat. Iranian TankerISOICO 2004 75,000 Nitta KisenSanoyas 2004 75,000 Marubeni CorpSanoyas 2004 No. Vessels(end) 2001 2002 May-2003 Orderbook 75,000 Unknown OwnerSanoyas 2004 Fleet Totals 1,028 1,059 1,067 2003 15 75,000 Unknown OwnerSanoyas 2004 Deliveries 112 56 9 2004 62 75,000 Unknown OwnerSanoyas 2004 Scrapping 32 22 1 2005+ 48 74,000 KC Maritime Ltd.Hudong S/Yard 2004 Contracting 26 73 39 Total 125 76,000 Safety ManagementTsuneishi Zosen Jan 2004 Orderbook 78 95 125 % Fleet 11.7% 75,000 Nitta KisenSanoyas Jan 2004 75,000 Atlantska PlovidbaBrod. Uljanik Jan 2004 74,000 Livanos GroupNamura Zosensho Jan 2004 (m) DWT (end) 2001 2002 May-2003 Orderbook 74,000 Komrowski Befracht.Jiangnan S/Yard Jan 2004 Fleet Totals 72.0 74.5 75.15 2003 1.11 77,500 Taiwan NavigationCSBC Mar 2004 Deliveries 8.3 4.2 0.68 2004 4.69 76,500 Unknown OwnerOshima S.B. Co. Mar 2004 Scrapping 2.1 1.4 0.07 2005+ 3.63 76,300 Unknown OwnerTsuneishi Zosen Mar 2004 Contracting 2.0 5.5 2.95 Total 9.43 74,000 Unknown OwnerNamura Zosensho Mar 2004 Orderbook 5.8 7.2 9.43 % Fleet 12.6% 74,000 Transocean MaritimeOshima S.B. Co. Mar 2004 77,000 Yangming MarineCSBC Apr 2004 76,600 Efploia Shpg. Co.Sasebo H.I. Apr 2004 76,200 Unknown OwnerSumitomo H.I. Apr 2004 Deliveries Contracting 75,000 Mitsubishi Corp.Sanoyas Apr 2004 76,600 Cido ShippingSasebo H.I. May 2004 12.0 (m) DWT 76,300 Unknown OwnerTsuneishi Zosen May 2004 10.0 76,200 Unknown OwnerSumitomo H.I. May 2004 76,000 Safety ManagementTsuneishi Zosen May 2004 8.0 77,000 Yangming MarineCSBC Jun 2004 76,200 Samos SteamshipSumitomo H.I. Jun 2004 6.0 75,000 Mitsubishi Corp.Sanoyas Jun 2004 4.0 74,000 KC Maritime Ltd.Hudong S/Yard Jun 2004 76,300 Unknown OwnerTsuneishi Zosen Jul 2004 2.0 76,300 Unknown OwnerTsuneishi Zosen Jul 2004 76,200 Samos SteamshipSumitomo H.I. Jul 2004 0.0 77,500 Ta Ho MaritimeCSBC Aug 2004 76,600 Cido ShippingSasebo H.I. Aug 2004 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 76,300 Unknown OwnerTsuneishi Zosen Aug 2004 76,000 COSCO (Hong Kong)Tsuneishi Zosen Aug 2004 76,300 Unknown OwnerTsuneishi Zosen Sep 2004 2003 76,300 Sumitomo CorpTsuneishi Zosen Sep 2004 74,500 Unknown OwnerJiangyang S.Y. 2003 75,000 Unknown OwnerDaewoo S.B. Sep 2004 69,100 Unknown OwnerOkean Shipyard 2003 75,000 Unknown OwnerDaewoo S.B. Sep 2004 69,100 Unknown OwnerOkean Shipyard 2003 75,000 Unknown OwnerSanoyas Sep 2004 76,000 Unknown OwnerImabari S.B. May 2003 74,500 Bocimar N.V.Hudong S/Yard Sep 2004 75,000 Unknown OwnerSanoyas Jun 2003 74,000 Transocean MaritimeOshima S.B. Co. Sep 2004 76,000 Yangming MarineImabari S.B. Aug 2003 74,000 Diana Shpg. AgenciesJiangnan S/Yard Sep 2004 75,000 Unknown OwnerSanoyas Aug 2003 73,990 Angelakos Ltd.Namura Zosensho Sep 2004 74,000 Unknown OwnerNamura Zosensho Aug 2003 76,300 Unknown OwnerTsuneishi Zosen Oct 2004 73,000 Safety ManagementTsuneishi Zosen Aug 2003 76,000 Taiyo KaiunImabari S.B. Oct 2004 76,350 Kawasaki KisenOshima S.B. Co. Oct 2003 74,000 Komrowski Befracht.Jiangnan S/Yard Oct 2004 73,000 Safety ManagementTsuneishi Zosen Oct 2003 76,600 Cido ShippingSasebo H.I. Nov 2004 74,380 Andriaki Shpg. Co.Hyundai Samho Nov 2003 76,300 Lepta Shipping Co.Tsuneishi Zosen Nov 2004 76,300 Nippon Yusen KaishaTsuneishi Zosen Dec 2003 76,300 Unknown OwnerTsuneishi Zosen Nov 2004 75,000 Unknown OwnerUniversal S.B. Dec 2003 76,300 Unknown OwnerTsuneishi Zosen Nov 2004 74,000 Komrowski Befracht.Jiangnan S/Yard Dec 2003 76,000 COSCO (Hong Kong)Tsuneishi Zosen Nov 2004 Total 15 Vessel(s) of 1,110,730 DWT. 74,000 Diana Shpg. AgenciesJiangnan S/Yard Nov 2004 74,500 Bocimar N.V.Hudong S/Yard Dec 2004 2004 74,000 Komrowski Befracht.Jiangnan S/Yard Dec 2004 77,500 Taiwan NavigationCSBC 2004 Total 62 Vessel(s) of 4,689,490 DWT. 77,000 U-Ming Marine Tran.CSBC 2004 77,000 U-Ming Marine Tran.CSBC 2004 2005 76,500 Unknown OwnerOshima S.B. Co. 2004 76,600 Unknown OwnerSasebo H.I. 2005 76,500 Unknown OwnerOshima S.B. Co. 2004 76,000 Unknown OwnerImabari S.B. 2005

World Shipyard Monitor Database Page 24 1st June 2003 Panamax Bulkers (60-80,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

76,000 Unknown OwnerImabari S.B. 2005 76,000 Unknown OwnerImabari S.B. 2005 75,000 Shinyo InternationalOshima S.B. Co. 2005 75,000 Shinyo InternationalOshima S.B. Co. 2005 76,300 Lepta Shipping Co.Tsuneishi Zosen Jan 2005 76,300 Unknown OwnerTsuneishi Zosen Jan 2005 75,000 Unknown OwnerSanoyas Jan 2005 76,600 Cido ShippingSasebo H.I. Feb 2005 76,000 Safety ManagementTsuneishi Zosen Feb 2005 75,000 Unknown OwnerSanoyas Feb 2005 76,300 Lepta Shipping Co.Tsuneishi Zosen Mar 2005 76,300 Unknown OwnerTsuneishi Zosen Mar 2005 75,000 Unknown OwnerSanoyas Mar 2005 74,000 Gleamray MaritimeHudong S/Yard Mar 2005 76,000 Safety ManagementTsuneishi Zosen Apr 2005 76,000 Unknown OwnerTsuneishi Zosen Apr 2005 74,500 Bocimar N.V.Hudong S/Yard Apr 2005 76,600 Cido ShippingSasebo H.I. May 2005 76,300 Lepta Shipping Co.Tsuneishi Zosen May 2005 76,300 Cido ShippingTsuneishi Zosen Jun 2005 76,300 Unknown OwnerTsuneishi Zosen Jun 2005 76,000 Unknown OwnerTsuneishi Zosen Jul 2005 76,000 Safety ManagementTsuneishi Zosen Jul 2005 75,500 Efnav Co. Ltd.STX Shipbuild. Jul 2005 76,600 Cido ShippingSasebo H.I. Aug 2005 76,300 Cido ShippingTsuneishi Zosen Aug 2005 74,500 KC Maritime Ltd.Hudong S/Yard Aug 2005 76,300 Unknown OwnerTsuneishi Zosen Sep 2005 75,500 Efnav Co. Ltd.STX Shipbuild. Sep 2005 74,000 Unknown OwnerNamura Zosensho Sep 2005 74,000 Gleamray MaritimeHudong S/Yard Sep 2005 76,500 Sanko S.S.Imabari S.B. Oct 2005 76,300 Unknown OwnerTsuneishi Zosen Oct 2005 74,500 KC Maritime Ltd.Hudong S/Yard Nov 2005 76,000 Yasa Shpg. IndustrySanoyas Dec 2005 74,500 COSCO Bulk CarrierHudong S/Yard Dec 2005 74,500 COSCO Bulk CarrierHudong S/Yard Dec 2005 Total 39 Vessel(s) of 2,950,400 DWT.

2006 76,600 Unknown OwnerSasebo H.I. 2006 76,600 Unknown OwnerSasebo H.I. 2006 76,600 Unknown OwnerSasebo H.I. 2006 75,500 Efnav Co. Ltd.STX Shipbuild. 2006 75,500 Efnav Co. Ltd.STX Shipbuild. Jan 2006 74,500 Iolcos HellenicHudong S/Yard Jan 2006 76,000 Yasa Shpg. IndustrySanoyas Mar 2006 76,000 Safety ManagementTsuneishi Zosen May 2006 74,500 Iolcos HellenicHudong S/Yard May 2006 Total 9 Vessel(s) of 681,800 DWT.

World Shipyard Monitor Database Page 25 1st June 2003 Handymax Bulkers (40-60,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Handymax Bulkers (40-60,000 dwt tonnes) 46,000 Sanko S.S.Oshima S.B. Co. Aug 2003 40,000 Westwood ShippingStocznia Gdynia Aug 2003 52,300 Unknown OwnerTsuneishi Cebu Sep 2003 52,000 Blue Planet Shpg.New Century S/Y Sep 2003 No. Vessels(end) 2001 2002 May-2003 Orderbook 50,000 Unknown OwnerKawasaki H.I. Sep 2003 Fleet Totals 1,098 1,173 1,200 2003 45 49,500 Da Sin Shpg. Pte.Nantong S.B. Sep 2003 Deliveries 102 86 29 2004 63 48,000 Gearbulk Ltd.Stocznia Gdansk Sep 2003 Scrapping 15 10 2 2005+ 54 45,000 Meranti MaritimeP.T. PAL Indon. Sep 2003 Contracting 49 93 44 Total 162 56,000 Niovis Shipping Co.Mitsui S.B. Oct 2003 Orderbook 140 147 162 % Fleet 13.5% 53,000 Unknown OwnerImabari S.B. Oct 2003 52,000 Alexandria ShippingTsuneishi Zosen Oct 2003 48,000 Westfal-LarsenOshima S.B. Co. Oct 2003 (m) DWT (end) 2001 2002 May-2003 Orderbook 48,000 Jiangsu Marine Shpg.Nantong S.B. Oct 2003 Fleet Totals 50.4 54.2 55.64 2003 2.20 52,300 Toyo Kaiun K.K.Tsuneishi Cebu Nov 2003 Deliveries 5.1 4.3 1.52 2004 3.28 57,000 Nippon Yusen KaishaImabari S.B. Dec 2003 Scrapping 0.7 0.5 0.10 2005+ 2.92 52,200 Unknown OwnerTsuneishi Zosen Dec 2003 Contracting 2.5 4.9 2.38 Total 8.41 52,000 Blue Planet Shpg.New Century S/Y Dec 2003 Orderbook 7.0 7.5 8.41 % Fleet 15.1% 51,000 W.E.M. LinesZhejiang S/Yard Dec 2003 51,000 Vrontados ShippingJiangnan S/Yard Dec 2003 48,000 Gearbulk Ltd.Stocznia Gdansk Dec 2003 45,000 Meranti MaritimeP.T. PAL Indon. Dec 2003 Deliveries Contracting 40,000 Westwood ShippingStocznia Gdynia Dec 2003 6.0 (m) DWT Total 45 Vessel(s) of 2,202,907 DWT.

5.0 2004 57,700 China Shpg. TrampShanghai Shpyd. 2004 4.0 57,700 China Shpg. TrampBohai Shipyard 2004 55,100 Unknown OwnerImabari S.B. 2004 3.0 55,000 Norden D/S A/SOshima S.B. Co. 2004 2.0 53,500 T&E BulkersIwagi Zosen 2004 53,000 Pacific Basin Agen.Xiamen Shipyard 2004 1.0 52,000 Lemitec ASAXiamen Shipyard 2004 52,000 Lemitec ASAXiamen Shipyard 2004 0.0 46,000 Sanko S.S.Oshima S.B. Co. 2004 46,000 Sanko S.S.Oshima S.B. Co. 2004 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 46,000 Sanko S.S.Oshima S.B. Co. 2004 53,000 Unknown OwnerIwagi Zosen Jan 2004 52,500 Van Ommeren ClipperOshima S.B. Co. Jan 2004 2003 52,200 Unknown OwnerTsuneishi Zosen Jan 2004 51,000 Unknown OwnerJiangyang S.Y. 2003 48,000 Jiangsu Marine Shpg.Nantong S.B. Jan 2004 42,425 Builders AccountVarna Shipyard 2003 46,600 Shinwa Kaiun KaishaKanasashi K.K. Jan 2004 42,425 Builders AccountVarna Shipyard 2003 56,000 Norden D/S A/SMitsui S.B. Feb 2004 41,425 Polish Steamship Co.Varna Shipyard Mar 2003 52,000 Van Ommeren ClipperTsuneishi Cebu Feb 2004 53,400 Unknown OwnerIwagi Zosen Apr 2003 48,600 A.M. NomikosI.H.I. Feb 2004 51,000 Vrontados ShippingJiangnan S/Yard Apr 2003 55,000 COSCO BeijingNantong S.B. Mar 2004 52,500 Nisshin Shpg.Co.Ltd.Oshima S.B. Co. May 2003 52,300 Sanko S.S.Tsuneishi Cebu Mar 2004 52,000 Marfin Mangt. S.A.M.Tsuneishi Zosen May 2003 51,000 W.E.M. LinesZhejiang S/Yard Mar 2004 49,132 Nippon Yusen KaishaTsuneishi Zosen May 2003 50,600 Liberty MaritimeOshima S.B. Co. Mar 2004 40,000 Westwood ShippingStocznia Gdynia May 2003 48,000 Gearbulk Ltd.Stocznia Gdansk Mar 2004 52,000 Blue Planet Shpg.New Century S/Y Jun 2003 48,000 Westfal-LarsenOshima S.B. Co. Mar 2004 51,000 Dockendale Shpg Co.New Century S/Y Jun 2003 55,000 COSCO BeijingNantong S.B. Apr 2004 50,000 Unknown OwnerKawasaki H.I. Jun 2003 52,000 Van Ommeren ClipperTsuneishi Cebu Apr 2004 50,000 Mitsui & Co. Ltd.Mitsui S.B. Jun 2003 48,600 A.M. NomikosI.H.I. Apr 2004 48,000 Gearbulk Ltd.Stocznia Gdansk Jun 2003 48,000 Westfal-LarsenOshima S.B. Co. Apr 2004 47,900 Kawasaki KisenOshima S.B. Co. Jun 2003 44,500 Grieg Shipping A/SMitsui S.B. Apr 2004 46,600 Unknown OwnerKanasashi K.K. Jun 2003 40,000 Westwood ShippingStocznia Gdynia Apr 2004 40,000 Westwood ShippingStocznia Gdynia Jun 2003 55,000 Norden D/S A/SOshima S.B. Co. May 2004 52,500 Usui Kaiun Co. Ltd.Oshima S.B. Co. Jul 2003 55,000 COSCO (Hong Kong)Nantong S.B. Jun 2004 52,300 Temm Maritime Co.Tsuneishi Cebu Jul 2003 48,600 A.M. NomikosI.H.I. Jun 2004 50,000 Mitsui & Co. Ltd.Mitsui S.B. Jul 2003 44,500 Grieg Shipping A/SMitsui S.B. Jun 2004 51,000 Vrontados ShippingJiangnan S/Yard Aug 2003 53,000 COSCO (Hong Kong)Onomichi Dockyd Jul 2004 48,000 Westfal-LarsenOshima S.B. Co. Aug 2003 50,000 Ocean Bulk CarriersMitsui S.B. Jul 2004

World Shipyard Monitor Database Page 26 1st June 2003 Handymax Bulkers (40-60,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

56,000 Oskar WehrMitsui S.B. Aug 2004 55,000 Jiangsu Marine Shpg.Nantong S.B. Apr 2005 55,500 Setaf-SagetNantong S.B. Aug 2004 53,000 Spar Shipping A/SChengxi Shipyd. Apr 2005 55,500 T&E BulkersOshima S.B. Co. Aug 2004 55,000 COSCO BeijingNantong S.B. May 2005 55,000 Unknown OwnerMitsui S.B. Aug 2004 52,300 Portline S.A.Tsuneishi Cebu May 2005 52,300 Unknown OwnerTsuneishi Cebu Aug 2004 56,000 Unknown OwnerMitsui S.B. Jun 2005 52,000 A.M. NomikosI.H.I. Aug 2004 56,000 Unknown OwnerMitsui S.B. Jul 2005 55,000 COSCO (Hong Kong)Nantong S.B. Sep 2004 52,500 Unknown OwnerTsuneishi Zosen Jul 2005 55,000 Wah Kwong Shpg.Oshima S.B. Co. Sep 2004 52,300 Sanko S.S.Tsuneishi Cebu Jul 2005 53,000 COSCO (Hong Kong)Onomichi Dockyd Sep 2004 55,500 Cido ShippingOshima S.B. Co. Aug 2005 53,000 COSCO (Hong Kong)Onomichi Dockyd Sep 2004 53,200 Ugland Marine Svcs.Tsuneishi Cebu Aug 2005 55,500 Geden LineNantong S.B. Oct 2004 53,000 Spar Shipping A/SChengxi Shipyd. Aug 2005 55,000 COSCO (Hong Kong)Oshima S.B. Co. Oct 2004 56,000 Unknown OwnerMitsui S.B. Sep 2005 52,300 Portline S.A.Tsuneishi Cebu Oct 2004 52,300 Sanko S.S.Tsuneishi Cebu Sep 2005 52,000 A.M. NomikosI.H.I. Oct 2004 55,500 Cido ShippingOshima S.B. Co. Oct 2005 56,000 Chellaram Shpg.Mitsui S.B. Nov 2004 53,000 Spar Shipping A/SChengxi Shipyd. Nov 2005 55,000 COSCO BeijingNantong S.B. Nov 2004 52,300 Sanko S.S.Tsuneishi Cebu Nov 2005 53,000 COSCO (Hong Kong)Onomichi Dockyd Nov 2004 Total 49 Vessel(s) of 2,659,500 DWT. 52,500 Taiwan NavigationOshima S.B. Co. Nov 2004 52,000 Van Ommeren ClipperTsuneishi Cebu Nov 2004 2006 50,000 Ocean Bulk CarriersMitsui S.B. Nov 2004 53,000 Gleamray MaritimeNew Century S/Y 2006 56,000 Oskar WehrMitsui S.B. Dec 2004 52,300 Sanko S.S.Tsuneishi Cebu Jan 2006 56,000 Sanko S.S.Mitsui S.B. Dec 2004 52,500 Unknown OwnerTsuneishi Zosen Feb 2006 55,000 COSCO (Hong Kong)Oshima S.B. Co. Dec 2004 53,000 Spar Shipping A/SChengxi Shipyd. Mar 2006 53,000 Spar Shipping A/SChengxi Shipyd. Dec 2004 53,000 Spar Shipping A/SChengxi Shipyd. Jul 2006 52,000 A.M. NomikosI.H.I. Dec 2004 Total 5 Vessel(s) of 263,800 DWT. 51,000 Phoenix Bulk Carrs.Zhejiang S/Yard Dec 2004 Total 63 Vessel(s) of 3,280,600 DWT.

2005 57,700 China Shpg. TrampShanghai Shpyd. 2005 57,700 China Shpg. TrampShanghai Shpyd. 2005 57,700 China Shpg. TrampShanghai Shpyd. 2005 57,700 China Shpg. TrampBohai Shipyard 2005 57,700 China Shpg. TrampBohai Shipyard 2005 57,700 China Shpg. TrampBohai Shipyard 2005 55,500 T&E BulkersOshima S.B. Co. 2005 55,000 Sanko S.S.Oshima S.B. Co. 2005 55,000 Lepta Shipping Co.Mitsui S.B. 2005 53,000 Pacific Basin Agen.Xiamen Shipyard 2005 53,000 Pacific Basin Agen.Xiamen Shipyard 2005 53,000 Thenamaris (Mgmt.)New Century S/Y 2005 53,000 Graig Ship Mngt.New Century S/Y 2005 53,000 Graig Ship Mngt.New Century S/Y 2005 53,000 Thenamaris (Mgmt.)New Century S/Y 2005 52,500 Sanko S.S.Oshima S.B. Co. 2005 56,000 Lepta Shipping Co.Mitsui S.B. Jan 2005 55,500 Geden LineNantong S.B. Jan 2005 55,500 Setaf-SagetNantong S.B. Jan 2005 55,000 Wah Kwong Shpg.Oshima S.B. Co. Jan 2005 55,000 Jiangsu Marine Shpg.Nantong S.B. Jan 2005 53,500 T&E BulkersOshima S.B. Co. Jan 2005 52,500 Taiwan NavigationOshima S.B. Co. Jan 2005 52,300 Portline S.A.Tsuneishi Cebu Jan 2005 49,500 Da Sin Shpg. Pte.Nantong S.B. Jan 2005 56,000 Lepta Shipping Co.Mitsui S.B. Feb 2005 56,000 Sanko S.S.Mitsui S.B. Mar 2005 53,500 T&E BulkersIwagi Zosen Mar 2005 52,500 Unknown OwnerTsuneishi Zosen Mar 2005 52,300 Ugland Marine Svcs.Tsuneishi Cebu Mar 2005 52,300 Portline S.A.Tsuneishi Cebu Mar 2005 51,000 Phoenix Bulk Carrs.Zhejiang S/Yard Mar 2005 56,000 Chellaram Shpg.Mitsui S.B. Apr 2005

World Shipyard Monitor Database Page 27 1st June 2003 Handysize Bulkers (10-40,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Handysize Bulkers (10-40,000 dwt tonnes) 27,321 Alpina Shpg. GmbHARS Jul 2003 16,600 Daiichi ChuoShin Kochi H.I. Jul 2003 12,500 Wisdom Marine LinesWatanabe Zosen Jul 2003 32,600 Pacific Basin Agen.Kanda Zosensho Aug 2003 No. Vessels(end) 2001 2002 May-2003 Orderbook 32,420 Cogema S.A.M.Shanghai Shpyd. Aug 2003 Fleet Totals 2,788 2,744 2,729 2003 44 32,000 Mingtai Nav.Imabari S.B. Aug 2003 Deliveries 63 56 23 2004 62 28,500 Hsin Chien MarineImabari S.B. Aug 2003 Scrapping 129 92 34 2005+ 25 37,500 Harren & PartnerShanghai Shpyd. Sep 2003 Contracting 47 85 26 Total 131 32,000 Orient Line Ltd.Hakodate Dock Sep 2003 Orderbook 99 128 131 % Fleet 4.8% 31,900 Orion Schiff. ReithHakodate Dock Sep 2003 28,800 Unknown OwnerShikoku Dock. Sep 2003 28,500 Hsin Chien MarineImabari S.B. Sep 2003 (m) DWT (end) 2001 2002 May-2003 Orderbook 17,600 Palkkiythyma OyMawei Shipyard Sep 2003 Fleet Totals 74.0 72.9 72.50 2003 1.20 32,000 F. H. BertlingJiangdu S/yard Oct 2003 Deliveries 1.6 1.5 0.62 2004 1.71 32,000 Sincere IndustrialKanda Zosensho Oct 2003 Scrapping 3.4 2.4 0.95 2005+ 0.79 35,000 Intership Nav. Co.New Century S/Y Nov 2003 Contracting 1.3 2.3 0.79 Total 3.71 34,300 Clipper GroupXingang S.Y. Nov 2003 Orderbook 2.7 3.5 3.71 % Fleet 5.1% 28,700 Unknown OwnerShikoku Dock. Nov 2003 13,600 Arklow Shipping Ltd.Kyokuyo S/yard Nov 2003 32,000 Sincere IndustrialKanda Zosensho Dec 2003 28,300 Cido ShippingShin Kochi H.I. Dec 2003 Deliveries Contracting Total 44 Vessel(s) of 1,203,961 DWT. 3.5 (m) DWT 2004 3.0 35,000 Intership Nav. Co.New Century S/Y 2004 2.5 34,000 F. H. BertlingKouan S.B. 2004 32,000 F. H. BertlingJiangdu S/yard 2004 2.0 30,000 Clipper GroupShanhaiguan S/Y 2004 1.5 29,000 Sunship Schiff.Guang. Wenchong 2004 29,000 Sunship Schiff.Guang. Wenchong 2004 1.0 29,000 Sunship Schiff.Guang. Wenchong 2004 0.5 28,200 Pacific Basin Agen.Imabari S.B. 2004 27,023 Clipper GroupNew Century S/Y 2004 0.0 27,023 Dockendale Shpg Co.New Century S/Y 2004 15,000 Arko Energy HoldingsDong Feng S/Y 2004 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 15,000 Arko Energy HoldingsDong Feng S/Y 2004 15,000 Arko Energy HoldingsDong Feng S/Y 2004 12,600 Ta Ho MaritimeCSBC 2004 2003 11,500 Vietnam Nat. Shpg.Bach Dang S/Y 2004 32,000 F. H. BertlingJiangdu S/yard 2003 10,160 Arko Energy HoldingsDong Feng S/Y 2004 32,000 Unknown OwnerShin Kurushima 2003 10,160 Arko Energy HoldingsDong Feng S/Y 2004 32,000 Unknown OwnerShin Kurushima 2003 10,160 Arko Energy HoldingsDong Feng S/Y 2004 29,000 SinotransBohai Shipyard 2003 10,160 Arko Energy HoldingsDong Feng S/Y 2004 29,000 SinotransBohai Shipyard 2003 32,000 Lasco Shpg.Hakodate Dock Jan 2004 11,500 Vietnam Nat. Shpg.Ha Long Shipyd. 2003 31,900 Orion Schiff. ReithHakodate Dock Jan 2004 10,200 Unknown OwnerJiangsu S/Yard 2003 27,000 Navarone S.A.Wuhu Shipyard Jan 2004 10,200 Unknown OwnerJiangsu S/Yard 2003 13,600 Arklow Shipping Ltd.Kyokuyo S/yard Jan 2004 20,500 NavibulgarVarna Shipyard Mar 2003 32,000 Lasco Shpg.Hakodate Dock Feb 2004 32,500 Unknown OwnerShin Kurushima Apr 2003 32,000 Unknown OwnerKanda Zosensho Feb 2004 32,000 F. H. BertlingJiangdu S/yard Apr 2003 28,000 Lasco Shpg.Imabari S.B. Feb 2004 28,800 Unknown OwnerShikoku Dock. Apr 2003 34,300 Dockendale Shpg Co.Xingang S.Y. Mar 2004 32,420 Cogema S.A.M.Shanghai Shpyd. May 2003 32,600 Pacific Basin Agen.Kanda Zosensho Mar 2004 32,000 Chugoku Sogyo Co.Kanda Zosensho May 2003 29,000 Sunship Schiff.Guang. Wenchong Mar 2004 27,000 Navarone S.A.Wuhu Shipyard May 2003 28,799 Unknown OwnerShikoku Dock. Mar 2004 12,500 Unknown OwnerHigaki Zosen May 2003 36,300 Yawatahama KisenOshima S.B. Co. Apr 2004 31,900 Orient Line Ltd.Hakodate Dock Jun 2003 28,300 Cido ShippingShin Kochi H.I. Apr 2004 17,600 B&N NordsjofraktMawei Shipyard Jun 2003 28,000 Lasco Shpg.Imabari S.B. Apr 2004 34,300 Dockendale Shpg Co.Xingang S.Y. Jul 2003 27,000 Navarone S.A.Wuhu Shipyard Apr 2004 32,600 Pacific Basin Agen.Kanda Zosensho Jul 2003 33,300 Shih Wei NavigationOshima S.B. Co. May 2004 32,000 Mingtai Nav.Imabari S.B. Jul 2003 32,600 Pacific Basin Agen.Kanda Zosensho May 2004 29,000 National Pet. Const.Cochin S.Y. Ltd Jul 2003 32,000 Pacific Basin Agen.Hakodate Dock May 2004 28,800 Unknown OwnerShikoku Dock. Jul 2003 27,023 Dockendale Shpg Co.New Century S/Y May 2004

World Shipyard Monitor Database Page 28 1st June 2003 Handysize Bulkers (10-40,000 dwt tonnes)

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

35,000 Parakou Shpg.Xingang S.Y. Jun 2004 35,000 Unknown OwnerShikoku Dock. Jun 2004 27,023 Clipper GroupNew Century S/Y Jun 2004 33,000 Cido ShippingOshima S.B. Co. Jul 2004 32,000 Unknown OwnerKanda Zosensho Jul 2004 32,000 Pacific Basin Agen.Hakodate Dock Jul 2004 28,300 Cido ShippingShin Kochi H.I. Jul 2004 25,000 Mineral Shpg. Co.Zhou Shan S/Y Jul 2004 34,300 Clipper GroupXingang S.Y. Aug 2004 33,300 Shih Wei NavigationOshima S.B. Co. Aug 2004 31,350 Egon OldendorffSaiki Hvy. Ind. Aug 2004 28,900 Unknown OwnerShikoku Dock. Aug 2004 33,000 Cido ShippingOshima S.B. Co. Sep 2004 32,000 Unknown OwnerKanda Zosensho Sep 2004 32,000 Unknown OwnerKanda Zosensho Oct 2004 32,000 Pacific Basin Agen.Hakodate Dock Oct 2004 31,350 Intership Nav. Co.Saiki Hvy. Ind. Oct 2004 28,300 Cido ShippingShin Kochi H.I. Oct 2004 10,800 Wisdom Marine LinesWatanabe Zosen Oct 2004 35,000 Parakou Shpg.Xingang S.Y. Nov 2004 34,300 Dockendale Shpg Co.Xingang S.Y. Nov 2004 38,000 Intership Nav. Co.Saiki Hvy. Ind. Dec 2004 32,000 Unknown OwnerKanda Zosensho Dec 2004 25,000 Mineral Shpg. Co.Zhou Shan S/Y Dec 2004 Total 62 Vessel(s) of 1,714,631 DWT.

2005 38,000 Polish Steamship Co.Xingang S.Y. 2005 38,000 Polish Steamship Co.Xingang S.Y. 2005 38,000 Polish Steamship Co.Xingang S.Y. 2005 38,000 Polish Steamship Co.Xingang S.Y. 2005 34,000 F. H. BertlingKouan S.B. 2005 30,000 Clipper GroupShanhaiguan S/Y 2005 30,000 Clipper GroupShanhaiguan S/Y 2005 30,000 Clipper GroupShanhaiguan S/Y 2005 29,000 Sunship Schiff.Guang. Wenchong 2005 29,000 Sunship Schiff.Guang. Wenchong 2005 28,900 Unknown OwnerShikoku Dock. 2005 28,900 Unknown OwnerShikoku Dock. 2005 15,000 Arko Energy HoldingsDong Feng S/Y 2005 33,000 Cido ShippingOshima S.B. Co. Jan 2005 28,900 Inui S.S. Co. Ltd.Shikoku Dock. Jan 2005 32,000 Unknown OwnerKanda Zosensho Feb 2005 33,000 Cido ShippingOshima S.B. Co. Mar 2005 32,000 Sincere IndustrialKanda Zosensho Mar 2005 28,900 Unknown OwnerShikoku Dock. Mar 2005 35,000 Shinwa Kaiun KaishaOshima S.B. Co. Jul 2005 28,900 Wisdom Marine LinesShikoku Dock. Sep 2005 32,500 Unknown OwnerShin Kurushima Nov 2005 32,500 Cido ShippingShin Kurushima Dec 2005 Total 23 Vessel(s) of 723,500 DWT.

2006 35,000 Shinwa Kaiun KaishaOshima S.B. Co. Jan 2006 28,900 Inui S.S. Co. Ltd.Shikoku Dock. Jan 2006 Total 2 Vessel(s) of 63,900 DWT.

World Shipyard Monitor Database Page 29 1st June 2003 Combined Carriers

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Combined Carriers

No. Vessels(end) 2001 2002 May-2003 Orderbook Fleet Totals 133 120 116 2003 2 Deliveries 00 02004 0 Scrapping 812 42005+ 0 Contracting 20 0Total 2 Orderbook 22 2% Fleet 1.7%

(m) DWT (end) 2001 2002 May-2003 Orderbook Fleet Totals 13.4 12.0 11.57 2003 0.24 Deliveries 0.0 0.0 0.00 2004 0.00 Scrapping 0.8 1.2 0.47 2005+ 0.00 Contracting 0.2 0.0 0.00 Total 0.24 Orderbook 0.2 0.2 0.24 % Fleet 2.1%

Deliveries Contracting

0.5 (m) DWT 0.5 0.4 0.4 0.3 0.3 0.2 0.2 0.1 0.1 0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 121,000 K. G. JebsenHyundai H.I. Apr 2003 121,000 K. G. JebsenHyundai H.I. Jun 2003 Total 2 Vessel(s) of 242,000 DWT.

World Shipyard Monitor Database Page 30 1st June 2003 Post Panamax Containerships >4,000 TEU

TEU Owner Builder Sched. Del. TEU Owner Builder Sched. Del.

Post Panamax Containerships >4,000 TEU 2004 7,500 Maersk SealandOdense Lindo Jan 2004 5,500 Shoei Kisen K.K.Koyo Dock K.K. Jan 2004 No. Vessels(end) 2001 2002 May-2003 Orderbook 5,500 Unknown OwnerKoyo Dock K.K. Jan 2004 8,063 OOCLSamsung S.B. Feb 2004 Fleet Totals 201 246 262 2003 22 6,750 NVA NorddeutscheDaewoo S.B. Feb 2004 Deliveries 63 45 16 2004 41 6,200 Kaisho Shipping Co.I.H.I. Feb 2004 Scrapping 00 02005+ 29 5,770 CMA-CGMSamsung S.B. Feb 2004 Contracting 35 25 35 Total 92 5,500 Shoei Kisen K.K.Koyo Dock K.K. Mar 2004 Orderbook 93 73 92 % Fleet 35.1% 8,063 OOCLSamsung S.B. Apr 2004 8,063 OOCLSamsung S.B. Apr 2004 (m) TEU (end) 2001 2002 May-2003 Orderbook 7,500 Maersk SealandOdense Lindo Apr 2004 Fleet Totals 1.1 1.4 1.50 2003 0.14 6,750 NVA NorddeutscheDaewoo S.B. Apr 2004 Deliveries 0.4 0.3 0.10 2004 0.27 5,770 CMA-CGMSamsung S.B. Apr 2004 Scrapping 0.0 0.0 0.00 2005+ 0.22 5,500 Yangming MarineCSBC Apr 2004 Contracting 0.2 0.2 0.25 Total 0.63 8,063 OOCLSamsung S.B. Jun 2004 6,408 Mediterranean Shpg.Hyundai Samho Jun 2004 Orderbook 0.6 0.5 0.63 % Fleet 42.2% 5,500 Yangming MarineCSBC Jun 2004

8,189 Conti ReedereiHyundai H.I. Jul 2004 6,200 Kaisho Shipping Co.I.H.I. Jul 2004 Deliveries Contracting 3,700 Safmarine Cont. LineOdense Lindo Jul 2004 7,500 E.R. SchiffahrtHyundai H.I. Aug 2004 (m) TEU 0.5 5,770 CMA-CGMSamsung S.B. Aug 2004 0.4 5,770 CMA-CGMSamsung S.B. Aug 2004 0.4 8,100 Seaspan Ship Mngt.Samsung S.B. Sep 2004 0.3 7,500 E.R. SchiffahrtHyundai H.I. Sep 2004 0.3 8,189 Conti ReedereiHyundai H.I. Oct 2004 7,500 E.R. SchiffahrtHyundai H.I. Oct 2004 0.2 5,770 CMA-CGMSamsung S.B. Oct 2004 0.2 3,700 Safmarine Cont. LineOdense Lindo Oct 2004 0.1 8,189 Conti ReedereiHyundai H.I. Nov 2004 0.1 7,500 E.R. SchiffahrtHyundai H.I. Nov 2004 0.0 5,770 CMA-CGMSamsung S.B. Nov 2004 8,189 Conti ReedereiHyundai H.I. Dec 2004

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 8,100 Seaspan Ship Mngt.Samsung S.B. Dec 2004 Source: Clarkson Research Studies 7,700 Blue Star ReedereiI.H.I. Dec 2004 7,500 E.R. SchiffahrtHyundai H.I. Dec 2004 2003 5,770 CMA-CGMSamsung S.B. Dec 2004 5,770 CMA-CGMSamsung S.B. Dec 2004 7,500 Maersk SealandOdense Lindo May 2003 5,500 Yangming MarineCSBC Dec 2004 8,063 OOCLSamsung S.B. Jun 2003 5,500 CSAVCSBC Dec 2004 6,750 NSB NiederelbeDaewoo S.B. Jun 2003 3,700 Safmarine Cont. LineOdense Lindo Dec 2004 6,730 Mediterranean Shpg.Hyundai H.I. Jun 2003 6,246 Costamare ShippingHyundai H.I. Jun 2003 Total 41 Vessel(s) of 269,476 TEU. 6,200 Kaisho Shipping Co.I.H.I. Jun 2003 2005 5,618 China Shpg. Cont.Hudong S/Yard Jun 2003 8,300 Reederei C.-P. OffenSamsung S.B. 2005 5,618 China Shpg. Cont.Dalian New Yard Jun 2003 8,100 Seaspan Ship Mngt.Samsung S.B. 2005 7,500 Maersk SealandOdense Lindo Jul 2003 8,100 Reederei C.-P. OffenSamsung S.B. 2005 5,744 GebabHanjin H.I. Jul 2003 8,100 Reederei C.-P. OffenSamsung S.B. 2005 6,750 NSB NiederelbeDaewoo S.B. Aug 2003 8,100 Seaspan Ship Mngt.Samsung S.B. 2005 6,200 Nippon Yusen KaishaKoyo Dock K.K. Sep 2003 5,500 CSAVCSBC 2005 5,618 China Shpg. Cont.Hudong S/Yard Sep 2003 5,500 CSAVCSBC 2005 7,500 Maersk SealandOdense Lindo Oct 2003 8,030 Reederei C.-P. OffenHanjin H.I. Mar 2005 6,750 NVA NorddeutscheDaewoo S.B. Oct 2003 7,700 Blue Star ReedereiI.H.I. Mar 2005 5,744 GebabHanjin H.I. Oct 2003 3,700 Deutsche AfrikaOdense Lindo Mar 2005 6,730 Mediterranean Shpg.Hyundai H.I. Nov 2003 8,189 Conti ReedereiHyundai H.I. Apr 2005 6,200 Nippon Yusen KaishaKoyo Dock K.K. Nov 2003 8,063 OOCLSamsung S.B. Apr 2005 5,500 Unknown OwnerKoyo Dock K.K. Nov 2003 8,030 Reederei C.-P. OffenHanjin H.I. May 2005 6,750 NVA NorddeutscheDaewoo S.B. Dec 2003 7,700 Blue Star ReedereiI.H.I. May 2005 6,200 Kaisho Shipping Co.I.H.I. Dec 2003 8,063 OOCLSamsung S.B. Jun 2005 5,618 China Shpg. Cont.Dalian New Yard Dec 2003 8,030 Reederei C.-P. OffenHanjin H.I. Jul 2005 Total 22 Vessel(s) of 141,529 TEU. 8,100 Conti ReedereiSamsung S.B. Aug 2005

World Shipyard Monitor Database Page 31 1st June 2003 Post Panamax Containerships >4,000 TEU

TEU Owner Builder Sched. Del. TEU Owner Builder Sched. Del.

8,100 Seaspan Ship Mngt.Samsung S.B. Sep 2005 8,030 Reederei C.-P. OffenHanjin H.I. Oct 2005 8,100 Conti ReedereiSamsung S.B. Dec 2005 8,030 Reederei C.-P. OffenHanjin H.I. Dec 2005 7,700 Blue Star ReedereiI.H.I. Dec 2005 Total 22 Vessel(s) of 167,265 TEU.

2006 8,100 Conti ReedereiSamsung S.B. 2006 8,100 Conti ReedereiSamsung S.B. 2006 8,100 Conti ReedereiSamsung S.B. 2006 8,100 Conti ReedereiSamsung S.B. 2006 8,100 Conti ReedereiSamsung S.B. 2006 8,100 Reederei C.-P. OffenSamsung S.B. 2006 8,100 Conti ReedereiSamsung S.B. 2006 Total 7 Vessel(s) of 56,700 TEU.

World Shipyard Monitor Database Page 32 1st June 2003 Panamax Containerships >3,000 TEU

TEU Owner Builder Sched. Del. TEU Owner Builder Sched. Del.

Panamax Containerships >3,000 TEU 3,100 Peter Dohle Schiff.Szczecin. Nowa Sep 2003 3,000 A.P. MollerVolkswerft Sep 2003 3,139 NVA NorddeutscheShanghai Shpyd. Oct 2003 4,500 Mitsui O.S.K. LinesMitsubishi H.I. Nov 2003 No. Vessels(end) 2001 2002 May-2003 Orderbook 4,425 Rickmers ReedereiStocznia Gdynia Nov 2003 Fleet Totals 382 425 437 2003 33 4,900 Mediterranean Shpg.Hanjin H.I. Dec 2003 Deliveries 19 44 13 2004 52 4,500 Kaisho Shipping Co.I.H.I. Dec 2003 Scrapping 21 12005+ 49 4,250 E.R. SchiffahrtSamsung S.B. Dec 2003 Contracting 32 33 57 Total 134 3,100 Peter Dohle Schiff.Szczecin. Nowa Dec 2003 Orderbook 101 90 134 % Fleet 30.7% 3,000 A.P. MollerVolkswerft Dec 2003 Total 33 Vessel(s) of 132,905 TEU.

(m) TEU (end) 2001 2002 May-2003 Orderbook 2004 Fleet Totals 1.4 1.6 1.67 2003 0.13 4,900 NVA NorddeutscheHanjin H.I. 2004 Deliveries 0.1 0.2 0.05 2004 0.24 4,900 NVA NorddeutscheHanjin H.I. 2004 Scrapping 0.0 0.0 0.00 2005+ 0.23 4,050 China Shpg. Cont.Hudong S/Yard 2004 Contracting 0.1 0.2 0.27 Total 0.60 4,050 China Shpg. Cont.Hudong S/Yard 2004 Orderbook 0.4 0.4 0.60 % Fleet 35.9% 3,800 Empresa AliancaEisa Shipyard 2004 3,800 Empresa AliancaEisa Shipyard 2004 4,900 Mediterranean Shpg.Hanjin H.I. Jan 2004 4,900 Mediterranean Shpg.Hanjin H.I. Jan 2004 Deliveries Contracting 4,425 Rickmers ReedereiStocznia Gdynia Feb 2004 3,139 NVA NorddeutscheShanghai Shpyd. Feb 2004 0.4 (m) TEU 4,900 NVA NorddeutscheHanjin H.I. Mar 2004 0.3 4,500 Mitsubishi Corp.Mitsubishi H.I. Mar 2004 0.3 4,300 Danaos Shpg.Samsung S.B. Mar 2004 4,250 E.R. SchiffahrtHyundai Samho Mar 2004 0.2 4,130 Deomar SchiffahrtsHyundai H.I. Mar 2004 0.2 4,900 Mediterranean Shpg.Hyundai Samho Apr 2004 4,800 Ofer Bros. (Mngmt.)Hyundai H.I. Apr 2004 0.1 3,100 Dietrich Tamke K.G.Szczecin. Nowa Apr 2004 0.1 4,900 Mediterranean Shpg.Hyundai Samho May 2004 4,800 Costamare ShippingHyundai H.I. May 2004 0.0 4,425 Rickmers ReedereiStocznia Gdynia May 2004 4,300 Danaos Shpg.Samsung S.B. May 2004 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 4,130 Dauelsberg, HermHyundai H.I. May 2004 5,040 E.R. SchiffahrtHyundai Samho Jun 2004 4,900 NVA NorddeutscheHanjin H.I. Jun 2004 2003 4,800 Ofer Bros. (Mngmt.)Hyundai H.I. Jun 2004 4,050 China Shpg. Cont.Hudong S/Yard 2003 4,250 E.R. SchiffahrtHyundai Samho Jun 2004 4,050 China Shpg. Cont.Hudong S/Yard 2003 5,618 China Shpg. Cont.Hudong S/Yard Jul 2004 4,050 China Shpg. Cont.Hudong S/Yard 2003 5,040 E.R. SchiffahrtHyundai Samho Jul 2004 4,425 Peter Dohle Schiff.Stocznia Gdynia May 2003 4,943 Hansa TreuhandHanjin H.I. Jul 2004 4,250 Ofer Bros. (Mngmt.)Samsung S.B. May 2003 4,425 Rickmers ReedereiStocznia Gdynia Jul 2004 4,115 Canada MaritimeDaewoo S.B. May 2003 4,130 Dauelsberg, HermHyundai H.I. Jul 2004 3,607 NVA NorddeutscheHyundai H.I. May 2003 3,100 Gerd Ritscher K.G.Szczecin. Nowa Jul 2004 3,000 A.P. MollerVolkswerft May 2003 5,040 E.R. SchiffahrtHyundai Samho Aug 2004 4,500 Kaisho Shipping Co.I.H.I. Jun 2003 4,800 Ofer Bros. (Mngmt.)Hyundai H.I. Aug 2004 4,500 Mitsui O.S.K. LinesMitsubishi H.I. Jun 2003 5,618 China Shpg. Cont.Hudong S/Yard Sep 2004 4,425 Rickmers ReedereiStocznia Gdynia Jun 2003 5,060 Rickmers ReedereiHanjin H.I. Sep 2004 4,250 E.R. SchiffahrtSamsung S.B. Jun 2003 5,040 E.R. SchiffahrtHyundai Samho Sep 2004 4,115 Canada MaritimeDaewoo S.B. Jun 2003 4,943 Hansa TreuhandHanjin H.I. Sep 2004 4,115 OOCLDaewoo S.B. Jun 2003 4,425 Rickmers ReedereiStocznia Gdynia Sep 2004 3,139 NVA NorddeutscheShanghai Shpyd. Jun 2003 5,100 Hamburg-Sud.Daewoo S.B. Oct 2004 3,100 Peter Dohle Schiff.Szczecin. Nowa Jun 2003 5,060 Rickmers ReedereiHanjin H.I. Oct 2004 4,425 Rickmers ReedereiStocznia Gdynia Jul 2003 4,425 Hermann WulffStocznia Gdynia Oct 2004 4,300 Maersk SealandHyundai H.I. Jul 2003 5,060 Rickmers ReedereiHanjin H.I. Nov 2004 4,500 Mitsui O.S.K. LinesMitsubishi H.I. Aug 2003 4,425 Hermann WulffStocznia Gdynia Nov 2004 4,900 Mediterranean Shpg.Hanjin H.I. Sep 2003 4,014 Kawasaki KisenHyundai H.I. Nov 2004 4,500 Kaisho Shipping Co.I.H.I. Sep 2003 3,100 Peter Dohle Schiff.Szczecin. Nowa Nov 2004 4,425 Rickmers ReedereiStocznia Gdynia Sep 2003 5,100 Hamburg-Sud.Daewoo S.B. Dec 2004 4,250 E.R. SchiffahrtSamsung S.B. Sep 2003 5,060 Rickmers ReedereiHanjin H.I. Dec 2004

World Shipyard Monitor Database Page 33 1st June 2003 Panamax Containerships >3,000 TEU

TEU Owner Builder Sched. Del. TEU Owner Builder Sched. Del.

5,000 Oltmann, D.Hyundai Samho Dec 2004 4,014 Kawasaki KisenHyundai H.I. Dec 2004 4,014 Kawasaki KisenHyundai H.I. Dec 2004 Total 52 Vessel(s) of 235,843 TEU.

2005 8,000 Hapag-Lloyd A.G.Hyundai H.I. 2005 5,618 China Shpg. Cont.Hudong S/Yard 2005 5,618 China Shpg. Cont.Hudong S/Yard 2005 4,700 Reederei C.-P. OffenHyundai H.I. 2005 4,700 Reederei C.-P. OffenHyundai H.I. 2005 4,250 Seaspan Ship Mngt.Samsung S.B. 2005 4,050 CSAVCSBC 2005 4,050 CSAVCSBC 2005 4,014 Kawasaki KisenHyundai H.I. 2005 4,014 Kawasaki KisenHyundai H.I. 2005 4,014 Kawasaki KisenHyundai H.I. 2005 5,040 E.R. SchiffahrtHyundai Samho Jan 2005 4,014 Kawasaki KisenHyundai H.I. Jan 2005 5,060 Rickmers ReedereiHanjin H.I. Feb 2005 5,000 Reederei C.-P. OffenHyundai H.I. Feb 2005 4,014 Kawasaki KisenHyundai H.I. Feb 2005 3,100 Peter Dohle Schiff.Szczecin. Nowa Feb 2005 5,618 China Shpg. Cont.Hudong S/Yard Mar 2005 5,100 Hamburg-Sud.Daewoo S.B. Mar 2005 5,000 Reederei C.-P. OffenHyundai H.I. Mar 2005 5,060 Rickmers ReedereiHanjin H.I. Apr 2005 5,040 E.R. SchiffahrtHyundai Samho Apr 2005 5,000 Reederei C.-P. OffenHyundai H.I. Apr 2005 4,250 Seaspan Ship Mngt.Samsung S.B. Apr 2005 5,100 Hamburg-Sud.Daewoo S.B. May 2005 5,050 Dauelsberg, HermHyundai H.I. May 2005 3,100 Peter Dohle Schiff.Szczecin. Nowa May 2005 5,050 Dauelsberg, HermHyundai H.I. Jun 2005 4,250 Seaspan Ship Mngt.Samsung S.B. Jun 2005 5,100 Hamburg-Sud.Daewoo S.B. Jul 2005 5,040 E.R. SchiffahrtHyundai Samho Jul 2005 5,000 Reederei C.-P. OffenHyundai H.I. Jul 2005 4,943 Hansa TreuhandHanjin H.I. Jul 2005 4,250 Seaspan Ship Mngt.Samsung S.B. Jul 2005 4,250 Seaspan Ship Mngt.Samsung S.B. Aug 2005 3,100 Peter Dohle Schiff.Szczecin. Nowa Aug 2005 5,100 Hamburg-Sud.Daewoo S.B. Sep 2005 4,943 Hansa TreuhandHanjin H.I. Sep 2005 4,000 Wan Hai LinesCSBC Oct 2005 4,100 Peter Dohle Schiff.Hyundai Samho Dec 2005 4,100 Peter Dohle Schiff.Hyundai Samho Dec 2005 4,000 Wan Hai LinesCSBC Dec 2005 Total 42 Vessel(s) of 194,800 TEU.

2006 8,000 Hapag-Lloyd A.G.Hyundai H.I. 2006 8,000 Hapag-Lloyd A.G.Hyundai H.I. 2006 4,000 Wan Hai LinesCSBC 2006 4,000 Wan Hai LinesCSBC 2006 4,000 Wan Hai LinesCSBC Mar 2006 3,100 Unknown OwnerSzczecin. Nowa Dec 2006 3,100 Unknown OwnerSzczecin. Nowa Dec 2006 Total 7 Vessel(s) of 34,200 TEU.

World Shipyard Monitor Database Page 34 1st June 2003 Sub-Panamax Containerships 2-3,000 TEU

TEU Owner Builder Sched. Del. TEU Owner Builder Sched. Del.

Sub-Panamax Containerships 2-3,000 TEU 2,200 CMA-CGMCSBC Oct 2003 2,500 Blue Star ReedereiHyundai H.I. Nov 2003 2,496 E.R. SchiffahrtSSW Fahr Nov 2003 2,478 Oldendorff, KlausAker MTW Werft Nov 2003 No. Vessels(end) 2001 2002 May-2003 Orderbook 2,524 Ugland Int. HoldingsKv. Warnowwerft Dec 2003 Fleet Totals 441 473 480 2003 31 2,478 Iran Shipping LinesAker MTW Werft Dec 2003 Deliveries 45 42 10 2004 27 2,478 Iran Shipping LinesAker MTW Werft Dec 2003 Scrapping 59 32005+ 9 2,200 CMA-CGMCSBC Dec 2003 Contracting 31 24 15 Total 67 Total 31 Vessel(s) of 78,609 TEU. Orderbook 80 62 67 % Fleet 14.0% 2004 2,512 Niki GroupJurong S/Yard 2004 (m) TEU (end) 2001 2002 May-2003 Orderbook 2,512 Niki GroupJurong S/Yard 2004 Fleet Totals 1.1 1.2 1.19 2003 0.08 2,512 Niki GroupJurong S/Yard 2004 Deliveries 0.1 0.1 0.03 2004 0.07 2,452 Iran Shipping LinesISOICO 2004 Scrapping 0.0 0.0 0.01 2005+ 0.02 2,452 Iran Shipping LinesISOICO 2004 Contracting 0.1 0.1 0.04 Total 0.17 2,452 Iran Shipping LinesISOICO 2004 Orderbook 0.2 0.2 0.17 % Fleet 14.2% 2,452 Iran Shipping LinesISOICO 2004 2,452 Iran Shipping LinesISOICO 2004 2,500 Blue Star ReedereiHyundai H.I. Jan 2004 2,500 Blue Star ReedereiHyundai H.I. Feb 2004 Deliveries Contracting 2,524 Ugland Int. HoldingsKv. Warnowwerft Mar 2004 2,500 Blue Star ReedereiHyundai H.I. Mar 2004 0.2 (m) TEU 2,478 Iran Shipping LinesKv. Warnowwerft Mar 2004 0.2 2,890 Matson NavigationKvaerner Phil. Apr 2004 0.2 2,650 Rendsburg, Schiff.Stocznia Gdynia Apr 2004 0.1 2,512 Pacific CarriersJurong S/Yard Apr 2004 0.1 2,500 Blue Star ReedereiHyundai H.I. May 2004 0.1 2,478 Iran Shipping LinesAker MTW Werft May 2004 0.1 2,500 Blue Star ReedereiHyundai H.I. Jun 2004 0.1 2,478 Iran Shipping LinesKv. Warnowwerft Jun 2004 0.0 2,100 Safmarine Cont. LineVolkswerft Jun 2004 0.0 2,500 Blue Star ReedereiHyundai H.I. Jul 2004 0.0 2,478 Iran Shipping LinesAker MTW Werft Jul 2004 2,452 Iran Shipping LinesNordseewerke Jul 2004 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 2,100 Safmarine Cont. LineVolkswerft Aug 2004 2,100 Safmarine Cont. LineVolkswerft Oct 2004 2,500 Rudolf SchepersVolkswerft Dec 2004 2003 Total 27 Vessel(s) of 66,536 TEU. 2,750 OOCLKoyo Dock K.K. Apr 2003 2,750 OOCLKoyo Dock K.K. May 2003 2005 2,495 Schepers & Co.Naikai S.B. May 2003 2,500 Rudolf SchepersVolkswerft Mar 2005 2,200 SCAC Delmas-VieljeuxCSBC May 2003 2,770 Ch. F. AhrenkielHyundai Mipo Jun 2005 2,890 Matson NavigationKvaerner Phil. Jun 2003 Total 2 Vessel(s) of 5,270 TEU. 2,770 Suisse-AtlantiqueHyundai Mipo Jun 2003 2,524 MPC SteamshipKv. Warnowwerft Jun 2003 2006 2,200 CMA-CGMCSBC Jun 2003 2,770 Ch. F. AhrenkielHyundai Mipo 2006 2,700 Unknown OwnerKanasashi K.K. Jul 2003 2,770 Suisse-AtlantiqueHyundai Mipo 2006 2,650 Projex-Schiff.Stocznia Gdynia Jul 2003 2,770 Suisse-AtlantiqueHyundai Mipo 2006 2,650 Leonhardt & BlumbergStocznia Gdynia Jul 2003 2,500 Efshipping Co S.A.STX Shipbuild. 2006 2,770 Suisse-AtlantiqueHyundai Mipo Aug 2003 2,500 Efshipping Co S.A.STX Shipbuild. 2006 2,524 Ugland Int. HoldingsKv. Warnowwerft Aug 2003 2,500 Schulte GroupSTX Shipbuild. Feb 2006 2,478 Oldendorff, KlausAker MTW Werft Aug 2003 2,500 Schulte GroupSTX Shipbuild. Apr 2006 2,200 CMA-CGMCSBC Aug 2003 Total 7 Vessel(s) of 18,310 TEU. 2,770 Ch. F. AhrenkielHyundai Mipo Sep 2003 2,770 Ch. F. AhrenkielHyundai Mipo Sep 2003 2,650 Leonhardt & BlumbergStocznia Gdynia Sep 2003 2,478 Oldendorff, KlausAker MTW Werft Sep 2003 2,524 Ugland Int. HoldingsKv. Warnowwerft Oct 2003 2,512 Pacific CarriersJurong S/Yard Oct 2003 2,500 Blue Star ReedereiHyundai H.I. Oct 2003 2,500 Blue Star ReedereiHyundai H.I. Oct 2003

World Shipyard Monitor Database Page 35 1st June 2003 Handy Containerships 1-2,000 TEU

TEU Owner Builder Sched. Del. TEU Owner Builder Sched. Del.

Handy Containerships 1-2,000 TEU 2004 1,800 Rickmers ReedereiJiangsu S/Yard 2004 1,800 Rickmers ReedereiJiangsu S/Yard 2004 No. Vessels(end) 2001 2002 May-2003 Orderbook 1,100 Thien & HeyengaDamen Okean 2004 1,100 Thien & HeyengaDamen Okean 2004 Fleet Totals 874 893 898 2003 20 1,100 Thien & HeyengaDamen Okean 2004 Deliveries 43 38 11 2004 20 1,100 Thien & HeyengaDamen Okean 2004 Scrapping 419 62005+ 15 1,016 Vietnam Nat. Shpg.Ha Long Shipyd. 2004 Contracting 41 14 10 Total 55 1,016 Vietnam Nat. Shpg.Ha Long Shipyd. 2004 Orderbook 80 56 55 % Fleet 6.1% 1,800 Rickmers ReedereiJiangsu S/Yard Jan 2004 1,800 Korea Marine Trans.Hanjin H.I. Mar 2004 (m) TEU (end) 2001 2002 May-2003 Orderbook 1,550 Leonhardt & BlumbergGuang. Wenchong Mar 2004 Fleet Totals 1.2 1.3 1.27 2003 0.03 1,150 Simatech L.L.C.Peene Werft Mar 2004 Deliveries 0.1 0.1 0.01 2004 0.03 1,300 Briese-SchiffahrtsWeihai S/yard Apr 2004 Scrapping 0.0 0.0 0.01 2005+ 0.02 1,150 Simatech L.L.C.Peene Werft May 2004 Contracting 0.1 0.0 0.01 Total 0.08 1,800 Korea Marine Trans.Hanjin H.I. Jun 2004 1,300 Briese-SchiffahrtsWeihai S/yard Oct 2004 Orderbook 0.1 0.1 0.08 % Fleet 6.2% 1,700 Mercosul LineItajai Shipyard Nov 2004

1,719 Unknown OwnerJ. J. Sietas Dec 2004 1,718 Schulte GroupGuang. Wenchong Dec 2004 Deliveries Contracting 1,300 Briese-SchiffahrtsWeihai S/yard Dec 2004 Total 20 Vessel(s) of 28,319 TEU. 0.2 (m) TEU 0.1 2005 1,719 Unknown OwnerJ. J. Sietas 2005 0.1 1,719 Unknown OwnerJ. J. Sietas 2005 0.1 1,300 Briese-SchiffahrtsWeihai S/yard 2005 0.1 1,300 Briese-SchiffahrtsWeihai S/yard 2005 0.1 1,719 Unknown OwnerJ. J. Sietas Jan 2005 1,100 Shandong YantaiWeihai S/yard Jan 2005 0.0 1,700 Mercosul LineItajai Shipyard Mar 2005 0.0 1,150 Simatech L.L.C.Peene Werft Mar 2005 0.0 1,100 Shandong YantaiWeihai S/yard Mar 2005 1,718 Schulte GroupGuang. Wenchong Apr 2005

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 1,150 Simatech L.L.C.Peene Werft May 2005 Source: Clarkson Research Studies 1,718 Norse Mngt. U.K.Guang. Wenchong Aug 2005 1,718 Schulte GroupGuang. Wenchong Sep 2005 2003 1,718 Norse Mngt. U.K.Guang. Wenchong Nov 2005 1,718 Schulte GroupGuang. Wenchong Dec 2005 1,718 Leonhardt & BlumbergGuang. Wenchong 2003 1,400 Shoei Kisen K.K.Imabari S.B. May 2003 Total 15 Vessel(s) of 22,547 TEU. 1,118 W. BockstiegelJiangdong S/Y May 2003 1,728 Rickmers ReedereiSzczecin. Nowa Jun 2003 1,400 Shoei Kisen K.K.Imabari S.B. Jun 2003 1,150 Schoeller HoldingsPeene Werft Jun 2003 1,100 Pacific Int. LinesShin Kochi H.I. Jun 2003 1,618 Evergreen Mar. Corp.Evergreen H.I. Jul 2003 1,550 Leonhardt & BlumbergGuang. Wenchong Jul 2003 1,400 Shoei Kisen K.K.Imabari S.B. Jul 2003 1,730 Danz und TietjensSzczecin. Nowa Aug 2003 1,100 Thien & HeyengaMutzelfeldt Aug 2003 1,800 Rickmers ReedereiJiangsu S/Yard Sep 2003 1,150 W. BockstiegelJiangdong S/Y Sep 2003 1,150 Schoeller HoldingsPeene Werft Sep 2003 1,550 Leonhardt & BlumbergGuang. Wenchong Oct 2003 1,550 Leonhardt & BlumbergGuang. Wenchong Dec 2003 1,300 Briese-SchiffahrtsWeihai S/yard Dec 2003 1,150 Schoeller HoldingsPeene Werft Dec 2003 1,100 Thien & HeyengaMutzelfeldt Dec 2003 Total 20 Vessel(s) of 27,762 TEU.

World Shipyard Monitor Database Page 36 1st June 2003 Feedermax Containerships 500-1,000 TEU

TEU Owner Builder Sched. Del. TEU Owner Builder Sched. Del.

Feedermax Containerships 500-1,000 TEU 2004 900 Hermann BussZhou Shan S/Y 2004 900 Hermann BussZhou Shan S/Y 2004 No. Vessels(end) 2001 2002 May-2003 Orderbook 900 Hermann BussZhou Shan S/Y 2004 900 Hermann BussZhou Shan S/Y 2004 Fleet Totals 543 560 570 2003 21 880 Peter Dohle Schiff.J. J. Sietas 2004 Deliveries 15 33 14 2004 31 880 Unknown OwnerJ. J. Sietas 2004 Scrapping 12 15 4 2005+ 16 880 Unknown OwnerJ. J. Sietas 2004 Contracting 43 31 24 Total 68 880 Unknown OwnerJ. J. Sietas 2004 Orderbook 60 58 68 % Fleet 11.9% 720 Pacific Int. LinesDae Sun S.B. 2004 720 Pacific Int. LinesDae Sun S.B. 2004 (m) TEU (end) 2001 2002 May-2003 Orderbook 660 Hermann BussZhou Shan S/Y 2004 Fleet Totals 0.4 0.4 0.40 2003 0.02 660 Hermann BussZhou Shan S/Y 2004 Deliveries 0.0 0.0 0.01 2004 0.03 700 Nam Sung Shpg. Co.Dae Sun S.B. Feb 2004 Scrapping 0.0 0.0 0.00 2005+ 0.01 880 Martens, IngolfJ. J. Sietas Mar 2004 Contracting 0.0 0.0 0.02 Total 0.05 831 Shandong Int. Trans.Kyokuyo S/yard Mar 2004 750 JR Shipping B.V.Daewoo-Mangalia Mar 2004 Orderbook 0.0 0.0 0.05 % Fleet 13.4% 700 Nam Sung Shpg. Co.Dae Sun S.B. Mar 2004

880 Martens, IngolfJ. J. Sietas Apr 2004 850 Karl SchluterDamen Yichang Apr 2004 Deliveries Contracting 900 Unknown OwnerWatanabe Zosen May 2004 880 Martens, IngolfJ. J. Sietas May 2004 (m) TEU 0.1 831 Shandong Int. Trans.Kyokuyo S/yard May 2004 767 Upstream MarineZaliv Shipyard Jun 2004 0.1 750 Beluga Shpg. GmbH.Volharding Jul 2004 0.0 750 JR Shipping B.V.Daewoo-Mangalia Jul 2004 850 Unknown OwnerZhejiang S/Yard Aug 2004 0.0 830 Karl SchluterQingshan S.Y. Sep 2004 804 Kopping, JorgDamen Galati Sep 2004 0.0 750 Unitas Schiff.Daewoo-Mangalia Oct 2004 0.0 850 Unknown OwnerZhejiang S/Yard Dec 2004 830 Karl SchluterQingshan S.Y. Dec 2004 0.0 Total 31 Vessel(s) of 25,263 TEU.

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2005 Source: Clarkson Research Studies 900 Hermann BussZhou Shan S/Y 2005 900 Hermann BussZhou Shan S/Y 2005 2003 900 Hermann BussZhou Shan S/Y 2005 660 Hermann BussZhou Shan S/Y 2005 700 Pacific CarriersJingjiang Sumec 2003 660 Hermann BussZhou Shan S/Y 2005 500 Builders AccountTorgem Gemi 2003 804 Kopping, JorgDamen Galati Jan 2005 700 Pacific CarriersJiangsu S/Yard Mar 2003 900 Beluga Shpg. GmbH.Volharding May 2005 500 Qatar National Nav.Dae Sun S.B. Apr 2003 850 Unknown OwnerZhejiang S/Yard May 2005 822 Petra HeinrichJ. J. Sietas May 2003 900 Unknown OwnerWatanabe Zosen Jul 2005 850 Karl SchluterDamen Yichang Jun 2003 900 Beluga Shpg. GmbH.Volharding Aug 2005 825 Santa Maria Shpg.Bender S.B. Jun 2003 850 Unknown OwnerZhejiang S/Yard Sep 2005 822 Peter Dohle Schiff.J. J. Sietas Jun 2003 900 Beluga Shpg. GmbH.Volharding Oct 2005 670 Armin KlingenbergJiangzhou S/Y Jun 2003 900 Pacific Int. LinesShin Kurushima Dec 2005 600 Briese-SchiffahrtsQingshan S.Y. Jun 2003 900 Beluga Shpg. GmbH.Volharding Dec 2005 660 Hermann BussZhou Shan S/Y Jul 2003 822 Peter Dohle Schiff.J. J. Sietas Aug 2003 Total 14 Vessel(s) of 11,924 TEU. 660 Hermann BussZhou Shan S/Y Sep 2003 2006 820 Bayraktar DenizcilikTorgem Gemi Oct 2003 900 Pacific Int. LinesShin Kurushima Jan 2006 750 Unitas Schiff.Volharding Oct 2003 850 Unknown OwnerZhejiang S/Yard Jan 2006 850 Karl SchluterDamen Yichang Nov 2003 750 Beluga Shpg. GmbH.Volharding Nov 2003 Total 2 Vessel(s) of 1,750 TEU. 660 Hermann BussZhou Shan S/Y Nov 2003 825 Santa Maria Shpg.Bender S.B. Dec 2003 750 JR Shipping B.V.Volharding Dec 2003 750 Beluga Shpg. GmbH.Daewoo-Mangalia Dec 2003 Total 21 Vessel(s) of 15,286 TEU.

World Shipyard Monitor Database Page 37 1st June 2003 Feeder Containerships 100-500 TEU

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Feeder Containerships 100-500 TEU

No. Vessels(end) 2001 2002 May-2003 Orderbook Fleet Totals 460 452 452 2003 2 Deliveries 30 12004 1 Scrapping 66 12005+ 0 Contracting 02 1Total 3 Orderbook 13 3% Fleet 0.7%

(m) TEU (end) 2001 2002 May-2003 Orderbook Fleet Totals 0.1 0.1 0.14 2003 0.00 Deliveries 0.0 0.0 0.00 2004 0.00 Scrapping 0.0 0.0 0.00 2005+ 0.00 Contracting 0.0 0.0 0.00 Total 0.00 Orderbook 0.0 0.0 0.00 % Fleet 0.7%

Deliveries Contracting

0.0 (m) TEU

0.0

0.0

0.0

0.0

0.0

0.0

0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 450 Pacific CarriersJingjiang Sumec 2003 208 Djakarta LloydNoahtu S/yard 2003 Total 2 Vessel(s) of 658 TEU.

2004 282 Nimmrich & PrahmRousse Shipyard Dec 2004 Total 1 Vessel(s) of 282 TEU.

World Shipyard Monitor Database Page 38 1st June 2003 Multi-Purpose > 5,000 dwt

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Multi-Purpose > 5,000 dwt 19,000 Carisbrooke ShippingDamen Galati Apr 2003 34,500 Rickmers ReedereiShanghai Shpyd. May 2003 6,750 Al-Sham Shpg. Co.Qingshan S.Y. May 2003 9,980 Mitsui O.S.K. LinesShin Kochi H.I. May 2003 No. Vessels(end) 2001 2002 May-2003 Orderbook 7,800 Feederlines B.V.Schps. Bodewes May 2003 Fleet Totals 1,530 1,523 1,513 2003 57 5,000 Unknown OwnerPeters Schpsw. May 2003 Deliveries 48 44 15 2004 41 34,500 Rickmers ReedereiXiamen Shipyard Jun 2003 Scrapping 44 41 16 2005+ 14 13,000 Krey SchiffahrtsJiangzhou S/Y Jun 2003 Contracting 50 49 14 Total 112 5,295 Far-Eastern Shpg. CoAmur Shipyard Jun 2003 Orderbook 108 113 112 % Fleet 7.4% 19,600 Frota Amazonica S.A.Eisa Shipyard Jul 2003 5,010 North-Western Shpg.Severnaya S.B. Jul 2003 34,500 Schoeller HoldingsDalian Shipyard Aug 2003 (m) DWT (end) 2001 2002 May-2003 Orderbook 30,000 Chinese-Polish Shpg.Shanghai Shpyd. Aug 2003 Fleet Totals 18.5 18.4 18.31 2003 0.68 5,530 W. BockstiegelJinling Shipyd. Aug 2003 Deliveries 0.5 0.6 0.27 2004 0.59 13,000 Krey SchiffahrtsJiangzhou S/Y Sep 2003 Scrapping 0.7 0.6 0.27 2005+ 0.16 6,500 W. BockstiegelQingshan S.Y. Sep 2003 Contracting 0.5 0.7 0.17 Total 1.44 9,900 Wagenborg Shpg. B.V.Volharding Sep 2003 Orderbook 1.5 1.5 1.44 % Fleet 7.9% 5,700 Italtech S.r.LVolharding Sep 2003 9,600 Sal-Altes LandJ. J. Sietas Oct 2003 13,000 Krey SchiffahrtsJiangdong S/Y Oct 2003 6,250 Charles M. WillieMadenci S/Y Oct 2003 Deliveries Contracting 5,010 North-Western Shpg.Severnaya S.B. Oct 2003 34,500 Schoeller HoldingsDalian Shipyard Nov 2003 1.0 (m) DWT 34,500 Rickmers ReedereiShanghai Shpyd. Nov 2003 0.9 30,000 Chinese-Polish Shpg.Shanghai Shpyd. Nov 2003 0.8 5,530 W. BockstiegelJinling Shipyd. Nov 2003 0.7 7,650 Feederlines B.V.Schps. Bodewes Nov 2003 0.6 9,600 Sal-Altes LandJ. J. Sietas Dec 2003 0.5 13,000 Krey SchiffahrtsJiangzhou S/Y Dec 2003 0.4 6,500 W. BockstiegelQingshan S.Y. Dec 2003 0.3 5,700 Italtech S.r.LVolharding Dec 2003 0.2 5,010 North-Western Shpg.Severnaya S.B. Dec 2003 0.1 5,010 North-Western Shpg.Severnaya S.B. Dec 2003 0.0 5,000 Unknown OwnerPeters Schpsw. Dec 2003

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Total 57 Vessel(s) of 682,175 DWT. Source: Clarkson Research Studies 2004 34,500 Rickmers ReedereiShanghai Shpyd. 2004 2003 25,000 Pacific CarriersKouan S.B. 2004 25,000 Pacific CarriersZhejiang S/Yard 2003 13,000 Krey SchiffahrtsQingshan S.Y. 2004 7,200 Briese-SchiffahrtsXingang S.Y. 2003 13,000 Krey SchiffahrtsQingshan S.Y. 2004 9,000 Unknown OwnerDamen Shipyards 2003 9,370 Unknown OwnerVarna Shipyard 2004 9,000 Unknown OwnerDamen Shipyards 2003 9,370 Unknown OwnerVarna Shipyard 2004 12,000 Unknown OwnerYantar Shipyard 2003 6,250 Charles M. WillieMadenci S/Y 2004 12,000 Estonian Shpg.Yantar Shipyard 2003 6,250 Charles M. WillieMadenci S/Y 2004 12,000 Unknown OwnerYantar Shipyard 2003 5,800 Builders AccountGisan Shipyard 2004 9,370 GEMARFINVarna Shipyard 2003 7,650 Feederlines B.V.Schps. Bodewes Feb 2004 9,370 GEMARFINVarna Shipyard 2003 34,500 Schoeller HoldingsShanghai Shpyd. Mar 2004 5,500 Unknown OwnerBraila Shipyard 2003 30,000 Chinese-Polish Shpg.Shanghai Shpyd. Mar 2004 5,500 Unknown OwnerBraila Shipyard 2003 13,000 Krey SchiffahrtsJiangzhou S/Y Mar 2004 5,500 Unknown OwnerBraila Shipyard 2003 13,000 Krey SchiffahrtsJiangdong S/Y Mar 2004 5,500 Unknown OwnerBraila Shipyard 2003 5,010 North-Western Shpg.Severnaya S.B. Mar 2004 5,500 Unknown OwnerBraila Shipyard 2003 21,250 SpliethoffSzczecin. Nowa Apr 2004 5,500 Unknown OwnerBraila Shipyard 2003 12,000 W. BockstiegelJiangdong S/Y Apr 2004 5,500 Unknown OwnerBraila Shipyard 2003 5,000 Unknown OwnerPeters Schpsw. Apr 2004 5,000 Unknown OwnerMarmara 2003 12,000 W. BockstiegelJiangdong S/Y Jun 2004 5,650 Rederi AB Lido & Co.Brod. Beograd 2003 7,850 Unknown OwnerSchps. Bodewes Jun 2004 5,580 Unknown OwnerSlovenske 2003 7,650 Feederlines B.V.Schps. Bodewes Jun 2004 5,580 Unknown OwnerSlovenske 2003 5,010 North-Western Shpg.Severnaya S.B. Jun 2004 5,500 Unknown OwnerGisan Shipyard 2003 34,500 Schoeller HoldingsDalian Shipyard Jul 2004 25,000 Pacific CarriersKouan S.B. Feb 2003 29,000 Shandong Int. Trans.Bohai Sembawang Jul 2004 25,000 Pacific CarriersKouan S.B. Apr 2003 30,000 Chinese-Polish Shpg.Shanghai Shpyd. Jul 2004

World Shipyard Monitor Database Page 39 1st June 2003 Multi-Purpose > 5,000 dwt

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

13,000 Krey SchiffahrtsJiangdong S/Y Jul 2004 21,250 SpliethoffSzczecin. Nowa Aug 2004 5,000 Unknown OwnerPeters Schpsw. Aug 2004 12,000 W. BockstiegelJiangdong S/Y Sep 2004 5,010 North-Western Shpg.Severnaya S.B. Sep 2004 5,000 Unknown OwnerPeters Schpsw. Sep 2004 11,500 Beluga Shpg. GmbH.Volharding Oct 2004 29,000 Shandong Int. Trans.Bohai Sembawang Nov 2004 13,000 Krey SchiffahrtsJiangdong S/Y Nov 2004 7,650 Feederlines B.V.Schps. Bodewes Nov 2004 34,500 Schoeller HoldingsDalian Shipyard Dec 2004 21,250 SpliethoffSzczecin. Nowa Dec 2004 11,500 Beluga Shpg. GmbH.Volharding Dec 2004 5,010 North-Western Shpg.Severnaya S.B. Dec 2004 5,000 Unknown OwnerPeters Schpsw. Dec 2004 5,000 Unknown OwnerPeters Schpsw. Dec 2004 Total 41 Vessel(s) of 594,630 DWT.

2005 11,500 Beluga Shpg. GmbH.Volharding 2005 7,850 Unknown OwnerSchps. Bodewes Feb 2005 12,000 W. BockstiegelJiangdong S/Y Mar 2005 6,800 W. BockstiegelJiangzhou S/Y Mar 2005 34,500 Schoeller HoldingsDalian Shipyard Apr 2005 21,250 SpliethoffSzczecin. Nowa Apr 2005 6,800 W. BockstiegelJiangzhou S/Y Jun 2005 11,500 Beluga Shpg. GmbH.Volharding Jul 2005 6,800 W. BockstiegelJiangzhou S/Y Sep 2005 12,000 Beluga Shpg. GmbH.Volharding Oct 2005 12,000 Beluga Shpg. GmbH.Volharding Dec 2005 6,800 W. BockstiegelJiangzhou S/Y Dec 2005 Total 12 Vessel(s) of 149,800 DWT.

2006 6,800 W. BockstiegelJiangzhou S/Y Mar 2006 6,800 W. BockstiegelJiangzhou S/Y Jun 2006 Total 2 Vessel(s) of 13,600 DWT.

World Shipyard Monitor Database Page 40 1st June 2003 Multi-Purpose < 5,000 dwt

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Multi-Purpose < 5,000 dwt 3,680 Unknown OwnerSLKB Komarno Jun 2004 3,490 W. BockstiegelSLKB Komarno Jul 2004 3,400 Flinter GroningenSchps. Bodewes Aug 2004 3,400 Flinter GroningenSchps. Bodewes Sep 2004 No. Vessels(end) 2001 2002 May-2003 Orderbook 3,490 Unknown OwnerSLKB Komarno Nov 2004 Fleet Totals 753 767 774 2003 15 Total 10 Vessel(s) of 35,830 DWT. Deliveries 36 21 8 2004 10 Scrapping 21 02005+ 0 Contracting 814 3Total 25 Orderbook 35 30 25 % Fleet 3.2%

(m) DWT (end) 2001 2002 May-2003 Orderbook Fleet Totals 2.9 2.9 2.98 2003 0.06 Deliveries 0.1 0.1 0.03 2004 0.04 Scrapping 0.0 0.0 0.00 2005+ 0.00 Contracting 0.0 0.1 0.01 Total 0.10 Orderbook 0.1 0.1 0.10 % Fleet 3.2%

Deliveries Contracting

0.4 (m) DWT

0.3

0.3

0.2

0.2

0.1

0.1

0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 4,550 Briese-SchiffahrtsRousse Shipyard 2003 4,550 Briese-SchiffahrtsRousse Shipyard 2003 3,740 Amasus CharteringPeters Schpsw. 2003 3,740 Amasus CharteringPeters Schpsw. 2003 3,850 Unknown OwnerDamen Shipyards 2003 3,380 Unknown OwnerSlovenske 2003 3,380 Unknown OwnerSlovenske 2003 3,380 Unknown OwnerSlovenske 2003 4,400 Briese-SchiffahrtsRousse Shipyard Jun 2003 3,700 Erwin StrahlmannSLKB Komarno Jul 2003 4,900 Navigia Shipmngt.Weihai S/yard Sep 2003 3,400 Flinter GroningenSchps. Bodewes Nov 2003 4,900 Navigia Shipmngt.Weihai S/yard Dec 2003 4,250 Unknown OwnerSchps. Bodewes Dec 2003 3,490 W. BockstiegelSLKB Komarno Dec 2003 Total 15 Vessel(s) of 59,610 DWT.

2004 4,400 Hesse ReedereiRousse Shipyard 2004 3,400 Flinter GroningenSchps. Bodewes Feb 2004 3,490 W. BockstiegelSLKB Komarno Mar 2004 3,680 Unknown OwnerSLKB Komarno Apr 2004 3,400 Flinter GroningenSchps. Bodewes May 2004

World Shipyard Monitor Database Page 41 1st June 2003 Ro-Ro > 5,000 dwt

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Ro-Ro > 5,000 dwt 2004 12,350 Builders AccountSoc. Esercizio 2004 10,500 Unknown OwnerAst. de Huelva 2004 No. Vessels(end) 2001 2002 May-2003 Orderbook 10,500 Olzay Green S.L.Ast. de Huelva 2004 7,000 Visentini TrasportiVisentini 2004 Fleet Totals 589 600 600 2003 20 6,000 Egyptian Govt.Alexandria S.Y. Jan 2004 Deliveries 19 25 8 2004 13 10,000 Wagenborg Shpg. B.V.Volharding Jan 2004 Scrapping 10 9 4 2005+ 7 5,200 Fret-CETAMJinling Shipyd. Mar 2004 Contracting 16 8 10 Total 40 10,070 DFDS Tor lineFlensburger S.B Apr 2004 Orderbook 55 38 40 % Fleet 6.7% 8,000 Shin Nihonkai FerryMitsubishi H.I. Jun 2004 8,000 Shin Nihonkai FerryMitsubishi H.I. Jul 2004 (m) DWT (end) 2001 2002 May-2003 Orderbook 10,070 DFDS Tor lineFlensburger S.B Aug 2004 Fleet Totals 7.3 7.4 7.49 2003 0.30 10,000 Wagenborg Shpg. B.V.Volharding Oct 2004 Deliveries 0.3 0.3 0.13 2004 0.12 10,070 DFDS Tor lineFlensburger S.B Nov 2004 Scrapping 0.1 0.1 0.04 2005+ 0.05 Total 13 Vessel(s) of 117,760 DWT. Contracting 0.2 0.1 0.08 Total 0.47 2005 Orderbook 0.8 0.5 0.47 % Fleet 6.3% 11,000 Oceanex (1997) Inc.Jiangsu S/Yard 2005

5,000 MintransBrod. Uljanik Feb 2005 11,300 UND RoRo IsletmeleriFlensburger S.B Apr 2005 Deliveries Contracting 5,000 MintransBrod. Uljanik Jun 2005 11,300 UND RoRo IsletmeleriFlensburger S.B Aug 2005 0.5 (m) DWT Total 5 Vessel(s) of 43,600 DWT. 0.4 0.4 2006 0.3 5,000 MintransBrod. Uljanik Feb 2006 0.3 5,000 MintransBrod. Uljanik Jun 2006 0.2 Total 2 Vessel(s) of 10,000 DWT. 0.2 0.1 0.1 0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 12,350 Builders AccountSoc. Esercizio 2003 12,350 Builders AccountSoc. Esercizio 2003 12,500 Dag EngstromZhonghua S/Yard 2003 5,500 Sloman Neptun SchiffPendik S.Y. 2003 7,172 Harren & PartnerRolandwerft 2003 25,000 Grimaldi GroupFincantieri Mar 2003 9,400 Stena Line ABHyundai H.I. Apr 2003 30,000 Totem Ocean TrailerNational Steel Jun 2003 12,350 Stena ABSoc. Esercizio Jun 2003 33,819 U.S. Govt.Avondale Ind. Jun 2003 25,000 Grimaldi GroupFincantieri Jun 2003 7,000 Visentini TrasportiVisentini Jun 2003 18,500 B&N NordsjofraktStocznia Gdansk Jun 2003 12,833 Stena ABDalian Shipyard Jul 2003 9,450 Unknown OwnerHigaki Zosen Jul 2003 10,070 DFDS Tor lineFlensburger S.B Sep 2003 12,833 Stena ABDalian Shipyard Oct 2003 10,070 DFDS Tor lineFlensburger S.B Dec 2003 7,000 Visentini TrasportiVisentini Dec 2003 25,000 Grimaldi GroupFincantieri Dec 2003 Total 20 Vessel(s) of 298,197 DWT.

World Shipyard Monitor Database Page 42 1st June 2003 Ro-Ro < 5,000 dwt

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Ro-Ro < 5,000 dwt

No. Vessels(end) 2001 2002 May-2003 Orderbook Fleet Totals 450 446 439 2003 6 Deliveries 10 12004 0 Scrapping 94 72005+ 1 Contracting 21 1Total 7 Orderbook 67 7% Fleet 1.6%

(m) DWT (end) 2001 2002 May-2003 Orderbook Fleet Totals 1.5 1.5 1.43 2003 0.02 Deliveries 0.0 0.0 0.00 2004 0.00 Scrapping 0.0 0.0 0.02 2005+ 0.00 Contracting 0.0 0.0 0.00 Total 0.02 Orderbook 0.0 0.0 0.02 % Fleet 1.3%

Deliveries Contracting

0.0 (m) DWT 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 3,300 Harren & PartnerRolandwerft 2003 3,300 Harren & PartnerRolandwerft 2003 678 Chinese Govt.Wuchang S/Yard Mar 2003 2,650 Unknown OwnerHigaki Zosen Mar 2003 4,700 Gotland Rederi ABGuangzhou Shpyd Apr 2003 1,560 Shpg. Corp. of IndiaHindustan S/Y Dec 2003 Total 6 Vessel(s) of 16,188 DWT.

2005 2,500 Norfolk Line B.V.Samsung S.B. Nov 2005 Total 1 Vessel(s) of 2,500 DWT.

World Shipyard Monitor Database Page 43 1st June 2003 Pure Car Carrier > 5,000 dwt

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Pure Car Carrier > 5,000 dwt 14,900 Grimaldi GroupBrod. Uljanik May 2004 17,500 Cido ShippingKanasashi K.K. Jun 2004 19,000 Nippon Yusen KaishaImabari S.B. Jul 2004 17,550 Nippon Yusen KaishaKanasashi K.K. Aug 2004 No. Vessels(end) 2001 2002 May-2003 Orderbook 17,000 Ray ShippingStocznia Gdynia Aug 2004 Fleet Totals 413 420 424 2003 12 19,000 Nippon Yusen KaishaImabari S.B. Sep 2004 Deliveries 16 12 5 2004 21 17,550 Nippon Yusen KaishaKanasashi K.K. Oct 2004 Scrapping 52 02005+ 25 17,500 Wilh WilhelmsenMitsubishi H.I. Oct 2004 Contracting 11 30 23 Total 58 12,400 Grimaldi GroupBrod. Uljanik Oct 2004 Orderbook 22 40 58 % Fleet 13.7% 17,000 Ray ShippingStocznia Gdynia Nov 2004 19,000 Nippon Yusen KaishaImabari S.B. Dec 2004 17,550 Nippon Yusen KaishaKanasashi K.K. Dec 2004 (m) DWT (end) 2001 2002 May-2003 Orderbook 13,000 Van Ommeren (USA)VT Halter Dec 2004 Fleet Totals 6.2 6.4 6.44 2003 0.19 Total 21 Vessel(s) of 365,700 DWT. Deliveries 0.2 0.2 0.08 2004 0.37 Scrapping 0.0 0.0 0.00 2005+ 0.43 2005 Contracting 0.2 0.5 0.38 Total 0.99 18,000 Mitsui O.S.K. LinesKanasashi K.K. 2005 Orderbook 0.4 0.7 0.99 % Fleet 15.3% 18,000 Mitsui O.S.K. LinesImabari S.B. 2005 18,000 Mitsui O.S.K. LinesImabari S.B. 2005 18,000 Mitsui O.S.K. LinesMitsubishi H.I. 2005 18,000 Mitsui O.S.K. LinesMitsubishi H.I. 2005 Deliveries Contracting 18,000 Mitsui O.S.K. LinesMinami Nippon 2005 18,000 Mitsui O.S.K. LinesKanasashi K.K. 2005 0.8 (m) DWT 18,000 Mitsui O.S.K. LinesMitsubishi H.I. 2005 0.7 12,000 SAMAMAXiamen Shipyard 2005 0.6 12,000 SAMAMAXiamen Shipyard 2005 0.5 17,500 Cido ShippingKanasashi K.K. Jan 2005 17,500 Wilh WilhelmsenMitsubishi H.I. Jan 2005 0.4 19,000 HUALDaewoo S.B. Jan 2005 0.3 17,000 Ray ShippingStocznia Gdynia Feb 2005 0.2 17,500 Cido ShippingKanasashi K.K. Mar 2005 0.1 19,000 HUALDaewoo S.B. Apr 2005 17,550 Nippon Yusen KaishaKanasashi K.K. Jun 2005 0.0 17,000 Ray ShippingStocznia Gdynia Jun 2005 19,000 HUALDaewoo S.B. Jul 2005 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 12,400 Grimaldi GroupBrod. Uljanik Jul 2005 16,000 Kawasaki KisenNantong S.B. Aug 2005 16,000 Kawasaki KisenNantong S.B. Nov 2005 2003 Total 22 Vessel(s) of 373,450 DWT. 6,000 Grupo SuardiazBarreras S.A. 2003 21,000 Mitsui O.S.K. LinesMinami Nippon Jun 2003 2006 17,000 Ray ShippingStocznia Gdynia Jul 2003 18,000 Mitsui O.S.K. LinesKanasashi K.K. 2006 14,900 Grimaldi GroupBrod. Uljanik Jul 2003 18,000 Mitsui O.S.K. LinesMitsubishi H.I. 2006 19,250 Mitsui O.S.K. LinesKanasashi K.K. Sep 2003 16,000 Kawasaki KisenNantong S.B. Feb 2006 21,000 Mitsui O.S.K. LinesShin Kurushima Oct 2003 Total 3 Vessel(s) of 52,000 DWT. 16,000 Kawasaki KisenImabari S.B. Oct 2003 17,000 Ray ShippingStocznia Gdynia Oct 2003 19,250 Mitsui O.S.K. LinesKanasashi K.K. Nov 2003 21,000 Mitsui O.S.K. LinesMinami Nippon Dec 2003 16,000 Kawasaki KisenImabari S.B. Dec 2003 6,000 Grupo SuardiazBarreras S.A. Dec 2003 Total 12 Vessel(s) of 194,400 DWT.

2004 18,000 Mitsui O.S.K. LinesMinami Nippon 2004 18,000 Mitsui O.S.K. LinesMinami Nippon 2004 19,250 Mitsui O.S.K. LinesKanasashi K.K. Jan 2004 17,000 Ray ShippingStocznia Gdynia Jan 2004 21,000 Mitsui O.S.K. LinesShin Kurushima Mar 2004 17,500 Cido ShippingKanasashi K.K. Apr 2004 19,000 Nippon Yusen KaishaImabari S.B. Apr 2004 17,000 Ray ShippingStocznia Gdynia May 2004

World Shipyard Monitor Database Page 44 1st June 2003 Reefers

Cu.ft Owner Builder Sched. Del. Cu.ft Owner Builder Sched. Del.

Reefers

No. Vessels(end) 2001 2002 May-2003 Orderbook Fleet Totals 1,320 1,305 1,297 2003 8 Deliveries 42 02004 1 Scrapping 14 14 8 2005+ 0 Contracting 03 0Total 9 Orderbook 89 9% Fleet 0.7%

(m) Cu.ft (end) 2001 2002 May-2003 Orderbook Fleet Totals 355.5 351.0 349.45 2003 2.88 Deliveries 1.3 1.3 0.00 2004 0.50 Scrapping 4.5 4.9 1.56 2005+ 0.00 Contracting 0.0 0.7 0.00 Total 3.38 Orderbook 3.9 3.4 3.38 % Fleet 1.0%

Deliveries Contracting

18.0 (m) Cu.ft 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 497,000 Laskaridis Shpg61 Kommunar 2003 497,000 Laskaridis Shpg61 Kommunar 2003 270,000 Laskaridis Shpg61 Kommunar 2003 460,000 Agrexco Ltd.Vianayard Jun 2003 300,000 Albacora S.A.Barreras S.A. Jun 2003 199,883 Yamane Kaiun K.K.Kyokuyo S/yard Jun 2003 200,000 Unknown OwnerKyokuyo S/yard Aug 2003 460,000 Agrexco Ltd.Vianayard Sep 2003 Total 8 Vessel(s) of 2,883,883 Cu.ft.

2004 497,000 Laskaridis Shpg61 Kommunar 2004 Total 1 Vessel(s) of 497,000 Cu.ft.

World Shipyard Monitor Database Page 45 1st June 2003 Other Dry Cargo > 5,000 dwt

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Other Dry Cargo > 5,000 dwt Total 13 Vessel(s) of 95,350 DWT.

2005 6,000 Ukrrichflot Shpg. CoDamen Okean 2005 No. Vessels(end) 2001 2002 May-2003 Orderbook 6,000 Ukrrichflot Shpg. CoDamen Okean 2005 Fleet Totals 1,174 1,106 1,058 2003 7 11,000 Tom Worden SchiffsJingjiang Sumec Jan 2005 Deliveries 12 9 3 2004 13 6,700 Palmali ShippingVolgograd S.Y. Mar 2005 Scrapping 97 66 26 2005+ 12 7,200 Peter Dohle Schiff.Jingjiang Sumec Apr 2005 Contracting 81614Total 32 11,000 Tom Worden SchiffsJingjiang Sumec May 2005 Orderbook 14 21 32 % Fleet 3.0% 6,700 Palmali ShippingVolgograd S.Y. Jun 2005 7,200 Peter Dohle Schiff.Jingjiang Sumec Aug 2005 6,700 Palmali ShippingVolgograd S.Y. Sep 2005 (m) DWT (end) 2001 2002 May-2003 Orderbook 11,000 Tom Worden SchiffsJingjiang Sumec Sep 2005 Fleet Totals 14.5 13.2 12.50 2003 0.06 7,200 Peter Dohle Schiff.Jingjiang Sumec Dec 2005 Deliveries 0.1 0.1 0.03 2004 0.10 Total 11 Vessel(s) of 86,700 DWT. Scrapping 1.7 1.2 0.43 2005+ 0.09 Contracting 0.1 0.1 0.11 Total 0.25 2006 Orderbook 0.1 0.2 0.25 % Fleet 2.0% 7,200 Peter Dohle Schiff.Jingjiang Sumec Apr 2006 Total 1 Vessel(s) of 7,200 DWT.

Deliveries Contracting

0.4 (m) DWT 0.4 0.3 0.3 0.2 0.2 0.1 0.1 0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 7,500 Unknown OwnerSanyo Zosen 2003 6,750 Unknown OwnerMurakami Hide 2003 5,000 Unknown OwnerQingshan S.Y. Apr 2003 13,000 Kahn ScheepvaartDamen Galati Jun 2003 13,000 Kahn ScheepvaartDamen Galati Oct 2003 9,350 Kawasaki KinkaiNishi S.B. Co. Oct 2003 10,100 Kawasaki KinkaiHigaki Zosen Nov 2003 Total 7 Vessel(s) of 64,700 DWT.

2004 6,000 Ukrrichflot Shpg. CoDamen Okean 2004 6,000 Ukrrichflot Shpg. CoDamen Okean 2004 6,000 Ukrrichflot Shpg. CoDamen Okean 2004 6,000 Ukrrichflot Shpg. CoDamen Okean 2004 7,600 Polish Ocean LinesStocznia Gdansk Jan 2004 10,100 Kawasaki KinkaiHigaki Zosen Feb 2004 7,600 Polish Ocean LinesStocznia Gdansk Apr 2004 10,100 Kawasaki KinkaiHigaki Zosen May 2004 6,700 Palmali ShippingVolgograd S.Y. May 2004 6,500 Tong Yang Cement Co.INP Heavy Ind. Jun 2004 6,700 Palmali ShippingVolgograd S.Y. Aug 2004 6,700 Palmali ShippingVolgograd S.Y. Nov 2004 9,350 Kawasaki KinkaiNishi S.B. Co. Dec 2004

World Shipyard Monitor Database Page 46 1st June 2003 Other Dry Cargo < 5,000 dwt

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Other Dry Cargo < 5,000 dwt 4,400 Arklow Shipping Ltd.Barkmeijer Dec 2004 Total 8 Vessel(s) of 31,340 DWT.

2005 3,200 Builders AccountPeters Schpsw. Jan 2005 4,400 Arklow Shipping Ltd.Barkmeijer Mar 2005 3,200 Builders AccountPeters Schpsw. May 2005 3,200 Builders AccountPeters Schpsw. Sep 2005 3,200 Builders AccountPeters Schpsw. Dec 2005 Total 5 Vessel(s) of 17,200 DWT.

2003 2,600 Unknown OwnerSlovenske 2003 2,600 Unknown OwnerSlovenske 2003 2,500 Builders AccountCeskoslovenska 2003 2,460 Unknown OwnerDamen Shipyards 2003 2,460 Unknown OwnerDamen Shipyards 2003 2,500 Builders AccountCeskoslovenska 2003 3,800 Unknown OwnerWeihai S/yard 2003 4,800 Erik Thun ABFerus Smit Jun 2003 3,200 Wagenborg Shpg. B.V.Barkmeijer Jul 2003 4,250 Unknown OwnerSchps. Bodewes Sep 2003 2,730 Naveiro TransportesEst. Mondego Sep 2003 4,800 Erik Thun ABFerus Smit Nov 2003 3,200 Builders AccountPeters Schpsw. Nov 2003 Total 13 Vessel(s) of 41,900 DWT.

2004 4,270 Unknown OwnerSchps. Bodewes Feb 2004 3,200 Builders AccountPeters Schpsw. Feb 2004 4,400 Arklow Shipping Ltd.Barkmeijer Jun 2004 3,200 Builders AccountPeters Schpsw. Jun 2004 4,270 Unknown OwnerSchps. Bodewes Jun 2004 4,400 Arklow Shipping Ltd.Barkmeijer Sep 2004 3,200 Builders AccountPeters Schpsw. Oct 2004

World Shipyard Monitor Database Page 47 1st June 2003 Offshore

GT Owner Builder Sched. Del. GT Owner Builder Sched. Del.

Offshore 499 Tidewater MarineC & G Boatwork 2003 1,415 Harvey Gulf Intl.C & G Boatwork Jan 2003 1,415 Harvey Gulf Intl.C & G Boatwork Jan 2003 3,411 Tidewater MarineYantai Raffles Jan 2003 No. Vessels(end) 2001 2002 May-2003 Orderbook 690 Zamil OperationsABG Shipyard Jan 2003 Fleet Totals 3,637 3,728 3,762 2003 98 1,705 CNOOCWuhu Shipyard Feb 2003 Deliveries 54 100 35 2004 41 2,132 CNOOCWuhu Shipyard Feb 2003 Scrapping 25 02005+ 9 1,415 Harvey Gulf Intl.C & G Boatwork Feb 2003 Contracting 130 88 20 Total 148 2,400 SNK Ocean Co. Ltd.Niigata Eng. Co Mar 2003 Orderbook 171 163 148 % Fleet 3.9% 1,415 Harvey Gulf Intl.C & G Boatwork Mar 2003 2,500 Swire PacificINP Heavy Ind. Mar 2003 2,323 Harvey Gulf Intl.Eastern S.B. Mar 2003 (m) GT (end) 2001 2002 May-2003 Orderbook 490 Halul OffshoreABG Shipyard Apr 2003 Fleet Totals 4.7 4.9 5.05 2003 0.23 3,411 Tidewater MarineYantai Raffles Apr 2003 Deliveries 0.2 0.3 0.10 2004 0.10 1,703 Unknown OwnerBollinger S.Y. May 2003 Scrapping 0.0 0.0 0.00 2005+ 0.02 2,500 TFDS OffshoreBrevik Constr. May 2003 Contracting 0.3 0.2 0.05 Total 0.35 2,300 SURFChant. Piriou May 2003 Orderbook 0.5 0.4 0.35 % Fleet 6.9% 4,000 North Sea Shpg. ASMetalships May 2003 GT estimated if not known 3,485 Edison ChouestNorth American May 2003 2,500 Swire PacificINP Heavy Ind. May 2003 3,050 Atlantic Towing Ltd.Irving S.B. May 2003 Deliveries Contracting 1,850 GulfMark OffshoreAker Brattvaag Jun 2003 2,104 Mokster ShippingLangsten Slip Jun 2003 0.5 (m) GT 2,000 Sealion ShippingItajai Shipyard Jun 2003 0.5 1,800 Halul OffshoreABG Shipyard Jun 2003 0.4 2,954 P.S. Marine Trans.President Mar. Jun 2003 0.4 12,473 Taubatkompaniet A/SVulcano S.A. Jun 2003 0.3 2,954 P.S. Marine Trans.President Mar. Jun 2003 0.3 15,000 COSCO GuangzhouGuangzhou Shpyd Jun 2003 0.2 690 Zamil OperationsABG Shipyard Jun 2003 0.2 2,500 Havila Supply ASASoeviknes Verft Jul 2003 0.1 2,500 Wilsons Sons GroupWilsons Sons Jul 2003 0.1 3,411 Tidewater MarineYantai Raffles Jul 2003 0.0 2,500 Swire PacificINP Heavy Ind. Jul 2003 1,703 Unknown OwnerBollinger S.Y. Jul 2003 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 3,485 Edison ChouestNorth American Jul 2003 2,000 Intl. Offshore Serv.Simek A/S Jul 2003 2,000 NorSkan OffshoreEst. Promar Jul 2003 2003 2,000 Farstad Shipping A/SBrevik Constr. Jul 2003 2,323 Harvey Gulf Intl.Eastern S.B. 2003 4,400 Mokster ShippingKleven Verft Jul 2003 1,400 Jaya Offshore Pte.Jaya S.B. & Eng 2003 690 Zamil OperationsABG Shipyard Jul 2003 1,936 Jaya Offshore Pte.Jaya S.B. & Eng 2003 1,705 CNOOCWuhu Shipyard Aug 2003 1,936 Jaya Offshore Pte.Jaya S.B. & Eng 2003 930 Otto CandiesHouma Fabricat. Aug 2003 1,400 Jaya Offshore Pte.Jaya S.B. & Eng 2003 2,132 CNOOCWuhu Shipyard Aug 2003 1,400 Jaya Offshore Pte.Jaya S.B. & Eng 2003 2,000 Waveney ShippingAker Aukra AS Aug 2003 1,500 Halul OffshoreABG Shipyard 2003 690 Zamil OperationsABG Shipyard Aug 2003 1,600 Al Mansoori Product.ABG Shipyard 2003 2,132 Emas Offshore Pte.Pan United Aug 2003 250 Harvey Gulf Intl.Patti Shipyard 2003 3,100 GulfMark OffshoreSoeviknes Verft Sep 2003 1,500 Halul OffshoreABG Shipyard 2003 1,703 Unknown OwnerBollinger S.Y. Sep 2003 2,323 Harvey Gulf Intl.Eastern S.B. 2003 3,020 SBS MarineKarmsund M'time Sep 2003 1,548 Harvey Gulf Intl.Eastern S.B. 2003 2,000 Intl. Offshore Serv.Brevik Constr. Sep 2003 2,295 Edison ChouestNorth American 2003 1,715 Tidewater MarineBollinger S.Y. Oct 2003 350 Tidewater MarineBreaux Bros. 2003 4,250 DOF Management A/SFitjar M/V Oct 2003 350 Tidewater MarineBreaux Bros. 2003 3,411 Tidewater MarineYantai Raffles Oct 2003 350 Tidewater MarineBreaux Bros. 2003 2,943 Brod. KlovningBaltija S.Y. Oct 2003 3,200 Tidewater MarineQuality S/Yards 2003 3,485 Edison ChouestNorth American Oct 2003 2,500 Shengli OilfieldWuhu Shipyard 2003 1,876 Sudjaca PalembangPan United Oct 2003 950 Al Mansoori Product.ABG Shipyard 2003 3,485 Edison ChouestNorth American Oct 2003 499 Tidewater MarineC & G Boatwork 2003 930 Otto CandiesHouma Fabricat. Nov 2003 3,097 Doha Marine ServicesKouan S.B. 2003 2,323 Havila Supply ASAMalta S.B. Nov 2003 250 Harvey Gulf Intl.Patti Shipyard 2003 2,000 J. Hagenaes & Co.Aker Brattvaag Nov 2003 499 Tidewater MarineC & G Boatwork 2003 3,097 Havila Supply ASAHavyard Liervik Nov 2003

World Shipyard Monitor Database Page 48 1st June 2003 Offshore

GT Owner Builder Sched. Del. GT Owner Builder Sched. Del.

2,000 J. Hagenaes & Co.Aker Brattvaag Dec 2003 2,323 SURF/Rigdon MarineBender S.B. Mar 2005 3,252 Farstad Shipping A/SUlstein Verft Dec 2003 2,323 SURF/Rigdon MarineBender S.B. May 2005 1,548 Naviera TamaulipasBender S.B. Dec 2003 2,323 SURF/Rigdon MarineBender S.B. Jul 2005 2,633 Farstad Shipping A/SUlstein Verft Dec 2003 3,500 Brasmar Ltda.FELS-Setal Jul 2005 2,000 Navegacao do BrasilEst. Promar Dec 2003 3,500 Brasmar Ltda.FELS-Setal Sep 2005 3,100 GulfMark OffshoreSoeviknes Verft Dec 2003 2,132 Trico Supply ASAEisa Shipyard Dec 2005 2,900 Delba MaritimaFELS-Setal Dec 2003 Total 8 Vessel(s) of 20,129 GT. 1,715 Tidewater MarineBollinger S.Y. Dec 2003 3,100 Unknown OwnerAker Aukra AS Dec 2003 2006 1,548 Harvey Gulf Intl.Eastern S.B. Dec 2003 3,411 Astromaritima Nav.Eisa Shipyard Jan 2006 2,400 Augusta OffshoreRosetti Marino Dec 2003 Total 1 Vessel(s) of 3,411 GT. 2,985 Sudjaca PalembangKeppel FELS Dec 2003 3,485 Edison ChouestNorth American Dec 2003 Total 98 Vessel(s) of 228,822 GT.

2004 930 Otto CandiesHouma Fabricat. 2004 500 Lamnalco Ltd.ABG Shipyard 2004 500 Lamnalco Ltd.ABG Shipyard 2004 3,500 Otto CandiesSchpsw. De Hoop Jan 2004 3,411 Tidewater MarineYantai Raffles Jan 2004 1,279 Hadi H. Al-HammanKeppel Sing. Jan 2004 2,100 SURFAker Brattvaag Jan 2004 3,295 DOF Management A/SMyklebust M/V Jan 2004 1,876 Sudjaca PalembangPan United Jan 2004 2,323 SURF/Rigdon MarineBender S.B. Jan 2004 4,000 Torch Inc.Bender S.B. Jan 2004 3,126 Sealion ShippingWuhu Shipyard Feb 2004 1,279 Pacific RichfieldKeppel Sing. Feb 2004 2,000 NorSkan OffshoreEst. Promar Feb 2004 1,715 Tidewater MarineBollinger S.Y. Feb 2004 6,500 Maersk SupplyVolkswerft Feb 2004 2,150 Vroon B.V.Zhenjiang S/Y Mar 2004 2,900 Delba MaritimaFELS-Setal Mar 2004 2,900 Delba MaritimaFELS-Setal Mar 2004 930 Otto CandiesHouma Fabricat. Mar 2004 1,279 Pacific RichfieldKeppel Sing. Mar 2004 2,323 SURF/Rigdon MarineBender S.B. Mar 2004 2,100 SURFAker Brattvaag Mar 2004 3,126 Sealion ShippingWuhu Shipyard Apr 2004 1,715 Tidewater MarineBollinger S.Y. May 2004 2,323 SURF/Rigdon MarineBender S.B. May 2004 1,961 COSL China OilfieldGuang. Whampoa Jun 2004 6,500 Maersk SupplyVolkswerft Jun 2004 2,323 SURF/Rigdon MarineBender S.B. Jul 2004 3,126 Sealion ShippingWuhu Shipyard Jul 2004 2,132 COSL China OilfieldShandong Huang. Aug 2004 1,705 COSL China OilfieldWuchang S/Yard Aug 2004 2,323 SURF/Rigdon MarineBender S.B. Sep 2004 2,555 GulfMark OffshoreEst. Promar Sep 2004 2,132 COSL China OilfieldShandong Huang. Oct 2004 2,000 Seabulk OffshoreEst. Promar Oct 2004 1,705 COSL China OilfieldWuchang S/Yard Oct 2004 2,323 SURF/Rigdon MarineBender S.B. Nov 2004 3,000 COSL China OilfieldDalian New Yard Nov 2004 1,705 COSL China OilfieldWuchang S/Yard Dec 2004 2,150 Vroon B.V.Zhenjiang S/Y Dec 2004 Total 41 Vessel(s) of 97,720 GT.

2005 2,323 SURF/Rigdon MarineBender S.B. Jan 2005 1,705 COSL China OilfieldWuchang S/Yard Jan 2005

World Shipyard Monitor Database Page 49 1st June 2003 FPSO/FSU

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

FPSO/FSU

No. Vessels(end) 2001 2002 May-2003 Orderbook 2003 5 Deliveries 21 12004 5 Scrapping 02 02005+ 3 Contracting 47 2Total 13 Orderbook 61213

(m) DWT (end) 2001 2002 May-2003 Orderbook 2003 0.81 Deliveries 0.3 0.2 0.13 2004 1.03 Scrapping 0.0 0.3 0.00 2005+ 0.41 Contracting 0.8 1.0 0.24 Total 2.25 Orderbook 1.3 2.1 2.25

Deliveries Contracting

1.2 (m) DWT

1.0

0.8

0.6

0.4

0.2

0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 150,000 CNOOCWaigaoqiao S/Y 2003 100,000 Unknown OwnerHyundai H.I. 2003 210,000 Conoco Phillips Inc.Dalian New Yard Jun 2003 40,000 StatoilIzar Fene Aug 2003 313,300 Shell GroupSamsung S.B. Sep 2003 Total 5 Vessel(s) of 813,300 DWT.

2004 300,000 BP Amoco PLCDaewoo S.B. 2004 368,000 ExxonMobil Corp.Hyundai H.I. May 2004 150,000 CNOOCDalian New Yard May 2004 77,000 ChevronTexacoI.H.I. Aug 2004 133,000 Husky Oil OperationsSamsung S.B. Dec 2004 Total 5 Vessel(s) of 1,028,000 DWT.

2005 170,000 CNOOCWaigaoqiao S/Y 2005 120,000 MonitorJiangnan S/Yard 2005 120,000 MonitorJiangnan S/Yard 2005 Total 3 Vessel(s) of 410,000 DWT.

World Shipyard Monitor Database Page 50 1st June 2003 Cruise Vessels

GT Owner Builder Sched. Del. GT Owner Builder Sched. Del.

Cruise Vessels 101,350 Costa CrociereSestri-Cantiere Sep 2004 110,000 Carnival Corp.Fincantieri Dec 2004 Total 11 Vessel(s) of 951,039 GT.

No. Vessels(end) 2001 2002 May-2003 Orderbook 2005 2003 11 72,000 Norw. Cruise LineLloyd Werft 2005 Deliveries 14 14 5 2004 11 110,000 Carnival Corp.Fincantieri 2005 Scrapping 22 02005+ 4 Total 2 Vessel(s) of 182,000 GT. Contracting 44 1Total 26 2006 Orderbook 40 30 26 84,000 Holland America LineFincantieri Jan 2006 116,000 Princess Cruises IncFincantieri May 2006 (m) GT (end) 2001 2002 May-2003 Orderbook 2003 1.00 Total 2 Vessel(s) of 200,000 GT. Deliveries 0.8 1.1 0.15 2004 0.95 Scrapping 0.0 0.0 0.00 2005+ 0.38 Contracting 0.2 0.1 0.12 Total 2.34 Orderbook 3.4 2.4 2.34 GT estimated if not known

Deliveries Contracting

1.6 (m) GT 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies

2003 86,000 Costa CrociereKvaerner Masa May 2003 68,000 Nippon Yusen KaishaDe l'Atlantique Jun 2003 88,000 Princess Cruises IncDe l'Atlantique Jun 2003 90,090 Royal CaribbeanMeyer Werft Jun 2003 84,000 Holland America LineFincantieri Jul 2003 110,000 Carnival Corp.Fincantieri Jul 2003 101,350 Costa CrociereSestri-Cantiere Oct 2003 137,300 Royal CaribbeanKvaerner Masa Oct 2003 4,000 Unknown OwnerSchw. Cassens Oct 2003 150,000 Cunard Line Ltd.De l'Atlantique Dec 2003 84,000 Holland America LineFincantieri Dec 2003 Total 11 Vessel(s) of 1,002,740 GT.

2004 1,599 American ClassicAtlantic Marine 2004 60,000 Mediterranean Shpg.De l'Atlantique 2004 84,000 Cunard Line Ltd.Fincantieri 2004 120,000 P&O Cruises Ltd.Fincantieri Jan 2004 86,000 Carnival Corp.Kvaerner Masa Feb 2004 113,000 Princess Cruises IncMitsubishi H.I. Mar 2004 113,000 Princess Cruises IncMitsubishi H.I. May 2004 72,000 Norw. Cruise LineLloyd Werft May 2004 90,090 Royal CaribbeanMeyer Werft Jun 2004

World Shipyard Monitor Database Page 51 1st June 2003 Ro-Ro Passenger Ferries

GT Owner Builder Sched. Del. GT Owner Builder Sched. Del.

Ro-Ro Passenger Ferries 10,500 Shosen Mitsui FerryMitsubishi H.I. Oct 2003 10,500 Shosen Mitsui FerryMitsubishi H.I. Nov 2003 3,500 Istanbul Deniz Otob.Fjellstrand A/S Nov 2003 5,400 Builders AccountIncat Tasmania Dec 2003 No. Vessels(end) 2001 2002 May-2003 Orderbook 7,000 Tomasos BrothersAtsalakis S/Y Dec 2003 2003 29 10,500 Nippon ExpressMitsubishi H.I. Dec 2003 Deliveries 37 35 6 2004 22 Total 29 Vessel(s) of 273,288 GT. Scrapping 75 02005+ 4 Contracting 21 33 8 Total 55 2004 Orderbook 55 53 55 15,000 StrandfaraskipIzar S/Fernando 2004 3,500 Istanbul Deniz Otob.Fjellstrand A/S Jan 2004 20,214 Algerian Govt.Izar Sevilla Jan 2004 (m) GT (end) 2001 2002 May-2003 Orderbook 2,000 JadrolinijaKraljevica Jan 2004 2003 0.27 1,200 Aremiti CruiseAustal Ships Jan 2004 Deliveries 0.8 0.6 0.14 2004 0.42 35,000 Brittany FerriesMeyer Werft Feb 2004 Scrapping 0.0 0.0 0.00 2005+ 0.07 2,000 Smiltynes PerkelaBourgas Shipyd. Feb 2004 Contracting 0.2 0.5 0.13 Total 0.76 2,200 Unknown OwnerNaikai S.B. Mar 2004 Orderbook 0.9 0.8 0.76 23,700 Corsica Ferries S.A.Cant. Orlando Mar 2004 GT estimated if not known 20,214 Algerian Govt.Izar Sevilla Apr 2004 454 Builders AccountIncat Tasmania May 2004 3,500 Sun Bay ShippingSchw. Cassens May 2004 Deliveries Contracting 40,000 TallinkAker Finnyards May 2004 20,000 Armas GroupBarreras S.A. Jun 2004 0.9 (m) GT 35,000 Tirrenia Soc. Nav.Fincantieri Jun 2004 0.8 15,000 Pelni, P.T.Meyer Werft Jul 2004 0.7 2,400 Indian Govt.Hooghly Docking Aug 2004 0.6 48,000 Birka LineAker Finnyards Sep 2004 0.5 16,500 China Shpg. Pass.Jiangnan S/Yard Sep 2004 0.4 20,000 Armas GroupBarreras S.A. Oct 2004 0.3 75,000 Color LineKvaerner Masa Oct 2004 0.2 16,500 China Shpg. Pass.Jiangnan S/Yard Nov 2004 0.1 Total 22 Vessel(s) of 417,382 GT. 0.0 2005 14,000 Taiheiyo FerryMitsubishi H.I. Jan 2005 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Source: Clarkson Research Studies 35,000 Tirrenia Soc. Nav.Fincantieri Feb 2005 2,200 Unknown OwnerNaikai S.B. Mar 2005 14,500 Techno Marine Co.Mitsui S.B. Mar 2005 2003 Total 4 Vessel(s) of 65,700 GT. 1,200 Unknown OwnerRodriquez 2003 18,000 Strintzis LinesHellenic S/Yard 2003 18,000 Strintzis LinesHellenic S/Yard 2003 15,000 Yue Hai RailwayJiangnan S/Yard 2003 2,950 Incat Offshore Pty.Afai Ships Ltd. 2003 15,000 Yue Hai RailwayJiangnan S/Yard 2003 3,500 Rogaland Trafikk.Fjellstrand A/S 2003 15,000 Yue Hai RailwayJiangnan S/Yard Jan 2003 16,000 Shuttle Highway LineSasebo H.I. Feb 2003 16,000 Shuttle Highway LineSasebo H.I. Feb 2003 1,150 Unknown OwnerMoen Slip Feb 2003 3,500 Anton. Armas CurbeloBarreras S.A. Mar 2003 8,100 Porto Santo LineVianayard Apr 2003 5,000 Oshima Unyu K.K.Evergreen H.I. Apr 2003 2,380 Oki Kisen K.K.Mitsubishi H.I. Apr 2003 35,000 Tirrenia Soc. Nav.Fincantieri May 2003 7,000 Tomasos BrothersAtsalakis S/Y May 2003 1,108 Caledonian MacbrayneAppledore S.B. May 2003 13,300 Hankyu Ferry Co. LtdMitsubishi H.I. Jun 2003 2,300 Wagenborg Shpg. B.V.Shipyd. Bijlsma Jun 2003 2,000 Fred Olsen & Co.Austal Ships Aug 2003 13,900 Kyushu Kyuko FerryShin Kurushima Sep 2003 10,500 Nippon ExpressMitsubishi H.I. Sep 2003

World Shipyard Monitor Database Page 52 1st June 2003 Miscellaneous Vessels

DWT Owner Builder Sched. Del. DWT Owner Builder Sched. Del.

Miscellaneous Vessels 28,400 Boskalis WestminsterDe Merwede Feb 2004 13,000 Guangzhou DredgingIHC Holland Apr 2004 890 Middle East Nav AidsScheldegroep May 2004 1,050 German Govt.Kroeger Werft Jun 2004 28,400 Boskalis WestminsterDe Merwede Jul 2004 1,000 Nationale De Nav.Niestern-Sander Jul 2004 Unknown OwnerAst. De Murueta Sep 2004 Total 9 Vessel(s) of 85,090 DWT.

2005 4,000 Govt. of RussiaBaltic Shipyd. 2005 Ensco InternationalKeppel FELS Mar 2005 1,300 IFREMERDe l'Atlantique Mar 2005 BP Amoco PLCDaewoo S.B. May 2005 Total 4 Vessel(s) of 5,300 DWT.

2003 18,500 Builders AccountSadra Shipyard 2003 Mayflower EnergyShanhaiguan S/Y May 2003 7,800 Tyco SubmarineKeppel Hitachi May 2003 1,800 Unknown OwnerWestcon A/S Jun 2003 DML PlymouthAppledore S.B. Jun 2003 3,500 DOF Management A/SFitjar M/V Jul 2003 14,000 A.P. MollerCaspian Shipyd. Sep 2003 1,000 Unknown OwnerSimek A/S Sep 2003 3,000 Unknown OwnerMyklebust M/V Sep 2003 22,000 Jan de Nul N.V.Izar Sestao Oct 2003 3,500 DOF Management A/SFitjar M/V Oct 2003 2,000 Unknown OwnerWestcon A/S Nov 2003 German Govt.Nordseewerke Nov 2003 Unknown OwnerLangsten Slip Dec 2003 5,000 Jan de Nul N.V.Izar Gijon Dec 2003 Unknown OwnerStocz. Polnocna Dec 2003 5,000 Jan de Nul N.V.Izar Gijon Dec 2003 22,000 Jan de Nul N.V.Izar Sestao Dec 2003 Total 18 Vessel(s) of 109,100 DWT.

2004 Dredging Internat.IHC Holland Jan 2004 12,350 Scelveringhe Scheep.K. Damen Feb 2004

World Shipyard Monitor Database Page 53 1st June 2003 Contracting by Country/Region

Major Million CGT Trends This Year Shipbuilders 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003* % Japan 1.9 6.0 6.7 7.3 8.0 5.2 5.7 7.6 7.0 7.9 3.5 UP BY…. 8.0% South Korea 1.1 2.9 4.3 3.4 5.6 4.6 6.0 10.4 5.6 6.8 6.7 UP BY…. 135.9% Taiwan 0.0 0.5 0.3 0.4 0.3 0.5 0.3 0.3 0.1 0.2 0.5 UP BY…. 480.9% P.R. China 0.1 0.7 1.2 1.2 0.9 0.8 2.0 2.1 2.1 2.2 2.0 UP BY…. 117.3% Other Asia 0.0 0.2 0.0 0.3 0.2 0.2 0.2 0.3 0.3 0.6 0.1 DOWN BY… -75.8% TOTAL ASIA 3.2 10.2 12.5 12.6 15.0 11.3 14.2 20.6 15.1 17.7 12.8 UP BY…. 74.0% Germany 0.1 1.2 1.4 0.9 0.0 1.4 1.2 1.3 0.7 0.5 0.3 UP BY…. 23.4% Denmark 0.5 0.2 0.4 0.1 0.2 0.2 0.4 0.0 0.6 0.0 0.1 UP BY…. 123.4% France 0.0 0.2 0.1 0.1 0.2 0.6 0.6 0.3 0.2 0.1 0.0 DOWN BY… -100.0% Italy 0.1 0.4 1.3 0.7 0.8 0.8 0.9 1.1 0.2 0.3 0.3 UP BY…. 145.8% Netherlands 0.0 0.1 0.3 0.3 0.3 0.4 0.2 0.4 0.3 0.3 0.1 DOWN BY… -44.1% Spain 0.1 0.4 0.3 0.2 0.5 0.1 0.1 0.4 0.4 0.2 0.0 DOWN BY… -84.5% Finland 0.6 0.5 0.1 0.3 0.1 0.3 0.3 0.7 0.1 0.2 0.0 DOWN BY… -100.0% Norway 0.2 0.2 0.2 0.3 0.5 0.1 0.3 0.4 0.3 0.2 0.0 DOWN BY… -57.9% Turkey 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 UP BY…. 92.9% Poland 0.1 0.8 0.8 0.2 0.3 0.4 0.6 1.3 0.1 0.4 0.3 UP BY…. 97.9% Ukraine 0.1 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 DOWN BY… -100.0% Croatia 0.0 0.3 0.1 0.3 0.3 0.1 0.1 0.5 0.5 0.2 0.3 UP BY…. 332.6% Other Europe 0.2 0.2 0.4 0.3 0.4 0.4 0.2 0.3 0.3 0.2 0.2 UP BY…. 158.9% TOTAL EUROPE 1.8 4.8 5.7 3.8 3.7 5.0 4.8 6.8 3.9 2.7 1.7 UP BY…. 51.8% Brazil 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.2 0.1 0.0 DOWN BY… -46.8% USA 0.1 0.1 0.2 0.3 0.5 0.2 0.2 0.3 0.3 0.2 0.0 DOWN BY… -100.0% Others 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.0 DOWN BY… -80.2% TOTAL OTHERS 0.2 0.3 0.3 0.4 0.7 0.4 0.3 0.4 0.5 0.4 0.0 DOWN BY… -80.3%

GLOBAL TOTAL 5.2 15.3 18.6 16.8 19.3 16.7 19.2 27.8 19.5 20.8 14.6 UP BY…. 68.2%

Major Number of Vessels Trends This Year Shipbuilders 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003* % Japan 65 338 417 437 436 279 312 352 341 387 142 DOWN BY… -11.9% South Korea 36 125 198 131 199 156 208 337 178 230 216 UP BY…. 125.4% Taiwan 1211622152213124 816UP BY…. 380.0% P.R. China 10 50 103 111 75 70 118 132 142 151 122 UP BY…. 93.9% Other Asia 42623282620172633487DOWN BY… -65.0% TOTAL ASIA 116 560 757 729 751 547 668 859 698 824 503 UP BY…. 46.5% Germany 262937747644078483214STEADY…. 5.0% Denmark 1818121499741204UP BY…. 5.0% France 0433510102230DOWN BY… -100.0% Italy 3 9 46 23 27 19 13 20 13 12 9 UP BY…. 80.0% Netherlands 1 8 21 46 45 67 24 51 45 58 14 DOWN BY… -42.1% Spain 6242120246 41217142DOWN BY… -65.7% Finland 610244736330DOWN BY… -100.0% Norway 11 18 21 30 45 13 14 36 38 26 6 DOWN BY… -44.6% Turkey 21213141018823221412UP BY…. 105.7% Poland 4645414192736626 813UP BY…. 290.0% Ukraine 71110020004110DOWN BY… -100.0% Croatia 0 14 4 19 14 4 6 23 23 8 15 UP BY…. 350.0% Other Europe 17 29 45 39 57 79 28 23 34 29 27 UP BY…. 123.4% TOTAL EUROPE 77 283 345 303 308 323 193 340 267 218 116 UP BY…. 27.7% Brazil 3001260210114DOWN BY… -12.7% USA 6 6 15 15 71 30 16 19 47 34 0 DOWN BY… -100.0% Others 9131099956561DOWN BY… -60.0% TOTAL OTHERS 18 19 25 25 82 45 21 27 62 51 5 DOWN BY… -76.5% GLOBAL TOTAL 211 862 1127 1057 1141 915 882 1226 1027 1093 624 UP BY…. 37.0% *after a year indicates data are the latest year to date figures.

Clarkson Research Studies Page 13 Jun-03 Deliveries by Country/Region

Summary Scheduled Output by Region Deliveries grew by 18% compared to April 2003 to reach m.CGT • 25 20.7m dwt by the end of May 2003. On an annualised basis this Other level of deliveries will produce around 50m dwt in 2003, and the Non-EU rate of deliveries in 2003 is looking to accerelerate as the year progresses EU 20 • Deliveries so far this year from shipyards in Asia are 19.4m China dwt, which on an annualised basis is around 46.6m dwt. If this level S Korea is maintained, 2003 could be the best year in the last decade. European yards, on the other hand, are having a poor year. On an Japan annualised basis the result would be less than 3.0m dwt. That would 15 be poorer than last year, and certainly the worst for a decade.

10 Japanese Output 8.0 m. CGT 7.0 6.0 5.0 5 4.0 3.0 2.0 1.0 0 0.0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Source: Clarkson Research Studies 1993 1994 1995 Source:1996 1997 Clarkson1998 1999 Research2000 2001 Studies2002 2003 2004 2005 2006

Major Million DWT Trends This Year Shipbuilders 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003* % Japan 14.2 12.9 14.5 16.0 15.5 14.8 18.1 18.9 19.6 19.4 7.6 DOWN BY… -6.1% South Korea 8.1 6.9 10.2 11.9 0.0 11.8 15.5 19.0 18.0 20.7 9.2 UP BY…. 7.1% Taiwan 1.2 1.0 0.8 1.1 1.2 0.6 0.7 0.8 0.6 1.0 0.3 DOWN BY… -32.7% P.R. China 1.2 1.6 1.6 1.5 2.2 2.6 1.9 2.5 3.0 3.6 2.0 UP BY…. 36.0% Other Asia 0.1 0.1 0.2 0.4 0.2 0.5 0.4 0.4 0.5 0.5 0.2 UP BY…. 16.0% TOTAL ASIA 24.8 22.6 27.3 30.9 19.1 30.3 36.6 41.7 41.8 45.2 19.4 STEADY…. 2.9% Germany 1.0 1.2 1.2 1.3 1.2 1.2 0.7 0.9 0.8 1.1 0.2 DOWN BY… -51.0% Denmark 1.4 1.1 1.8 0.6 0.5 0.5 0.5 0.4 0.4 0.5 0.1 DOWN BY… -47.1% France 0.0 0.2 0.1 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.0 DOWN BY… -28.0% Italy 0.4 0.7 0.5 0.6 0.4 0.3 0.5 0.2 0.1 0.1 0.1 UP BY…. 77.1% Netherlands 0.1 0.1 0.2 0.1 0.2 0.3 0.3 0.3 0.2 0.3 0.1 STEADY…. -1.7% Spain 0.7 0.2 0.3 1.1 0.3 0.5 0.6 0.3 0.2 0.1 0.2 UP BY…. 387.4% Finland 0.1 0.0 0.1 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 DOWN BY… -100.0% Norway 0.1 0.2 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.1 UP BY…. 20.4% Turkey 0.1 0.0 0.0 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.0 DOWN BY… -14.0% Poland 0.5 0.8 0.6 0.9 0.8 0.9 0.7 0.7 0.8 0.6 0.1 DOWN BY… -52.6% Ukraine 0.3 0.3 0.3 0.3 0.2 0.0 0.0 0.0 0.0 0.1 0.0 DOWN BY… -100.0% Croatia 0.3 0.4 0.2 0.6 0.2 0.5 0.4 0.3 0.4 0.6 0.2 DOWN BY… -23.4% Other Europe 0.8 0.6 1.0 0.9 0.5 0.6 0.2 0.4 0.3 0.3 0.1 DOWN BY… -39.2% TOTAL EUROPE 5.9 5.7 6.4 7.0 4.9 5.1 4.5 3.9 3.6 4.1 1.2 DOWN BY… -27.0% Brazil 0.5 0.5 0.3 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.0 UP BY…. 1496% USA 0.0 0.1 0.1 0.1 0.2 0.4 0.2 0.2 0.3 0.3 0.0 DOWN BY… -66.5% Others 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.0 DOWN BY… -74.1% TOTAL OTHERS 0.6 0.5 0.4 0.4 0.3 0.5 0.3 0.2 0.3 0.3 0.1 DOWN BY… -51.8%

GLOBAL TOTAL 31.2 28.9 34.0 38.2 24.3 35.9 41.3 45.8 45.7 49.6 20.7 STEADY…. 0.2% *after a year indicates data are the latest year to date figures.

Clarkson Research Studies Page 14 Jun-03 Deliveries by Country/Region

Major Million CGT Trends This Year Shipbuilders 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003* % Japan 4.7 5.0 5.4 5.7 6.1 6.9 6.4 6.5 6.4 6.5 2.4 DOWN BY… -12.1% South Korea 1.9 2.1 3.0 3.7 4.1 3.6 4.5 5.9 6.1 6.6 2.8 STEADY…. 0.8% Taiwan 0.3 0.3 0.3 0.2 0.4 0.3 0.3 0.3 0.2 0.3 0.1 DOWN BY… -25.7% P.R. China 0.4 0.6 0.6 0.6 1.0 1.2 1.0 1.2 1.1 1.5 0.9 UP BY…. 40.9% Other Asia 0.1 0.1 0.0 0.2 0.1 0.3 0.3 0.2 0.2 0.3 0.1 UP BY…. 6.2% TOTAL ASIA 7.4 8.1 9.3 10.5 11.7 12.3 12.4 14.2 14.1 15.3 6.3 STEADY…. -1.2% Germany 0.8 0.8 1.1 1.2 0.0 1.0 0.8 0.8 1.2 1.2 0.3 DOWN BY… -41.9% Denmark 0.4 0.3 0.4 0.4 0.4 0.3 0.3 0.2 0.2 0.3 0.1 DOWN BY… -39.5% France 0.1 0.2 0.2 0.3 0.2 0.2 0.2 0.3 0.4 0.3 0.1 DOWN BY… -38.6% Italy 0.4 0.4 0.3 0.5 0.5 0.9 1.0 0.6 0.7 0.7 0.2 DOWN BY… -30.9% Netherlands 0.2 0.1 0.2 0.2 0.3 0.3 0.3 0.4 0.3 0.3 0.1 STEADY…. -1.4% Spain 0.2 0.2 0.2 0.4 0.2 0.3 0.3 0.3 0.2 0.1 0.1 UP BY…. 36.8% Finland 0.2 0.1 0.3 0.5 0.3 0.3 0.1 0.3 0.2 0.5 0.0 DOWN BY… -100.0% Norway 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.2 0.2 0.4 0.2 DOWN BY… -7.3% Turkey 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.0 DOWN BY… -8.8% Poland 0.3 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.1 DOWN BY… -66.7% Ukraine 0.1 0.1 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.1 0.0 DOWN BY… -100.0% Croatia 0.1 0.2 0.1 0.3 0.1 0.2 0.2 0.2 0.2 0.3 0.1 DOWN BY… -15.8% Other Europe 0.4 0.3 0.5 0.5 0.4 0.4 0.3 0.3 0.3 0.3 0.1 DOWN BY… -34.7% TOTAL EUROPE 3.4 3.5 4.0 5.2 3.3 4.8 4.6 4.2 4.7 5.2 1.3 DOWN BY… -38.4% Brazil 0.2 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UP BY…. 1186.9% USA 0.0 0.0 0.1 0.1 0.2 0.5 0.3 0.3 0.3 0.3 0.1 DOWN BY… -50.7% Others 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 UP BY…. 46.1% TOTAL OTHERS 0.3 0.3 0.3 0.3 0.3 0.6 0.5 0.4 0.3 0.4 0.1 DOWN BY… -11.8%

GLOBAL TOTAL 11.1 11.8 13.6 16.0 15.2 17.8 17.5 18.8 19.1 20.9 7.8 DOWN BY… -10.8%

Major Number of Vessels Trends This Year Shipbuilders 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003* % Japan 249 276 330 345 380 410 346 318 349 312 123 DOWN BY… -5.4% South Korea 80 101 137 157 180 151 162 188 216 222 92 STEADY…. -0.5% Taiwan 9 9 13 12 21 18 16 15 10 15 4 DOWN BY… -36.0% P.R. China 32 42 41 50 94 111 90 96 79 104 56 UP BY…. 29.2% Other Asia 17 18 26 28 17 42 32 19 20 23 10 STEADY…. 4.3% TOTAL ASIA 387 446 547 592 692 732 646 636 674 676 285 STEADY…. 1.2% Germany 57 58 75 78 68 73 51 51 46 57 16 DOWN BY… -32.6% Denmark 272222201514145882DOWN BY… -40.0% France 13253586731DOWN BY… -20.0% Italy 22 22 14 19 18 24 37 17 17 13 6 UP BY…. 10.8% Netherlands 22 18 27 26 37 45 48 61 44 41 17 STEADY…. -0.5% Spain 9 10 9 21 17 24 16 13 13 8 5 UP BY…. 50.0% Finland 43675852370DOWN BY… -100.0% Norway 15 16 12 22 25 34 34 18 22 39 19 UP BY…. 16.9% Turkey 74671611181118188UP BY…. 6.7% Poland 24 25 32 38 33 31 35 31 29 27 3 DOWN BY… -73.3% Ukraine 99994310340DOWN BY… -100.0% Croatia 6 9 414511111011175DOWN BY… -29.4% Other Europe 33 39 59 57 52 50 42 48 32 35 11 DOWN BY… -24.6% TOTAL EUROPE 236 238 277 323 298 333 320 273 253 277 93 DOWN BY… -19.4% Brazil 98772302114UP BY…. 860.0% USA 6 5 5 10 24 66 43 29 19 31 5 DOWN BY… -61.3% Others 6121312108108363UP BY…. 20.0% TOTAL OTHERS 21 25 25 29 36 77 53 39 23 38 12 DOWN BY… -24.2%

GLOBAL TOTAL 644 709 849 944 1026 1142 1019 948 950 991 390 DOWN BY… -5.5% *after a year indicates data are the latest year to date figures.

Clarkson Research Studies Page 15 Jun-03 Shipyard Capacity (1) Shipyard Feature: No. Cgt Spotlight on Tianjin Xingang Shipyard, China. 2003 3 33,713 • One of the many smaller shipyards in China, sharing Orderbook 2004 5 61,888 a common characteristic of an increasing prescience in the by Year of 2005 4 54,492 market The largest facility at the yard is a 35,000 tonne Delivery: slipway. There is also another slipway of 15,000 tonnes capacity. The main business of the shipyard is repair.

MPP > 5K • The main business activity of the shipyard has been DWT ship repair, but the yard is now marketing itself as a 6% builder as well through DSD Shipping in Shanghai.

• The current orderbook comprises 12 vessels. In 2001 the Tianjin Xingang Shipyard signed their largest contracts ever in 2001, with a combined value of Handysize US$100m, for the production of six 32,000-tonne cargo 94% ships for Denmark's Clipper Group and Unicorn of South Africa.

Shipbuilder….. Capacity* Output in Orderbook end Shipyard…. Dock Berth Lgth gt cgt 2002 May Number m. (,000) (,000) No. dwt cgt No. dwt cgt

Hyundai H.I. Ulsan South Korea 9 - 640 176 2,395 49 5,631 1,956 131 13,950 4,720 1 Samsung S.B. Koje South Korea 3 - 640 170 1,081 35 4,184 1,362 114 13,342 4,597 2 Daewoo S.B. Okpo South Korea 2 - 530 235 1,365 36 5,086 1,276 89 9,987 3,817 3 Hyundai Mipo Ulsan South Korea 4 4 380 40 87 24 788 479 89 3,662 1,733 4 Hyundai Samho Samho South Korea 2 - 512 164 415 22 3,275 650 53 7,037 1,626 5 Mitsubishi H.I. Nagasaki Japan 2 2 375 199 506 5 328 398 20 1,671 1,327 6 STX Shipbuild. Chinhae South Korea 1 3 320 41 204 18 756 338 59 3,053 1,171 7 Tsuneishi Zosen Numakuma Japan 1 2 266 88 387 18 1,328 367 58 4,595 1,147 8 Hanjin H.I. Busan South Korea 4 4 302 94 264 10 535 254 28 1,849 1,064 9 Stocznia Gdynia Gdynia Poland 2 - 380 92 201 11 322 257 28 1,104 1,009 10 I.H.I. Kure Japan 3 7 488 234 334 8 1,371 358 22 3,565 931 11 Kawasaki H.I. Sakaide Japan 2 - 450 203 368 5 428 181 16 1,418 884 12 Kanasashi K.K. Toyohashi Japan 1 - 275 60 234 9 482 170 17 381 849 13 Imabari S.B. Marugame Japan 2 - 290 73 402 18 1,232 419 29 1,676 845 14 Hudong S/Yard Shanghai China P.R. - 10 280 67 178 6 399 109 33 2,231 819 15 Oshima S.B. Co. Oshima Japan 2 - 535 73 316 25 1,382 401 49 2,723 813 16 CSBC Kaohsiung Taiwan 2 - 950 232 271 11 936 276 28 1,920 780 17 Universal S.B. Ariake Japan - - 0 160 0 1 298 48 17 4,840 754 18 Universal S.B. Tsu Japan - - 0 160 0 0 0 0 22 4,347 735 19 Fincantieri Monfalcone Italy 1 - 350 131 232 2 15 274 5 43 708 20 Mitsui S.B. Chiba Japan 3 6 419 189 363 8 1,234 269 13 2,114 653 21 Shin Kurushima Onishi Japan 2 - 276 75 237 11 366 276 30 1,159 610 22 Shina S.B. Chungmu South Korea - 3 165 34 91 7 200 106 29 1,182 605 23 Dalian New Yard Dalian China P.R. 1 2 365 161 184 4 421 85 18 2,374 548 24 De l'Atlantique St. Nazaire France 1 - 900 261 254 3 20 293 5 74 510 25 Szczecin. Nowa Szczecin Poland - - 0 35 0 5 103 91 23 835 500 26 Nantong S.B. Nantong China P.R. - - 360 160 16 5 514 140 21 1,501 481 27 Jiangnan S/Yard Shanghai China P.R. 3 2 232 41 128 7 388 127 23 1,090 472 28 Namura Zosensho Imari Japan 1 - 450 114 213 12 896 239 18 2,538 456 29 Odense Lindo Lindo Denmark 3 - 415 167 236 5 482 271 9 782 454 30 Brod. Uljanik Pula Croatia - 2 225 139 113 5 132 127 20 664 453 31 Waigaoqiao S/Y Shanghai China P.R. - - 0 0 0 0 0 0 16 2,609 441 32 Fincantieri Marghera Italy 1 2 340 85 188 1 7 105 4 29 420 33 Sasebo H.I. Sasebo Japan 5 - 370 154 223 5 640 131 18 1,702 419 34 Dalian Shipyard Dalian China P.R. 2 3 230 72 171 7 262 143 21 875 406 35 Mitsui S.B. Tamano Japan 2 5 386 72 161 7 380 106 24 1,457 405 36 Koyo Dock K.K. Mihara Japan 1 5 378 86 227 6 425 270 12 768 400 37 * Capacity output is defined as (1) the largest vessel built at the yard in gross tons (2) the maximum annual output for each yard in CGT since 1991. All DWT, GT and CGT figures in this table are in ,000's. Ranking of shipyards in the table are based on the current orderbook measured in CGT.

Clarkson Research Studies Page 16 Jun-03 Shipyard Capacity (2)

Shipbuilder….. Capacity* Output in Orderbook end Shipyard…. Dock Berth Lgth gt cgt 2002 May Number m. (,000) (,000) No. dwt cgt No. dwt cgt Rank

New Century S/Y Jingjiang China P.R. - - 0 31 0 8 335 114 23 1,234 389 38 Sanoyas Mizushima Japan 1 - 675 75 177 9 592 173 19 1,541 385 39 Guangzhou Shpyd Guangzhou China P.R. 3 3 200 29 90 4 129 71 19 683 355 40 Shanghai Shpyd. Shanghai China P.R. - 2 228 30 49 5 217 76 18 716 334 41 Mitsubishi H.I. Kobe Japan - 3 292 80 225 4 300 203 8 275 326 42 Onomichi Dockyd Onomichi Japan - 1 260 58 156 9 499 169 17 895 314 43 Meyer Werft Papenburg Germany 1 - 370 91 193 3 20 256 4 21 311 44 Sumitomo H.I. Oppama Japan 1 - 560 261 282 5 440 157 14 1,228 297 45 Imabari S.B. Saijo Japan 2 - 420 160 0 5 835 152 10 1,649 285 46 Tsuneishi Cebu Cebu Philippines - - 0 30 47 5 256 79 18 941 274 47 Brod. Split Split Croatia - 4 269 82 113 6 282 122 12 1,088 274 48 Kvaerner Masa Turku Finland 2 - 365 137 257 1 10 172 2 15 265 49 Sestri-Cantiere Genoa Italy 2 - 285 101 147 1 7 61 2 22 253 50 Jiangdu S/yard Yangzhou China P.R. - - 0 25 0 2 64 29 14 590 251 51 Iwagi Zosen Iwagi Japan - 1 136 32 71 4 143 54 13 641 242 52 Bohai Shipyard Hu Lu Dao China P.R. - - 195 29 75 1 46 21 11 858 240 53 Izar P. Real Puerto Real Spain - - 0 93 0 0 0 0 3 233 238 54 Minami Nippon Usuki Japan - 1 178 57 163 6 260 104 5 96 238 55 Guang. Wenchong Huangpu China P.R. 3 1 300 18 41 4 88 55 17 422 229 56 Kvaerner Masa Helsinki Finland 1 - 280 86 185 2 16 215 2 14 215 57 Fincantieri CastellammareItaly - 2 240 59 96 2 30 97 4 39 209 58 Volkswerft Stralsund Germany 2 - 300 34 77 5 168 96 10 280 202 59 I.H.I. Yokohama Japan - - 0 117 0 2 14 73 9 467 199 60 Eisa Shipyard Rio De JaneiroBrazil - 2 280 38 67 0 0 0 9 510 181 61 Lloyd Werft Bremerhaven Germany 3 - 335 78 98 0 0 0 2 12 180 62 ISOICO Bandar Abbas Iran - - 0 26 0 0 0 0 9 392 173 63 National Steel San Diego United States 1 10 305 111 41 1 34 41 5 770 173 64 Flensburger S.B Flensburg Germany - 1 270 31 80 4 57 85 7 73 171 65 J. J. Sietas Hamburg Germany 2 2 150 18 114 13 165 124 16 214 163 66 Shikoku Dock. Takamatsu Japan - 1 160 22 42 4 106 46 13 381 162 67 Kanda Zosensho Kawajiri Japan 3 2 181 20 102 9 250 107 14 450 162 68 Xiamen Shipyard Xiamen China P.R. - - 0 23 5 3 104 52 8 322 159 69 Izar Sestao Bilbao/Sestao Spain - - 0 93 0 0 0 0 4 199 159 70 Jinling Shipyd. Nanjing China P.R. - - 0 27 49 4 70 67 11 265 157 71 Brod. 3 Maj Rijeka Croatia - 2 260 58 64 3 96 56 8 318 153 72 Xingang S.Y. Tianjin China P.R. 2 1 212 21 56 3 73 31 12 401 150 73 Mitsubishi H.I. Shimonoseki Japan - 2 180 30 183 4 25 82 7 38 148 74 Saiki Hvy. Ind. Saiki Japan - 2 155 24 78 6 164 72 9 338 147 75 Admiralty S.Y. St. Petersburg Russia 2 2 240 33 41 2 40 20 8 324 145 76 Naikai S.B. Setoda Japan 3 7 230 34 127 4 128 72 9 256 144 77 Barreras S.A. Vigo Spain - 6 180 28 51 3 19 69 7 33 137 78 Zhou Shan S/Y Zhoushan China P.R. - - 0 17 0 3 13 13 16 181 134 79 Aker MTW Werft Wismar Germany 1 - 340 67 112 5 140 135 7 238 131 80 Kv. Warnowwerft Warnemunde Germany 1 - 320 67 136 4 135 77 7 236 129 81 Aker Finnyards Rauma Finland 1 - 250 50 62 4 12 130 2 32 123 82 Imabari S.B. Imabari Japan - 1 247 53 106 5 125 55 10 256 121 83 Lindenau Kiel Germany 2 1 185 22 25 2 67 35 7 230 121 84 Usuki Zosensho Usuki Japan 3 - 180 19 31 5 66 50 10 184 120 85 Zhejiang S/Yard Ningbo China P.R. - - 0 4 11 2 31 23 11 293 120 86 Watanabe Zosen Hakata Japan 1 2 160 30 41 3 26 28 10 187 117 87 Stocznia Gdansk Gdansk Poland - 6 280 33 88 5 160 95 7 226 109 88 Chengxi Shipyd. Jiangyin China P.R. - - 0 7 5 1 8 10 7 343 108 89 Universal S.B. Maizuru Japan - - 0 39 0 1 70 22 5 355 106 90 Jurong S/Yard Tanjong Kling Singapore 1 4 330 52 57 4 59 52 5 154 105 91 Bender S.B. Mobile United States 3 9 251 9 27 3 9 22 14 59 103 92 Jiangsu S/Yard Yangzijiang China P.R. - - 0 18 11 6 90 54 9 156 102 93 Chernomorskiy Nikolayev Ukraine - 2 289 32 66 1 45 25 4 182 100 94 Weihai S/yard Weihai China P.R. - - 0 13 11 0 0 0 11 148 100 95 Hakodate Dock Hakodate Japan 2 1 184 128 55 5 193 65 9 288 99 96 Volharding Eemshaven Netherlands - - 0 8 0 6 45 40 11 118 97 97 Varna Shipyard Varna Bulgaria 2 - 237 57 61 0 0 0 8 184 95 98 Qingshan S.Y. Wuhan China P.R. - - 0 12 19 2 24 18 14 114 91 99 Peene Werft Wolgast Germany 1 - 165 14 30 4 71 51 7 129 90 100 Vianayard Viana Castelo Portugal - 2 203 18 50 2 23 20 5 61 90 101 Wuhu Shipyard Wuhu China P.R. - - 120 19 46 2 54 26 11 103 89 102 * Capacity output is defined as (1) the largest vessel built at the yard in gross tons (2) the maximum annual output for each yard in CGT since 1991. All DWT, GT and CGT figures in this table are in ,000's. Ranking of shipyards in the table are based on the current orderbook measured in CGT.

Clarkson Research Studies Page 17 Jun-03 Shipyard Capacity (3)

Shipbuilder….. Capacity* Output in Orderbook end Shipyard…. Dock Berth Lgth gt cgt 2002 May Number m. (,000) (,000) No. dwt cgt No. dwt cgt Rank

Damen Galati Galatz Romania - - 0 24 11 3 67 38 12 111 88 103 NG Avondale New Orleans United States - - 0 85 0 2 176 79 3 425 88 104 Schps. Bodewes Hoogezand Netherlands - - 0 5 14 3 22 20 16 88 85 105 Brod. Trogir Trogir Croatia 1 2 200 28 78 2 57 30 4 190 85 106 Kitanihon Zosen Hachinohe Japan 2 - 140 19 53 3 54 43 6 146 84 107 Jiangdong S/Y Wuhu China P.R. - - 0 10 17 2 18 13 10 128 83 108 Fincantieri Palermo Italy 6 - 286 59 46 0 0 0 2 50 82 109 Jiangzhou S/Y Jiangxi China P.R. - - 0 9 36 2 16 15 11 101 79 110 Visentini Donada Italy 1 3 190 40 36 2 15 53 3 21 79 111 Peters Schpsw. Kampen Netherlands - 4 110 3 15 3 14 14 17 68 76 112 Shin Kochi H.I. Kochi City Japan - 2 168 19 72 7 73 49 7 158 74 113 Fukuoka S.B. Fukuoka Japan - 1 110 12 59 5 65 42 7 107 72 114 Hellenic S/Yard Skaramanga Greece - - 0 21 0 0 0 0 2 4 72 115 Kouan S.B. Taizhou China P.R. - - 0 18 0 2 51 31 6 147 72 116 Soc. Esercizio Viareggio Italy - 5 180 21 23 0 0 0 6 93 72 117 Shin Kurushima Akitsu Japan - 2 131 17 111 5 98 61 6 105 71 118 Damen Okean Nikolayev Ukraine - - 0 10 0 0 0 0 10 88 69 119 Izar Sevilla Seville Spain - - 0 24 0 1 6 25 2 6 65 120 Kyokuyo S/yard Shimonoseki Japan 1 - 134 22 46 4 34 38 8 95 64 121 Volharding Harlingen Netherlands - - 0 12 0 0 0 0 8 82 63 122 Vulcano S.A. Vigo Spain - 2 158 14 24 1 17 12 4 70 59 123 Jingjiang Sumec Jingjiang China P.R. - - 0 7 0 1 6 5 9 78 58 124 Itajai Shipyard Itajai Brazil - - 120 6 0 0 0 0 5 65 56 125 Celiktekne Tuzla Turkey - - 0 11 17 3 23 21 8 65 54 126 Severnaya S.B. St. Petersburg Russia - 4 170 16 17 1 5 7 8 40 54 127 Cant. Orlando Leghorn Italy - 2 140 24 38 0 0 0 2 27 53 128 Krasnoy Sormovo Gorkiy Russia - - 0 6 20 0 0 0 8 67 53 129 Shanghai Edward Shanghai China P.R. - - 170 12 22 3 44 31 5 66 50 130 ABG Shipyard Surat India - - 0 6 8 1 1 6 12 10 46 131 Braila Shipyard Braila Romania - 2 135 8 17 0 0 0 7 39 46 132 Higaki Zosen Imabari Japan - 3 110 9 80 8 63 59 8 65 46 133 Avondale Ind. New Orleans United States 2 3 900 85 59 0 0 0 1 34 45 134 61 Kommunar Nikolayev Ukraine 1 3 134 14 41 0 0 0 4 38 45 135 Rousse Shipyard Rousse Bulgaria - 12 138 4 6 2 9 8 11 50 45 136 Dong Feng S/Y Hangzhou China P.R. - - 0 0 0 0 0 0 8 101 44 137 Jiangyang S.Y. Yangzhou China P.R. - - 0 41 31 0 0 0 3 139 44 138 Dae Sun S.B. Pusan South Korea - 3 173 9 21 4 37 36 5 45 44 139 Kvaerner Phil. Philadelphia United States - - 0 29 0 0 0 0 2 60 44 140 Shanhaiguan S/Y Shanhaiguan China P.R. - - 0 14 0 0 0 0 5 120 43 141 Volgograd S.Y. Volgograd Russia - - 129 5 11 3 20 16 7 47 43 142 North American Larose United States - - 80 4 42 4 17 34 6 26 42 143 Fjellstrand A/S Omastrand Norway - - 0 4 0 0 0 0 3 2 42 144 Atsalakis S/Y Perama Greece - - 0 7 0 0 0 0 2 3 42 145 FELS-Setal Angra Dos Rei Brazil - - 0 3 0 0 0 0 5 17 42 146 Kraljevica Kraljevica Croatia - 3 125 15 0 0 0 0 5 37 42 147 Cant. De Poli Venice Italy - - 130 12 15 1 17 12 6 44 42 148 Asakawa S.B. Imabari Japan 1 - 125 10 28 4 55 33 4 49 41 149 Kleven Floroe Floroe Norway - - 0 33 0 2 80 42 2 80 40 150 Okean Shipyard Nikolayev Ukraine 1 - 225 63 47 0 0 0 2 138 39 151 Naval Gijon Gijon Spain 1 - 165 24 25 1 35 19 2 70 39 152 Mutzelfeldt Cuxhaven Germany - - 100 10 16 0 0 0 4 58 38 153 Bollinger S.Y. Lockport United States - - 58 3 6 6 4 15 7 15 38 154 Rolandwerft Bremen Germany - - 115 10 33 2 17 15 3 14 38 155 VT Halter Pascagoula United States - - 0 0 0 0 0 0 1 13 37 156 Daewoo-Mangalia Mangalia Romania - - 0 16 5 0 0 0 4 38 37 157 Zhonghua S/Yard Shanghai China P.R. - 2 107 22 45 3 31 41 3 34 37 158 P.T. PAL Indon. Surabaya Indonesia 7 - 0 26 31 1 45 16 3 94 35 159 Yantai Raffles Yantai China P.R. - - 0 30 0 2 2 12 5 20 34 160 Bohai Sembawang Tianjin China P.R. - - 0 20 0 0 0 0 2 58 34 161 Est. Promar Rio De JaneiroBrazil - - 0 2 0 1 3 6 5 17 34 162 Shin Kurushima Hashihama Japan - 1 268 75 21 4 32 32 4 33 34 163

Others 1,968 151 98,653 1,403 278 1,745 1,732

TOTAL 20,045 897 45,385 19,301 2,454 134,885 55,382 * Capacity output is defined as (1) the largest vessel built at the yard in gross tons (2) the maximum annual output for each yard in CGT since 1991. All DWT, GT and CGT figures in this table are in ,000's. Ranking of shipyards in the table are based on the current orderbook measured in CGT.

Clarkson Research Studies Page 18 Jun-03 Vessels Lost At Sea Trends of Losses at Sea Summary m. dwt 2.00 • The “FU SHAN HAI” 69,972 dwt, built 1995 collided with the much smaller 381 TEU, 5,183 dwt, fully 1.75 cellular containership “GDYNIA” 2000 built. The “FU Tankers Bulkers SHAN HAI”, loaded with 60,000 tonnes of carbonate of 1.50 Gas Container Combos Other potash from Ventspils, was bound for China. She sank in 60m of water approximately 2.5 miles north of the Danish 1.25 island of Bornholm. Around 2,000 tonnes of fuel remain on board, which has begun to leak out causing an oil slick 1.00 12km long. Both crews are safe.

0.75 • The master of the “NORWEGIAN SUN” reported the 2001 built, 78,309gt passenger vessel accidentally 0.50 discharged 40 tons of raw sewage into the Strait of Juan de Fuca, which connects Puget Sound (Seattle) with the 0.25 Pacific. Under local law the discharge could be classed as illegal, but it may be legal under federal law. 0.00 • The 1982-built bulk carrier “JUNIOR M” sank in 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Source: Clarkson Research Studies the Black Sea after colliding with the 2000 built tanker “NURIA TAPIAS”. All the crew were rescued.

Bulk Vessel No. of Vessels Average Age ,000 GT Losses 2000 2001 2002 May* 2000 2001 2002 May* 2000 2001 2002 May* VLCC > 200,000 0100 02400 01220 0 Suezmax 120-200,000 0000 0000 000 0 Aframax 80-120,000 0011 002614004353 Panamax 60-80,000 0000 0000 000 0 Products 10-60,000 1200 223100 11260 0 Chemical 10-60,000 0000 0000 000 0 Specialised 10-60,000 0000 0000 000 0 Tankers > 10,000 1311 22282614111484353 Tankers < 10,000 3300 111700 11130 0 Capesize > 80,000 2200 2116001371610 0 Panamax 60-80,000 2120 2017190 7935690 Handymax 40-60,000 1110 1724180 3231250 Handysize 10-40,000 9201 2017021138390 7 Bulkers > 10,000 14 6 3 1 20 18 18 21 385 267 94 7 Combos > 10,000 0000 0000 000 0 Total Bulk Vessels 18 12 4 2 18 20 20 17 407 427 137 60 Special Vessel No. of Vessels Average Age ,000 GT Losses 2000 2001 2002 May* 2000 2001 2002 May* 2000 2001 2002 May* LNG Carriers 00 00 0000 000 0 LPG Carriers 00 00 0000 000 0 Reefers 3 5 0 0 14 25 0 0 12 24 0 0 Containers > 3,000 teu 00 00 0000 000 0 Containers < 3,000 teu 00 10 0060 006 0 Other Dry > 5,000 dwt 9 5 9 4 19 17 20 23 77 52 160 79 Offshore & Others 5 4 5 2 28 22 24 14 5 12 14 4 Cruise Vessels 00 00 0000 000 0 Ro-Ro Ferries 00 00 0000 000 0 Total Special Vessels 17 14 15 6 21 21 21 20 94 88 180 83

No. of Vessels Average Age ,000 GT Total All Losses 2000 2001 2002 May* 2000 2001 2002 May* 2000 2001 2002 May* All Vessels Types 35 26 19 8 20 21 20 19 501 516 317 143 * denotes data for year to date.

Clarkson Research Studies Page 19 Jun-03 Demolition Sales by Vessel Type Quarterly Demolitions (DWT) Summary 12.0 • So far this year 11.1m dwt of cargo vessels have been sold for demolition. As the freight markets are still 10.0 Tankers Bulkers Gas firm it is likely sales will remain low. Container Other • The regrettable death of six people due to an explosion on board a tanker in Alang has further fuelled 8.0 the media’s attention on “Green Scrapping” issue and the authorities continue to debate who is going to pay for this. • The Bangladeshi Budget was delivered in June but a 6.0 lack of clarity in the budget speech however created confusion in the shipbreaking industry. Analysis suggests 4.0 that there has been no increase in the percentage of duty charged by the Finance Ministry, although there remains the potential of increase in the tariff by the National Board 2.0 of Revenue. The current threshold on which duty may be charged stands at $122.50/tonne and it is rumoured that this may be increased by $40/tonne, which would have a 0.0 significant effect on prices overnight. The rate of duty stands at 36-40% and so the impact on prices could be as 3Q95 1Q96 3Q96 1Q97 3Q97 1Q98 3Q98 1Q99 3Q99 1Q00 3Q00 1Q01 3Q01 1Q02 3Q02 1Q03 Source: Clarkson Research Studies much as $15/16 per tonne.

Bulk Vessel No. end Average Age m. DWT, end: Forecast Demolition Demolition 2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004 VLCC > 200,000 33 14 26.0 27.0 9.9 7.1 8.6 10.9 4.6 7.0 6.7 Suezmax 120-200,000 11 7 26.0 25.0 3.1 2.5 4.0 1.6 1.0 2.3 1.7 Aframax 80-120,000 17 11 25.0 26.0 2.5 1.7 1.4 1.5 1.0 2.4 1.6 Panamax 60-80,000 6 5 25.0 28.0 0.2 0.3 0.4 0.4 0.3 1.1 0.3 Products 10-60,000 68 26 27.0 29.0 0.7 2.2 1.0 2.3 0.8 2.5 2.3 Chemical 10-60,000 10 6 27.0 30.0 0.1 0.1 0.1 0.3 0.2 0.1 0.2 Specialised 10-60,000 2 1 43.0 25.0 0.0 0.0 0.1 0.1 0.0 0.1 0.1 Tankers > 10,000 147 70 26.0 28.0 16.5 13.9 15.5 17.0 7.8 15.5 12.9 Tankers < 10,000 20 15 29.0 31.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 Capesize > 80,000 10 2 26.0 25.0 3.0 1.0 1.6 1.3 0.2 0.8 1.6 Panamax 60-80,000 22 1 24.0 26.0 1.5 0.2 2.1 1.4 0.1 1.6 1.8 Handymax 40-60,000 10 2 25.0 27.0 1.6 0.8 0.7 0.5 0.1 1.1 1.6 Handysize 10-40,000 92 34 26.0 26.0 3.0 2.3 3.4 2.4 0.9 3.4 4.9 Bulkers > 10,000 134 39 26.0 26.0 9.1 4.3 7.8 5.6 1.3 6.9 9.9 Combos > 10,000 12 4 24.0 21.0 1.0 0.6 0.8 1.2 0.5 0.1 0.2 Total Bulk Vessels 313 128 26.0 27.0 26.5 18.8 24.3 24.0 9.7 22.6 23.0 Special Vessel No. end Average Age m. DWT, end: Forecast Demolition Demolition 2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004 LNG Carriers 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 LPG Carriers 23 10 29.0 28.0 0.1 0.1 0.0 0.5 0.2 0.3 0.3 Reefers 14 8 26.0 32.0 0.4 0.2 0.1 0.1 0.0 0.2 0.2 Containers > 3,000 teu 2 1 29.0 1.0 0.0 0.0 0.1 0.0 0.1 0.1 0.1 Containers < 3,000 teu 47 14 25.0 26.0 0.9 0.2 0.5 1.1 0.3 0.7 0.8 Other Dry > 5,000 dwt 118 46 25.0 25.0 2.1 2.4 2.5 2.0 0.7 2.3 2.4 Offshore & Others 13 8 29.0 28.0 0.5 0.4 0.1 0.4 0.0 2.3 2.4 Cruise Vessels 2 0 47.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ro-Ro Ferries 5 0 26.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.3 Total Special Vessels 225 87 26.0 26.0 4.0 3.3 3.4 4.1 1.4 6.2 6.5 Total No. end Average Age m. DWT, end: Forecast Demolition Demolition 2002 May* 2002 May* 1999 2000 2001 2002 May* 2003 2004 All Vessels Types 538 215 26.0 27.0 30.6 22.1 27.6 28.1 11.1 28.8 29.5 *after a month indicates data are the latest year to date figures. Average age is based on number of ships.

Clarkson Research Studies Page 20 Jun-03 Demolition Sales by Vessel Type

Recent Ship Sales for Demolition Date Type Vessel Name Flag Dwt Ldt Blt. Owner Breaker $/ldt $m. May-03 VLCC Arcadian I CY. 267,632 38,042 1976 Transoil Shipmngs. Bangladesh 205.00 7.80 May-03 VLCC New Renown LI. 240,830 33,052 1976 Assoc. M/time (H.K.) PRC 206.00 6.81 May-03 VLCC Sea World BS. 491,120 56,240 1978 Frontline Ltd. PRC 201.00 11.30 May-03 Aframax Alcyonida BS. 94,035 15,658 1980 Tsakos Shpg. & Trad. India/Bangla 208.50 3.26 May-03 Aframax Cello LI. 83,983 16,051 1968 Dynacom Tankers Mngt PRC 208.00 3.34 May-03 Handy Prod Emerald Star PA. 59,535 1979 Tanker Pacific Mngt. PRC May-03 Handy Prod Sacha MA. 31,102 8,218 1974 Socomar S.R.L. Bangladesh 214.00 1.76 May-03 Handy Prod Theopisti GR. 25,170 6,371 1968 Aegean Marine Pet. Bangladesh 217.00 1.38 May-03 Handy Prod Aries Erre IT. 15,767 1975 Ravennavi S.P.A. India May-03 Handy Prod Princess Veronica PA. 55,245 12,822 1980 Ocean Marine Shpg. India 156.00 2.00 May-03 Handy Prod Star GR. 16,441 6,000 1956 Shpg. & Trad. Agens. Turkey May-03 Handy Chem Tulip SV. 31,501 1975 Unknown Owner India May-03 Handy Chem Tanav GR. 10,857 2,850 1971 Vardinoyannis Group Pakistan 195.00 0.56 May-03 Small/Spec Citrus do Brasil LI. 9,881 5,400 1970 Mar. Aleuropa India May-03 Small/Spec Nada BO. 7,036 4,565 1963 Fouda Group Maritime India May-03 Small/Spec Markiza SA. 6,401 1,268 1971 Unknown Owner Pakistan 195.00 0.25 May-03 8-20K cu.m. LPG Gaz Lion PA. 11,835 5,410 1972 Naftomar Shpg & Trad India 206.00 1.11 May-03 Capesize Georgios T. SV. 124,817 19,600 1978 Overseas Marine India May-03 Handymax Isdemir TU. 45,472 9,905 1976 Deniz Nakliyati A.S. India 193.50 1.92 May-03 Handysize Trader CY. 37,990 9,021 1978 Seaworld Mngt & Trdg Bangladesh 205.00 1.85 May-03 Handysize Panagiotis MA. 27,269 6,533 1974 Katopagi Management India May-03 PCC < 5K DWT Simbad BS. 2,053 1981 Acomarit Services SA May-03 Reefer Albacora Frigo SP. 3,687 1969 Albafrigo S.A.

Bulk Vessel Million GT Forecast Demolition Demolition 1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 VLCC > 200,000 3.6 1.7 1.0 2.0 4.7 3.4 4.1 5.3 2.2 3.4 3.2 Suezmax 120-200,000 0.6 0.5 0.1 0.7 1.6 1.3 2.0 0.8 0.5 1.2 0.9 Aframax 80-120,000 0.3 0.3 0.4 0.1 1.3 0.9 0.8 0.8 0.6 1.3 0.9 Panamax 60-80,000 0.1 0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.2 0.6 0.2 Products 10-60,000 0.7 0.3 0.2 0.2 0.4 1.3 0.6 1.3 0.5 1.4 1.3 Chemical 10-60,000 0.0 0.1 0.0 0.0 0.1 0.1 0.0 0.2 0.1 0.1 0.1 Specialised 10-60,000 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 Tankers > 10,000 5.4 2.9 1.8 3.3 8.2 7.1 7.7 8.7 4.0 8.1 6.6 Tankers < 10,000 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 Capesize > 80,000 0.4 1.5 1.6 2.0 1.6 0.5 0.8 0.7 0.1 0.4 0.8 Panamax 60-80,000 0.1 0.5 0.7 1.1 0.8 0.1 1.2 0.8 0.0 0.9 1.0 Handymax 40-60,000 0.1 1.0 0.6 0.9 1.0 0.5 0.4 0.3 0.1 0.7 1.0 Handysize 10-40,000 0.3 1.1 1.5 2.6 1.8 1.4 2.1 1.5 0.6 2.1 3.0 Bulkers > 10,000 0.9 4.0 4.4 6.7 5.2 2.5 4.5 3.3 0.8 4.1 5.9 Combos > 10,000 0.9 1.2 0.4 1.0 0.5 0.4 0.5 0.7 0.3 0.1 0.1 Total Bulk Vessels 7.3 8.2 6.6 11.0 13.9 10.0 12.7 12.7 5.1 12.3 12.6 Special Vessel Million GT Forecast Demolition Demolition 1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 LNG Carriers 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 LPG Carriers 0.0 0.0 0.1 0.0 0.1 0.1 0.0 0.4 0.2 0.3 0.3 Reefers 0.2 0.2 0.1 0.2 0.4 0.2 0.1 0.1 0.0 0.2 0.2 Containers > 3,000 teu 0.0 0.0 0.0 0.3 0.1 0.1 0.1 0.1 0.0 0.1 0.1 Containers < 3,000 teu 0.2 0.4 0.4 1.3 0.8 0.2 0.5 1.1 0.3 0.7 0.8 Other Dry > 5,000 dwt 0.5 1.2 1.7 1.6 1.5 1.9 1.9 1.6 0.6 1.8 1.9 Offshore Vessels 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cruise Vessels 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ro-Ro Ferries 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total Special Vessels 0.9 1.8 2.4 3.4 2.9 2.4 2.7 3.2 1.1 3.1 3.3 Total Million GT Forecast Demolition Demolition 1995 1996 1997 1998 1999 2000 2001 2002 May* 2003 2004 All Vessels Types 8.1 10.0 8.9 14.4 16.8 12.4 15.4 15.9 6.2 15.4 15.9 * denotes data for year to date.

Clarkson Research Studies Page 21 Jun-03 Fleet Forecasts

Oil Tanker Numbers, end m. DWT, end Forecast Fleet 1999 2000 2001 2002 May* 1999 2000 2001 2002 May* 2003 2004 Orderbook (end period) 308 411 584 656 739 37.5 50.7 61.7 58.8 67.0 New Orders 104 283 299 277 203 12.0 34.7 25.1 20.8 20.7 Newbuildings Delivered 210 180 127 206 120 20.2 21.4 14.2 23.7 12.5 28.3 25.5 Sold for Scrap 116 145 116 147 70 16.5 13.9 15.5 17.0 7.8 15.5 12.9 Losses 11311 0.00.00.30.10.10.1 Miscellaneous Additions 2144 0.20.10.30.4 Miscellaneous Removals 28482 0.20.20.41.00.10.1 Total Tanker Fleet 3,410 3,437 3,430 3,473 3,516 289.0 296.4 291.9 296.0 300.0 308.1 320.7 % change 2.7% 0.8% -0.2% 1.3% 1.2% 1.2% 2.6% -1.5% 1.4% 1.3% 5.5% 4.1% of which: VLCC >200,000 425 441 428 428 428 123.7 128.9 125.7 125.2 125.1 127.7 130.0 % change -0.9% 3.8% -2.9% -0.7% 4.2% -2.5% -0.4% -0.1% 1.6% 1.9% Suezmax 120-200,000 287 291 275 286 290 41.3 42.1 40.1 42.0 42.8 43.7 45.5 % change -2.7% 1.4% -5.5% 4.0% 1.4% -2.0% 2.1% -4.7% 4.8% 1.9% 8.9% 4.1% Aframax 80-120,000 548 552 551 568 586 52.2 52.8 52.9 55.0 57.1 59.9 63.3 % change 3.8% 0.7% -0.2% 3.1% 3.2% 4.9% 1.0% 0.2% 4.0% 3.8% 13.3% 5.7% Panamax 60-80,000 208 220 217 220 224 13.9 14.7 14.5 14.7 15.0 15.3 17.6 % change 3.0% 5.8% -1.4% 1.4% 1.8% 3.0% 6.0% -1.6% 1.5% 2.0% 5.5% 15.1% Handy 10-60,000 1,942 1,933 1,959 1,971 1,988 57.9 57.9 58.8 59.1 60.0 61.5 64.2 % change 4.1% -0.5% 1.3% 0.6% 0.9% 4.3% 0.0% 1.6% 0.5% 1.4% 4.6% 4.4% Bulk Carrier Numbers, end m. DWT, end Forecast Fleet 1999 2000 2001 2002 May* 1999 2000 2001 2002 May* 2003 2004 Orderbook (end period) 464 535 371 443 507 33.5 35.3 24.4 30.5 35.7 New Orders 331 252 145 295 133 22.8 15.1 9.5 20.2 9.4 Newbuildings Delivered 198 184 310 223 69 12.7 13.3 20.5 14.1 4.2 11.3 15.0 Sold for Scrap 198 115 188 134 39 9.1 4.3 7.8 5.6 1.3 6.9 9.9 Losses 6 14 6 3 1 0.2 0.7 0.5 0.2 0.0 0.0 Miscellaneous Additions 3 0.3 Miscellaneous Removals 5 12 4 9 3 0.2 0.3 0.1 0.3 0.1 Total Bulk Carrier Fleet 5,337 5,379 5,490 5,567 5,593 267.3 275.1 287.1 295.1 297.9 299.4 304.5 % change -0.2% 0.8% 2.1% 1.4% 0.5% 1.2% 2.9% 4.3% 2.8% 0.9% 4.3% 1.7% of which: Capesize >80,000 527 558 576 591 597 82.5 87.3 90.7 93.5 94.6 97.3 101.4 % change -0.2% 5.9% 3.2% 2.6% 1.0% 1.5% 5.8% 3.9% 3.1% 1.2% 7.3% 4.2% Panamax 60-80,000 901 949 1,028 1,059 1,067 62.2 65.8 72.0 74.5 75.1 74.6 77.1 % change 4.9% 5.3% 8.3% 3.0% 0.8% 5.5% 5.8% 9.3% 3.5% 0.8% 3.6% 3.4% Handy 40-60,000 993 1,013 1,098 1,173 1,200 45.2 46.1 50.4 54.2 55.6 56.5 58.2 % change 0.5% 2.0% 8.4% 6.8% 2.3% 0.4% 2.0% 9.4% 7.6% 2.6% 12.1% 3.0% Handysize 10-40,000 2,916 2,859 2,788 2,744 2,729 77.4 75.9 74.0 72.9 72.5 71.0 67.8 % change -1.9% -2.0% -2.5% -1.6% -0.5% -1.7% -1.9% -2.5% -1.5% -0.5% -4.0% -4.5% Combined Numbers, end m. DWT, end Forecast Carrier Fleet 1999 2000 2001 2002 May* 1999 2000 2001 2002 May* 2003 2004 Orderbook (end period) - - 2 2 2 - - 0.2 0.2 0.2 New Orders --2-- --0.2-- Newbuildings Delivered 4---- 0.4---- 0.10.0 Sold for Scrap 8 6 8 12 4 1.0 0.6 0.8 1.2 0.5 0.1 0.2 Losses ------Miscellaneous Additions - 1 - 1 - - 0.1 - 0.1 - Miscellaneous Removals - 1 - 3 - - 0.0 - 0.4 - Total Combined Fleet 147 141 133 120 116 14.8 14.2 13.4 12.0 11.6 12.0 11.8 % change -3% -4% -6% -10% -3% -4% -4% -6% -10% -4% -10.2% -1.3% LNG Carrier Numbers, end m. cbm., end Forecast Fleet 1999 2000 2001 2002 May* 1999 2000 2001 2002 May* 2003 2004 Orderbook (end period) 18 26 47 56 56 2.3 3.4 6.3 7.4 7.4 New Orders 5 20 22 19 3 0.7 2.6 3.0 2.5 0.4 Newbuildings Delivered 7 12 1 10 3 1.0 1.5 0.1 1.4 0.4 1.9 2.7 Sold for Scrap -1--- -0.0--- - - Losses ------Miscellaneous Additions ------Miscellaneous Removals ------Total LNG Fleet 117 128 129 139 142 12.7 14.2 14.3 15.7 16.1 17.6 20.4 % change 9.4% 0.8% 7.8% 2.2% 12.0% 1.0% 9.6% 2.6% 22.8% 15.6% N.B. All dwt measurements/size categories are now in metric tonnes. * orders, deliveries, scrapping, losses etc. are for the year to end of month indicated.

Clarkson Research Studies Page 22 Jun-03 Fleet Forecasts

LPG Carrier Numbers, end m. cbm., end Forecast Fleet 1999 2000 2001 2002 May* 1999 2000 2001 2002 May* 2003 2004 Orderbook (end period) 41 45 51 41 42 1.1 1.3 1.5 1.5 1.6 New Orders 14 34 36 14 12 0.2 0.8 0.9 0.4 0.5 Newbuildings Delivered 30 30 30 24 11 0.4 0.6 0.7 0.5 0.4 1.1 0.4 Sold for Scrap 9 10 7 23 10 0.1 0.1 0.1 0.7 0.3 0.3 0.4 Losses 1 0.0 Miscellaneous Additions Miscellaneous Removals 1 1 3 0.0 0.0 0.0 Total LPG Fleet 944 963 986 983 984 12.9 13.5 14.1 13.9 13.9 14.3 14.4 % change 2.1% 2.0% 2.4% -0.3% 0.1% 2.6% 4.0% 4.6% -1.6% 0.5% 3.5% 0.2% of which: > 60,000 cbm 93 98 105 103 103 7.2 7.6 8.1 8.0 8.0 8.4 8.5 % change 3.3% 5.4% 7.1% -1.9% 3.5% 5.5% 7.4% -1.5% 0.3% 4.6% 1.5% 20-60,000 cbm 77 81 80 78 79 2.8 2.9 2.9 2.8 2.8 3.0 3.2 % change -1.3% 5.2% -1.2% -2.5% 1.3% -0.5% 2.0% -0.9% -3.9% 1.9% 9.0% 5.7% 8-20,000 cbm 88 89 88 90 91 1.1 1.1 1.1 1.1 1.1 1.0 0.9 % change 2.3% 1.1% -1.1% 2.3% 1.1% 2.4% 0.8% -0.8% -0.4% 0.1% -3.3% -11.3% < 8,000 cbm 686 695 713 712 711 1.9 1.9 2.0 2.0 2.0 1.9 1.8 % change 2.2% 1.3% 2.6% -0.1% -0.1% 4.3% 2.8% 4.7% 0.8% -0.2% -4.9% -8.5% Containership Numbers, end m. TEU, end Forecast Fleet 1999 2000 2001 2002 May* 1999 2000 2001 2002 May* 2003 2004 Orderbook (end period) 278 421 415 342 419 0.9 1.4 1.4 1.1 1.5 New Orders 155 300 182 129 142 0.6 1.0 0.5 0.4 0.6 Newbuildings Delivered 128 157 188 202 65 0.3 0.4 0.6 0.6 0.2 0.6 0.6 Sold for Scrap 49 12 29 50 15 0.1 0.0 0.0 0.1 0.0 0.1 0.1 Losses 3 1 0.0 0.0 Miscellaneous Additions Miscellaneous Removals 1 3 2 0.0 0.0 0.0 Total Containership Fleet 2,602 2,746 2,901 3,049 3,099 4.4 4.8 5.4 6.0 6.2 6.5 7.0 % change 2.9% 5.5% 5.6% 5.1% 1.6% 4.9% 9.8% 12.1% 10.6% 3.0% 8.4% 8.4% of which: Post-P' max 4,000 &+ teu 104 138 201 246 262 0.6 0.8 1.1 1.4 1.5 1.6 1.9 % change 15.6% 32.7% 45.7% 22.4% 6.5% 17.8% 35.2% 47.7% 24.1% 7.2% 16.6% 15.5% Panamax 3,000 &+ teu 342 365 382 425 437 1.3 1.4 1.4 1.6 1.7 1.8 2.0 % change 2.4% 6.7% 4.7% 11.3% 2.8% 2.8% 7.8% 4.8% 12.6% 2.9% 9.7% 11.8% Handymax 2-2,999 teu 380 401 441 473 480 0.9 1.0 1.1 1.2 1.2 1.3 1.3 % change 5.0% 5.5% 10.0% 7.3% 1.5% 4.8% 5.4% 10.1% 7.4% 1.6% 7.4% 4.1% Handy 1-1,999 teu 795 837 874 893 898 1.1 1.2 1.2 1.3 1.3 1.3 1.3 % change 2.4% 5.3% 4.4% 2.2% 0.6% 2.9% 5.9% 4.4% 2.4% 0.6% 1.5% 0.3% Feeders < 1,000 teu 981 1,005 1,003 1,012 1,022 0.5 0.5 0.5 0.5 0.5 0.5 0.6 % change 1.4% 2.4% -0.2% 0.9% 1.0% 2.0% 3.3% 0.3% 2.0% 1.3% 1.8% 1.6% Reefer Numbers, end m. Cu.ft, end Forecast Fleet 1999 2000 2001 2002 May* 1999 2000 2001 2002 May* 2003 2004 Orderbook (end period) 20 12 8 9 9 9.3 5.2 3.9 3.4 3.4 New Orders 4 4 - 3 - 1.2 1.5 0.7 Newbuildings Delivered 22 12 4 2 - 10.0 5.6 1.3 1.3 1.6 1.0 Sold for Scrap 54 17 14 14 8 17.4 6.6 4.5 4.9 1.6 15.4 18.4 Losses 1 3 5 - - 0.0 0.6 1.1 Miscellaneous Additions -1--- Miscellaneous Removals -463 - 0.8 Total Reefer Fleet 1,356 1,341 1,320 1,305 1,297 363.9 361.4 355.5 351.0 349.5 337.2 319.8 % change -1% -2% -1% -1% -1% -2% -1% 0% -3.9% -5.2% Other Dry* Numbers, end m. DWT, end Forecast Fleet >5,000 dwt 1999 2000 2001 2002 May* 1999 2000 2001 2002 May* 2003 2004 Orderbook (end period) 258 208 199 212 242 3.2 2.9 2.7 2.9 3.1 New Orders 100 123 85 103 61 1.1 1.8 0.9 1.4 0.7 Newbuildings Delivered 156 174 95 90 31 1.8 2.1 1.1 1.2 0.5 0.5 0.5 Sold for Scrap 141 164 156 118 46 2.1 2.4 2.5 2.0 0.7 2.3 2.4 Losses 119594 0.10.10.10.10.00.0 Miscellaneous Additions ----- Miscellaneous Removals ----35 0.4 Total Other Dry Cargo Fleet 3,791 3,781 3,706 3,649 3,595 48.6 48.2 46.5 45.4 44.7 43.2 41.3 % change -0.3% -2.0% -1.5% -1.5% -1.0% -3.4% -2.4% -1.4% -4.9% -4.4% * other dry fleet includes Multi-purpose, General Cargo Tramps and Liners and Ro-Ro vessels.

Clarkson Research Studies Page 23 Jun-03 Shipbuilding Focus

What is reality?

In this summer’s hit film “The Matrix building prices is well known. After line show that prices never quite Reloaded” the hacker Neo discovers the huge spree of tanker ordering in reached 1980 levels again. The sub- an awful truth. Not only is the world the mid-70s, as the market began to sequent big peak – in 1991 – showed he knows just a computer pro- take deliveries, prices shot up until values of about 98% of 1980. gramme, but the only surviving city 1981-2 after which they started their of the human beings, Zion, is under descent into the calamity of the mid- Filmus Interruptus attack. Of course, only he can save 80s. them, but he must battle Agent Smith, But the most dramatic element of the a replicating computer virus. “You do not truly know someone picture is from 1991 to the present (average 2002 prices in “2002 dol- “Two lines” The Graph of the Month shows the lars”). Nominal prices have fallen by annual average Clarksons Aframax 35% and real prices have fallen by A ridiculously complex plot is a key newbuilding price compared with the 51%). Average 2002 real prices are ingredient in any science fiction film, ‘real’, deflated Aframax price (the just 9% above their historic floor of but luckily the plot in the newbuild- nominal recorded price multiplied by $31.5m in 1985. The Aframax exam- ing story is a bit simpler, even though a conversion factor to calculate “2002 ple is representative of tanker prices it contains elements of the film. The dollars”). This second line helps to as a whole, but the show is not over general historical pattern of new- clarify what the experience must have yet. The ending of “The Matrix Re- been like for the yards. loaded” is deliberately abrupt, as it is The 1985 prices were part of a trilogy, the third film to be Aframax NB Prices & CGT Output m CGT $m not, as the nominal line released in November. Similarly, the 25 would imply, a mere Aframax price had, in 2002, fallen to 70 3% below 1976 prices, the level of 1985, but the story is not but in ‘reality’ very really over yet. 20 60 nearly 50% lower. This helps to illustrate the All will be revealed in the last reel 50 true severity of the 1980s for the yards. From now on we can only enter the 15 world of speculation. The Aframax 40 Unless you fight them” orderbook is nearly 25% of the fleet. Contracting at the end of May 2003 is 10 30 When prices finally 3.2m dwt, an increase of 62% yoy. CGT reversed and began to With such firm demand, it would be Output 20 climb the two lines expected prices would also rise. Steel Nominal 5 Price again tell a different prices have firmed up, currencies are Real 2002 10 story. The nominal line moving unfavourably for the Asian $ Price shows prices recovering yards, and the extent of the forward to their 1981 levels of orderbook will make the yards anx- 0 0 $34.5m by 1988-9 ious to push prices up to cover costs (seven or so years) rises and general uncertainty. 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 whereas the “real” price Source: Clarkson Research Studies Graph of the Month

World Shipyard Monitor, 24 June, 2003 Editorial Board: World Shipyard Monitor is published 12 times a year. It monitors changes in the Published by: Managing Director Martin Stopford supply of 16 different types of cargo ship. The centre sections contain listings of Clarkson Research Studies, Publisher Cliff Tyler the orderbook by ship type and shipyard; the main pages contain “at a glance” Research & Publications Division, H. Clarkson & Co.Ltd. Research Services Stephen Gordon tables, graphs and text analysing trends in the orderbook, ordering, deliveries 12, Camomile Street, Analyst Tom Ford scrapping & losses, prices, shipbuilding market shares and capacity and fleet LONDON EC3A 7BP, England Ventura Kevin Botting forecasts. It is available on subscription at a price of £375 a year plus postage. Production C. Ramchurn Telephone: (44) (020) 7283 8955 Newbuilding N. Wood Whilst care has been taken in the production of this review, no liability can be Fax: (44) (020) 7623 0539 Newbuilding Data P. English accepted for any loss incurred in any way whatsoever by any person who may Telex: 8812927 CLTNKA G Demolition A. Flynn seek to rely on the information contained herein. The information in this report may not be reproduced without the written permission of Clarkson Research E-mail: [email protected] Studies. Web site: http://www.clarksons.co.uk/research