World Shipyard Monitor

Volume 11, No.8August-2004 ISSN: 1358-8788

Highlights Major European Shipyards Orderbook The orderbook at the end of July 2004 reached 204.0m dwt, up 2.6m dwt from June …..…..p.2/3. New Orders In July 183 contracts of about 1 7.9m dwt were added …....p.4/5. 6 1 Deliveries 7 5 12 15 9 23 tankers and 11 bulkers were 14

delivered in July, an increase on 8 3 10 the previous month…..….. p.6/7. 17 13 18 Newbuilding Prices 4 16 Newbuilding prices strengthened during July, with the price index 2 MAIN SHIPYARDS climbing to 138.8…………...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 Investment in newbuildings has 5.HDW, Kiel, Germany 11.Kvaerner Masa, Turku, Finland 17.Fincantieri, Marghera, Italy reached $39.6 billion in July, up 6.Odense, Lindo, Denmark 12.Meeres Technik, Wismar, Ger. 18.Galatz Shipyard, Romania

by 13.7% annualised…….....p.9. Contracting by Region Korean yards dominate global contracting with 23.2m dwt of new orders placed so far .....p.12. Major Far Eastern Shipyards

Deliveries by Region MAIN SHIPYARDS 114 vessels of 4.18m dwt are JAPAN 11.Shin Kurushima, Onishi CHINA 1.Mitsubishi, Nagasaki 12.Koyo, Mihara 1.Dalian New Yard, Dalian scheduled for delivery from 2.Hitachi, Ariake 13.Tsuneishi, Numakuma 2.Jiangnan, Shanghai 3.Imabari,Marugame 3.Hudong, Shanghai Chinese yards in the remainder 4.Namura, Imari SOUTH KOREA 4.Shanghai, Shanghai 5.Mitsui, Chiba 1.Hyundai, Ulsan 5.Guangzhou, Guangzhou of 2004…………….…. 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 The orderbook of Hyundai Mipo 10.Nippon Kokan, Tsu 6.STX, Chinhae 2.China Sb., Keelung reached 153 vessels of 3.09m dwt in June…….……...…. p.16. Demolition Volatility and fragility remain the keywords in the demolition markets………..…………. p.20. S.KOREA 6 JAPAN Shipbuilding Focus 1 7 5 2 5 4 3 This month we look at world 9 12 13 10 6 1 3 4 shipyard capacity vs. orderbook 8 1 to judge just how full the yards 2 really are….………….……p.24.

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

2.1% Summary – July 2004 Specialised 5.8% 22.6% • The orderbook at the end of July 2004 reached Chemical 21.6% 204.0m dwt, an increase of 2.6m dwt since the end of June 34.7% Products 32.2% and 25.7m dwt since the end of 2003. Contracting of new 55.6% Panamax 56.1% vessels remains very strong with 7.9m dwt of new orders placed in July, whilst there were around 3.0m dwt of Aframax 28.9% 28.3% deliveries. Suezmax 28.9% 28.8% • The containership orderbook continues to grow 21.3% VLCC 17.9% apace with 0.9m dwt added in July. The orderbook for 6.9% Handysize 6.4% End Jul 04 containerships of >3,000 teu now stands at 32.4m dwt and 23.3% End 2003 represents a massive 66.7% of the current fleet. The Handymax 22.9% majority of the orderbook is for delivery from 2006. Panamax 19.0% 19.7% • The tanker orderbook increased by 24 vessels of 28.3% Capesize 24.2% 1.7m dwt with the majority of the increases in the 0.0% Combos 0.0% Panamax and Handysize product carrier sectors. There 18.6% was also a significant increase in small tankers of <10,000 FCC<3Kteu 14.2% dwt, rising by 32 vessels of 0.2m dwt, a 25% rise. This is FCC>3Kteu 66.7% 57.5% a response to the pending phase-out of non-double hull 0% 10% 20% 30% 40% 50% 60% 70% 80% tankers from 2005. Source: Clarkson Research Studies • The bulk vessel orderbook decreased slightly in July down seven vessels of about 0.1m dwt from June.

Bulk Vessel No. end m.CGT, end: m. DWT, end: Orderbook, Delivery in: Orderbook 2003 Jul* 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 2006+ VLCC > 200,000 74 90 3.5 4.3 27.2 26.2 18.7 22.6 27.5 3.7 10.1 13.7 Suezmax 120-200,000 80 82 2.6 2.6 9.3 9.6 8.2 12.6 13.0 1.4 4.1 7.5 Aframax 80-120,000 156 163 3.7 3.8 7.0 12.9 14.2 16.8 17.7 2.1 7.0 8.6 Panamax 60-80,000 117 126 2.6 2.8 0.8 2.1 4.5 8.4 9.1 0.7 3.1 5.3 Products 10-60,000 310 360 5.9 6.6 4.1 7.2 8.7 13.2 14.9 2.2 5.2 7.4 Chemical 10-60,000 146 170 2.1 2.2 2.0 2.7 3.4 3.6 3.9 1.0 1.4 1.5 Specialised 10-60,000 5 3 0.1 0.0 0.3 0.2 0.2 0.2 0.1 0.0 0.1 0.0 Tankers > 10,000 888 994 20.4 22.4 50.7 60.9 57.9 77.5 86.2 11.2 31.0 44.0 Tankers < 10,000 149 176 0.9 1.0 0.3 0.5 0.7 0.8 1.0 0.4 0.4 0.2 Capesize > 80,000 156 195 3.8 4.8 10.5 8.9 13.8 23.8 29.0 3.8 8.1 17.1 Panamax 60-80,000 197 198 4.0 4.0 12.0 5.5 7.3 14.9 15.0 2.8 5.3 6.9 Handymax 40-60,000 246 256 3.9 4.0 9.6 7.1 8.0 13.1 13.7 2.6 5.3 5.7 Handysize 10-40,000 152 170 1.8 1.9 2.9 2.6 3.1 4.6 5.0 1.1 2.1 1.8 Bulkers > 10,000 751 819 13.5 14.7 35.0 24.0 32.1 56.4 62.7 10.4 20.8 31.6 Combos > 10,000 0 0 0.0 0.0 0.0 0.2 0.2 0.0 0.0 0.0 0.0 0.0 Total Bulk Vessels 1788 1989 34.7 38.1 86.0 85.6 91.0 134.7 149.9 21.9 52.3 75.7 Special Vessel No. end m.CGT, end: m. DWT, end: Orderbook, Delivery in: Orderbook 2003 Jul* 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 2006+ LNG Carriers 56 78 4.8 6.9 1.9 3.4 4.0 4.1 5.8 0.7 1.5 3.6 LPG Carriers 34 51 0.7 1.1 0.9 1.1 1.1 0.9 1.6 0.2 0.3 1.1 Reefers 5 8 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 Containers > 3,000 teu 352 444 15.8 19.5 13.4 12.5 10.6 26.2 32.4 3.2 8.2 21.1 Containers < 3,000 teu 295 393 4.2 5.5 5.1 4.7 3.6 6.5 8.7 1.1 3.3 4.3 Other Dry > 5,000 dwt 270 302 5.7 6.9 2.9 2.5 2.7 3.3 3.6 1.0 1.3 1.3 Offshore & Other 243 264 1.5 1.6 1.6 2.5 3.4 2.2 1.7 0.6 0.7 0.4 Cruise Vessels 20 18 2.2 1.9 0.3 0.3 0.2 0.1 0.1 0.0 0.0 0.0 Ro-Ro Ferries 47 47 1.3 1.3 0.3 0.2 0.1 0.1 0.1 0.1 0.0 0.0 Total Special Vessels 1,322 1,605 36.3 44.7 26.5 27.3 25.7 43.5 54.1 6.9 15.4 31.9 Total No. end m.CGT, end: m. DWT, end: Orderbook, Delivery in: Orderbook 2003 Jul* 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 2006+ All Vessels Types 3,110 3,594 71.0 82.8 112.4 112.9 116.7 178.3 204.0 28.8 67.6 107.6 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 Aug-04 Orderbook by Vessel Type

Monthly Forward Orderbook by Shiptype (m. cgt)

m. cgt 3.00

2.50 Tankers Bulkers Combos Gas Container 2.00

1.50

1.00

0.50

0.00 2-2004 4-2004 6-2004 8-2004 2-2005 4-2005 6-2005 8-2005 2-2006 4-2006 6-2006 8-2006 2-2007 4-2007 6-2007 8-2007 2-2008 4-2008 6-2008 8-2008 10-2004 12-2004 10-2005 12-2005 10-2006 12-2006 10-2007 12-2007 10-2008 12-2008 Source: Clarkson Research Studies

Bulk Vessel Million GT Orderbook, Delivery in: Orderbook 1996 1997 1998 1999 2000 2001 2002 2003 Jul* 2004 2005 2006+ VLCC > 200,000 4.1 10.2 12.6 11.8 14.2 13.7 9.8 11.7 14.2 1.9 5.2 7.1 Suezmax 120-200,000 2.3 3.8 3.6 2.9 4.9 5.0 4.3 6.6 6.8 0.7 2.1 3.9 Aframax 80-120,000 2.6 4.4 4.2 1.9 3.9 7.1 7.7 9.2 9.6 1.2 3.8 4.7 Panamax 60-80,000 0.0 0.4 1.0 0.8 0.5 1.2 2.5 4.7 5.1 0.4 1.8 2.9 Products 10-60,000 1.8 2.3 2.0 1.5 2.7 4.6 5.4 8.2 9.2 1.4 3.2 4.6 Chemical 10-60,000 1.3 1.8 1.5 1.3 1.3 1.7 2.1 2.2 2.4 0.6 0.9 0.9 Specialised 10-60,000 0.1 0.1 0.2 0.2 0.2 0.1 0.2 0.1 0.0 0.0 0.0 0.0 Tankers > 10,000 12.2 23.2 25.0 20.5 27.6 33.5 32.0 42.7 47.3 6.2 17.0 24.1 Tankers < 10,000 0.3 0.4 0.3 0.2 0.2 0.3 0.5 0.6 0.6 0.2 0.3 0.1 Capesize > 80,000 4.8 4.2 5.0 6.3 5.4 4.5 7.0 12.1 14.9 2.0 4.1 8.8 Panamax 60-80,000 4.7 4.5 4.1 6.6 6.4 2.9 3.8 7.9 7.9 1.5 2.8 3.6 Handymax 40-60,000 4.4 3.5 2.0 3.7 5.7 4.2 4.7 7.6 7.9 1.5 3.0 3.4 Handysize 10-40,000 2.5 2.1 1.5 1.5 1.9 1.7 1.9 2.8 3.1 0.7 1.3 1.1 Bulkers > 10,000 16.4 14.3 12.7 18.1 19.4 13.4 17.5 30.4 33.8 5.7 11.2 16.9 Combos > 10,000 0.3 0.3 0.3 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 Total Bulk Vessels 29.2 38.1 38.3 38.8 47.2 47.3 50.1 73.7 81.7 12.1 28.6 41.1 Special Vessel Million GT Orderbook, Delivery in: Orderbook 1997 1997 1998 1999 2000 2001 2002 2003 Jul* 2004 2005 2006+ LNG Carriers 1.8 2.3 2.0 1.8 2.5 4.6 5.5 5.6 8.0 1.0 2.1 5.0 LPG Carriers 0.4 0.6 0.9 0.7 0.8 1.0 0.9 0.8 1.3 0.2 0.2 0.9 Reefers 0.3 0.5 0.4 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 Containers > 3,000 teu 6.4 4.2 4.4 8.0 12.0 11.2 9.7 24.1 29.7 2.9 7.5 19.3 Containers < 3,000 teu 5.5 4.2 2.6 2.5 4.0 3.7 2.8 5.1 6.8 0.9 2.6 3.4 Other Dry > 5,000 dwt 3.9 5.9 6.1 4.8 4.2 3.5 4.1 5.7 6.8 1.4 2.4 3.1 Offshore & Others 0.8 1.2 1.8 1.3 1.3 1.8 2.4 1.6 1.4 0.5 0.6 0.3 Cruise Vessels 1.7 1.8 2.4 3.3 4.0 3.4 2.4 1.8 1.5 0.2 0.4 0.9 Ro-Ro Ferries 0.6 0.5 0.6 1.2 1.4 0.8 0.6 0.7 0.7 0.4 0.2 0.1 Total Special Vessels 21.4 21.1 21.1 23.8 30.4 30.1 28.4 45.5 56.4 7.3 16.1 33.0 Total Million GT Orderbook, Delivery in: Orderbook 1996 1997 1998 1999 2000 2001 2002 2003 Jul* 2004 2005 2006+ All Vessels Types 50.6 59.2 59.4 62.6 77.5 77.4 78.5 119.2 138.1 19.5 44.6 74.0 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 Aug-04 New Orders by Vessel Type Quarterly Contracting by m. cgt Summary – July 2004 m. cgt 14.0 • In July a total of 183 contracts of about 7.9m dwt Tankers Bulkers Gas Container Other were added. This is up by 12 vessels from last month, but 12.0 down by 0.6m dwt. • Of the 183 contracts, 71 were for tankers. The 10.0 majority of these orders were in the smaller sizes with significant increases in Handysize and <10,000 dwt tankers. Barclay Shipping were especially busy in July, 8.0 placing contracts for eight Handy product tankers from the Hyundai Mipo yard for delivery throughout 2007. 6.0 • In the bulker sector Capesize remains the only vessel type to be up on contracting levels from 2003 4.0 (measured on an annualised basis). Nine new Capesize contracts were added in July including orders from China 2.0 Steel Corp for a 200,000 dwt vessel from CSBC and Kawasaki Kisen for a 185,000 vessel from Kawasaki H.I.

0.0 • Overall there have been 1,112 new orders of 60.1m dwt placed in the first seven months of 2004, down 12% on annualised basis. However, we must bear in mind that 4Q96 2Q97 4Q97 2Q98 4Q98 2Q99 4Q99 2Q00 4Q00 2Q01 4Q01 2Q02 4Q02 2Q03 4Q03 2Q04 Source: Clarkson Research Studies 2003 was an exceptional year and the level of ordering experienced this year is still historically very high.

Bulk Vessel No. end m.CGT, end: m. DWT, end: Ordering Trends Contracting 2003 Jul* 2003 Jul* 2000 2001 2002 2003 Jul* This Year v. Last VLCC > 200,000 51 32 2.4 1.5 17.0 6.8 4.6 15.6 9.7 UP BY…. 7% Suezmax 120-200,000 52 20 1.7 0.6 7.1 2.8 2.3 8.2 3.2 DOWN BY….. -32% Aframax 80-120,000 102 40 2.4 0.9 5.8 7.3 5.0 11.0 4.4 DOWN BY….. -31% Panamax 60-80,000 77 39 1.7 0.9 0.5 1.6 3.0 5.5 2.9 DOWN BY….. -11% Products 10-60,000 186 113 3.5 1.9 3.0 4.4 3.7 7.8 4.3 DOWN BY….. -5% Chemical 10-60,000 86 55 1.1 0.6 1.1 1.4 1.6 1.9 1.1 STEADY AT…. -4% Specialised 10-60,000 2 1 0.0 0.0 0.1 0.0 0.1 0.1 0.0 DOWN BY….. -57% Tankers > 10,000 556 300 12.8 6.5 34.6 24.4 20.3 50.1 25.6 DOWN BY….. -12% Tankers < 10,000 106 65 0.6 0.4 0.2 0.4 0.6 0.6 0.4 UP BY…. 7% Capesize > 80,000 104 63 2.5 1.6 4.4 3.8 9.0 15.4 9.4 STEADY AT…. 5% Panamax 60-80,000 120 42 2.4 0.8 3.6 1.8 5.9 9.1 3.2 DOWN BY….. -40% Handymax 40-60,000 156 47 2.4 0.7 5.0 2.5 5.3 8.4 2.5 DOWN BY….. -48% Handysize 10-40,000 96 51 1.1 0.5 1.8 1.3 2.0 2.9 1.4 DOWN BY….. -19% Bulkers > 10,000 476 203 8.5 3.7 14.8 9.4 22.3 35.8 16.5 DOWN BY….. -21% Combos > 10,000 0 0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 Total Bulk Vessels 1,138 568 21.9 10.6 49.7 34.4 43.2 86.5 42.5 DOWN BY….. -16% Special Vessel No. end m.CGT, end: m. DWT, end: Ordering Trends Contracting 2003 Jul* 2003 Jul* 2000 2001 2002 2003 Jul* This Year v. Last LNG Carriers 15 36 1.3 3.1 1.5 1.6 1.3 1.1 2.7 UP BY…. 307% LPG Carriers 24 25 0.4 0.5 0.6 0.7 0.3 0.6 0.8 UP BY…. 114% Reefers 0 4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Containers > 3,000 teu 268 139 12.4 5.6 8.5 4.7 3.9 20.6 9.3 DOWN BY….. -23% Containers < 3,000 teu 231 144 3.3 2.0 4.0 2.1 1.3 5.1 3.1 STEADY AT…. 4% Other Dry > 5,000 dwt 155 91 3.6 2.1 1.8 0.8 1.4 1.8 1.1 STEADY AT…. 2% Offshore & Others 130 88 0.7 0.5 1.2 1.5 1.6 0.5 0.6 UP BY…. 94% Cruise Vessels 5 5 0.6 0.5 0.1 0.0 0.0 0.0 0.0 UP BY…. 35% Ro-Ro Ferries 26 12 0.7 0.3 0.1 0.0 0.1 0.1 0.0 DOWN BY….. -99% Total Special Vessels 854 544 23.1 14.6 17.7 11.5 9.9 29.9 17.6 STEADY AT…. 1% Total No. end m.CGT, end: m. DWT, end: Ordering Trends Contracting 2003 Jul* 2003 Jul* 2000 2001 2002 2003 Jul* This Year v. Last All Vessels Types 1,992 1,112 45.0 25.2 67.3 45.9 53.1 116.5 60.1 DOWN BY….. -12% 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 Aug-04 New Orders by Vessel Type

Recently Confirmed Shipbuilding Contracts Date Type DwtUnit Delivery Builder Hull No. $m. Owner Jul-04 Panamax 70,000 1 2007 Daewoo S.B. Kuwait Oil Tanker Jul-04 Capesize 200,000 1 2006 CSBC 867 China Steel Corp Jul-04 Capesize 185,000 1 2005 Kawasaki H.I. 1581 Kawasaki Kisen Jul-04 Post Panamax 72,000 5,888 TEU 1 2007 Koyo Dock K.K. Mitsui & Co. Ltd. Jul-04 Post Panamax 72,000 5,888 TEU 1 2008 Koyo Dock K.K. Mitsui & Co. Ltd. Jul-04 Post Panamax 72,000 5,888 TEU 1 2007 Koyo Dock K.K. Mitsui & Co. Ltd. Jul-04 Post Panamax 72,000 5,888 TEU 1 2008 Koyo Dock K.K. Mitsui & Co. Ltd. Jul-04 Sub-Panamx 39,100 2,700 TEU 1 2007 Stocznia Gdynia 8184/18 Peter Dohle Schiff. Jul-04 Sub-Panamx 39,100 2,700 TEU 1 2007 Stocznia Gdynia 8184/16 Peter Dohle Schiff. Jul-04 Handy 13,760 1,118 TEU 1 2006 Jinling Shipyd. 04-0403 H+H Schepers Jul-04 Handy 13,760 1,118 TEU 1 2005 Jinling Shipyd. 04-0401 H. & W. Rambow Jul-04 Handy 13,760 1,118 TEU 1 2006 Jinling Shipyd. 01-0113 H. & W. Rambow Jul-04 Handy 14,000 1,043 TEU 1 2006 Dae Sun S.B. 17.20 Jiangsu Ocean Shpg. Jul-04 Handy 14,000 1,043 TEU 1 2006 Dae Sun S.B. Jiangsu Ocean Shpg. Jul-04 Handy 14,000 1,043 TEU 1 2006 Dae Sun S.B. 17.20 Jiangsu Ocean Shpg. Jul-04 Handy 14,000 1,043 TEU 1 2006 Dae Sun S.B. Jiangsu Ocean Shpg. Jul-04 Feedermax 10,500 804 TEU 1 2006 Damen Shipyards Bernd Becker Jul-04 Feedermax 10,500 804 TEU 1 2006 Damen Shipyards Kahrs, Johann Jul-04 Feedermax 10,500 804 TEU 1 2005 Damen Shipyards Bernd Becker Jul-04 Feedermax 10,500 804 TEU 1 2005 Damen Shipyards Kahrs, Johann Jul-04 PCC > 5K DWT 21,300 1 2006 Stocznia Gdynia 8168/14 Ray Shipping Jul-04 PCC > 5K DWT 21,300 1 2006 Stocznia Gdynia 8168/16 Ray Shipping Jul-04 Offshore 1,300 1,200 GT 1 2006 ABG Shipyard 218 ESNAAD

Bulk Vessel Million GT Ordering Trends Contracting 1996 1997 1998 1999 2000 2001 2002 2003 Jul* This Year v. Last VLCC > 200,000 3.0 7.7 4.4 4.0 8.9 3.6 2.4 8.1 5.0 UP BY…. 6% Suezmax 120-200,000 1.3 2.4 1.4 0.6 3.7 1.5 1.2 4.3 1.7 DOWN BY….. -33% Aframax 80-120,000 1.6 2.9 1.7 0.5 3.2 4.0 2.7 6.0 2.4 DOWN BY….. -32% Panamax 60-80,000 0.0 0.4 0.6 0.2 0.3 0.9 1.7 3.1 1.6 DOWN BY….. -12% Products 10-60,000 0.9 1.1 0.5 0.7 1.9 2.7 2.3 4.9 2.6 DOWN BY….. -7% Chemical 10-60,000 0.6 0.9 0.5 0.5 0.7 0.8 1.0 1.2 0.6 DOWN BY….. -6% Specialised 10-60,000 0.0 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 DOWN BY….. -38% Tankers > 10,000 7.5 15.5 9.2 6.6 18.8 13.6 11.3 27.5 13.9 DOWN BY….. -13% Tankers < 10,000 0.2 0.3 0.2 0.1 0.1 0.3 0.4 0.4 0.2 STEADY AT…. 3% Capesize > 80,000 1.4 3.2 2.0 3.5 2.3 1.9 4.6 7.9 4.8 UP BY…. 5% Panamax 60-80,000 2.0 2.6 1.9 5.0 1.9 0.9 3.1 4.9 1.7 DOWN BY….. -41% Handymax 40-60,000 2.2 1.3 0.6 2.8 3.0 1.5 3.1 4.8 1.5 DOWN BY….. -47% Handysize 10-40,000 1.3 1.2 0.6 1.1 1.2 0.8 1.2 1.8 0.9 DOWN BY….. -18% Bulkers > 10,000 6.8 8.2 5.0 12.4 8.4 5.2 12.0 19.3 8.9 DOWN BY….. -21% Combos > 10,000 0.1 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 Total Bulk Vessels 14.7 23.9 14.2 18.9 27.2 18.9 23.3 46.8 22.8 DOWN BY….. -17% Special Vessel Million GT Ordering Trends Contracting 1996 1997 1998 1999 2000 2001 2002 2003 Jul* This Year v. Last LNG Carriers 0.6 0.9 0.1 0.5 1.9 2.1 1.9 1.6 3.7 UP BY…. 301% LPG Carriers 0.1 0.4 0.5 0.2 0.5 0.6 0.2 0.5 0.7 UP BY…. 123% Reefers 0.2 0.3 0.1 0.0 0.0 0.0 0.0 0.0 0.0 Containers > 3,000 teu 2.3 0.8 3.4 5.0 7.6 4.2 3.6 18.9 8.4 DOWN BY….. -24% Containers < 3,000 teu 3.3 1.5 1.4 1.4 3.1 1.7 1.0 4.1 2.4 STEADY AT…. 2% Other Dry > 5,000 dwt 2.1 3.2 2.6 1.5 2.5 1.1 2.2 3.5 2.1 STEADY AT…. 2% Offshore & Others 0.6 0.9 1.1 0.5 0.9 1.1 1.1 0.5 0.4 UP BY…. 54% Cruise Vessels 0.4 0.5 1.3 1.5 1.3 0.2 0.1 0.5 0.4 UP BY…. 55% Ro-Ro Ferries 0.4 0.2 0.5 0.8 0.5 0.2 0.4 0.3 0.1 DOWN BY….. -25% Total Special Vessels 10.0 8.8 10.9 11.4 18.3 11.1 10.8 29.9 18.3 STEADY AT…. 5% Total Million GT Ordering Trends Contracting 1996 1997 1998 1999 2000 2001 2002 2003 Jul* This Year v. Last All Vessels Types 24.6 33.0 25.3 30.4 45.7 30.3 34.4 77.1 41.3 DOWN BY….. -8% 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 Aug-04 Deliveries by Vessel Type Quarterly Deliveries (DWT) Summary – July 2004 20.0 Tankers Tankers Bulkers Gas • 23 tankers of >10,000 dwt were delivered during 18.0 Container Other July, an increase of three from the previous month. Of 16.0 these, 10 were crude oil tankers, nine product tankers, and 14.0 four chemical. Deliveries of crude tankers were split between Panamax (5), Aframax (2), VLCC (2) and 12.0 Suezmax (1). 17m dwt of tankers have been delivered so far this year, with another 10.5m dwt scheduled for the 10.0 remaining five months. Arcadia Ship Management of 8.0 Greece took delivery of their 159,000 dwt Panamax tanker “AEGEAN ANGEL” from Hyundai H.I. in Korea. 6.0 Dry Bulk Carriers 4.0 • 11 bulkers were delivered in July, the same total as in June, with the total figure for the year now standing at 2.0 135 vessels of 10.1m dwt. Of the July deliveries, four 0.0 were Panamax, two were Handymax and five Handysize, totalling 0.6m dwt. 10.1m dwt of bulkers have been delivered in the first seven months of this year, and there Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Sep-97 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Source: Clarkson Research Studies are a further 10.4m dwt pencilled in for delivery in the remaining five months.

Bulk Vessel No. end m.CGT, end: m. DWT, end: Delivery Trends Deliveries 2003 Jul* 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 2006 VLCC > 200,000 38 16 1.8 0.8 12.2 7.8 12.0 11.8 4.8 8.2 9.6 5.1 Suezmax 120-200,000 24 18 0.8 0.6 3.3 2.5 3.7 3.7 2.8 4.2 3.9 3.4 Aframax 80-120,000 77 33 1.8 0.8 2.3 1.5 3.8 8.3 3.5 5.5 6.6 4.8 Panamax 60-80,000 22 30 0.5 0.7 1.1 0.3 0.6 1.6 2.2 2.9 3.0 3.3 Products 10-60,000 82 63 1.6 1.2 1.2 1.3 2.2 3.4 2.7 4.8 5.1 4.1 Chemical 10-60,000 65 31 1.0 0.4 1.1 0.6 0.9 1.7 0.8 1.7 1.4 0.9 Specialised 10-60,000 2 3 0.0 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.0 Tankers > 10,000 310 194 7.6 4.5 21.4 14.2 23.4 30.5 17.0 27.5 29.8 21.6 Tankers < 10,000 77 38 0.5 0.2 0.2 0.2 0.3 0.5 0.2 0.6 0.4 0.1 Capesize > 80,000 33 24 0.9 0.6 6.1 5.4 4.1 5.4 4.1 7.8 7.9 9.6 Panamax 60-80,000 19 41 0.4 0.8 4.0 8.4 4.2 1.4 3.1 5.6 5.0 3.3 Handymax 40-60,000 65 37 1.0 0.6 1.8 5.1 4.4 3.3 1.9 4.4 5.2 3.7 Handysize 10-40,000 51 33 0.6 0.4 1.4 1.6 1.5 1.4 1.0 2.1 2.0 1.2 Bulkers > 10,000 168 135 2.8 2.5 13.3 20.5 14.2 11.6 10.1 19.9 20.1 17.9 Combos > 10,000 2 0 0.2 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 Total Bulk Vessels 557 367 11.1 7.2 34.9 34.9 37.9 42.8 27.3 48.0 50.4 39.6 Special Vessel No. end m.CGT, end: m. DWT, end: Delivery Trends Deliveries 2003 Jul* 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 2006 LNG Carriers 15 14 1.2 1.1 0.8 0.1 0.8 1.1 0.9 1.6 1.5 1.5 LPG Carriers 31 8 0.6 0.1 0.5 0.5 0.3 0.8 0.2 0.3 0.3 0.4 Reefers 3 2 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Containers > 3,000 teu 75 47 3.0 1.9 3.9 5.5 5.8 4.9 3.1 6.2 8.1 11.7 Containers < 3,000 teu 106 46 1.5 0.6 2.0 2.5 2.5 2.2 0.9 2.0 3.2 2.8 Other Dry > 5,000 dwt 82 59 1.7 0.9 2.1 1.1 1.2 1.3 0.8 1.7 1.3 1.0 Offshore & Others 147 67 1.2 0.5 1.3 0.7 0.7 1.7 1.0 1.6 0.7 0.4 Cruise Vessels 15 7 1.4 0.8 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 Ro-Ro Ferries 24 12 0.6 0.2 0.1 0.1 0.1 0.1 0.0 0.1 0.0 0.0 Total Special Vessels 498 262 11.1 6.2 10.9 10.7 11.5 12.2 7.0 13.6 15.1 17.8 Total No. endm.CGT, end: m. DWT, end: Delivery Trends Deliveries 2003 Jul* 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 2006 All Vessels Types 1055 629 22.0 13.4 45.8 45.6 49.4 55.0 34.3 61.6 65.6 57.3 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 6 Aug-04 Deliveries by Vessel Type

Recent Shipbuilding Deliveries Type Vessel Name Flag DwtUnit Delivery Builder Owner Suezmax Aegean Angel GR. 159,000 Jul 2004 Hyundai H.I. Arcadia Shipmngt. Panamax Altius MA. 73,000 Jun 2004 New Century S/Y Magnus Carriers Panamax Fortius MA. 73,000 Jul 2004 New Century S/Y Magnus Carriers Handy Prod Shimanami Sunshine PA. 48,000 Jul 2004 Koyo Dock K.K. Shoei Kisen K.K. Handy Chem Oriental Kerria PA. 14,200 Jul 2004 Asakawa S.B. Daitoh Trading Co. Handy Chem Cape Esmeralda M.I. 12,400 Jul 2004 Samho Tongyoung Schoeller Holdings Handy Chem Tosca LI. 47,436 Jun 2004 Brod. Trogir Anglo-Atlantic S.S. Small/Spec Sunrise Sambu KO. 3,613 Jul 2004 Nokbong S.B. Sam Bu Shpg LNG Methane Kari Elin BR. 71,000 138,200 cbmJul 2004 Samsung S.B. BG Asia Pacific Ltd. Capesize Shining Star PA. 177,643 Jun 2004 Mitsui S.B. Doun Kisen K.K. Handysize Atacama MA. 35,200 Jul 2004 Kouan S.B. F. H. Bertling Post Panamax Xin Yan Tian PRC 69,000 5,618 TEUJan 2004 Dalian New Yard China Shpg. Cont. Post Panamax Xin Chi Wan PRC 59,000 5,618 TEUJun 2004 Hudong S/Yard China Shpg. Cont. Post Panamax NYK Atlas PA. 78,000 6,200 TEUJul 2004 I.H.I. Kaisho Shipping Co. Panamax MSC Queensland GE. 41,500 3,139 TEUJun 2004 Shanghai Shpyd. NVA Norddeutsche MPP > 5K DWT Beluga Emotion AT. 13,000 Jun 2004 Jiangzhou S/Y Beluga Shpg. GmbH. MPP < 5K DWT Varmdo CY. 4,270 Jul 2004 Schps. Bodewes Hermann Buss Offshore John P. Laborde VA. 4,000 3,183 GTJun 2004 Yantai Raffles Tidewater Marine Offshore Rel Sagar IN. 900 1,215 GTMar 2004 Bharati Shipyd. Reliance Industries Offshore Pacific Silver SG. 3,500 2,000 GTJan 2004 Keppel FELS Pacific Richfield Offshore C-Liberty AM. 4,830 3,045 GTJun 2004 North American Edison Chouest FPSO/FSO Erha FPSO PA. 368,000 Jun 2004 Hyundai H.I. ExxonMobil Corp. Ro-Ro Ferries Lake Express AM. 148 1,450 GTMay 2004 Austal USA Inc. Lake Express LLC

Bulk Vessel Million GT Delivery Trends Deliveries 1996 1997 1998 1999 2000 2001 2002 2003 Jul* 2004 2005 2006 VLCC > 200,000 3.6 1.6 2.0 4.7 6.4 4.1 6.3 6.2 2.5 4.3 5.0 2.6 Suezmax 120-200,000 0.7 0.9 1.7 1.3 1.8 1.3 2.0 2.0 1.5 2.2 2.1 1.8 Aframax 80-120,000 0.8 1.0 2.0 2.8 1.3 0.9 2.1 4.5 1.9 3.0 3.6 2.6 Panamax 60-80,000 0.1 0.0 0.0 0.4 0.6 0.2 0.4 0.9 1.2 1.6 1.7 1.8 Products 10-60,000 1.0 0.5 0.9 1.2 0.8 0.8 1.4 2.1 1.7 3.0 3.1 2.6 Chemical 10-60,000 0.4 0.5 0.7 0.8 0.7 0.4 0.6 1.1 0.5 1.1 0.9 0.6 Specialised 10-60,000 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 Tankers > 10,000 6.8 4.6 7.4 11.1 11.7 7.8 12.8 16.8 9.4 15.2 16.4 12.0 Tankers < 10,000 0.2 0.2 0.3 0.2 0.1 0.1 0.2 0.3 0.1 0.4 0.3 0.1 Capesize > 80,000 4.1 3.8 1.1 2.2 3.1 2.8 2.1 2.8 2.1 4.0 4.0 5.0 Panamax 60-80,000 1.7 2.8 2.3 2.5 2.1 4.4 2.2 0.8 1.7 3.0 2.7 1.8 Handymax 40-60,000 2.6 2.2 2.1 1.1 1.0 2.9 2.6 2.0 1.1 2.6 3.0 2.1 Handysize 10-40,000 1.4 1.6 1.2 1.1 0.9 1.0 1.0 0.9 0.6 1.3 1.2 0.8 Dry Bulk > 10,000 9.7 10.4 6.7 6.9 7.2 11.2 7.9 6.4 5.5 10.8 10.9 9.6 Combos > 10,000 0.2 0.2 0.0 0.3 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 Total Bulk Vessels 16.9 15.4 14.3 18.6 19.0 19.2 20.9 23.6 15.0 26.4 27.5 21.6 Special Vessel Million GT Delivery Trends Deliveries 1996 1997 1998 1999 2000 2001 2002 2003 Jul* 2004 2005 2006 LNG Carriers 0.7 0.5 0.4 0.7 1.2 0.1 1.0 1.4 1.3 2.2 2.1 2.1 LPG Carriers 0.4 0.3 0.2 0.3 0.4 0.4 0.3 0.7 0.1 0.3 0.2 0.3 Reefers 0.1 0.2 0.2 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Containers > 3,000 teu 2.6 3.0 3.2 1.5 3.5 5.0 5.2 4.5 2.8 5.7 7.4 10.7 Containers < 3,000 teu 2.1 2.9 2.9 1.5 1.5 2.0 1.9 1.7 0.7 1.6 2.5 2.2 Other Dry > 5,000 dwt 1.0 1.3 2.4 2.8 3.2 1.7 1.7 1.9 1.0 2.3 2.4 2.2 Offshore & Others 0.4 0.5 0.6 1.0 0.9 0.6 0.6 1.2 0.6 1.1 0.6 0.3 Cruise Vessels 0.6 0.4 0.7 0.6 0.7 0.8 1.1 1.1 0.7 0.9 0.4 0.6 Ro-Ro Ferries 0.5 0.3 0.3 0.2 0.3 0.8 0.6 0.3 0.1 0.5 0.2 0.1 Total Special Vessels 8.3 9.3 10.9 8.8 11.8 11.5 12.5 12.8 7.4 14.4 15.8 18.5 Total Million GT Delivery Trends Deliveries 1996 1997 1998 1999 2000 2001 2002 2003 Jul* 2004 2005 2006 All Vessels Types 25.2 24.7 25.2 27.3 30.8 30.6 33.4 36.4 22.4 40.8 43.2 39.8 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 Aug-04 Shipbuilding Price Trends Tanker Newbuilding Prices Price Developments Summary – July 2004 95.0 $m VLCC Suezmax • Newbuilding prices strengthened once again during 90.0 Aframax Panamax July, with the bulk vessel price index climbing 5.8 points Handy 85.0 to 138.8, the highest level since December 1995. Whilst 80.0 we quoted $77m for a VLCC at the start of the year and $86.5m just last month, the sum that would have to be paid 75.0 now is a staggering $92m. In all tanker categories bar the 70.0 Handysize there was a price increase during July. This is 65.0 definitely a seller’s market with yards that have strong 60.0 orderbooks dictating the price. 55.0 • Bulker prices were up in the Capesize category but down in every other size. However, they are still higher 50.0 than 2003 levels by 20-47.4% on an annualised basis. 45.0 There has been a recent bounce in the dry bulk freight 40.0 rates, which could see these prices start to firm again soon. 35.0 • Steel prices are once more on the rise, although 30.0 the increasing newbuild prices being charged by the yards should partly cover this extra cost. Of more worry to the 25.0 shipyards is a possible lack of sufficient steel to cover their 20.0 future commitments. This is a further factor that will ensure that prices remain high. Jul-04 Jul-03 Jul-02 Jul-01 Jul-00 Jul-99 Apr-04 Apr-03 Apr-02 Apr-01 Apr-00 Oct-03 Oct-02 Oct-01 Oct-00 Oct-99 Jan-04 Jan-03 Jan-02 Jan-01 Jan-00 • The gas carrier market remains buoyant with Source: Clarkson Research Studies prices for LNG and LPG vessels firming throughout July, LPG vessels prices now up by 25% on an annualised basis.

Bulk Vessel Price $ million, end Price Trend Against a Prices… 1996 1997 1998 1999 2000 2001 2002 2003 Jul* Year Ago Is… VLCC 300,000 dwt 82.00 83.00 72.50 69.00 76.50 70.00 63.50 77.00 92.00 STRONGER.. 37.3% Suezmax 150,000 dwt 51.00 52.00 44.00 42.50 52.50 46.50 43.75 51.50 62.50 STRONGER.. 34.4% Aframax 110,000 dwt 40.50 41.00 34.50 33.00 41.50 36.00 34.75 41.50 53.00 STRONGER.. 42.3% Panamax 70,000 dwt 37.00 31.00 31.00 36.00 32.00 31.25 37.50 42.00 STRONGER.. 25.4% Handy 47,000 dwt 31.50 31.50 26.00 26.00 29.50 26.25 27.00 31.50 36.00 STRONG... 23.1% Capesize 170,000 dwt 39.00 40.50 33.00 35.00 40.50 36.00 36.25 48.00 57.50 STRONGER.. 47.4% Panamax 75,000 dwt 26.50 27.00 20.00 22.00 22.50 20.50 21.50 27.00 31.00 STRONGER.. 33.3% Handymax 51,000 dwt 23.00 22.50 18.00 20.00 20.50 18.50 19.00 24.00 27.00 STRONGER.. 33.3% Handysize 30,000 dwt 19.00 18.00 14.25 15.50 15.00 14.50 15.00 18.00 19.50 STRONG... 20.0% Price Index 133 131 111 107 114 108 106 119 138.8 STRONGER.. 25.8% % change -2% -15% -4% 7% -5% -3% 12% 17%

Other Vessel Price $ million, end Price Trend Against a Prices… 1996 1997 1998 1999 2000 2001 2002 2003 Jul* Year Ago Is… LNG 138,000 m3 220.0 230.0 190.0 165.0 172.5 165.0 150.0 155.0 175.0 STRONG... 16.7% LPG 78,000 m3 68.00 62.00 58.00 56.00 60.00 60.00 58.00 63.00 75.00 STRONGER.. 25.0% Container 725 teu 17.00 13.50 14.00 14.00 13.00 13.00 17.50 19.00 STRONGER.. 33.3% Container 1,000 teu 20.00 18.00 17.50 18.00 15.50 15.50 18.50 22.00 STRONGER.. 31.3% Container 1,700 teu 29.00 24.50 23.00 25.00 21.50 21.00 25.50 31.50 STRONGER.. 41.6% Container 2,000 teu 33.00 29.00 28.00 31.50 28.00 27.00 30.50 35.00 STRONG... 23.9% Container 2,750 teu 38.00 31.00 33.00 37.50 31.00 29.50 37.00 48.00 STRONGER.. 45.5% Container 3,500 teu 50.00 42.00 38.00 41.50 36.00 33.00 42.50 50.00 STRONGER.. 33.3% Container 4,600 teu 52.00 45.00 56.50 67.00 STRONGER.. 34.0% Container 6,200 teu 72.00 60.00 71.00 84.00 STRONGER.. 31.3% Ro-Ro 1,2-1,300 Lm 19.50 21.50 20.00 19.00 18.50 22.00 24.00 STRONG... 24.7% Ro-Ro 2,3-2,700 Lm 30.00 32.50 33.00 31.00 31.00 33.00 36.00 STRONG... 12.5% 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 Aug-04 Shipbuilding Investment & Key Ratios Investment in Bulk Vessels ($bn.) Investment Scene This Month Newbuilding Investment Summary – July 2004 70 • Total investment in newbuildings has reached an estimated $39.6 billion in the first seven months of 2004, up Total Container 60 Total Gas by 13.7% on an annualised basis. This is despite a slight Total Bulk Carriers downturn in the number of vessels ordered, and thus is a Total Tankers 50 reflection of the increasing prices over the course of the last 22.7 seven months. • The sector split of investment remains roughly similar 40 to last month, with tankers slightly up on an annualised basis 2.9 from 2003, bulkers slightly down, and specialised vessels up 12.9 30 sharply. The latter is still being primarily driven by the mid- 12.2 11.9 size containerships (up 26.7% on an annualised basis) and 6.7 especially the gas markets (LPG up 182% and LNG up a 20 3.1 6.2 4.2 2.3 3.6 massive 322.9%). 7.7 2.9 6.5 5.7 6.5 5.3 4.1 • Secondhand bulker prices have bounced back in July 1.3 5.5 1.0 3.1 6.5 10 5.3 0.7 20.5 as dry bulk freight rates creep up once again. On average a 3.0 6.8 11.5 12.0 12.6 secondhand bulker is now 93% the price of a newbuild, with 10.6 8.6 6.6 6.2 4.0 a five year old Handysize the highest at 97% the newbuild 0 price. If dry bulk rates continue to rise we can expect 1996 1997 1998 1999 2000 2001 2002 2003 2004 Source: Clarkson Research Studies secondhand bulker prices to once again exceed that of a newbuild.

Investment Value $ billion Investment Trends Trends 1996 1997 1998 1999 2000 2001 2002 2003 Jul This Year … VLCC > 200,000 1.6 4.0 2.1 1.7 4.1 1.6 1.0 3.5 2.6 UP BY…. 25.6% Suezmax 120-200,000 0.9 1.5 0.8 0.3 2.2 0.9 0.7 2.5 1.1 DOWN BY….. -24.5% Aframax 80-120,000 1.2 2.0 1.1 0.3 2.1 2.8 1.6 3.9 1.8 DOWN BY….. -20.9% Panamax 60-80,000 0.0 0.4 0.5 0.1 0.2 0.8 1.2 2.6 1.5 STEADY…. -2.3% Handy 10-60,000 3.0 3.5 1.6 1.6 3.4 4.5 4.2 8.1 5.6 UP BY…. 19.7% Total Tankers 6.6 11.5 6.2 4.0 12.0 10.6 8.6 20.5 12.6 STEADY…. 5.0% Capesize > 80,000 0.6 1.6 0.9 1.4 1.1 0.9 2.0 4.3 3.1 UP BY…. 26.8% Panamax 60-80,000 1.4 1.8 1.1 2.6 1.1 0.5 1.6 2.8 1.2 DOWN BY….. -26.1% Handymax 40-60,000 1.9 1.0 0.4 1.8 2.1 1.0 1.9 3.2 1.2 DOWN BY….. -38.1% Handysize 10-40,000 1.5 1.3 0.5 1.0 1.0 0.7 1.0 1.6 1.0 STEADY…. 4.0% Total Bulk Carriers 5.3 5.7 3.0 6.8 5.3 3.1 6.5 11.9 6.5 DOWN BY….. -6.5% LNG 1.3 2.1 0.2 0.8 3.3 3.8 2.8 2.4 5.8 UP BY…. 322.9% LPG > 60,000m³ 0.0 0.3 0.5 0.1 0.4 0.4 0.1 0.5 0.9 UP BY…. 182% Container > 3,000 teu 2.8 1.1 3.7 4.6 7.8 4.2 3.1 17.8 9.3 DOWN BY….. -10.2% Container 1-3,000 teu 4.8 2.0 1.8 1.8 4.4 2.0 1.1 4.9 3.6 UP BY…. 26.7% Container < 1,000 teu 2.0 0.7 0.6 0.2 0.5 0.8 0.5 1.7 0.9 DOWN BY….. -9.6% Total Specialised 11.0 6.1 6.8 7.6 16.3 11.1 7.6 27.3 20.5 UP BY…. 29.1% Total 22.9 23.3 16.0 18.4 33.6 24.8 22.7 59.7 39.6 UP BY…. 13.7% % Change 2% -31% 15% 83% -26% -8% 163%

Price Ratios Price Ratios (Secondhand/Newbuilding) Price Ratio Trends for Investors 1996 1997 1998 1999 2000 2001 2002 2003 Jul v. End last Year VLCC 5 Yr. Old 71% 78% 69% 77% 93% 83% 85% 91% 96% UP BY…. 5.2% Suezmax 5 Yr. Old 83% 85% 83% 82% 93% 84% 87% 91% 96% UP BY…. 5.2% Aframax 5 Yr. Old 85% 88% 68% 79% 96% 83% 83% 87% 92% UP BY…. 6.6% Panamax 5 Yr. Old n/a 88% 81% 79% 85% 73% 64% 75% 83% UP BY…. 11.6% Handy 5 Yr. Old 78% 86% 81% 77% 83% 78% 72% 81% 88% UP BY…. 9.4% Tanker Average 79% 85% 76% 79% 90% 80% 78% 85% 91% UP BY…. 7.4% Capesize 5 Yr. Old 72% 85% 78% 83% 75% 75% 80% 92% 90% STEADY…. -1.3% Panamax 5 Yr. Old 74% 81% 70% 76% 71% 68% 79% 104% 95% DOWN BY….. -8.2% Handymax 5 Yr. Old 82% 80% 69% 80% 74% 72% 75% 83% 89% UP BY…. 6.7% Handysize 5 Yr. Old 68% 76% 65% 74% 80% 76% 75% 81% 97% UP BY…. 21.0% Bulk Carrier Average 74% 81% 71% 78% 75% 73% 77% 90% 93% STEADY…. 3.5% 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 Aug-04 Orderbook by Country/Region

Global Orderbook 2004 by cgt Asian Orderbook 2004 by cgt

South Korea Other Asia 46.3% P.R. China P.R. China 3.0% Europe 15.9% 13.3% 15.5%

Others 1.1%

Other Asia 3.6% Japan 34.2%

European Orderbook 2004 by cgt Croatia 11% Poland Japan 16% South 28.5% Korea 38.6% Spain 3% Other Europe 38%

Italy Source (all graphs): Clarkson Research Studies 13% Germany 19%

Major Million DWT For Delivery in: Shipbuilders 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* 2004 2005 2006+ Japan 20.23 26.54 28.67 36.06 36.20 34.48 37.87 39.01 42.69 67.84 73.96 12.00 25.91 36.05 South Korea 12.90 22.26 23.07 31.18 33.94 36.66 50.40 46.65 45.57 66.10 74.83 7.97 24.32 42.54 Taiwan 1.46 2.05 1.64 1.28 1.74 2.28 1.98 1.47 1.53 2.72 3.13 0.48 0.72 1.93 P.R. China 2.10 4.56 5.64 5.17 4.02 7.72 9.42 11.62 13.99 26.35 33.02 4.18 9.99 18.86 Other Asia 0.63 0.77 1.01 1.02 0.85 0.89 0.87 0.81 1.57 1.78 2.67 0.39 0.99 1.29 TOTAL ASIA 37.32 56.19 60.03 74.71 76.74 82.04 100.54 99.56 105.35 164.79 187.61 25.02 61.93 100.66 Germany 1.40 2.01 2.06 1.66 1.45 1.26 1.97 1.98 1.44 2.46 3.10 0.62 1.32 1.16 Denmark 1.09 1.54 1.07 0.94 0.80 0.91 0.49 1.13 0.64 1.10 1.84 0.23 0.34 1.27 France 0.23 0.21 0.13 0.07 0.10 0.07 0.07 0.06 0.08 0.14 0.21 0.05 0.09 0.08 Italy 0.22 1.20 1.00 0.95 0.88 0.52 0.55 0.54 0.51 0.33 0.30 0.18 0.06 0.05 Netherlands 0.07 0.17 0.35 0.43 0.51 0.37 0.36 0.48 0.58 0.58 0.72 0.19 0.30 0.23 Spain 0.89 1.21 0.76 1.23 1.02 0.45 0.40 0.77 0.81 0.39 0.18 0.09 0.08 0.00 Finland 0.39 0.38 0.23 0.07 0.06 0.05 0.08 0.06 0.06 0.06 0.04 0.03 0.00 0.01 Norway 0.26 0.40 0.36 0.46 0.32 0.25 0.37 0.42 0.28 0.07 0.10 0.03 0.07 0.00 Turkey 0.29 0.36 0.42 0.40 0.43 0.27 0.35 0.35 0.32 0.39 0.50 0.18 0.27 0.06 Poland 1.32 2.47 2.00 1.67 1.40 1.40 2.72 2.15 1.75 2.32 2.71 0.53 0.83 1.34 Ukraine 0.37 0.78 0.61 0.47 0.42 0.38 0.38 0.38 0.39 0.42 0.64 0.15 0.30 0.20 Croatia 0.61 0.72 0.97 1.29 0.95 0.78 1.59 2.31 1.96 2.46 3.12 0.49 0.88 1.75 Other Europe 1.07 1.58 1.40 1.37 1.26 1.16 1.00 1.00 0.81 1.23 1.61 0.46 0.70 0.45 TOTAL EUROPE 8.21 13.01 11.35 11.01 9.63 7.87 10.35 11.63 9.64 11.95 15.08 3.23 5.24 6.60 Brazil 0.25 0.18 0.08 0.18 0.06 0.06 0.06 0.11 0.22 0.23 0.23 0.16 0.05 0.02 USA 0.32 0.43 0.67 1.10 1.00 0.84 1.47 1.60 1.43 1.17 0.96 0.37 0.38 0.22 Others 0.07 0.07 0.08 0.08 0.08 0.06 0.03 0.04 0.07 0.11 0.11 0.04 0.01 0.06 TOTAL OTHERS 0.63 0.68 0.84 1.36 1.14 0.95 1.56 1.75 1.72 1.51 1.30 0.56 0.44 0.30 GLOBAL TOTAL 46.17 69.87 72.22 87.08 87.51 90.86 112.45 112.94 116.71 178.25 203.99 28.81 67.62 107.56 *after a year indicates data are the latest year to date figures.

Clarkson Research Studies Page 10 Aug-04 Orderbook by Country/Region

Major Million CGT For Delivery in: Shipbuilders 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* 2004 2005 2006+ Japan 7.2 9.9 11.6 13.5 11.8 11.2 12.3 12.7 14.6 22.3 23.6 4.0 8.2 11.4 South Korea 3.9 7.2 7.4 9.0 9.9 11.4 15.8 15.4 15.7 26.3 32.0 3.2 9.3 19.5 Taiwan 0.5 0.5 0.7 0.5 0.7 0.8 0.7 0.6 0.5 1.1 1.3 0.1 0.4 0.8 P.R. China 0.8 1.9 2.5 2.5 2.1 3.1 3.9 4.9 5.4 9.0 11.0 1.6 3.6 5.8 Other Asia 0.3 0.4 0.5 0.6 0.5 0.4 0.5 0.5 0.7 0.9 1.2 0.3 0.5 0.4 TOTAL ASIA 12.7 19.9 22.7 26.1 25.1 26.9 33.3 34.0 36.9 59.5 69.1 9.3 21.9 37.9 Germany 1.2 2.1 1.9 1.6 2.0 2.4 3.0 2.4 1.7 2.2 2.4 0.4 1.2 0.9 Denmark 0.7 0.9 0.7 0.6 0.5 0.5 0.3 0.7 0.4 0.6 1.1 0.1 0.2 0.8 France 0.4 0.5 0.4 0.4 0.8 1.1 1.1 0.8 0.6 0.3 0.5 0.1 0.1 0.3 Italy 0.5 1.8 2.1 2.5 2.4 2.4 2.9 2.3 1.9 1.6 1.7 0.5 0.5 0.6 Netherlands 0.1 0.3 0.5 0.4 0.6 0.5 0.4 0.5 0.5 0.4 0.6 0.2 0.3 0.1 Spain 0.4 0.7 0.6 0.9 0.7 0.4 0.6 0.8 0.8 0.5 0.4 0.3 0.1 0.1 Finland 1.1 0.9 0.7 0.5 0.5 0.7 1.1 0.9 0.6 0.5 0.4 0.2 0.0 0.3 Norway 0.3 0.5 0.5 0.7 0.5 0.4 0.5 0.6 0.4 0.1 0.2 0.0 0.1 0.0 Turkey 0.2 0.2 0.3 0.3 0.3 0.2 0.3 0.3 0.2 0.4 0.5 0.2 0.2 0.1 Poland 0.8 1.4 1.1 0.9 0.9 1.0 1.7 1.3 1.2 1.7 2.1 0.4 0.7 1.0 Ukraine 0.2 0.4 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.3 0.4 0.1 0.2 0.1 Croatia 0.3 0.4 0.5 0.7 0.6 0.5 0.8 1.0 0.9 1.1 1.5 0.2 0.4 0.9 Other Europe 0.5 0.8 0.8 0.9 1.0 0.9 0.9 0.9 0.7 0.9 1.1 0.4 0.5 0.2 TOTAL EUROPE 6.9 10.9 10.4 10.7 10.9 11.1 13.7 12.8 10.1 10.7 12.8 3.0 4.6 5.3 Brazil 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.3 0.2 0.1 0.1 0.0 USA 0.3 0.5 0.7 1.1 0.9 0.7 0.8 0.8 0.7 0.5 0.4 0.2 0.1 0.1 Others 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.3 0.1 0.0 0.2 TOTAL OTHERS 0.5 0.7 0.9 1.3 1.1 0.9 1.0 1.0 1.0 0.8 0.9 0.4 0.2 0.2 GLOBAL TOTAL 20.1 31.5 34.0 38.1 37.2 38.9 47.9 47.9 48.0 71.0 82.8 12.7 26.7 43.4

Major Numbers of Vessels For Delivery in: Shipbuilders 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* 2004 2005 2006+ Japan 336 489 595 657 533 502 536 519 626 946 1001 199 371 431 South Korea 153 298 292 312 317 364 513 474 483 785 946 95 292 559 Taiwan 22 27 38 32 36 33 30 24 19 38 46 51229 P.R. China 58 151 217 210 180 207 242 300 333 549 660 114 236 310 Other Asia 34 42 50 61 50 35 41 51 74 94 129 385635 TOTAL ASIA 603 1007 1192 1272 1116 1141 1362 1368 1535 2412 2782 451 967 1364 Germany 63 111 115 97 89 77 104 106 81 112 128 306038 Denmark 31 32 29 24 19 12 11 15 7 14 21 5 4 12 France 798101517138868 1 4 3 Italy 14 56 64 74 69 46 49 45 43 41 40 19 14 7 Netherlands 823546893726369857691 29 42 20 Spain 29 44 44 51 33 23 22 28 33 22 22 10 8 4 Finland 16 13 10 9 8 6 10 10 6 6 5 2 1 2 Norway 23 37 45 65 45 25 43 61 47 21 30 9 19 2 Turkey 17 25 35 29 35 26 38 41 39 58 72 30 35 7 Poland 62 97 76 63 59 60 88 63 44 66 81 16 26 39 Ukraine 15 24 18 16 13 12 12 13 20 24 32 7 205 Croatia 15 19 27 36 29 23 36 48 39 54 68 11 19 38 Other Europe 59 82 88 106 139 122 99 99 89 111 129 56 56 17 TOTAL EUROPE 359 572 613 648 646 521 588 606 541 611 727 225 308 194 Brazil 654577813232726 13 9 4 USA 922328764362958614538 2313 2 Others 16 15 13 13 14 9 7 9 10 15 21 8 6 7 TOTAL OTHERS 31 42 49 105 85 52 44 80 94 87 85 44 2813 GLOBAL TOTAL 993 1621 1854 2025 1847 1714 1994 2054 2170 3110 3594 720 1303 1571 *after a year indicates data are the latest year to date figures.

Clarkson Research Studies Page 11 Aug-04 Contracting by Country/Region

Summary – July 2004 Chinese Contracts in 2004 (GT) China Bulk • Thus far in 2004 yards in China have contracted 10.7m 26% Other Dry dwt of new contracts, a similar level to this time last year. 2% However, it is worth noting that contracting in the other Chemical 2% major Asian shipbuilding nations are all down from last Container year’s levels. Contracting at Chinese yards represents 17.8% 24% of the global total of new orders compared to a figure of 15.5% in 2003, indicating that China is becoming more prominent as a shipbuilding nation. 45% of all new orders measured by GT have been tankers, with bulk carriers and Tanker Others containerships also featuring heavily with 26% and 24% 45% 1% respectively. Chinese yards are yet to take large numbers of orders for more specialised sectors. Korea Korean Contracts in 2004 (GT) • Korean yards continue to dominate global contracting in 2004 with 23.2m dwt of new orders received so far. This Others Container figure is down by 8% on an annualised basis from last year, 4% 30% but is still impressive in historical terms and makes Korea the number one shipbuilding nation in terms of new contracts placed this year. Tankers and containerships have seen the Tanker most orders by GT with 41% and 30% of the total Bulk 41% 2% respectively. LNG vessels also figure prominently, attracting 22% of all new contracts. Korean yards continue to stay away from the dry bulk sector with only 2% of new L.N.G. contracts falling into this category. This is because Korean 22% Chemical 1% shipbuilders tend to concentrate on building higher value, more specialised ships.

Major Million DWT Trends This Year Shipbuilders 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* vs. Last Year Japan 17.7 17.1 17.7 22.8 14.9 16.3 22.3 20.7 23.1 45.6 18.5 DOWN BY… -30.3% South Korea 9.0 11.5 10.7 21.0 14.7 18.2 32.7 14.3 19.3 43.2 23.2 DOWN BY… -8.0% Taiwan 1.3 1.1 0.7 0.8 1.1 1.2 0.5 0.1 1.1 2.3 0.9 DOWN BY… -30.9% P.R. China 1.9 2.7 2.4 1.7 1.4 5.6 4.2 5.1 6.0 18.1 10.7 STEADY…. 1.2% Other Asia 0.4 0.3 0.5 0.2 0.4 0.5 0.3 0.4 1.3 0.8 1.2 UP BY…. 151.0% TOTAL ASIA 30.3 32.6 32.1 46.5 32.3 41.7 60.2 40.7 50.7 110.0 54.5 DOWN BY… -15.1% Germany 1.4 1.3 1.3 0.8 1.0 0.6 1.6 0.8 0.6 2.0 1.1 DOWN BY… -7.1% Denmark 0.3 0.7 0.1 0.4 0.4 0.6 0.0 1.1 0.0 0.9 0.8 UP BY…. 63.2% France 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 UP BY…. 67.0% Italy 0.2 1.0 0.2 0.4 0.2 0.1 0.2 0.1 0.1 0.1 0.1 UP BY…. 29.3% Netherlands 0.1 0.1 0.3 0.3 0.3 0.1 0.3 0.3 0.4 0.2 0.3 UP BY…. 143.8% Spain 0.8 0.4 0.4 0.8 0.3 0.0 0.3 0.4 0.1 0.0 0.0 DOWN BY… -93.1% Finland 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 DOWN BY… -100.0% Norway 0.1 0.2 0.1 0.3 0.1 0.1 0.3 0.2 0.1 0.1 0.1 UP BY…. 126.0% Turkey 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.3 0.2 UP BY…. 36.0% Poland 1.3 1.5 0.3 0.5 0.6 0.7 2.0 0.2 0.2 1.0 0.7 UP BY…. 26.6% Ukraine 0.3 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.2 UP BY…. 1451.0% Croatia 0.6 0.1 0.7 0.5 0.1 0.2 1.1 1.1 0.2 1.0 1.3 UP BY…. 127.9% Other Europe 0.2 0.6 0.4 0.4 0.5 0.1 0.2 0.3 0.1 0.7 0.6 UP BY…. 44.2% TOTAL EUROPE 5.5 6.5 3.8 4.4 3.7 2.7 6.3 4.7 2.1 6.3 5.5 UP BY…. 49.8% Brazil 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.1 0.0 0.0 DOWN BY… -47.2% USA 0.1 0.1 0.2 0.5 0.3 0.1 0.8 0.4 0.1 0.0 0.0 UP BY…. 49.7% Others 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 DOWN BY… -89.8% TOTAL OTHERS 0.1 0.1 0.3 0.7 0.3 0.1 0.8 0.5 0.3 0.2 0.1 DOWN BY… -42.7%

GLOBAL TOTAL 35.9 39.3 36.2 51.6 36.3 44.5 67.3 45.9 53.1 116.5 60.1 DOWN BY… -11.6% *after a year indicates data are the latest year to date figures.

Clarkson Research Studies Page 12 Aug-04 Contracting by Country/Region

Major Million CGT Trends This Year Shipbuilders 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* % Japan 6.0 6.7 7.3 8.0 5.2 5.7 7.6 6.7 8.4 14.5 5.6 DOWN BY… -33.2% South Korea 2.9 4.3 3.4 5.7 4.6 6.0 10.4 5.7 6.9 17.6 10.5 STEADY…. 2.6% Taiwan 0.5 0.3 0.4 0.3 0.5 0.3 0.3 0.1 0.3 0.9 0.4 DOWN BY… -25.2% P.R. China 0.7 1.2 1.2 0.9 0.8 2.0 2.0 2.0 2.1 6.1 3.3 DOWN BY… -5.7% Other Asia 0.2 0.2 0.0 0.2 0.2 0.2 0.3 0.3 0.5 0.4 0.5 UP BY…. 79.5% TOTAL ASIA 10.2 12.7 12.3 15.0 11.2 14.2 20.6 14.8 18.1 39.5 20.4 DOWN BY… -11.6% Germany 1.2 1.4 0.9 0.7 0.0 1.2 1.3 0.7 0.5 1.5 0.7 DOWN BY… -14.4% Denmark 0.2 0.4 0.1 0.2 0.2 0.4 0.0 0.6 0.0 0.5 0.5 UP BY…. 70.4% France 0.2 0.1 0.1 0.2 0.6 0.6 0.3 0.2 0.1 0.1 0.3 UP BY…. 292.1% Italy 0.4 1.3 0.7 0.8 0.8 0.9 1.1 0.2 0.3 0.6 0.4 UP BY…. 20.2% Netherlands 0.1 0.3 0.3 0.3 0.4 0.2 0.4 0.3 0.3 0.2 0.3 UP BY…. 169.5% Spain 0.4 0.3 0.2 0.5 0.1 0.1 0.4 0.4 0.2 0.1 0.1 UP BY…. 179.2% Finland 0.5 0.1 0.3 0.1 0.3 0.3 0.7 0.1 0.2 0.2 0.1 DOWN BY… -52.3% Norway 0.2 0.2 0.3 0.5 0.1 0.3 0.4 0.3 0.2 0.1 0.1 UP BY…. 123.4% Turkey 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.3 0.2 UP BY…. 30.7% Poland 0.8 0.8 0.2 0.3 0.4 0.6 1.3 0.1 0.3 0.7 0.8 UP BY…. 78.5% Ukraine 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 UP BY…. 734.1% Croatia 0.3 0.1 0.3 0.3 0.1 0.1 0.6 0.5 0.2 0.5 0.6 UP BY…. 102.4% Other Europe 0.2 0.4 0.3 0.4 0.4 0.1 0.3 0.3 0.2 0.4 0.3 UP BY…. 34.0% TOTAL EUROPE 4.8 5.7 3.8 4.3 3.6 4.7 6.8 3.8 2.5 5.3 4.6 UP BY…. 49.9% Brazil 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 DOWN BY… -50.6% USA 0.1 0.2 0.3 0.5 0.2 0.2 0.3 0.3 0.2 0.1 0.0 UP BY…. 11.4% Others 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 UP BY…. 166.1% TOTAL OTHERS 0.3 0.3 0.4 0.7 0.4 0.3 0.4 0.3 0.4 0.2 0.2 UP BY…. 53.3%

GLOBAL TOTAL 15.3 18.8 16.5 20.0 15.3 19.2 27.7 19.0 21.0 45.0 25.2 STEADY…. -4.0%

Major Number of Vessels Trends This Year Shipbuilders 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* % Japan 338 417 437 436 278 312 350 330 419 649 256 DOWN BY… -32.4% South Korea 125 198 131 199 156 208 337 177 229 533 325 STEADY…. 4.5% Taiwan 21 16 22 15 22 13 12 4 10 32 16 DOWN BY… -14.3% P.R. China 50 103 111 75 68 117 127 135 139 361 188 DOWN BY… -10.7% Other Asia 26 23 28 26 20 17 25 29 46 53 51 UP BY…. 65.0% TOTAL ASIA 560 757 729 751 544 667 851 675 843 1628 836 DOWN BY… -12.0% Germany 62 93 77 47 64 40 78 48 32 82 42 DOWN BY… -12.2% Denmark 1812149974120128UP BY…. 14.3% France 4335101022324UP BY…. 242.9% Italy 94623271913201311189DOWN BY… -14.3% Netherlands 821464567255145563040UP BY…. 128.6% Spain 24 21 20 24 6 4 12 17 13 8 7 UP BY…. 50.0% Finland 102447363321DOWN BY… -14.3% Norway 18 21 30 45 13 14 36 38 24 19 22 UP BY…. 98.5% Turkey 12 13 14 10 17 8 23 21 15 44 30 UP BY…. 16.9% Poland 64 54 14 19 27 36 59 4 8 34 26 UP BY…. 31.1% Ukraine 9110200041149UP BY…. 285.7% Croatia 14 4 19 14 4 5 23 23 8 27 26 UP BY…. 65.1% Other Europe 28 45 39 57 79 23 23 30 25 53 35 UP BY…. 13.2% TOTAL EUROPE 280 346 303 308 322 188 337 260 209 335 259 UP BY…. 32.5% Brazil 0012503611113DOWN BY… -53.2% USA 615157130151845347 7UP BY…. 71.4% Others 13109995657117UP BY…. 9.1% TOTAL OTHERS 19 25 25 82 44 20 27 56 52 29 17 STEADY…. 0.5% GLOBAL TOTAL 859 1128 1057 1141 910 875 1215 991 1104 1992 1112 STEADY…. -4.3% *after a year indicates data are the latest year to date figures.

Clarkson Research Studies Page 13 Aug-04 Deliveries by Country/Region

Summary – July 2004 Scheduled Output by Region • 114 vessels of 4.18m dwt are scheduled for delivery from m.CGT 30 Chinese yards in the remainder of 2004. Bulk carriers comprise the biggest chunk of these deliveries with 32 vessels of 1.74m dwt Other scheduled, followed by containerships (25 vessels of 0.74m dwt), Europe crude oil tankers (7 vessels of 0.68m dwt) and product carriers (12 25 vessels of 0.47m dwt) China • Of these 32 bulk carriers due for delivery in 2004, 15 are S Korea Handymax of 0.82m dwt. The next biggest sector by ship type is Handy product tankers with 10 vessels of 0.43m dwt due. 20 Japan • The Chinese orderbook is growing at a very fast rate with deliveries for 2005 expected to reach 9.99m dwt and 2006 to reach 10.6m dwt. For comparison the biggest year for Chinese deliveries 15 to date was in 2003 when 5.7m dwt was delivered.

China Output m. CGT 10 4.0 3.5 3.0 2.5 5 2.0 1.5 1.0 0.5 0 0.0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Source: Clarkson Research Studies 1994 1995 1996 Source:1997 1998 Clarkson1999 2000 Research2001 2002 Studies2003 2004 2005 2006 2007

Major Million DWT Trends This Year Shipbuilders 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* vs. Last Year Japan 12.9 14.5 16.0 15.5 14.8 18.0 19.0 19.6 19.4 20.4 12.4 STEADY…. 4.0% South Korea 6.9 10.2 11.9 12.9 11.9 15.5 19.0 18.1 20.4 22.7 14.5 UP BY…. 9.4% Taiwan 1.0 0.8 1.1 1.2 0.6 0.7 0.8 0.6 1.0 1.1 0.5 DOWN BY… -19.2% P.R. China 1.6 1.6 1.5 2.2 2.5 1.9 2.5 2.9 3.6 5.7 4.0 UP BY…. 19.8% Other Asia 0.1 0.2 0.4 0.2 0.5 0.4 0.4 0.5 0.5 0.6 0.3 DOWN BY… -19.0% TOTAL ASIA 22.6 27.3 30.9 32.0 30.3 36.5 41.7 41.7 45.0 50.6 31.7 UP BY…. 7.4% Germany 1.2 1.2 1.3 1.2 1.2 0.8 0.9 0.8 1.1 0.9 0.4 DOWN BY… -22.9% Denmark 1.1 1.8 0.6 0.5 0.5 0.5 0.4 0.4 0.5 0.4 0.1 DOWN BY… -57.4% France 0.2 0.1 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 DOWN BY… -49.8% Italy 0.7 0.5 0.6 0.4 0.3 0.5 0.2 0.1 0.1 0.3 0.1 DOWN BY… -33.4% Netherlands 0.1 0.2 0.2 0.2 0.3 0.3 0.3 0.2 0.3 0.2 0.2 UP BY…. 38.6% Spain 0.2 0.3 1.1 0.3 0.5 0.6 0.3 0.2 0.1 0.5 0.2 DOWN BY… -21.0% Finland 0.0 0.1 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 UP BY…. 46.5% Norway 0.2 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.3 0.0 DOWN BY… -74.6% Turkey 0.0 0.0 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.2 0.1 DOWN BY… -17.2% Poland 0.8 0.6 0.9 0.8 0.9 0.7 0.7 0.8 0.6 0.4 0.3 UP BY…. 40.3% Ukraine 0.3 0.3 0.3 0.2 0.0 0.0 0.0 0.0 0.1 0.0 0.0 - Croatia 0.4 0.2 0.6 0.2 0.5 0.4 0.3 0.4 0.6 0.5 0.7 UP BY…. 125.9% Other Europe 0.6 1.0 1.0 0.5 0.6 0.2 0.4 0.3 0.3 0.3 0.2 UP BY…. 26.7% TOTAL EUROPE 5.7 6.4 7.0 4.9 5.1 4.5 3.9 3.6 4.1 4.0 2.4 STEADY…. 2.6% Brazil 0.5 0.3 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 UP BY…. 6% USA 0.1 0.1 0.1 0.2 0.4 0.3 0.2 0.3 0.3 0.3 0.2 UP BY…. 35.9% Others 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.0 0.0 DOWN BY… -99.4% TOTAL OTHERS 0.5 0.4 0.4 0.3 0.5 0.3 0.2 0.3 0.3 0.4 0.3 UP BY…. 21.9%

GLOBAL TOTAL 28.9 34.1 38.2 37.2 36.0 41.3 45.8 45.6 49.4 55.0 34.3 UP BY…. 7.1% *after a year indicates data are the latest year to date figures.

Clarkson Research Studies Page 14 Aug-04 Deliveries by Country/Region

Major Million CGT Trends This Year Shipbuilders 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* % Japan 5.0 5.4 5.7 6.1 6.9 6.4 6.5 6.4 6.5 6.8 4.3 UP BY…. 8.0% South Korea 2.1 3.0 3.7 4.1 3.6 4.5 5.9 6.1 6.5 7.0 4.9 UP BY…. 18.3% Taiwan 0.3 0.3 0.2 0.4 0.3 0.3 0.3 0.2 0.3 0.3 0.2 UP BY…. 6.6% P.R. China 0.6 0.6 0.6 1.0 1.2 1.0 1.2 1.1 1.6 2.4 1.4 DOWN BY… -5.3% Other Asia 0.1 0.2 0.0 0.1 0.3 0.3 0.2 0.2 0.3 0.3 0.1 DOWN BY… -18.5% TOTAL ASIA 8.1 9.5 10.3 11.7 12.3 12.4 14.2 14.1 15.3 16.9 10.8 UP BY…. 9.9% Germany 0.8 1.1 1.2 1.0 0.0 0.8 0.8 1.2 1.2 0.9 0.5 STEADY…. -2.1% Denmark 0.3 0.4 0.4 0.4 0.3 0.3 0.2 0.2 0.3 0.3 0.1 DOWN BY… -56.3% France 0.2 0.2 0.3 0.2 0.2 0.2 0.3 0.4 0.3 0.5 0.1 DOWN BY… -66.5% Italy 0.4 0.3 0.5 0.5 0.9 1.0 0.6 0.7 0.7 0.8 0.4 DOWN BY… -22.5% Netherlands 0.2 0.3 0.2 0.3 0.3 0.3 0.4 0.3 0.3 0.3 0.1 DOWN BY… -31.9% Spain 0.2 0.2 0.4 0.2 0.3 0.3 0.3 0.2 0.1 0.4 0.2 DOWN BY… -10.8% Finland 0.1 0.3 0.5 0.3 0.3 0.1 0.3 0.2 0.5 0.3 0.2 STEADY…. 0.4% Norway 0.2 0.2 0.3 0.3 0.3 0.4 0.2 0.2 0.4 0.4 0.1 DOWN BY… -60.5% Turkey 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 STEADY…. 1.8% Poland 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.3 0.3 UP BY…. 98.1% Ukraine 0.1 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.1 0.0 0.0 - Croatia 0.2 0.1 0.3 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.3 UP BY…. 58.9% Other Europe 0.3 0.5 0.5 0.4 0.4 0.3 0.3 0.2 0.3 0.3 0.1 DOWN BY… -7.6% TOTAL EUROPE 3.5 4.1 5.2 4.3 3.8 4.6 4.2 4.7 5.3 4.7 2.4 DOWN BY… -11.8% Brazil 0.2 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 STEADY…. 1.5% USA 0.0 0.1 0.1 0.2 0.5 0.4 0.3 0.3 0.3 0.3 0.1 DOWN BY… -29.0% Others 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 DOWN BY… -86.2% TOTAL OTHERS 0.3 0.3 0.3 0.3 0.7 0.5 0.4 0.3 0.4 0.4 0.2 DOWN BY… -34.6%

GLOBAL TOTAL 11.9 13.8 15.8 16.3 16.8 17.5 18.8 19.1 20.9 22.0 13.4 STEADY…. 4.4%

Major Number of Vessels Trends This Year Shipbuilders 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004* % Japan 276 330 345 380 409 345 319 349 312 330 202 STEADY…. 4.9% South Korea 102 137 157 180 151 162 188 216 220 231 164 UP BY…. 21.7% Taiwan 91312211816151015138UP BY…. 5.5% P.R. China 42 41 50 94 111 90 97 78 108 145 77 DOWN BY… -9.0% Other Asia 17 26 29 17 43 32 19 20 23 33 16 DOWN BY… -16.9% TOTAL ASIA 446 547 593 692 732 645 638 673 678 752 467 UP BY…. 6.5% Germany 60 76 78 68 72 52 51 46 57 51 26 DOWN BY… -12.6% Denmark 22222015141458851DOWN BY… -65.7% France 32535867342DOWN BY… -14.3% Italy 22 14 19 18 24 37 17 17 13 20 10 DOWN BY… -14.3% Netherlands 22 30 30 40 45 48 61 44 43 39 25 UP BY…. 9.9% Spain 1092117241613138197DOWN BY… -36.8% Finland 36759523722UP BY…. 71.4% Norway 16 12 22 25 34 34 18 22 39 45 13 DOWN BY… -50.5% Turkey 4 7 7 16 11 18 11 18 18 25 16 UP BY…. 9.7% Poland 25 32 38 33 31 35 31 29 27 12 11 UP BY…. 57.1% Ukraine 99943103401- Croatia 9 414511111011171212UP BY…. 71.4% Other Europe 39 59 57 52 50 43 48 31 36 31 17 DOWN BY… -6.0% TOTAL EUROPE 244 282 327 301 333 322 273 252 280 265 143 DOWN BY… -7.5% Brazil 87723021174STEADY…. -2.0% USA 5 5 10 24 66 46 29 19 34 25 14 STEADY…. -4.0% Others 1213121081083661DOWN BY… -71.4% TOTAL OTHERS 25 25 29 36 77 56 39 23 41 38 19 DOWN BY… -14.3%

GLOBAL TOTAL 715 854 949 1029 1142 1023 950 948 999 1055 629 STEADY…. 2.2% *after a year indicates data are the latest year to date figures.

Clarkson Research Studies Page 15 Aug-04 Shipyard Capacity (1) Shipyard Feature: July 2004 - Spotlight on Hyundai Mipo, Ulsan Orderbook 2004 12 232,012 • Hyundai Mipo Dockyard Co. Ltd. (HMD) was by Year of 2005 47 918,536 founded in 1975 as a ship conversion and repair yard. In Delivery: 2006 44 912,360 the early 1980’s HMD started shipbuilding, and this 2007 50 1,022,194 direction was strengthened in 1996 when a new business Total 153 3,085,102 strategy was adopted. Hyundai Mipo produces medium sized, specialised and value-added ships with an emphasis on medium sized product tankers. Panamax 6% • The orderbook at the end of July stood at 153 Handy vessels of 3.09m dwt, ranking it 4th in the world by cgt and Chem nd 6% 2 by number of vessels. Nearly two thirds of the orderbook by cgt is made up of Handysize product tankers Handy Prod and just over a quarter by sub-Panamax containerships. 62% The rest of the orderbook is split evenly between Handsize chemical tankers and Panamax containerships. Every vessel on the orderbook is between 35,000 and 52,800 dwt. Sub- • Barclay Shipping of Greece has recently upped its Panamx 26% order at HMD to 16 vessels making them the biggest ship owner on the orderbook. Other major customers include Interorient Navigation Co. of Greece and E.R. Schiffahrt of Germany with 15 vessels on the orderbook each.

Shipbuilder….. Capacity* Output in Orderbook for Shipyard…. Dock Berth Lgth gt cgt 2003 July Number m. (,000) (,000) No. dwt cgt No. dwt cgt

Hyundai H.I. Ulsan South Korea 9 - 640 186 2,417 54 6,890 1,878 222 22,352 9,279 1 Samsung S.B. Koje South Korea 3 - 640 170 1,776 39 5,022 1,411 130 13,095 6,113 2 Daewoo S.B. Okpo South Korea 2 - 530 234 1,501 35 4,289 1,501 122 13,491 5,684 3 Hyundai Mipo Ulsan South Korea 4 4 380 40 714 36 1,460 714 153 6,205 3,085 4 Hyundai Samho Samho South Korea 2 - 512 166 741 20 3,396 629 76 9,807 2,990 5 STX Shipbuild. Chinhae South Korea 1 3 320 42 451 16 717 349 95 4,744 1,957 6 Mitsubishi H.I. Nagasaki Japan 2 2 375 199 785 5 305 283 35 3,180 1,901 7 Oshima S.B. Co. Oshima Japan 2 - 535 73 433 23 1,358 393 98 6,383 1,708 8 Tsuneishi Zosen Numakuma Japan 1 2 266 88 451 16 1,381 327 83 6,343 1,529 9 Dalian New Yard Dalian China P.R. 1 2 365 161 304 7 1,076 294 52 6,223 1,512 10 I.H.I. Kure Japan 3 7 488 234 357 6 920 293 28 4,500 1,491 11 Hanjin H.I. Busan South Korea 4 4 302 94 473 9 529 294 36 2,560 1,464 12 Toyohashi S.B. Toyohashi Japan - - - 62 373 2 39 117 24 521 1,279 13 Stocznia Gdynia Gdynia Poland 2 - 380 92 451 4 154 117 35 1,206 1,146 14 Koyo Dock K.K. Mihara Japan 1 5 378 91 418 14 870 418 28 2,604 1,138 15 CSBC Kaohsiung Taiwan 2 - 950 232 326 13 1,145 314 36 2,846 1,137 16 Odense Lindo Lindo Denmark 3 - 415 167 271 4 423 243 19 1,840 1,097 17 Universal S.B. Ariake Japan - - - 160 304 6 1,800 285 29 6,834 1,086 18 Universal S.B. Tsu Japan - - - 160 337 5 1,184 184 33 5,891 1,064 19 Kawasaki H.I. Sakaide Japan 2 - 450 203 440 8 550 307 18 2,593 1,030 20 Imabari S.B. Marugame Japan 2 - 290 73 583 16 1,261 407 38 2,526 940 21 Mitsui S.B. Chiba Japan 3 6 419 189 384 3 786 124 26 3,882 901 22 New Century S/Y Jingjiang China P.R. - - - 40 188 10 385 143 43 2,937 887 23 Shina S.B. Chungmu South Korea - 3 165 34 186 7 269 142 42 1,825 868 24 Hudong S/Yard Shanghai China P.R. - 10 280 67 339 9 597 278 35 2,492 835 25 Szczecin. Nowa Szczecin Poland - - - 35 198 7 255 154 37 1,299 830 26 Waigaoqiao S/Y Shanghai China P.R. - - - 89 134 3 500 90 31 4,777 805 27 Namura Zosensho Imari Japan 1 - 450 114 240 10 1,258 240 30 4,235 751 28 Sanoyas Mizushima Japan 1 - 675 75 214 7 603 145 36 2,699 725 29 Mitsubishi H.I. Kobe Japan - 3 292 80 225 4 246 138 15 871 699 30 Mitsui S.B. Tamano Japan 2 5 386 72 198 8 508 134 44 2,453 698 31 Nantong S.B. Nantong China P.R. - - 360 160 159 4 705 129 24 2,670 688 32 Shin Kurushima Onishi Japan 2 - 276 75 297 13 508 246 37 1,260 680 33 Jiangnan S/Yard Shanghai China P.R. 3 2 232 41 217 10 266 160 36 1,828 622 34 Dalian Shipyard Dalian China P.R. 2 3 230 72 176 9 288 167 26 1,516 585 35 Sasebo H.I. Sasebo Japan 5 - 370 154 258 7 1,109 178 26 2,062 574 36 Brod. Uljanik Pula Croatia - 2 225 139 168 4 124 134 21 478 562 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 Aug-04 Shipyard Capacity (2)

Shipbuilder….. Capacity* Output in Orderbook for Shipyard…. Dock Berth Lgth gt cgt 2003 July Number m. (,000) (,000) No. dwt cgt No. dwt cgt Rank

De l'Atlantique St. Nazaire France 1 - 900 261 458 4 29 458 6 209 496 38 Sumitomo H.I. Oppama Japan 1 - 560 261 282 8 844 180 21 1,807 449 39 Guangzhou Shpyd Guangzhou China P.R. 3 3 200 29 240 11 315 240 25 964 434 40 Imabari S.B. Saijo Japan 2 - 420 160 167 7 821 167 14 2,703 427 41 Onomichi Dockyd Onomichi Japan - 1 260 57 181 7 330 144 21 1,322 427 42 Jiangdu S/yard Yangzhou China P.R. - - - 25 118 2 64 30 25 1,357 423 43 Fincantieri Monfalcone Italy 1 - 350 131 288 1 8 138 3 25 420 44 Tsuneishi Cebu Cebu Philippines - - - 30 121 8 419 121 27 1,430 414 45 Volkswerft Stralsund Germany 2 - 300 49 106 5 131 103 16 646 397 46 Bohai Shipyard Hu Lu Dao China P.R. - - 195 89 121 4 296 97 17 1,868 378 47 Minami Nippon Usuki Japan - 1 178 57 192 4 105 192 13 659 371 48 Brod. Split Split Croatia - 4 269 84 123 3 190 62 16 1,360 367 49 I.H.I. Yokohama Japan - - - 117 169 4 246 138 19 1,506 342 50 Jinling Shipyd. Nanjing China P.R. - - - 27 123 6 98 64 30 536 333 51 Fincantieri Marghera Italy 1 2 340 85 188 1 7 105 3 21 316 52 Xiamen Shipyard Xiamen China P.R. - - - 45 52 3 104 51 9 231 316 53 Brod. 3 Maj Rijeka Croatia - 2 260 58 94 3 106 56 17 777 298 54 Kvaerner Masa Turku Finland 2 - 365 160 257 1 10 172 2 15 294 55 Iwagi Zosen Iwagi Japan - 1 136 32 155 6 310 101 16 797 293 56 Meyer Werft Papenburg Germany 1 - 370 93 256 1 9 113 6 88 288 57 Jiangsu S/Yard Yangzijiang China P.R. - - - 18 61 6 91 61 25 388 285 58 Kanda S.B. Co. Kawajiri Japan 3 2 181 20 113 7 202 79 25 759 284 59 Guang. Wenchong Huangpu China P.R. 3 1 300 18 96 6 133 82 21 498 282 60 Shanghai Shpyd. Shanghai China P.R. - 2 228 29 199 5 174 80 13 604 282 61 Aker Ostsee Wismar Germany - - - 28 59 0 0 0 13 480 269 62 Sestri-Cantiere Genoa Italy 2 - 285 112 139 1 11 127 2 19 267 63 Naikai S.B. Setoda Japan 3 7 230 34 126 4 72 64 12 364 256 64 Daewoo-Mangalia Mangalia Romania - - - 40 37 0 0 0 12 475 236 65 J. J. Sietas Hamburg Germany 2 2 150 18 124 13 124 119 22 309 215 66 Shin Kochi H.I. Kochi City Japan - 2 168 21 101 7 138 72 20 476 212 67 Brod. Trogir Trogir Croatia 1 2 200 28 81 2 92 43 10 467 208 68 Hakodate Dock Hakodate Japan 2 1 184 128 105 4 128 47 18 576 201 69 Jingjiang Sumec Jingjiang China P.R. - - - 5 6 1 6 6 24 270 200 70 Fincantieri CastellammareItaly - 2 240 57 103 2 30 96 4 28 200 71 Aker Ostsee Warnemunde Germany - - - 28 38 0 0 0 10 355 199 72 Flensburger S.B Flensburg Germany - 1 270 32 85 3 38 63 8 93 195 73 Saiki Hvy. Ind. Saiki Japan - 2 155 24 111 4 143 60 14 480 183 74 Mitsubishi H.I. Shimonoseki Japan - 2 180 42 162 7 42 157 5 87 182 75 Lloyd Werft Bremerhaven Germany 3 - 335 78 98 0 0 0 2 12 180 76 Imabari S.B. Imabari Japan - 1 247 53 110 8 195 98 15 408 176 77 Kawasaki H.I. Kobe Japan - 4 289 88 85 4 201 56 12 661 171 78 Mawei Shipyard Fuzhou China P.R. 1 3 160 31 27 2 26 17 17 314 171 79 Universal S.B. Maizuru Japan - - - 40 61 3 221 61 8 589 165 80 Xingang S.Y. Tianjin China P.R. 2 1 212 22 105 5 119 58 15 337 158 81 Chengxi Shipyd. Jiangyin China P.R. - - - 20 21 1 30 21 10 530 154 82 CSBC Keelung Taiwan 1 1 275 77 105 0 0 0 10 281 150 83 ARS Ensenada Argentina - 5 240 36 13 1 27 11 5 81 150 84 Shikoku Dock. Takamatsu Japan - 1 160 21 63 5 149 63 12 359 149 85 Qingshan S.Y. Wuhan China P.R. - - - 13 53 4 24 25 18 198 149 86 Damen Shipyards Hoogezand Netherlands - 1 120 8 66 1 10 8 21 218 147 87 Kouan S.B. Taizhou China P.R. - - - 25 54 1 26 17 11 388 147 88 Peene Werft Wolgast Germany 1 - 165 14 77 4 65 51 11 210 143 89 Barreras S.A. Vigo Spain - 6 180 28 90 5 24 90 5 16 140 90 Damen Okean Nikolayev Ukraine - - - 41 47 0 0 0 17 263 139 91 Weihai S/yard Weihai China P.R. - - - 14 39 0 0 0 15 193 136 92 Zhejiang S.B. Ningbo China P.R. - - - 29 33 0 0 0 13 230 134 93 Kyokuyo S/yard Shimonoseki Japan 1 - 134 22 66 6 64 48 15 189 133 94 21c S.B. Co. Tongyoung South Korea - - - 5 18 0 0 0 17 195 131 95 Kitanihon Zosen Hachinohe Japan 2 - 140 20 74 4 85 53 9 249 130 96 Chernomorskiy Nikolayev Ukraine - 2 289 32 50 0 0 0 6 279 130 97 Dayang S.B. Yangzhou China P.R. - - - 29 23 0 0 0 9 395 127 98 Jiangdong S/Y Wuhu China P.R. - - - 10 41 3 41 27 13 168 117 99 Fincantieri Ancona Italy 1 - 240 57 153 2 63 60 2 8 115 100 Usuki Zosensho Usuki Japan 3 - 180 19 75 4 78 49 10 174 114 101 Eisa Shipyard Rio De JaneiroBrazil - 2 280 38 77 0 0 0 9 126 110 102 * 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 Aug-04 Shipyard Capacity (3)

Shipbuilder….. Capacity* Output in Orderbook for Shipyard…. Dock Berth Lgth gt cgt 2003 July Number m. (,000) (,000) No. dwt cgt No. dwt cgt Rank

Zhou Shan S/Y Zhoushan China P.R. - - - 7 48 6 48 48 14 132 110 103 Damen Galati Galatz Romania - - - 24 58 5 52 47 16 122 109 104 Nordseewerke Emden Germany - - - 28 41 0 0 0 6 175 108 105 Zhejiang S/Yard Ningbo China P.R. - - - 20 47 4 59 47 5 166 108 106 Nokbong S.B. Tongyoung South Korea - - - 5 22 3 15 19 14 143 106 107 Shanghai Edward Shanghai China P.R. - - 170 12 31 3 27 27 9 170 105 108 Shin Kurushima Akitsu Japan - 2 131 17 110 4 83 56 8 160 104 109 Fincantieri Palermo Italy 6 - 286 59 48 1 25 40 3 22 104 110 Jurong S/Yard Tanjong Kling Singapore 1 4 330 52 57 1 31 21 5 159 102 111 Volharding Harlingen Netherlands - - - 12 33 0 0 0 12 147 101 112 National Steel San Diego United States 1 10 305 111 91 2 56 91 3 555 100 113 Samho Tongyoung Tongyoung South Korea - - - 8 22 3 19 18 12 153 96 114 Lindenau Kiel Germany 2 1 185 23 33 2 65 30 6 198 94 115 ISOICO Bandar Abbas Iran - - - 23 35 0 0 0 5 150 86 116 H.D.W. Kiel Germany 5 - 426 119 203 0 0 0 4 138 82 117 Varna Shipyard Varna Bulgaria 2 - 237 57 95 0 0 0 7 143 80 118 Volharding Eemshaven Netherlands - - - 8 40 3 29 28 10 104 80 119 Izar Puerto Real Spain - - - 93 159 1 78 79 1 78 79 120 Stocznia Gdansk Gdansk Poland - 6 280 33 115 0 0 0 4 192 78 121 Admiralty S.Y. St. Petersburg Russia 2 2 240 33 43 1 47 19 4 190 77 122 Yardimci Deniz Tuzla Turkey - - 85 8 20 3 26 20 11 78 74 123 Kvaerner Masa Helsinki Finland 1 - 280 86 215 1 7 108 2 4 74 124 Santierul Naval Constantza Romania 1 - 360 91 50 1 13 9 4 148 72 125 Watanabe Zosen Hakata Japan 1 2 160 30 63 4 74 44 6 104 71 126 Keppel Sing. Jurong Singapore - - - 2 23 0 0 0 15 24 69 127 Fukuoka S.B. Fukuoka Japan - 1 110 12 56 5 69 46 6 111 68 128 Aker Finnyards Rauma Finland 1 - 250 50 130 0 0 0 1 24 67 129 Schps. Bodewes Hoogezand Netherlands - - - 5 73 7 36 35 11 70 67 130 INP Heavy Ind. Ulsan South Korea - - - 13 45 5 29 40 8 67 66 131 PT Pal Surabaya Indonesia 7 - - 26 41 0 0 0 5 194 65 132 Shin Kurushima Hashihama Japan - 1 268 75 51 5 43 37 8 68 65 133 Aker Tulcea Tulcea Romania - - - 2600077365 134 Cochin S.Y. Ltd Cochin India 1 - 255 52 21 1 30 0 6 180 65 135 Izar Seville Spain - - - 24 65 0 0 0 2 6 65 136 Shitanoe Zosen Usuki Japan - - 89 6 38 6 32 38 9 46 64 137 Schw. Cassens Emden Germany 2 - 130 8 24 1 1 16 7 51 64 138 Volgograd S.Y. Volgograd Russia - - 129 6 23 2 13 12 8 59 62 139 Dae Sun S.B. Pusan South Korea - 3 173 10 36 4 37 35 7 84 62 140 Aker MTW Werft Wismar Germany 1 - 340 67 170 7 207 170 3 110 61 141 Ha Long Shipyd. Haiphong Vietnam - - - 8 19 2 31 19 4 177 59 142 NG Avondale New Orleans United States - - - 85 79 1 142 29 2 283 59 143 Higaki Zosen Imabari Japan - 3 110 10 83 10 81 71 7 84 56 144 Peters Schpsw. Kampen Netherlands - 4 110 4 54 4 15 15 12 47 55 145 Jiangzhou S/Y Jiangxi China P.R. - - - 9 33 3 28 26 8 67 55 146 Ferus Smit Foxhol Netherlands - - 58 6 33 0 0 0 9 60 55 147 Sedef Gemi End. Tuzla Turkey - 3 160 12 27 2 11 14 6 75 54 148 Vianayard Viana Castelo Portugal - 2 203 18 58 3 35 58 4 65 53 149 Wuhu Shipyard Wuhu China P.R. - - 120 18 51 6 62 51 6 66 52 150 Remontowa Gdansk Poland 6 - 280 10 36 0 0 0 5 13 50 151 Soc. Esercizio Viareggio Italy - 5 180 21 77 0 0 0 4 68 48 152 Wuchang S/Yard Wuhan China P.R. - - - 416000 7 1748 153 Rodriquez Pietro Ligure Italy - - - 618105 4 048 154 FELS-Setal Angra Dos Rei Brazil - - - 428000 6 2548 155 SLKB Komarno Komarno Slovakia - - - 3 32 3 11 14 11 37 47 156 Krasnoy Sormovo Gorkiy Russia - - - 5 39 4 24 24 7 60 47 157 Niestern-Sander Delfzijl Netherlands 2 8 150 9 21 2 31 18 9 57 47 158 61 Kommunar Nikolayev Ukraine 1 3 134 14 31 0 0 0 5 41 46 159 Itajai Shipyard Itajai Brazil - - 120 6 41 1 8 10 4 56 45 160 Vyborg S/Yard Vyborg Russia - 4 250 712000 8 6645 161 Celiktekne Tuzla Turkey - - - 11 27 2 11 14 5 58 45 162 Vulcano S.A. Vigo Spain - 2 158 14 43 3 46 43 3 32 45 163

Others 14,083 240 5,870 2,358 414 2,599 2,677

TOTAL 42,070 1055 54,950 22,002 3,594 203,991 82,810 * 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 Aug-04 Vessels Lost At Sea Trends of Losses at Sea Summary – July 2004 m. dwt 2.00 • A small Chinese merchant ship, the “JINGAN NO 6”, sank on 8th July after a collision with the 3,336 dwt 1.75 Tankers Bulkers Gas Container LPG carrier “SAEHAN GALAXY”. The collision Combos Other resulted in an oil leak from the sunken vessel, which was 1.50 carrying 84 tonnes of bunkers and other oils at the time of the incident. One seafarer from the Chinese vessel died. 1.25 • The Honduran-flagged, Argentinian-owned general cargo ship “MINI MOON” (about 1,800 gt built 1972) 1.00 sank on 11th July in heavy weather. The vessel was carrying about 2,700 tonnes of urea at the time and was 0.75 just 30-35 miles south of its destination port of Quequen, Argentina. Of the 11 crew on board, only one survived. 0.50 • General cargo ship “XIN WAN DA” (about 1,305 gt built 1980) sank on 12th July after a collision with the 0.25 12,342 dwt 1986 built Handysize bulker “ORCHID SEA”. The collision occurred in dense fog off the South Korean 0.00 port of Busan. The South Korean-flagged bulker was inbound from Malaysia with a cargo of plywood and 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Source: Clarkson Research Studies timber whilst the Chinese vessel was carrying about 1,000 tonnes of magnesium between Inchon and Pohang.

Bulk Vessel No. of Vessels Average Age ,000 GT Losses 2001 2002 2003 Jul* 2001 2002 2003 Jul* 2001 2002 2003 Jul* VLCC > 200,000 1000 2400012200 0 Suezmax 120-200,000 0000 0000 000 0 Aframax 80-120,000 0120 026190 0431010 Panamax 60-80,000 0000 0000 000 0 Products 10-60,000 2000 31000 2600 0 Chemical 10-60,000 0001 0002200023 Specialised 10-60,000 0000 0000 000 0 Tankers > 10,000 3121 282619221484310123 Tankers < 10,000 3000 17000 1300 0 Capesize > 80,000 2000 1600016100 0 Panamax 60-80,000 1210 171980 3569390 Handymax 40-60,000 1100 241800 31250 0 Handysize 10-40,000 2023 17023183902337 Bulkers > 10,000 6333 18181818267946237 Combos > 10,000 0000 0000 000 0 Total Bulk Vessels 12 4 5 4 20 20 18 19 427 137 163 59 Special Vessel No. of Vessels Average Age ,000 GT Losses 2001 2002 2003 Jul* 2001 2002 2003 Jul* 2001 2002 2003 Jul* LNG Carriers 00 00 0000 000 0 LPG Carriers 00 00 0000 000 0 Reefers 50 00 25000 2400 0 Containers > 3,000 teu 00 00 0000 000 0 Containers < 3,000 teu 01 00 0600 060 0 Other Dry > 5,000 dwt 5 8 6 5 17 20 25 24 52 121 90 68 Offshore & Others 4 4 5 1 22 24 20 32 12 11 9 0 Cruise Vessels 00 00 0000 000 0 Ro-Ro Ferries 00 00 0000 000 0 Total Special Vessels 14 13 11 6 21 20 22 26 88 138 99 68

No. of Vessels Average Age ,000 GT Total All Losses 2001 2002 2003 Jul* 2001 2002 2003 Jul* 2001 2002 2003 Jul* All Vessels Types 26 17 16 10 21 20 21 23 516 275 261 128 * denotes data for year to date.

Clarkson Research Studies Page 19 Aug-04 Demolition Sales by Vessel Type Quarterly Demolitions (m. DWT) Summary – July 2004 12.0 Tankers Bulkers Gas • With exceptional tanker freight rates throughout Container Other July there has been a dearth of tonnage available for 10.0 scrapping. Off the back of this prices have spiked sharply, especially in Bangladesh where in the last week of July prices broke through the $400/ldt barrier once again. 8.0 • Panamax tanker “LOUROS” (about 60,958 dwt built 1980 Japan) was sold for delivery in Bangladesh for a whopping $402/ldt. Our brokers report that for tankers 6.0 available for prompt delivery there may even be the opportunity for prices to reach $420/ldt, which would 4.0 represent the highest price ever paid for a standard tanker. • In both India and China the prices continue to rise, although ship supply remains limited. In India the price 2.0 has firmed in excess of $335/ldt for bulk carrier tonnage. The singledecker “MV NIPE” (15,269 dwt built 1977 Spain) was sold to Indian breakers for $338/ldt. 0.0 • Volatility and fragility remain the keywords in the demolition markets with the current upside of the spike 4Q96 2Q97 4Q97 2Q98 4Q98 2Q99 4Q99 2Q00 4Q00 2Q01 4Q01 2Q02 4Q02 2Q03 4Q03 2Q04 Source: Clarkson Research Studies expected to readjust downwards to mid-July levels once deals have been concluded at present prices.

Bulk Vessel No. end Average Age m. DWT, end: Forecast Demolition Demolition 2003 Jul* 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 VLCC > 200,000 30 3 26.8 26.8 7.1 8.6 10.9 10.0 1.1 4.0 3.6 Suezmax 120-200,000 15 10 25.1 26.3 2.5 4.0 1.6 2.2 1.4 2.9 1.5 Aframax 80-120,000 37 18 24.9 25.7 1.7 1.4 1.5 3.3 1.7 3.6 3.6 Panamax 60-80,000 17 13 25.2 24.5 0.3 0.4 0.4 1.1 0.8 1.3 2.1 Products 10-60,000 80 26 28.7 28.4 2.2 1.0 2.3 2.5 0.9 2.6 4.3 Chemical 10-60,000 9 8 28.4 26.9 0.1 0.1 0.3 0.2 0.2 0.3 0.2 Specialised 10-60,000 4 1 26.8 29.3 0.0 0.1 0.1 0.1 0.0 0.1 0.1 Tankers > 10,000 192 79 27.0 26.7 13.9 15.5 17.0 19.4 6.2 14.8 15.4 Tankers < 10,000 36 25 30.9 27.9 0.0 0.0 0.1 0.2 0.1 0.3 0.0 Capesize > 80,000 4 0 26.1 0.0 1.0 1.6 1.3 0.4 0.0 0.4 0.9 Panamax 60-80,000 5 0 26.3 0.0 0.2 2.1 1.4 0.3 0.0 0.2 1.4 Handymax 40-60,000 11 2 26.6 28.8 0.8 0.7 0.5 0.5 0.1 0.5 0.9 Handysize 10-40,000 68 12 26.8 28.0 2.3 3.4 2.4 1.8 0.3 2.1 4.4 Bulkers > 10,000 88 14 26.7 28.2 4.3 7.8 5.6 3.1 0.4 3.2 7.7 Combos > 10,000 5 2 21.9 25.3 0.6 0.8 1.2 0.5 0.3 0.5 0.2 Total Bulk Vessels 321 120 27.3 27.1 18.8 24.3 24.0 23.3 6.9 18.8 23.3 Special Vessel No. end Average Age m. DWT, end: Forecast Demolition Demolition 2003 Jul* 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 LNG Carriers 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 LPG Carriers 20 14 27.8 29.5 0.1 0.0 0.5 0.4 0.3 0.7 0.7 Reefers 24 23 29.4 26.6 0.2 0.1 0.1 0.2 0.2 0.3 0.4 Containers > 3,000 teu 0 0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 Containers < 3,000 teu 27 3 27.0 33.3 0.2 0.5 1.1 0.5 0.1 0.1 0.2 Other Dry > 5,000 dwt 111 24 26.1 27.4 2.5 2.5 2.0 1.7 0.3 1.0 1.1 Offshore & Others 20 15 29.3 30.4 0.4 0.1 0.4 0.1 0.4 0.4 0.5 Cruise Vessels 1 0 42.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ro-Ro Ferries 1 1 22.3 28.9 0.0 0.0 0.0 0.0 0.0 0.1 0.2 Total Special Vessels 204 80 27.1 28.3 3.4 3.4 4.1 2.9 1.3 2.5 3.0 Total No. end Average Age m. DWT, end: Forecast Demolition Demolition 2003 Jul* 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 All Vessels Types 525 200 27.2 27.6 22.2 27.7 28.1 26.2 8.2 21.3 26.3 *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 Aug-04 Demolition Sales by Vessel Type

Recent Ship Sales for Demolition Date Type Vessel Name Flag Dwt Ldt Blt. Owner Breaker $/ldt $m. Jul-04 Suezmax Maraca BZ. 133,752 25,839 1981 Petrobras Bangladesh 324.00 8.37 Jul-04 Aframax Cerigo MA. 87,817 17,953 1979 Centrofin Mngt. PRC Jul-04 Panamax Louros GR. 60,958 10,389 1980 Pleiades Shpg. Agcy. Bangladesh 402.00 4.18 Jul-04 Panamax Ghazvin CY. 77,102 14,624 1975 Iran Marine Services Pakistan Jul-04 Panamax Neapolis GR. 60,525 12,157 1981 Andriaki Shpg. Co. Bangladesh 380.00 4.62 Jul-04 Panamax Al Sharifa II EG. 66,700 15,290 1974 Pyramid Navigation Bangladesh 376.00 5.75 Jul-04 Handy Prod Blanc MA. 37,797 1975 Ionia Mgmt. S.A. Bangladesh 380.00 Jul-04 Handy Prod Rhea GG. 12,334 1971 Unknown Owner India Jul-04 Handy Prod Ocean Jupiter SG. 29,525 8,137 1975 Ocean Tankers Pte. Bangladesh 365.00 2.97 Jul-04 Handy Chem Jhulelal IN. 19,981 6,067 1981 Shpg. Corp. of India Bangladesh 359.00 2.18 Jul-04 Handy Chem Ocean Xenophon M.I. 29,940 1981 Intestra Co. S.A. PRC Jul-04 Small/Spec Metin Ka TU. 5,539 1974 Trans KA Ve Ticaret Pakistan Jul-04 Small/Spec Amer Thames PA. 6,814 6,814 1983 Amer Ship Mngt. India Jul-04 Handysize Frina SV. 24,232 1975 Socomar S.R.L. PRC Jul-04 Handysize Santa Barbara PA. 21,351 1981 Nissho Shpg. Co. Ltd India Jul-04 Handysize Nipe MA. 15,269 4,307 1977 Rigel Shipmanagement India 338.00 1.46 Jul-04 Combo Maruim BZ. 133,752 25,839 1980 Petrobras India 317.80 8.21 Jul-04 Ro-Ro < 5K DWT Ajman 2 ME. 3,357 1977 Ajman Marine Serv. Jul-04 PCC < 5K DWT Wild Lily PA. 2,549 1977 Nakano Lines Ltd. Jul-04 Reefer Kaluga MA. 7,496 1984 Aquaship Ltd. Jul-04 Reefer Frio Espana CY. 4,300 1981 Laskaridis Shpg Jul-04 Other Dry > 5K DWEnlivener H.K. 20,763 1978 Wing Tak Shpg Agency Jul-04 Other Dry > 5K DWT Sungrisan 9 N.K 15,251 1975 North Korea Govt.

Bulk Vessel Million GT Forecast Demolition Demolition 1996 1997 1998 1999 2000 2001 2002 2003 Jul* 2004 2005 VLCC > 200,000 1.7 1.0 2.0 4.7 3.4 4.1 5.3 4.8 0.5 1.9 1.7 Suezmax 120-200,000 0.5 0.1 0.7 1.6 1.3 2.0 0.8 1.1 0.7 1.5 0.8 Aframax 80-120,000 0.3 0.4 0.1 1.3 0.9 0.8 0.8 1.9 1.0 2.1 2.0 Panamax 60-80,000 0.0 0.0 0.1 0.1 0.1 0.2 0.2 0.6 0.5 0.7 1.2 Products 10-60,000 0.3 0.2 0.2 0.4 1.3 0.6 1.3 1.5 0.5 1.5 2.5 Chemical 10-60,000 0.1 0.0 0.0 0.1 0.1 0.0 0.2 0.1 0.1 0.2 0.1 Specialised 10-60,000 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 Tankers > 10,000 2.9 1.8 3.3 8.2 7.1 7.7 8.7 10.1 3.4 8.0 8.4 Tankers < 10,000 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.2 0.0 Capesize > 80,000 1.5 1.6 2.0 1.6 0.5 0.8 0.7 0.2 0.0 0.2 0.5 Panamax 60-80,000 0.5 0.7 1.1 0.8 0.1 1.2 0.8 0.2 0.0 0.1 0.8 Handymax 40-60,000 1.0 0.6 0.9 1.0 0.5 0.4 0.3 0.3 0.1 0.3 0.6 Handysize 10-40,000 1.1 1.5 2.6 1.8 1.4 2.1 1.5 1.1 0.2 1.3 2.7 Bulkers > 10,000 4.0 4.4 6.7 5.2 2.5 4.5 3.3 1.9 0.2 1.9 4.6 Combos > 10,000 1.2 0.4 1.0 0.5 0.4 0.5 0.7 0.3 0.2 0.3 0.1 Total Bulk Vessels 8.2 6.6 11.0 13.9 10.0 12.7 12.7 12.4 3.8 10.3 13.1 Special Vessel Million GT Forecast Demolition Demolition 1996 1997 1998 1999 2000 2001 2002 2003 Jul* 2004 2005 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 0.1 0.0 0.1 0.1 0.0 0.4 0.3 0.2 0.6 0.6 Reefers 0.2 0.1 0.2 0.4 0.2 0.1 0.1 0.2 0.2 0.3 0.4 Containers > 3,000 teu 0.0 0.0 0.3 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 Containers < 3,000 teu 0.4 0.4 1.3 0.8 0.2 0.5 1.1 0.5 0.1 0.1 0.1 Other Dry > 5,000 dwt 1.4 1.9 1.7 1.6 2.0 1.9 1.6 1.4 0.3 0.8 0.9 Offshore Vessels 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cruise Vessels 0.0 0.1 0.0 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 2.1 2.5 3.5 2.9 2.5 2.7 3.2 2.4 0.8 1.7 2.0 Total Million GT Forecast Demolition Demolition 1996 1997 1998 1999 2000 2001 2002 2003 Jul* 2004 2005 All Vessels Types 10.3 9.1 14.5 16.8 12.5 15.4 15.9 14.8 4.6 12.0 15.1 * denotes data for year to date.

Clarkson Research Studies Page 21 Aug-04 Fleet Forecasts

Oil Tanker Numbers, end m. DWT, end Forecast Fleet 2000 2001 2002 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 Orderbook (end period) 410 571 642 888 994 50.7 60.9 57.9 77.5 86.2 New Orders 282 287 275 556 300 34.6 24.4 20.3 50.1 25.6 Newbuildings Delivered 181 127 205 310 194 21.4 14.2 23.4 30.5 17.0 27.5 29.8 Sold for Scrap 145 116 147 192 79 13.9 15.5 17.0 19.4 6.2 14.8 15.4 Losses 13121 0.00.30.10.20.0 0.0 Miscellaneous Additions 1442 0.10.30.40.1 Miscellaneous Removals 9 14 15 21 4 0.4 2.6 2.5 1.6 1.2 1.2 Total Tanker Fleet 3,440 3,433 3,476 3,571 3,681 296.7 292.3 296.4 305.6 315.2 317.1 331.5 % change 0.8% -0.2% 1.3% 2.7% 3.1% 2.6% -1.5% 1.4% 3.1% 3.1% 3.8% 4.5% of which: VLCC >200,000 441 428 428 433 444 129.0 125.7 125.2 126.1 128.9 129.5 135.5 % change 3.8% -2.9% 1.2% 2.5% 4.2% -2.5% -0.4% 0.7% 2.2% 2.7% 4.6% Suezmax 120-200,000 292 276 287 296 303 42.3 40.3 42.2 43.8 45.1 44.9 47.3 % change 1.4% -5.5% 4.0% 3.1% 2.4% 2.0% -4.7% 4.7% 3.8% 2.9% 2.5% 5.5% Aframax 80-120,000 552 551 568 603 617 52.8 52.9 55.0 59.5 61.3 61.3 64.4 % change 0.7% -0.2% 3.1% 6.2% 2.3% 1.0% 0.2% 4.0% 8.2% 2.9% 3.0% 5% Panamax 60-80,000 221 218 220 224 241 14.8 14.5 14.7 15.1 16.4 16.7 17.6 % change 5.7% -1.4% 0.9% 1.8% 7.6% 6.0% -1.6% 1.1% 2.6% 9.1% 10.8% 5.6% Handy 10-60,000 1,934 1,960 1,973 2,015 2,076 57.9 58.8 59.2 61.2 63.6 64.7 66.7 % change -0.4% 1.3% 0.7% 2.1% 3.0% 0.1% 1.6% 0.6% 3.3% 3.9% 5.9% 3.1% Bulk Carrier Numbers, end m. DWT, end Forecast Fleet 2000 2001 2002 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 Orderbook (end period) 526 362 442 751 819 35.0 24.0 32.1 56.4 62.7 New Orders 245 144 304 476 203 14.8 9.4 22.3 35.8 16.5 Newbuildings Delivered 184 309 224 168 135 13.3 20.5 14.2 11.6 10.1 19.9 20.1 Sold for Scrap 115 188 134 88 14 4.3 7.8 5.6 3.1 0.4 3.2 7.7 Losses 146333 0.70.50.20.10.1 0.1 Miscellaneous Additions 3 0.3 Miscellaneous Removals 12 5 10 9 24 0.3 0.2 0.3 0.2 0.8 0.8 Total Bulk Carrier Fleet 5,377 5,487 5,565 5,633 5,727 275.1 287.0 295.1 303.3 312.3 319.2 331.6 % change 0.8% 2.0% 1.4% 1.2% 1.7% 2.9% 4.3% 2.8% 2.8% 3.0% 5.2% 3.9% of which: Capesize >80,000 558 576 591 620 643 87.3 90.7 93.5 98.5 102.5 105.8 112.7 % change 5.9% 3.2% 2.6% 4.9% 3.7% 5.8% 3.9% 3.1% 5.3% 4.1% 7.4% 6.6% Panamax 60-80,000 949 1,028 1,059 1,072 1,112 65.9 72.0 74.6 75.6 78.6 81.0 84.6 % change 5.3% 8.3% 3.0% 1.2% 3.7% 5.8% 9.3% 3.5% 1.4% 4.0% 7.1% 4.4% Handy 40-60,000 1,014 1,098 1,174 1,227 1,261 46.1 50.4 54.3 57.0 58.8 60.9 65.1 % change 2.0% 8.3% 6.9% 4.5% 2.8% 2.0% 9.3% 7.7% 5.1% 3.1% 6.7% 7.0% Handysize 10-40,000 2,856 2,785 2,741 2,714 2,711 75.8 73.9 72.8 72.2 72.4 71.6 69.2 % change -2.0% -2.5% -1.6% -1.0% -0.1% -1.9% -2.5% -1.5% -0.8% 0.2% -0.8% -3.4% Combined Numbers, end m. DWT, end Forecast Carrier Fleet 2000 2001 2002 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 Orderbook (end period) - 2 2 - - - 0.2 0.2 - - New Orders -2--- -0.2--- Newbuildings Delivered ---2- ---0.2- -- Sold for Scrap 6 8 12 5 2 0.6 0.8 1.2 0.5 0.3 0.5 0.2 Losses ------Miscellaneous Additions 1 - 1 - - 0.1 - 0.1 - - Miscellaneous Removals 1 - 4 - - 0.0 - 0.4 - - Total Combined Fleet 140 132 119 116 114 14.1 13.3 12.0 11.7 11.4 11.2 11.0 % change -4% -6% -10% -3% -2% -4% -6% -10% -3% -2% -4.3% -1.8% LNG Carrier Numbers, end m. cbm., end Forecast Fleet 2000 2001 2002 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 Orderbook (end period) 26 47 56 56 78 3.4 6.3 7.4 7.7 10.9 New Orders 20 22 19 15 36 2.6 3.0 2.5 2.2 5.1 Newbuildings Delivered 12 1 10 15 14 1.5 0.1 1.4 1.9 1.8 3.1 2.8 Sold for Scrap 1---- 0.0------Losses ------Miscellaneous Additions ------Miscellaneous Removals ------Total LNG Fleet 128 129 139 154 168 14.2 14.4 15.7 17.7 19.5 20.7 23.6 % change 0.8% 7.8% 10.8% 9.1% 1.0% 9.5% 12.3% 10.2% 17.5% 13.7% 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 Aug-04 Fleet Forecasts

LPG Carrier Numbers, end m. cbm., end Forecast Fleet 2000 2001 2002 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 Orderbook (end period) 45 51 41 34 51 1.3 1.5 1.5 1.3 2.4 New Orders 34 36 14 24 25 0.8 0.9 0.4 1.0 1.2 Newbuildings Delivered 30 30 24 31 8 0.6 0.7 0.5 1.1 0.2 0.5 0.4 Sold for Scrap 10 7 23 20 14 0.1 0.1 0.7 0.6 0.4 0.9 0.9 Losses Miscellaneous Additions Miscellaneous Removals 1 5 3 0.0 0.0 0.0 0.0 Total LPG Fleet 963 986 983 994 985 13.5 14.1 13.9 14.4 14.2 14.0 13.5 % change 2.0% 2.4% -0.3% 1.1% -0.9% 4.0% 4.6% -1.6% 3.8% -1.1% -3.1% -3.3% of which: > 60,000 cbm 98 105 103 106 104 7.6 8.1 8.0 8.3 8.1 7.9 7.5 % change 5.4% 7.1% -1.9% 2.9% -1.9% 5.5% 7.5% -1.5% 3.4% -1.8% -4.9% -5.5% 20-60,000 cbm 81 80 78 82 83 2.9 2.9 2.8 3.0 3.0 3.0 3.1 % change 5.2% -1.2% -2.5% 5.1% 1.2% 2.0% -0.9% -3.9% 8.0% 0.4% 1.9% 1.2% 8-20,000 cbm 89 88 90 95 95 1.1 1.1 1.1 1.1 1.1 1.1 1.0 % change 1.1% -1.1% 2.3% 5.6% 0.8% -0.8% -0.4% 3.8% -0.6% -3.9% -3% < 8,000 cbm 695 713 712 711 703 1.9 2.0 2.0 2.0 2.0 2.0 1.9 % change 1.3% 2.6% -0.1% -0.1% -1.1% 2.8% 4.7% 0.8% -0.2% -1.2% -2.4% -1.8% Containership Numbers, end m. TEU, end Forecast Fleet 2000 2001 2002 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 Orderbook (end period) 418 406 329 647 837 1.4 1.3 1.1 2.6 3.3 New Orders 297 176 125 499 283 1.0 0.5 0.4 2.0 1.0 Newbuildings Delivered 157 188 202 181 93 0.4 0.6 0.6 0.6 0.3 0.6 0.9 Sold for Scrap 12 29 50 27 3 0.0 0.0 0.1 0.0 0.0 0.0 0.0 Losses 1 0.0 Miscellaneous Additions 2 0.0 Miscellaneous Removals 14342 0.00.00.00.00.0 0.0 Total Containership Fleet 2,753 2,908 3,056 3,206 3,294 4.8 5.4 6.0 6.5 6.9 7.2 8.0 % change 5.5% 5.6% 5.1% 4.9% 2.7% 9.8% 12.1% 10.6% 8.8% 4.9% 9.5% 12.4% of which: Post-P' max 4,000 &+ teu 138 201 246 283 305 0.8 1.1 1.4 1.6 1.8 1.9 2.3 % change 32.7% 45.7% 22.4% 15.0% 7.8% 35.1% 47.7% 24.3% 17.1% 8.6% 17.7% 20.9% Panamax 3,000 &+ teu 374 391 434 472 497 1.4 1.5 1.6 1.8 1.9 2.0 2.2 % change 6.6% 4.5% 11.0% 8.8% 5.3% 7.7% 4.7% 12.3% 9.4% 6.2% 11.5% 11.7% Handymax 2-2,999 teu 392 432 464 498 514 1.0 1.1 1.1 1.2 1.3 1.3 1.4 % change 5.7% 10.2% 7.4% 7.3% 3.2% 5.5% 10.3% 7.5% 7.7% 3.3% 5.8% 9.8% Handy 1-1,999 teu 838 875 894 917 923 1.2 1.2 1.3 1.3 1.3 1.3 1.4 % change 5.3% 4.4% 2.2% 2.6% 0.7% 5.8% 4.4% 2.3% 2.5% 0.8% 2.0% 4.9% Feeders < 1,000 teu 1,011 1,009 1,018 1,036 1,055 0.5 0.5 0.5 0.6 0.6 0.6 0.6 % change 2.4% -0.2% 0.9% 1.8% 1.8% 3.3% 0.3% 2.1% 3.0% 2.6% 4.4% 7.5% Reefer Numbers, end m. Cu.ft, end Forecast Fleet 2000 2001 2002 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 Orderbook (end period) 128858 5.23.93.12.22.6 New Orders 4 - 2 - 4 1.5 0.4 0.6 Newbuildings Delivered 124232 5.61.31.30.90.3 0.7 1.9 Sold for Scrap 18 14 14 24 23 6.6 4.5 4.9 6.8 7.7 10.8 16.0 Losses 3 5 - - - 0.6 1.1 Miscellaneous Additions 1---- 0.1 Miscellaneous Removals 4 6 3 - 1 0.2 1.7 0.8 0.2 0.2 Total Reefer Fleet 1,341 1,320 1,305 1,284 1,262 361.4 355.5 351.0 345.0 337.4 334.7 320.6 % change -1% -2% -1% -2% -2% -1% -2% -1% -2% -2% -3.0% -4.2% Other Dry* Numbers, end m. DWT, end Forecast Fleet >5,000 dwt 2000 2001 2002 2003 Jul* 2000 2001 2002 2003 Jul* 2004 2005 Orderbook (end period) 204 182 197 270 302 2.9 2.5 2.7 3.3 3.6 New Orders 123 71 104 155 91 1.8 0.8 1.4 1.8 1.1 Newbuildings Delivered 175 94 90 82 59 2.1 1.1 1.2 1.3 0.8 1.7 1.3 Sold for Scrap 172 160 117 111 24 2.5 2.5 2.0 1.7 0.3 1.0 1.1 Losses 95865 0.10.10.10.10.1 0.1 Miscellaneous Additions - 5 1 - - 0.2 0.1 Miscellaneous Removals 10 9 26 42 12 0.1 0.2 0.3 0.5 0.1 0.1 Total Other Dry Cargo Fleet 3,799 3,719 3,665 3,588 3,606 48.3 46.6 45.5 44.6 44.8 45.0 45.3 % change -0.4% -2.1% -1.5% -2.1% 0.5% -1.2% -3.5% -2.3% -2.2% 0.6% 1.1% 0.5% * other dry fleet includes Multi-purpose, General Cargo Tramps and Liners and Ro-Ro vessels.

Clarkson Research Studies Page 23 Aug-04 Shipbuilding Focus

Shipyards Full To Capacity – Fact Or Fiction?

Ship owners in 2004 have tried to capacity for the world’s major ship- how much domestic activity is going match the phenomenal pace of order- yards split by region. The shipyards on in Japan, and some space may al- ing that was experienced last year. and estimated capacities used are ready have been allocated to Japanese The result of this ongoing spree has those listed in pages 16-18 of the orders that we have not picked up on been an ever-increasing orderbook, “World Shipyard Monitor” (see foot- yet. It could also be that some space which by the end of July reached notes for how capacity is calculated). is being kept aside in case the Haneda 204m dwt. This has led to a per- Airport “Megafloat” operation gets ceived tightness of availability across Korea and China the go-ahead, although our brokers the board with reports of shipyards report that this looks increasingly being full to capacity through to The graph shows that for deliveries in unlikely, and if it does happen this 2006, or even 2007 and beyond. 2005 and 2006, yards in Korea and will only affect berths from the end of But just how full are the shipyards in China are exceeding their estimated 2007 onwards. reality? And do ordering opportuni- capacities. This shows a number of ties still exist for deliveries in the things. Firstly, shipbuilding capacity Europe next two to three years? is increasing, especially in China where new yards are being built and Despite a good 2004 in terms of new Our Graph of the Month shows the expanding every year. Technological orders, European yards remain well current orderbook against estimated innovations also help to make the below capacity. The higher cost of yards more productive. building in Europe compared to Asia We must also bear in has tended to make it a less attractive

,000 cgt Orderbook Vs Capacity mind that our estimated option to ship owners, and as a result 11000 yard capacities are output at European yards is far below 10000 2005 Orderbook based on the maximum the historical levels that have been 2006 Orderbook 20072006 Orderbook annual output since achieved in the past. That said there 9000 Capacity2007 Orderbook CapacityCapacity 1991, and many yards are opportunities for owners to place 8000 may not yet have been orders in Europe as availability be- 7000 operating at maximum comes scarce and prices increase in output. Whatever the Asian yards, so we may see more or- 6000 reason, it is clear that ders being placed throughout the re- 5000 yards in Korea and mainder of 2004. China are booming. 4000 The Big Picture 3000 Japan 2000 Overall the picture is of a regional From our graph it split, with yards in South Korea and 1000 seems that there are still China seemingly full to capacity for 0 a few empty berths go- deliveries up to end-2006, but with ing at Japanese yards opportunities in Europe and Japan. ea na or hinahi ope K Japan C ur ROW for delivery from 2005. On a global level, for 2005 deliveries S. EuropeE Source: Clarkson Research Studies However, there is a de- there is still an estimated 2.4m cgt of gree of uncertainty as to ship space at the yards worldwide.

Graph of the Month

World Shipyard Monitor, 11 August, 2004 Editorial Board: World Shipyard Monitor is published 12 times a year. It monitors changes in the Published by: Managing Director Martin Stopford supply of 37 different types. The centre sections contain listings of the orderbook Clarkson Research Studies, Publisher Cliff Tyler by ship type and shipyard; the main pages contain “at a glance” tables, graphs and Research & Publications Division, H. Clarkson & Co.Ltd. Research Services Steve Gordon text analysing trends in the orderbook, ordering, deliveries, scrapping & losses, 12, Camomile Street, Analyst Christian Waldegrave prices, shipbuilding market shares and capacity and fleet forecasts. It is available LONDON EC3A 7BP, England. Technician Kevin Botting on subscription at a price of £470 a year plus postage. Production Alcia Moncrieffe 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.clarksonresearch.com