WEEKLY SHIPPING MARKET REPORT WEEK 29

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1 WEEKLY SHIPPING MARKET REPORT WEEK 29 WEEK 29 (15 th Jul to 22 nd Jul 2016) Market Overview During this week BDI closed today at 718 points following 2 weeks with a constantly and steady improvement to all sectors from capsize to handysize with a decrease of 27 points, giving again a sentiment of unsecure to where the market will be within the next coming weeks. In the SnP sector we have seen in total sales of 24 bulk / tanker and container vessels. BULKER M/V Zosco Jiaxing & Zosco Shaoxing 175,886 Dwt / 2009 Blt Jinhai Heavy, China sold to clients of Sinokor at $30.0 Mil en bloc, interesting will be to see the achieving levels for C. Blossom and C. Atlas. After the sale of 2 kamsarmaxes from messrs United Ocean, during this week we saw the M/V United Legacy 81,344 Dwt / 2014 Blt Oshima Japan changing hands at $17.5 Mill to Clients of Bw Dry, last month they acquired another kamsarmax vessel (Meteor) at rgn $13.0. In the panamax sector M/V Altair 74,665 Dwt / 2001 Blt China hearing that sold at Xs $3.0 Mil to undisclosed buyers, while M/V Ocean Rose 76,619 Dwt / 2008 Blt Shin Kasado Japan sold at $9.4 Mill rumoured to Greek buyers, reminding you last done M/V Nord Pegasus sold end of June rgn $8.5 Mil. M/V Townsville Maru 58,086 Dwt / 2013 Blt Phil, rumoured that more than 10 parties inspected her along with clients of Great Eastern and Atlantic, sellers invited offers on 18 July and she sold at $14.5 Mil. Chinese supramax vessel Peace 55,000 Dwt / 2011 Blt Zhejiang sold via auction for $5.62 Mill. Tankers Brent rate showing a steadiness closing today $46,46 / barrel while during week the levels were quite similar at $46,79/ barrel. In wet market M/T Genmar Vision 312,700 Dwt /2001 Blt Hyundai Korea at $28.0 Mil with SS Due in August to Taiwanese clients of Winson Oil. M/T Nave Dorado 48,000 Dwt / 2005 Blt Iwagi Japan sold to Mumbai based buyer Great Eastern at rgn $14.0 Mil include T/C until end of December at $17,775 / Day. Demolition This week beaching total includes 2 Bulkers, 3 Containers, 1 Tanker, 1 Lpg and 5 others. Total week s numbers of 12 vessels being scrapped something that shows a steadiness compared last week. Level for Subcontinent are region $ per ldt. Meanwhile, Turkey s market levels are rgn of $ per Ldt. Advanced Shipping & Trading S.A 1 st Floor, 168 Vouliagmenis Avenue Glyfada, Greece Contact Details: Tel: snp@advanced-ship.gr chartering@advanced-ship.gr finance@advanced-ship.gr

2 Second Hand Sales Bulk Carriers Name Dwt YoB Yard SS Engine Gear Price (mill.) Buyer SWS NB RS 180, Zosco Jiaxing 175, Zosco Shaoxing 175, Shanghai Waiga, China Jinhai Heavy, China Jinhai Heavy, China - B&W - $ 34.0 Greek 10/2019 B&W - 1/2019 B&W - $ 30.0 Bsi Trafalger 82, Jiangsu, China - B&W - $ 19.5 Korean (Sinokor) Gmi Tarita 82, Jiangsu, China - B&W - $ 19.5 Gmi Francesca 82, Jiangsu, China - B&W - $ 19.5 Greek (Blue Planet) Sbi Twist 81, Jiangsu, China - B&W - $ 18.5 United Legacy 81, Oshima, Japan 06/2019 B&W - $ 17.5 Ocean Rose 76, Shin Kasado, Japan Bermuda (Bw Dry) 08/2018 B&W - $ 9.4 Greek Altair 74, Hudong, China 11/2016 B&W - Xs $ 3.0 Undisclosed Yangfan DM03 Townsville Maru 63, Yangfan, China - B&W 4 x 30 T $ 16.0 Korean 58, Tsuneishi Heavy, Philippines 11/2018 B&W 4 x 30 T $ 14.5 Undisclosed Peace 55, Zhejiang, China - B&W 4 x 30 T $ 5.62 Auction Undisclosed Vipava 46, Oshima, Japan 12/2018 Sulzer 4 x 30 T $ 2.5 Greek Cape Spencer 28, Shin Kurushima, Japan 04/2017 Mitsubishi 4 x 30 T $ 2.3 Chinese Daisy K 28, Imabari, Japan 5/2020 B&W 4 x 30,7 T $ 8.4 Undisclosed Advanced Shipping & Trading S.A Research 22/07/2016 2

3 Tankers Name Dwt YoB Yard SS Engine Price (mill.) Buyer Genmar Vision 312, Hyundai, Korea 8/2016 B&W $ 28.0 Nave Dorado 47, Iwagi, Japan 08/2020 B&W Rgn $ 14.0 Kelp 8, Key South 6, Bw Borg 54, Kurinoura, Japan Istanbul, Turkey Kawasaki, Japan Taiwanese (Winson Oil ) Indian (Great Eastern) 06/2017 B&W $ 7.8 Korean 02/2020 Mak $ /2016 B&W $ 42.5 Norwegian (Sea Tank) Indian (Varun) Containers Name Teu YoB Yard SS Engine Gear Price (mill.) Buyer Columbia 4, Hanjin hi, Korea 01/2018 Sulzer - $ 4.0 Undisclosed Indicative Values - Bulk Carriers Size Prompt Resale 5 years 10 years 15 years Capesize Panamax - Kamsarmax Supramax - Ultramax Handysize Indicative Values - Tankers Size Prompt Resale 5 years 10 years 15 years VLCC Suezmax Aframax Panamax MR Advanced Shipping & Trading S.A Research 22/07/2016 3

4 Advanced Shipping & Trading S.A Research 22/07/ Demolition & Newbuilding Demolition Sales Vessel Type Built Ldt Dwt Price ($) Country Comments Chicago Bridge Container , Dely Qingdao incl ROB Gas Suez Gas Tanker , India Sapphire Ace RoRo , India Guaranteed Green Recycling Hammonia Thracium Container , (P&C) India Hammonia Ionium Container , India Option Bangladesh Incl. 46 Ton Propeller King Phenix GC , (P&C) Pakistan King Diamond GC , (P&C) Pakistan Peter R. Cresswell BC , (P&C) Turkey Algosar Tanker , (P&C) Canada True Brothers BC , India Frio Atlantic Reefer , (P&C) India Mina F GC , (P&C) Turkey Indicative Demolition Prices Country Tanker Prices Bulker Prices India Bangladesh Pakistan China Turkey

5 Demolition & Newbuilding Tankers No Type Dwt Yard Delivery Owner Price (mill.) Comments 2 Vlcc 300, Mr 50,000 Huyndai, Korea Cic Jiangsu, China Greek (Almi Marine Manageme nt ) Greek (Times Navigation) $ 85.5 Undisclosed Containers No Type Teu Yard Delivery Owner Price (mill.) Comments 5 New Panama x 14,000 Jmu, Japan Japan (Nyk Line) $ Advanced Shipping & Trading S.A Research 22/07/2016 5

6 Advanced Shipping & Trading S.A Research 22/07/ Dry Bulk Chartering For the most part of Week 29, West Australian Capesize parcels into China have been paying in the low/mid usd 4.00 s pmt range. Brazilian parcels are being reported in the very low usd 9.00 s pmt range. Vale s TelukRubiah parcels continue paying mid usd 3.00 s. South African iron ore into China is worth high usd 6.00 s pmt. Majority of Australian round trips into China is being reported in the usd 7/8,000 range. Inter-Atlantic trips are rating in the high usd 5,000 s. No period activity to report here. Few Kamsarmax/Panamax South American grain trips to the Far East surfaced for this week, rating in the mid/high usd 7,000 s plus a usd 260/270,000 ballast bonus. On the other hand, Continent direction is paying at usd 9,000 levels. Usd 11,500 plus a usd 250,000 ballast bonus for a US Gulf fronthaul trip. North Atlantic or Baltic coal trips into the Continent and the Mediterranean are paying in the usd 10,000 s. Moving further to the East, Australian round trips into China are being reported in the usd 8/9,000 s range. India direction via Australia is paying usd 7,000. North Pacific round grain trips into the Far East in the mid/high usd 7,000 s range. Indonesian round trips into China at mid uds 8,000 s. Short period employments are being reported in the mid usd 6,000 s range. Longer duration at usd 7,000. In the Ultramax/Supramax segment, Chinese steel trips into Southeast Asia are worth in the usd 6/7,000 range. Chinese clinker trips into Bangladesh are being reported at low usd 9,000 s, with Ultramaxes appearing able to achieve a better rate at usd 10,000. Indonesia/India coal trips are rating in the low usd 7,000 s levels. Indonesia/China at mid/high usd 7,000 s. Nickel ore trips out of the Philippines and into China are worth usd 8,000. Charterers have been rating Continental candidates for fertilizer trips via the Baltic into India at usd 11,000. Black Sea steels trip into the Persian Gulf are said to be worth usd 12/13,000basis passing Canakkale. US Gulf fronthaul trips are being reported at high usd 11,000 s. Short period employment is rating in the high usd 6,000 s/low usd 7,000 s range. An Ultramax was reported fixed on 3 years employment at usd 7,300. In the Handymax/Handysize segment, Continental scrap trips into Turkey are now worth high usd 8,000 s. Usd 8,500 for a fertilizer trip into South America via the Baltic. The exact opposite direction is being rated at usd 7,000. Majority on inter-pacific trips are being rated in the usd 5/6,000 range. Usd 4,400 for a backhaul fixture via Southeast Asia into South America. No period activity to report here.

7 Baltic Indices (Friday Closing Values) Index Week 29 Week 28 Change (%) BDI BCI BPI BSI BHSI Advanced Shipping & Trading S.A Research 22/07/2016 7

8 Key Indicators & Stock Markets Currency Week 29 Week 28 Change (%) EUR / USD USD / JPY USD / KRW 1, , USD / NOK Commodity Week 29 Week 28 Change (%) Brent Crude (BZ) Natural Gas (NG) Gold (GC) Copper Wheat (W) Euro/Usd May 20-May 27-May 03-Jun 10-Jun 17-Jun 24-Jun 01-Jul 08-Jul 15-Jul 22-Jul Weekly Brent Crude Price /05/ /05/ /05/ /06/ /06/ /06/ /06/ /07/ /07/ /07/ /07/2016 Advanced Shipping & Trading S.A Research 22/07/2016 8

9 Advanced Shipping & Trading S.A Research 22/07/ Bunker Prices Port IFO 380 IFO 180 MGO Piraeus Fujairah Singapore Rotterdam Houston Shipping Stock Prices Dry Bulk Company Stock Exchange Week 29 Week 28 Change (%) Diana Shipping Inc (DSX) NASDAQ DryshipsInc (DRYS) NASDAQ Euroseas Ltd (ESEA) NASDAQ Eagle Bulk Shipping Inc (EGLE) NASDAQ Navios Maritime (NM) NYSE Navios Maritime PTN (NMM) Paragon Shipping Inc (PRGN) Star Bulk Carriers Corp (SBLK) Seanergy Maritime Holdings Corp (SHIP) NYSE NASDAQ NASDAQ NASDAQ Safe Bulkers Inc (SB) NYSE Golden Ocean (GOGL) NASDAQ Shipping Stock Prices Wet Company Stock Exchange Week 29 Week 28 Change % Capital Product Partners LP (CPLP) NASDAQ TOP Ships Inc (TOPS) NASDAQ Tsakos Energy Navigation (TNP) NYSE

10 Advanced Shipping & Trading S.A Research 22/07/ Shipping Stock Prices Other Company Stock Exchange Week 29 Week 28 Change (%) Aegean Maritime Petrol (ANW) NYSE Danaos Corporation (DAC) NYSE StealthGasInc (GASS) NASDAQ Rio Tinto (RIO) NYSE Vale (VALE) NYSE ADM Archer Daniels Midland (ADM) NYSE BHP Billiton (BHP) NYSE Legal Disclaimer The information contained herein has been obtained by various sources. Although every effort has been made to ensure that this information is accurate, complete and up-to-date, Advanced Shipping & Trading S.A. does not accept any responsibility whatsoever for any loss or damage occasioned or claimed, upon reliance on the information, opinions and analysis contained in this report. Research compiled by:advanced Shipping & Trading S.A. Market Research on behalf of the Sale & Purchase, Dry Cargo Chartering and Tanker Chartering Departments. For any questions, please contact: