s&p monthly report july 2009files.irwebpage.com/reports/shipping/gapohy32an/cot… · ·...

www.cotzias.gr – visit our constantly updated website JULY 2009

Ship sale volume: Jul-09 Jun-09

136 128 last month

113 111 last month

23 17 last month

Scrap volume:

71 52 last month

$350/LDT Bangladesh

Newbuilding Ships Prices (31/7/2009) (in mil USD)Dry Cargo CAPE 1/8/2008 PMX 1/8/2008 HMAX 1/8/2008

NEWBUILDING $64.0 $96.8 $39.4 $57.3 $32.0 $49.4

Tanker Ships VLCC 1/8/2008 SUZ 1/8/2008 AFR 1/8/2008

NEWBUILDING $110.0 $157.0 $71.5 $96.5 $51.0 $78.0

PAN 1/8/2008 PROD 1/8/2008

$45.2 $65.0 $39.5 $55.5

Average Dry cargo T/C Earnings (worldwide routes):Jul-09 Jun-09 May-09 Apr-09

$56,800 $71,154 $39,066 $22,337

Large Bulkers 144,000 – 85,000 dwt: $36,444 $22,375 $18,287 $12,892

Panamax 82,000 – 59,000 dwt: $23,849 $24,219 $17,270 $13,752

Handymax 59,000 – 48,000 dwt: $21,819 $19,477 $16,847 $15,082

Handy 48,000 – 40,000 dwt: $18,274 $16,735 $14,770 $13,864

Bulkers 40,000 – 30,000 dwt: $13,705 $12,581 $13,074 $13,575

Small Bulkers 30,000 – 12,000 dwt: $11,400 $13,007 $11,773 $8,900

Scrap Prices for JULY 2009

CHINA HIGH $272 AVERAGE $255 JULY 2009 AVERAGE $253

INDIA HIGH $270 AVERAGE $249 JUNE 2009 AVERAGE $259

BANGLADESH HIGH $350 AVERAGE $289 MAY 2009 AVERAGE $232

PAKISTAN HIGH $315 AVERAGE $315 APR 2009 AVERAGE $255

TURKEY HIGH $175 AVERAGE $165 MAR 2009 AVERAGE $270 241.7841

BALTIC INDICES % since

31-Jul-09change since LAST MONTH 30-Jun-09 29-May-09 30-Apr-09

3350 -10.83% 3757 3494 1786

3183 9.61% 2904 2900 1523

2081 22.34% 1701 1831 1427

5385 -25.63% 7241 6125 2348

465 0.00% 465 481 403

474 -26.85% 648 482 477

JULY 2009 S&P MONTHLY REPORT

GENERAL SCRAP PRICE AVERAGE

Baltic Clean Tanker Index

Baltic Dirty Tanker Index

Baltic Cape Index

Highest Scrap Price paid this month:

Capes >144,000 dwt:

Baltic Dry Index

Baltic Panamax Index

Baltic Supramax Index

Total number of Ships sold this month:

Wet cargo Ships sold this month:

Ships scrapped this month:

Executive Summary

Dry cargo Ships sold this month:

N. COTZIAS SHIPPING CO. LTD. ( SHIPBROKERS SINCE 1893 ) PAGE 1 of 17


2009

NAME TYPE YEAR BUILT DWT GEAR PRICEBUYERS

NAMEBUYERS NATION

NOTES IMO

SHANGHAI JIANGNAN CHANGXING SB

RESALEBC 2010

JIANGNAN SHIPYARD 177,000 - $63.00m GREEK BUYERS GREECE -

STAR ALPHA BC 1992 STOCZNIA 175,075 - $20.00mCHINESE BUYERS

CHINA

SELLERS ARE STAR MARITIME ACQUISITION

CORP (STARBULK) GREECE - SHE WAS ACQUIRED IN JAN

2007 FOR 59.3MIL USD - DELY DEC 2009

8800391

MINERAL HONG KONG BC 2006 SWS 174,234 - $61.30mOCEANFREIGHT

INCGREECE

DELY 4TH QUARTER 2009 WHEN SHE WILL ENTER IN 5-9 YEAR T/C AT A GROSS RATE

OF $26,250 PER DAY - SELLERS ARE BOCIMAR

(CMB) BELGIUM

9308869

MINERAL LONDON BC 2006SHANGHAI

WAIGAOQIAO 173,949 - $61.25mOCEANFREIGHT

INCGREECE

SELLERS ARE BOCIMAR INTERNATIONAL BELGIUM - SISTER VSL MINERAL LIBIN

SOLD IN MAY 2009 FOR $53MIL USD

9386512

CAPE EREGLI BC 2000ISHIKAWAJIMA

KURE 170,454 - $48.00mRUEI GANG

LIAN GROUP (RGL GROUP)

CHINA

SHE WAS SOLD IN JUL 2008 FOR 142.5MIL, THEN

REPORTED SOLD IN A FAILED DEAL IN OCT 2008 FOR 120MIL

AND TODAY JUL 2009 SOLD FOR $48MIL USD. SOLD WITH T/C ATTACHED AT 26500 PER

DAY UNTIL MAY 2010

9190913

GRAND FORTUNE BC 1994 SANOYAS 150,877 - $30.00m VALE BRAZIL

SOLD UNDER PURCHASE OPTION - SELLERS ARE

MIZUHO SANGYO CO LTD JAPAN

9044475

GRAND OCEAN BC 1990 CSPC 149,498 - $20.00m VALE BRAZIL

OTHER REP SAYS CHINESE BUYERS - SELLERS ARE

NEWFRONT SHIPPING SA GREECE - SHE WAS

ACQUIRED IN AUG 2005 FOR $32MIL

8818867

JUNEAU BC 1990CHINA SB

KAOHSIUNG 149,495 - $20.00m VALE BRAZIL

OTHER REP SAYS $21MIL USD - SELLERS ARE

OCEANFREIGHT INC (ECONOMOU) GREECE - SHE WAS ACQUIRED BY CARDIFF

MARINE IN FEB 2007 FOR $48MIL

8906688

CSE COURAGE BC 1984CHINA

SHIPBUILDING CORPORATION

134,974 - $8.50mUNDISCLOSED

BUYERS-

OTHER REP SAYS $8MIL USD - SELLERS ARE CHINA STEEL

EXPRESS CORP, CHINA8128717

CLIPPER SUFFOLK BC 2006TSUNEISHI CORP - FU 82,992 - $39.00m

CHINESE BUYERS

CHINASELLERS ARE CLIPPER

DENMARK - OTHER REP SAYS $39.5MIL

9331397

BISON BC 2005 SASEBO HI 76,773 - $36.35m 9304227

NYALA BC 2006 TSUNEISHI 52,424 $30.23m 9324655

SHAMROCK BC 2006TSUNEISHI

CEBU 52,385 $30.23m 9324667

BELISLAND BC 2003IMABARI

MARUGAME 76,602 $30.00mUNDISCLOSED

BUYERS-

SELLERS ARE KOWA MARINE SERVICE CO LTD JAPAN.

SALE REPORTED IN JAN 09 AT $30m FAILED, THEN

REPORTED AGAIN IN JUNE 2009 AT P&C PRICE AND NOW SOLD FOR $30MIL WITH A T/C UNTIL MARCH 2011 AT 13,800

PER DAY - OTHER LATE REPORTS SAYS $34MIL

9272917

FORTUNE PRINCESS BC 2007 SASEBO H.I. 76,635 - 9343326

FORTUNE OCEAN BC 2006 SASEBO H.I. 76,635 - 9304576

FAR EASTERN MARINA

BC 1997JIANGNAN SHIPYARD 73,596 - $21.00m

ITALIAN BUYERS

ITALY

SELLERS ARE VOGEMANN GERMANY. SS 11/2012, DD

05/2010. SHE WAS REP SOLD FOR $19MIL USD IN JUNE

2009 AND IF THAT DEAL WENT THROUGH VOGEMANN MUST

HAVE MADE $4MIL IN ONE MONTH!!!!!!!

9162590

BESTEC BC 1976WILTON

FIJENOORD BV 72,539 - -UNDISCLOSED

BUYERS-

SELLERS ARE ADANI SHIPPING CHINA CO LTD 7420285

CEDAR 2 BC 1994HUDONG-

ZHONGHUA 70,029 - 9052604

CEDAR 1 BC 1998 BRAZIL 69,146 - 9057458

CEDAR 5 BC 1995 DAEWOO 43,706 - 9079157

DRY CARGO SHIPS SOLD DURING THIS MONTH JULY

SINOTRANS CHINA

ENBLOC BISON, SHAMROCK, NYALA FOR $36.35M, $30.23M

AND $30.23M EACH UNIT - SELLERS ARE ORION

BULKERS GERMANY - BISON WAS ACQUIRED BY ORION IN FEB 2007 FOR $51MIL - THE

SHAMROCK WAS ACQUIRED IN OCT 2005 FOR 33MIL

ENBLOC P&C DEAL

ID SHIPPING DENMARK

ENBLOC CEDAR 2, CEDAR 1, CEDAR 5 FOR UNDISCLOSED

PRICE .SELLERS ARE STECKMEST/VIKEN NORWAY,

BUT DEAL IS FORCED BY NORDEA BANK AND LLOYDS

TSB

$79.00mUNDISCLOSED

BUYERS-

SOLD ENBLOC FOR $79m FOR BOTH UNITS. SELLERS ARE

CIDO SHIPPING CHINA - FORTUNE OCEAN WAS

REPORTED SOLD IN JAN 2009 FOR $34MIL AND IN JUNE 2009

FOR $38.8MIL SOTH WERE ACQUIRED IN MAY 2006 FOR

$40MIL



BIG SKY BC 1994IMABARI ZOSEN

KK 69,189 - $19.00mCHINESE BUYERS

CHINASELLERS ARE MITSUBISHI ORE TRANSPORT CO LTD,

JAPAN - DELY NOV 20099087752

RUBIN PEONY BC 1997IMABARI ZOSEN

KK 69,094 - $23.00m FUJIAN OCEAN CHINASELLERS ARE SHOEI KISSEN

KAISHA JAPAN 9172557

ENERGY PHOENIX BC 1994SASEBO SASEBO 68,636 - $18.50m

CHINESE BUYERS

CHINA

SELLERS ARE MAGSAYSAY MARITIME CORP PHILIPPINES - SOLD WITH SS/DD SUE SEP

2009 - OTHER REP SAYS PRICE WAS $17MIL

9071161

ANTWERP ACE BC 1982 ISHIKAWAJIMA 67,670 6X15T $5.00mCHINESE BUYERS

CHINASELLERS ARE PIONEER SHIP

MANAGEMENTUAE 8010893

PEARL OF SHARJAH BC 1983 HITACHI 64,165 4X25T $6.50m GREEK BUYERS GREECESELLERS ARE PIONEER SHIP MANAGEMENT SERV UAE -

OTHER REP SAYS $7MIL8105636

MARINE KINGDOM 1 BC 1983 KOYO 61,839 - $6.00m GREEK BUYERS GREECESELLERS ARE PANSTAR

SHIPPING KOREA 8103353

TSUNEISHI ZHOUSHAN SS-069

BC 2010TSUNEISHI ZHOUSHAN 58,470 4X30T $33.00m GREEK BUYERS GREECE

DELY MARCH 2010 - OTHER REP SAYS $32MIL USD - DELY

JAN 20109520900

MEDI DUBLIN BC 2005 MITSUI 56,040 4X30T $31.00m VINALINES VIETNAMOTHER REP SAYS $30MIL -

SELLERS ARE KIFUNE KAIUN KK JAPAN

9290907

MARITIME JEONGAM BC 2002 MITSUI 50,316 4X30.5T $26.50mUNDISCLOSED

BUYERS-

SELLERS ARE NISSEN KAIUN JAPAN 9237113

DARYA DHYAN BC 2001MITSUI CHIBA

ICHIHARA 50,149 4X30T $25.60m GCT CHINA

SHE WAS SOLD IN JUNE 2008 FOR $68.5MIL, THEN

REPORTED SOLD IN JUNE 2009 FOR $24.5MIL AND NOW

SOLD TO CHINESE FOR $25.55MIL.- SELLERS ARE

CHELLARAM SHIPPING (HONG KONG) LTD, CHINA. HER

YOUNGER SISTER MARITIME JEONGAM WAS SOLD ALSO

FOR $26.5MIL

9230139

ALIOS BC 1983 IHI 49,675 4X25T $6.90mINDONESIAN

BUYERSINDONESIA

SELLERS ARE ODYSEA CARRIERS GREECE 8103676

COAL EXPRESS BC 1982 KASADO 49,071 5X25T $4.62m L/U ZHOUSAN CHINA

VSL SOLD AS IS LAID UP - SELLERS ARE PIONEER

MARINE SERVICES, INDIA - SS/DD ARE OVERDUE

8114132

NORD ACE BC 1999 OSHIMA 47,000 4X25T $21.00m GREEK BUYERS GREECE

SELLERS ARE PHOEENIX CO LTD JAPAN - OTHER REP

SAYS EUROPEAN AND EVEN KOREAN BUYERS

9200342

YORK CASTLE BC 1985SUNDERLAND

(BS) DEP 46,650 5X36T $6.00m SYRIAN BUYERS SYRIASELLERS ARE NAVALMAR UK

LTD UK - OPEN HATCH 8310803

DUBAI FREEDOM BC 1994 TSUNEISHI 45,734 4X25T $15.70mMIDDLE

EASTERN BUYERS

MIDDLE EAST

SELLERS ARE EMARAT MARITIME LLC UAE - OTHER REP SAYS $17.1MIL SS/DD

PASSED

9082752

SANKO FALCON BC 1996 TSUNEISHI 45,674 4X30T $17.00mCHINESE BUYERS

CHINASELLERS ARE SANKO

STEAMSHIP CO LTD JAPAN 9136955

TAVILAND BC 1987 MITSUI CHIBA 41,574 4X25T $7.90mCHINESE BUYERS

CHINA

SELLERS ARE MARUBA SCA EMPRESA, ARGENTINA. SHE

WAS REPORTED SOLD IN MAR 2009, AS "TAWE" IN

DAMAGED CONDITION FOR 1.8MIL USD. - OTHER REPORT

SAYS TURKISH BUYERS - UNDERSTAND SOLD IN

REPAIRED COND

8309294

MED DIGNITY BC 1984 NIPPONKAI HI 41,213 4X25T $4.50mCHINESE BUYERS

CHINA

SELLERS ARE MEDITERRANEAN MARITIME

SA GREECE - AS IS CONDITION SOLD - SHE WAS ACQUIRED IN MAY 2005 FOR

$14.5MIL

8307739

THOR ALLIANCE BC 1984 HITACHI 40,940 4X25T $4.50mCHINESE BUYERS

CHINAVSL SOLD IN JAN 2006 FOR $19MIL USD - SELLERS ARE

THORESEN BANGKOK8312174

BULK CRUSADER BC 1982ISHIKAWAJIMA

HHI 38,110 GLESS -UNDISCLOSED

BUYERS-

SELLERS ARE PHOENIX BULK CARRIERS USA -SHE WAS

ACQUIRED IN DEC 2006 FOR $7.8MIL

8105739

PANORMOS BC 1984ISHIKAWAIMA

HARIMA HEAVY 37,636 5X15T $4.40mCHINESE BUYERS

CHINASELLERS ARE MARMARAS

NAVIGATION, GRECE 8103303

ASPILOS BC 1982 OSAKA ZOSEN 37,600 5X25T $4.00mUNDISCLOSED

BUYERS-

SELLERS ARE DILESHIP GREECE 8016990

IVS NIGHTINGALE MPP 2005 NAIKAI ZOSEN 32,316 4X30T $23.00m GREEK BUYERS GREECESELLERS NISSHO ODYSSEY SHIP MANAGEMENT. JAPAN 9303431

EURUS OTTAWA CONT 1989 GERMANY 34,380 2097 TEU 3X40T 8716095EURUS OSLO CONT 1989 GERMANY 34,380 2097 TEU 3X40T 8716083

SAFMARINE EUROPE CONT 1985 GERMANY 31,290 1879 TEU 3X40T 8413875SAFMARINE ASIA CONT 1985 GERMANY 31,290 1879 TEU 3X40T 8413887EASTWIND RHINE TWEEN 1990 POLAND 29,995 3X30T 8701519EASTWIND RHONE TWEEN 1991 POLAND 27,900 3X25T

EURUS STOCKHOLM CONT 1990 ITALY 26,676 1555 TEU 5X40T 8618401EURUS SINGAPORE CONT 1989 ITALY 26,674 1555 TEU 5X40T 8618396

EURUS LONDON CONT 1992 JAPAN 15,844 950 TEU 2X41T 9015321EURUS LIMA CONT 1990 JAPAN 15,672 950 TEU 2X41T 8902395

EURUS LISBON CONT 1991 JAPAN 15,646 950 TEU 2X41T 8902400EURUS PARIS CONT 1983 JAPAN 9,649 580 TEU 2X40T 8220046

EW KENYA REEF 1985 JAPAN 7,061 7932CBM 8512360

SOLD ENBLOC EASTWIND

RHINE, EASTWIND

RHONE, EURUS

OTTAWA, EURUS OSLO,

SAFMARINE ASIA, SURUS STOCKHOLM,

EURUS SINGAPORE,

EURUS LONDON,

EURUS LIMA, EURUS LISBON,

DRAFTEN SHIPPING/OFER

GROUP

MONACO

SOLD ENBLOC EASTWIND RHINE, EASTWIND RHONE, EURUS OTTAWA, EURUS OSLO, SAFMARINE ASIA,

SURUS STOCKHOLM, EURUS SINGAPORE, EURUS LONDON, EURUS LIMA, EURUS LISBON,

EURUS PARIS, EW KENYA



ABILITY BC 1981 SUNDERLAND 30,900 2X25T 3X15T $3.00m UAE BUYERS UAE

SELLERS ARE ICARUS SHIPMANAGEMENT SA

GREECE - OTHER REP SAYS $2.85M

7920027

PONTOPOROS BC 1984 HAKODATE 29,115 5X25T $5.00m GREEK BUYERS GREECESELLERS ARE OCEAN

FREIGHTERS SA GREECE 8318609

NORSUL ATLANTICO MPP 1986 ISHIBRAS 28,977 $5.55mTRIUNFO

PARTICIPACOES E

INVESTIMENTOS

BRAZILSELLERS ARE COMPANHIA DE NAVEGACAO NORSUL BRAZIL 8300016

ASTORIA BAY BC 1998 IMABARI 28,502 4X305T $15.50m GREEK BUYERS GREECESELLERS ARE NISSEN KAIUN

JAPAN - OTHER REP SAYS VIETNAMESE BUYERS

9180035

SENDAI BULKER BC 2000 NAIKAI SETODA 28,378 4X30T $17.20m GREEK BUYERS GREECE

OTHER REP SAYS $17.5MIL CHINESE BUYERS - SELLERS ARE LAURITZEN BULKERS AS

DENMARK

9187954

YICK HUA BC 1984 JAPAN 28,086 4X25T $4.25m GREEK BUYERS GREECE

SS/DD DUE AUG 2009 - SELLERS ARE COSCO CHINA -

OTHER REP SAYS CHINESE BUYERS

8312136

HANJIN ISTANBUL BC 1997HANJIN HI CO

LTD 27,369 4X30T $15.00mUNDISCLOSED

BUYERS-

SELLERS ARE HANJIN SHIPPING CO LTD KOREA 9128116

ELLIOT ACONCAGUA BC 2008ZHEJIANG ZHENGHE

SHIPB 26,800 4X30T $18.00m 9467885

ELLIOT AVON BC 2009ZHEJIANG ZHENGHE

SHIPB 26,800 4X30T $18.00m 9467897

OCEAN HOPE CONT 1989 GERMANY 26,3363X40T 1799

TEU$2.30m

UNDISCLOSED BUYERS

-SELLERS ARE ARIES

MARITIME TRANSPORT GREECE (GABRIEL PETRIDES)

8717518

J. SAFE MPP 1982 GERGI DIMITR 25,5304X16T 254

TEU$2.25m

CHINESE BUYERS

CHINAVSL WAS LAID UP CHINA -

SELLERS ARE JOSCO CHINA 8118803

JACO TRIUMPH BC 1987 GERMANY 23,2454X25T 855

TEU$3.00m

UNDISCLOSED BUYERS

-

SOLD AS IS HAMBURG AWAITING M/E REPAIRS -

SELLERS ARE JACOBSEN & CO NORWAY - ACQUIRED IN

JULY 2007 FOR $12.3MIL

8702082

CHUN HO MPP 1989 SAIKI JUKOGYO 22,273 4X30T $6.00mCHINESE BUYERS

CHINASELLERS ARE TA-HO

MARITIME CORP CHINA - OTHER REP SAYS $8MIL USD

8822260

CHING HO MPP 1990 SAIKI JUKOGYO 22,256 4X30T $6.00mVIETNAMESE

BUYERSVIETNAM

SELLERS ARE TA-HO MARITIME CORP CHINA -

OTHER REP SAYS $7MIL WITH SS/DD DUE 01/2010

8920103

RICKMERS MUMBAI MPP 1979HITACHI ZOSEN -

INN 22,229 5X20T 1X250T $2.70m 7820772

RICKMERS CHENNAI MPP 1979HITACHI ZOSEN -

INN 22,154D5X20T

1X250T 816 TEU

$2.70m 7806570

DOMINATOR BC 1991 KANDA 22,147 4X30T $8.40mCHINESE BUYERS

CHINASELLERS ARE EVALEND

SHIPPING CO SA GREECE 9015101

VESTFOLD CONT 1992VEROLME

SCHEEPSWERF HEUSDEN

19,9841646 TEU 298

REEFP&C DEAL

UNDISCLOSED BUYERS

-

SELLERS ARE PARETO AS NORWAY - SHE WAS

ACQUIRED IN FEB 2005 FOR $18.5MIL USD

9031052

ZEYNEP G MPP 1985 WARNOWERFT 17,850

D1X125T, D2X25T,

4X12.5T, 533 TEU

$2.50mUNDISCLOSED

BUYERS-

REPORTED SOLD IN MAY 2009 FOR $4MIL - SELLERS ARE MARTI DENIZCILIK TURKEY

8314615

ZHEJIANG OUHUA RESALE 1

BC 2009ZHEJIANG

OUHUA 16,800 4X30T $18.00m -

ZHEJIANG OUHUA RESALE 2

BC 2009ZHEJIANG

OUHUA 16,800 4X30T $18.00m -

CENTURY ELKHORN BC 2000 SHIN KOCHI 16,213 4X30T $10.85mUNDISCLOSED

BUYERS-

SELLERS ARE DOWA LINE CO LTD JAPAN 9223643

AL ESRAA MPP 1996 ROMANIA 16,113 6X12.5T -EGYPTIAN BUYERS

EGYPTSELLERS ARE FEDERAL ARAB

EGYPT - SS/DD OVERDUE 9037020

ANNETTE S CONT 1990SIETAS

GERMANY 15,1621X50T 2X40T

1048TEU$3.65m ABOITIZ PHILIPPINES

SELLERS ARE GERMAN - SOLD IN AUCTION 8908533

FESCO ARGUN CONT 2008JINGLING SHIPYARD 13,719

C2X45T 1118 TEU

$14.50m JIN JIANG CHINASELLERS ARE FAR-EASTERN

SHIPPING CO FESCO, RUSSIA 9406831

STAR CARRIER CONT 2005DAE SUN

SHIPBUILDING KOREA

13,007 962 TEU P&C DEALUNDISCLOSED

BUYERS- 9301304

SUNRISE EXPRESS CONT 2006DAE SUN

SHIPBUILDING KOREA

12,829 1049 TEU $14.00mCHINESE BUYERS

CHINA SELLERS ARE JOSCO CHINA 9330769

CANADRY ITALY

ENBLOC ELLIOT ACONCAGUA, ELLIOT AVON FOR $36MIL BOTH UNITS - VSLS WERE

REPORTED SOLD IN JAN 2009 FOR $40MIL BOTH, DEAL

FAILED - SELLERS ARE ELLIOT BULK NAVIGATION GERMANY, ZHEJIANG ZHENGHE 1005 and

ZHEJIANG ZHENGHE 1006 - OTHER REP SAYS

S.AMERICAN BUYERS

NANJING KING SHIP

MANAGEMENT

CHINA

ENBLOC RICKMERS CHENNAI & RICKMERS MUMBAI FOR

$5.4MIL BOTH UNITS - SELLERS ARE TECHNOMAR

SHIPPING GREECE - OLD SALE

EUROPEAN BUYERS

EUROPE

ENBLOC 2 X ZHEJIANG OUHUA RESALES DELY

SEP/OCT 2009 FOR $18MIL EACH UNIT



CRIMMITSCHAU MPP 1979 GERMANY 12,685D4X40T,

D1X20T, 428 TEU

P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE OCEANMARIS MANAGEMENT GREECE 7932719

CAPTAIN P MPP 1980 GERMANY 12,665D4X40T,

D1X20T, 445 TEU

P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE OCEANMARIS MANAGEMENT GREECE 8031093

NORTH OCEAN 103 OSV 2009METALSHIPS &

DOCKS 11,280 P&C DEALUNDISCLOSED

BUYERS-

OFFSHORE SUPPORT VESSEL - SELLERS ARE NORTH SEA

SHIPPING AS NORWAY9397951

TAN BINH 20 MPP 1982 TAIHEI 11,274 D4X15T $1.50mUNDISCLOSED

BUYERS-

SELLERS ARE VINASHIPPING - VIETNAM ACQUIRED IN AUG

2006 FOR $3.1MIL8214877

SEVILLAN REEFER REEF 1990 SPAIN 9,8674X19T

10706CBM, 248 TEU

$3.75mROSWELL

NAVIGATIONGREECE

REPORTED SOLD IN NOV 2006 FOR $9.8MIL - NOW SOLD IN POOR PHYSICAL CONDITION

8713598

STINNES MONSUN TWEEN 1985 MIHO 9,6503X50T 2X40T

474 TEUP&C DEAL

UNDISCLOSED BUYERS

-SELLERS ARE TH JACOBSEN MANAGEMENT A.S. NORWAY 8502470

KIND FAITH TWEEN 2009 YICHANG 9,107 2X40 630 TEU $13.20mUNDISCLOSED

BUYERS-

SELLERS ARE CHINESE GOVERNMENT 9528407

YL CONFIDENCE MPP 1997ZHONGHUA SHIPYARD 8,874

2X150T, 650 TEU

$11.25mPANDEMONIUM

SHIPPING COUK

SHE WAS REPORTED SOLD IN SEP 2008 FOR $21.5MIL - NOW SOLD IN AUCTION - SELLERS

ARE MASSOEL MERIDIAN LTD, SWITZERLAND - MPP

HEAVY LIFTER

9169809

SUSIE MPP 1980BRAILA

ROMANIA 8,750 4X5T - SYRIAN BUYERS SYRIASELLERS ARE COSENA

ROMANIA 7941978

TRANS PACIFIC 8 RORO 1983 JAPAN 8,555 6500 CARS P&C DEAL SATRAD SA BELGIUMVEHICLES CARRIER -

SELLERS ARE JAPANESE - RENAMED ESPERANSA A

8204250

KAREEM F BC 1976WATANABE

ZOSEN 8,186D2X20T, D3X15T

$0.98m UAE BUYERS UAE

SHE WAS REPORTED SOLD IN JUNE 2008 FOR 0.98MIL TO GREEK BUYERS - SELLERS

ARE AL FAHEL SYRIA

7501883

STAR CARRIER CONT 1980 RICKMERS 7,954580 TEU 2X35T

CELLULARP&C DEAL

UNDISCLOSED BUYERS

-SELLERS ARE SEGATE

MARINE ROMANIA 7920429

HAWAIIAN EYE BC 1997SHIN

KURUSHIMA IMABARI

7,833 4X15T $6.50mCHINESE BUYERS

CHINASELLERS ARE KOTOKU KAIUN

CO LTD JAPAN 9167693

MARINA STAR MPP 1990PERAMA GREECE 7,267

1X40T 1X25T 400TEU

P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE BROINTERMED LINES LTD UK 7522239

URGENCH MPP 1979DURO

FELGUERA 7,1501X8T D2X5T

226 TEU-

UNDISCLOSED BUYERS

-SELLERS ARE UKRAINE

BASED 7713278

BALSA 51 MPP 1996 JAPAN 6,830 2X15T $4.00m 9136838

BALSA 55 MPP 1996 JAPAN 6,830 2X15T $4.00m 9136876

SRAKANE SD 1986 3 MAJ 5,8962X25T, 336

TEU$1.60m

TURKISH BUYERS

TURKEYSELLERS ARE LOSINJSKA PLOVIDBA BRODARSTVO

CROATIA8509703

ST CHAMPION MPP 1991 SEDEF 4,7052X25T 221

TEU$2.70m

SAKHALIN SHIPPING CO

RUSSIASELLERS ARE ATLANTICA SHIPPING AS NORWAY -

RENAMED GORNOZAVODSK8900971

ADRIATIC REEF 1984 KITANIHON 4,173 6X5T $3.00m 8319029

ARCTIC REEF 1983 KITANIHON 4,156 6X5T $2.50m 8223464

ANTARCTIC REEF 1982 KITANIHON 4,1566X5T 185,000

CUFT$2.50m 8221595

SHINPO MARU NO. 2 RORO 1991 JAPAN 3,626 801 CARS P&C DEALCHINESE BUYERS

CHINAVEHICLES CARRIER -

SELLERS ARE TOYOFUJI SHIPPING JAPAN

9036600

SEIYO SUNNY MPP 2007ZHEJIANG

HONGXIN SHIPB 3,323 P&C DEALCHINESE BUYERS

- 9414656

SHINPO MARU RORO 1990 JAPAN 3,286 746 CARS P&C DEALCHINESE BUYERS

CHINAVEHICLES CARRIER -

SELLERS ARE TOYOFUJI SHIPPING JAPAN

8920165

HISTRIA ONYX MPP 1990DROBETA-

TURNU SEVER 3,114 2X5T 115 TEU $1.25mTURKISH BUYERS

TURKEYSELLERS ARE HISTRIA

SHIPMANAGEMENT ROMANIA

8846670

FU YUAN KOU RORO 1982 JAPAN 2,796 847 CARS P&C DEALUNDISCLOSED

BUYERS-

VEHICLES CARRIER - SELLERS ARE COSCO CHINA 8125636

KYHOLM RORO 1998ORSKOV

CHRISTENSENS DENMARK

582168 LM 91

CARS$8.25m

DANISH BUYERS

DENMARKSELLERS ARE SAMSOE

LINIEN AS DENMARK 9183025

SUNRISE EXPRESS RORO 1998 KWANGYANG 9,5752X30T D2X25T 75 TRAILERS

$14.00mCHINESE BUYERS

CHINARORO CARGO SHIP -

SELLERS ARE REGIONAL CONTAINER LINES THAILAND

9176383

Note1: With Red color are indicated all Greek interest Buyers or Sellers

TURKISH BUYERS

TURKEY

SOLD ENBLOC BALSA 51 AND BALSA 55 FOR REGION $8m FOR BOTH UNITS. SELLERS

ARE DOWA LINE CO LTD JAPAN

SEIN SHIPPING KOREA

ENBLOC ADRIATIC, ARCTIC, ANTARCTIC FOR $3, $2.5 & $2.5 EACH UNIT - SELLERS

ARE SEATRADE GRONINGEN NETHERLANDS



DRY CARGO 2ND HAND MARKET STATISTICS

country units %

2009 UNITS OUTLAY$ DWT GREECE 124 19.90%

JANUARY 59 $739.15m 2,375,492 JAPAN 115 18.46%

FEBRUARY 72 $680.70m 2,602,913 CHINA 54 8.67%

MARCH 99 $1,033.73m 3,833,477 GERMANY 26 4.17%

APRIL 75 $913.02m 3,569,193 SINGAPORE 26 4.17%

MAY 94 $1,355.50m 5,132,490 NORWAY 26 4.17%

JUNE 111 $1,627.33m 5,594,688 UK 26 4.17%

JULY 113 $1,204.81m 4,557,955 USA 21 3.37%

AUGUST 0 $0.00m 0 KOREA 21 3.37%

SEPTEMBER 0 $0.00m 0 DENMARK 20 3.21%

OCTOBER 0 $0.00m 0 THAILAND 18 2.89%

NOVEMBER 0 $0.00m 0 TURKEY 16 2.57%

DECEMBER 0 $0.00m 0 ITALY 10 1.61%

TOTAL 623 $7,554.23m 27,666,208 UAE 9 1.44%

INDIA 8 1.28%

NETHERLANDS 8 1.28%

COUNTRY UNITS % OUTLAY ($) % DWT % SWEDEN 6 0.96%

CHINA 155 24.88% $1,784 23.57% 8,250,170 29.80% BELGIUM 6 0.96%

GREECE 116 18.62% $2,172 28.70% 6,388,277 23.08% ALL OTHER 81 13.00%

TURKEY 21 3.37% $154 2.04% 473,482 1.71% UNDISCL 2 0.32%

MONACO 20 3.21% $14 0.19% 485,841 1.76% TOTAL 623 100.00%

SYRIA 18 2.89% $45 0.60% 395,822 1.43%

GERMANY 16 2.57% $221 2.92% 441,793 1.60%

JAPAN 15 2.41% $434 5.74% 1,592,493 5.75%

VIETNAM 15 2.41% $121 1.60% 422,012 1.52%

INDONESIA 13 2.09% $79 1.05% 406,895 1.47%

BRAZIL 12 1.93% $276 3.65% 2,005,294 7.24%

ITALY 11 1.77% $220 2.90% 414,753 1.50%

TAIWAN 10 1.61% $163 2.16% 725,751 2.62%

KOREA 9 1.44% $130 1.72% 281,078 1.02% COUNTRY UNITS % rank

FAR EAST 7 1.12% $65 0.86% 346,658 1.25% JAPAN 325 77.2% 1

UNDISCL 94 15.09% $897 11.85% 2,680,535 9.68% KOREA 33 7.8% 2

ALLOTHER 91 14.61% $856 11.32% 2,719,043 9.82% CHINA 24 5.7% 3

TOTAL 623 100.00% $7,568 100.00% 27,683,239 100.00% POLAND 9 2.1% 4

UK 8 1.9% 5

SPAIN 3 0.7% 6

SINGAPORE 1 0.2% 7

ALL OTHER 18 4.3%

TOTAL 421 100.0%

2009 BC SD CONT MPP TWEEN REEFER PASS RORO OTHER TOTAL

JANUARY 45 0 3 4 0 0 1 4 2 59FEBRUARY 42 0 12 11 0 0 0 1 6 72

MARCH 71 0 3 12 2 3 2 2 4 99APRIL 58 3 2 3 3 1 2 1 2 75

MAY 81 0 4 5 0 1 1 1 1 94JUNE 67 0 24 11 0 0 1 4 4 111JULY 57 1 17 21 4 5 0 6 2 113

AUGUST 0 0 0 0 0 0 0 0 0 0SEPTEMBER 0 0 0 0 0 0 0 0 0 0

OCTOBER 0 0 0 0 0 0 0 0 0 0NOVEMBER 0 0 0 0 0 0 0 0 0 0DECEMBER 0 0 0 0 0 0 0 0 0 0

TOTAL 421 4 65 67 9 10 7 19 21 623

MONTHLY UNIT SALE ACTIVITY

BUYERS - China has taken the lead for quite sometime now. They have bought a total of 155 units. If we add also the ships of Taiwan ( 10), and Hong Kong (2) and some of the Far East undisclosed deals (7), we see that China is clearly the undisputed buyer leader of second-hand tonnage. Greeks follow much improved with 116 units, but the gap has widened, while Turkish Buyers have come up strong 3rd with 21 units.

DRY CARGO UNITS SOLD - BREAKDOWN PER MONTH 2009

2009 DRY CARGO STATISTICS - BUYERS

SELLERS STATS 2009

2009 BULKER VSLS SOLD - COUNTRY OF BUILT

Out of a total of 421 DRY BULK vessels sold during the first 7 months of 2009, it is interesting to see that 325 vessels (77.2% of total) are built in JAPANese Shipyards. This is a very interesting trend that we noted 2 months ago and every month the stats and percentage is unchanged. 8% of all vessels traded in second-hand market are built in Korea, with China to follow with 6%. So it is clearly obvious as 3 out of 4 Bulkers sold are " BIG IN JAPAN " it goes without saying that if a ship wants to stand a good chance of finding quickly a new owner then she " better be built in JAPAN "!!!

SELLERS - Greek Sellers have disposed 124 units (110 last) so far in 2009, while Japanese Sellers have

sold 115 units (101 last). In 3rd place follow the Chinese sellers with 54 units (42 last), while

German, Singapore, Norway and UK based sellers are all 4th with 26 units .

What a month!!!! Resembls abit of the frenzy in terms of ship numbers being sold that we had encountered in May 2008 when 110 vessels were sold,



CHANGE CHANGE

FR0M 1/8/08 FR0M 1/8/08

NB CAPE $86.0 $96.8 $64.0 -34% 5y CAPE $106.5 $150.5 $50.5 -66%

NB PMX $46.3 $57.3 $39.4 -31% 5y PMX $66.0 $89.1 $34.0 -62%NB HANDY $41.0 $49.4 $32.0 -35% 5y HANDY $57.2 $74.1 $27.0 -64%

CHANGE CHANGE

FR0M 4/7/08 FR0M 4/7/08

10y CAPE $82.5 $129.5 $41.4 -68% 20y CAPE $38.0 $79.0 $19.3 -76%

10y PMX $51.6 $76.0 $25.2 -67% 20y PMX $31.0 $46.5 $11.1 -76%10y HANDY $43.4 $61.0 $20.1 -67% 20y HANDY $26.0 $40.2 $9.7 -76%

Tables above compare prices from 6th July 2007 and 4th Jul 2008 with today

03/08/2007TYPE

03/08/2007

1988 built (20Y) OLD BULKERS PRICE COMPARISON

TYPE

31/07/2009

01/08/2008 31/07/2009

01/08/2008


In the table on the top we see monthly number of dry cargo ships sold as of July 2009, compared to 2008's monthly activity.

In the table on the top we see the MONTHLY dry cargo capital expenditure for July 2009 compared to 2008's monthly activity.

TYPE

01/08/2008

01/08/200803/08/2007 31/07/2009

03/08/2007


TYPE

NB BULKERS PRICE COMPARISON

31/07/2009

Dry cargo units sold 2009 vs 2008

79 7783

95 96

74

52

33

44 42

99

113110

71

59

7275

94

111

30

40

50

60

70

80

90

100

110

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

units

2008 2009

Dry cargo - Capital expend. 2009 vs 2008

$1,339

$2,675 $2,660

$1,340

$3,950

$2,027

$3,615

$2,172

$1,602

$809 $567 $351

$1,356

$1,034$1,205

$913$739 $681

$1,627

$150.00m

$650.00m

$1,150.00m

$1,650.00m

$2,150.00m

$2,650.00m

$3,150.00m

$3,650.00m

$4,150.00m

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

2008 2009

DRY CARGO (2000 - 2009) NB vsl PRICES

$16

$31

$46

$61

$76

$91

Mar

-00

Jul-0

0

Nov-0

0

Mar

-01

Jul-0

1

Nov-0

1

Mar

-02

Jul-0

2

Nov-0

2

Mar

-03

Jul-0

3

Nov-0

3

Mar

-04

Jul-0

4

Nov-0

4

Mar

-05

Jul-0

5

Nov-0

5

Mar

-06

Jul-0

6

Nov-0

6

Mar

-07

Jul-0

7

Nov-0

7

Mar

-08

Jul-0

8

Nov-0

8

Mar

-09

Jul-0

9

CAPE 170KPANAMAX 70KHANDY 50K

DRY CARGO (2000 - 2009) 5y OLD vsl PRICES

$10

$33

$55

$78

$100

$123

$145

Mar

-00

Jul-0

0

Nov-0

0

Mar

-01

Jul-0

1

Nov-0

1

Mar

-02

Jul-0

2

Nov-0

2

Mar

-03

Jul-0

3

Nov-0

3

Mar

-04

Jul-0

4

Nov-0

4

Mar

-05

Jul-0

5

Nov-0

5

Mar

-06

Jul-0

6

Nov-0

6

Mar

-07

Jul-0

7

Nov-0

7

Mar

-08

Jul-0

8

Nov-0

8

Mar

-09

Jul-0

9



$8

$28

$48

$68

$88

$108

$128

Mar

-00

Jul-0

0

Nov-0

0

Mar

-01

Jul-0

1

Nov-0

1

Mar

-02

Jul-0

2

Nov-0

2

Mar

-03

Jul-0

3

Nov-0

3

Mar

-04

Jul-0

4

Nov-0

4

Mar

-05

Jul-0

5

Nov-0

5

Mar

-06

Jul-0

6

Nov-0

6

Mar

-07

Jul-0

7

Nov-0

7

Mar

-08

Jul-0

8

Nov-0

8

Mar

-09

Jul-0

9

CAPE 170K

PANAMAX


$2

$15

$27

$40

$52

$65

$77

Mar

-00

Jul-0

0

Nov-0

0

Mar

-01

Jul-0

1

Nov-0

1

Mar

-02

Jul-0

2

Nov-0

2

Mar

-03

Jul-0

3

Nov-0

3

Mar

-04

Jul-0

4

Nov-0

4

Mar

-05

Jul-0

5

Nov-0

5

Mar

-06

Jul-0

6

Nov-0

6

Mar

-07

Jul-0

7

Nov-0

7

Mar

-08

Jul-0

8

Nov-0

8

Mar

-09

Jul-0

9




2009

NAME TYPE YEAR BUILT DWT PRICEPRICE NOTE

BUYERS NAME

BUYERS NATION

NOTES IMO

FRONT DUCHESS TANKER 1993 HYUNDAI 284,480 $19.00mCHINESE BUYERS

CHINA

IN OCTOBER 2007 THIS VESSEL FETCHED A PRICE OF

$56m SELLERS ARE SHIP FINANCE INTERNATIONAL (FREDRIKSEN) . SOLD FOR CONVERSION - OTHER REP SAYS $20MIL USD, OTHERS

$18.8MIL

9046019

CRUDE DELTA TANKER 2009 HYUNDAI 165,000 $70.00m 9429285

CRUDE EPSILON TANKER 2009 HYUNDAI 165,000 $70.00m 9429297

WILMINA TANKER 1997 DALIAN 150,000 -UNDISCLOSED

BUYERS-

SELLERS ARE WILHELMSEN A NORWAY 9151840

CRUDE ZITA TANKER 2010HYUNDAI SAMHO 165,000 $70.00m 9461764

CRUDE GAMMA TANKER 2009 HYUNDAI 165,000 $70.00m 9416422

WELWIND TANKER 1993ASTILLEROS ESPANOLES 147,273 $10.00m SINGLE HULL

CHINESE BUYERS

CHINA

LAST YEAR, AUG 2008 THIS SAME VESSEL (EX NAME

OCEAN OPAL) WAS REPORTED SOLD AT $40m! SELLERS ARE ORIENTAL

OCEAN SHIPPING

8906999

KAMARI TANKER 1987HYUNDAI HEAVY

INDS 134,000 - P&C DEAL PVTRANS VIETNAM

SELLERS ARE AVIN INTERNATIONAL GREECE.

SOLD FOR STORAGE - BUYERS ARE PETROVIETNAM

TRANSPORT CO (PVTRANS)

8601460

PATRIOT SPIRIT TANKER 1992SAMSUNG

SHIPBUILDING 98,477 $15.00m SOECHI LINES INDONESIASELLERS ARE TEEKAY - OTHER REP SAY $17MIL 9006904

TOHYUH MARU TANKER 1991 NAMURA 95,843 $5.50m SINGLE HULLSINGAPORE

BUYERSSINGAPORE

SELLERS ARE NIPPON OIL TANKER CORP, JAPAN 9006710

LIVIA TANKER 2003HYUNDAI SAMHO 93,600 $41.00m

CHINESE BUYERS

CHINASELLERS ARE SUARDIAZ

VAPORES SA SPAIN 9261619

FOUR SCHOONER TANKER 2000 SAMSUNG 78,083 $36.00mGOLDENPORT

SHIPMANAGEMENT

GREECE

SELLERS ARE PREMUDA ITALY - SHE WAS ACQUIRED IN MAY 2008 FOR $51.5MIL

USD

9189110

FAIRWAY EXPRESS TANKER 2004 MINAMI NIPPON 45,737 $25.50mAEGEAN

SHIPPING MGTGREECE

SELLERS ARE THOME SHIPMANAGEMENT

SINGAPORE - SS/DD 10/20109313761

KINUGAWA TANKER 1984 JAPAN 24,743 - P&C DEALUNDISCLOSED

BUYERS-

SELLERS ARE UNIX LINE PTE, LTD., SINGAPORE 8307997

FRANCESCO A. TANKER 1988ESERCIZIO VIAREGGIO 8,838 $4.00m DBL HULL

UNDISCLOSED BUYERS

-

SELLERS ARE M E MARITIMA EMILIANA, ITALY - (SHE HAD

ALSO BEEN REPORTED SOLD IN JAN 09 AT $5.6m TO GREEK

BUYERS)

8614778

SUNRISE BEGONIA TANKER 1994 FUKUOKA 8,253 $5.20mSINGAPORE

BUYERSSINGAPORE

SELLERS ARE TEMM MARITIME CO LTD JAPAN 9078103

GLOBAL SATURN TANKER 2001 HIGAKI 7,786 - P&C DEALMALAYSIAN

BUYERSMALAYSIA

SELLERS ARE GLOBAL MARINE SERVICE CO LTD

JAPAN9236913

WOO JUN TANKER 2008MOKPO S

KOREA 6,790 -UNDISCLOSED

BUYERS-

SELLERS ARE WOO CHEM PARTNER AS KOREA 9409986

SWIFT TIGER TANKER 1995 JAPAN 6,502 $5.90mUNDISCLOSED

BUYERS-

SELLERS ARE MISTSUI OSK LINES (MOL) - JAPAN 9106340

BUNGA KASAI TANKER 1994MALAYSIA SHIPYARD 6,033 9081253

PERNAS RANTAU TANKER 1994MALAYSIA SHIPYARD 6,025 9081241

GALP LISBOA GAS 1983RUIZ DE

VELASCO 3,571 $1.00mTRANSGAS & CARIB LPG

SHIPPING LINE

PERULPG - SELLERS ARE GASMAR

PORTUGAL 8206624

SIGAS DUKE GAS 1982 NORWAY 2,950 $0.75mUNDISCLOSED

BUYERS-

LPG - SELELRS ARE J.LAURITZEN DENMARK 8026373


JULYTANKER SHIPS SOLD DURING THIS MONTH

$5.30mENBLOC

$5.3MIL BOTH UNITS

CROWN LINES

ENBLOC $140 MIL BOTH

UNITS

N.J.GOULANDRIS CLIENTS

GREECE

SOLD ENBLOC CRUDE DELTA AND CRUDE EPRILON FOR

$140MIL BOTH UNITS - OTHER REP SAYS 144 MIL AND

GNMTC LIBYA ARE BIUYERS - SELLERS ARE METROSTAR

MANAGEMENT GREECE - EX HYUNDAI SAMHO S390 & HYUNDAI SAMHO S391

ANDERS WILHELMSEN

NORWAY

ENBLOC CRUDE ZITA AND CRUDE GAMMA FOR $70MIL EACH UNIT - RESALE DELY

1ST QUARTER 2010 - SELLERS ARE METROSTAR

MANAGEMENT CORP GREECE - EX HYUNDAI

SAMHO S430 & HYUNDAI SAMHO S

NIGERIA

ENBLOC BUNGA KASAI AND PERNAS RANTAU FOR $5.3MIL BOTH UNITS - SELLERS ARE

MALAYSIAN



TANKER 2ND HAND MARKET STATISTICS

COUNTRY UNITS %

2009 UNITS OUTLAY$ DWT JAPAN 27 14.84%

JANUARY 36 $1,380.95m 2,829,769 SINGAPORE 25 13.74%

FEBRUARY 17 $406.80m 1,038,858 GREECE 23 12.64%

MARCH 21 $339.95m 698,835 NORWAY 16 8.79%

APRIL 22 $267.90m 645,958 USA 12 6.59%

MAY 46 $760.50m 3,078,127 CHINA 11 6.04%

JUNE 17 $309.55m 1,035,385 ITALY 8 4.40%

JULY 23 $454.15m 1,868,984 UK 7 3.85%

AUGUST 0 $0.00m 0 KOREA 7 3.85%

SEPTEMBER 0 $0.00m 0 TURKEY 6 3.30%

OCTOBER 0 $0.00m 0 UAE 5 2.75%

NOVEMBER 0 $0.00m 0 CYPRUS 5 2.75%

DECEMBER 0 $0.00m 0 MALAYSIA 4 2.20%

TOTAL 182 $3,919.80m 11,195,916 INDONESIA 3 1.65%

BULGARIA 3 1.65%

RUSSIA 3 1.65%

COUNTRY UNITS OUTLAY ($) % DWT % CANADA 2 1.10%

GREECE 28 $627 16.01% 1,648,937 14.73% SOUTH AFRICA 2 1.10%

USA 13 $547 13.95% 1,107,652 9.89% ALL OTHER 9 4.95%

NORWAY 12 $555 14.16% 1,069,770 9.56% UNDISCL 4 2.20%

CHINA 9 $167 4.25% 1,890,553 16.89% TOTAL 182 100.00%

VIETNAM 6 $92 2.33% 243,325 2.17%

SINGAPORE 6 $213 5.43% 288,096 2.57%

LIBYA 6 $251 6.40% 381,770 3.41%

JAPAN 6 $248 6.34% 899,892 8.04%

INDONESIA 6 $50 1.28% 253,566 2.26%

TURKEY 5 $38 0.96% 46,988 0.42%

FAR EAST 4 $16 0.41% 119,980 1.07%

KOREA 3 $7 0.19% 13,546 0.12%

ASIA 3 $6 0.15% 16,388 0.15%

UNDISCL 38 $485 12.38% 1,481,134 13.23%

ALL OTHER 37 $618 15.76% 1,734,319 15.49%

TOTAL 182 $3,920 100.00% 11,195,916 100.00%

2009VLCC & ULCC

SUEZMAXAFRAMAX

110KPANAMAX

70KPROD 45K < 40,000 OBO

LPG & LNG

TOTAL

JANUARY 2 5 9 0 7 13 0 0 36

FEBRUARY 1 1 3 2 0 8 0 2 17

MARCH 0 0 4 0 3 14 0 0 21

APRIL 1 0 0 0 4 16 0 1 22

MAY 6 2 3 0 8 26 0 1 46

JUNE 2 1 1 0 2 9 0 2 17

JULY 1 7 3 1 1 8 0 2 23

AUGUST 0 0 0 0 0 0 0 0 0

SEPTEMBER 0 0 0 0 0 0 0 0 0

OCTOBER 0 0 0 0 0 0 0 0 0

NOVEMBER 0 0 0 0 0 0 0 0 0

DECEMBER 0 0 0 0 0 0 0 0 0

TOTAL 13 16 23 3 25 94 0 8 182

SELLERS STATS 2009

2009 TANKER buyer STATISTICS

BUYERS - Greek buyers are holding the lead, having acquired 28 units (24 last), with USA buyers 2nd with 13 units (13 last) and Norwegian buyers 3rd with 12 units (10 last ). Chinese buyers have acquired 9 ships (6 last) and Japanese and Libyan buyers are sharing 5th place with 6 units each.

TANKER UNITS SOLD - BREAKDOWN PER SIZE AND MONTH 2009

SELLERS - The table on the RIGHT shows the nationality of the Sellers. Japanese Sellers are

sharing 1st place as sellers, selling 27 units (23 last) together with Singapore sellers who have disposed 25

units (23 last). Greek Sellers are 3rd with 23 units (18 last), followed by Norwegian sellers who sold 16

units (15 last)

MONTHLY UNIT SALE ACTIVITY We see that the number of ships sold during July 2009 show a serious "slowdown" of the sales in tanker secondhand market. After June with only 17 tanker ships were sold this month an average number of 23 tanker units were redistributed. Capital Outlay is still very low with only $454million USD being spent.



CHANGE CHANGE

FR0M 4/7/08 FR0M 4/7/08

VLCC $133.0 $157.0 $110.0 -30% VLCC $131.0 $155.8 $76.0 -51%SUEZMAX $83.5 $96.5 $71.5 -26% SUEZMAX $92.5 $106.0 $60.0 -43%AFRAMAX $68.6 $78.0 $51.0 -35% AFRAMAX $68.0 $76.8 $40.5 -47%PANAMAX $57.8 $65.0 $45.2 -30% PANAMAX $57.0 $61.0 $37.0 -39%MR PROD $47.6 $55.5 $39.5 -29% MR PROD $51.4 $52.7 $29.0 -45%

CHANGE CHANGEFR0M 4/7/08 FR0M 4/7/08

VLCC $104.5 $131.0 $59.0 -55% VLCC $31.3 $39.7 $17.1 -57%SUEZMAX $74.5 $80.5 $43.0 -47% SUEZMAX $23.0 $34.5 $14.6 -58%AFRAMAX $56.0 $64.7 $30.0 -54% AFRAMAX $16.3 $25.5 $9.2 -64%PANAMAX $46.1 $49.6 $27.2 -45% PANAMAX $13.6 $21.0 $7.5 -64%MR PROD $43.0 $43.2 $23.2 -46% MR PROD $12.5 $16.0 $6.1 -62%

shipsale activity in volume (number of ships sold per month 2009-2008)

20Y TANKERS PRICE COMPARISON

03/08/200703/08/2007TYPE 01/08/2008

03/08/2007

01/08/2008 31/07/2009

Tables above compare prices from 6th July 2007 and 4th Jul 2008 with today


03/08/200701/08/2008


TYPE31/07/2009 01/08/2008 31/07/2009

31/07/2009TYPE

NB TANKERS PRICE COMPARISON

TYPE

TANKER units sold 2009 vs 2008

22

17

3943

11

36

1721

46

23

49

4848

4542

37

23

15

23

5

10

15

20

25

30

35

40

45

50

55

JANUARY

FEBRUARY

MARCHAPRIL

MAYJUNE

JULY

AUGUST

SEPTEMBER

OCTOBER

NOVEMBER

DECEMBER

units 2009 2008

NEWBUILDING TANKER PRICES 2000 - 2009

24

44

64

84

104

124

144

164

Mar

-00

Jul-0

0

Nov-0

0

Mar

-01

Jul-0

1

Nov-0

1

Mar

-02

Jul-0

2

Nov-0

2

Mar

-03

Jul-0

3

Nov-0

3

Mar

-04

Jul-0

4

Nov-0

4

Mar

-05

Jul-0

5

Nov-0

5

Mar

-06

Jul-0

6

Nov-0

6

Mar

-07

Jul-0

7

Nov-0

7

Mar

-08

Jul-0

8

Nov-0

8

Mar

-09

Jul-0

9

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K

5 YEAR OLD TANKER PRICES 2000 - 2009

20

40

60

80

100

120

140

160

Mar

-00

Jul-0

0

Nov-0

0

Mar

-01

Jul-0

1

Nov-0

1

Mar

-02

Jul-0

2

Nov-0

2

Mar

-03

Jul-0

3

Nov-0

3

Mar

-04

Jul-0

4

Nov-0

4

Mar

-05

Jul-0

5

Nov-0

5

Mar

-06

Jul-0

6

Nov-0

6

Mar

-07

Jul-0

7

Nov-0

7

Mar

-08

Jul-0

8

Nov-0

8

Mar

-09

Jul-0

9

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K


13

33

53

73

93

113

133

Mar

-00

Jul-0

0

Nov-0

0

Mar

-01

Jul-0

1

Nov-0

1

Mar

-02

Jul-0

2

Nov-0

2

Mar

-03

Jul-0

3

Nov-0

3

Mar

-04

Jul-0

4

Nov-0

4

Mar

-05

Jul-0

5

Nov-0

5

Mar

-06

Jul-0

6

Nov-0

6

Mar

-07

Jul-0

7

Nov-0

7

Mar

-08

Jul-0

8

Nov-0

8

Mar

-09

Jul-0

9

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K


3

8

13

18

23

28

33

38

43

Mar

-00

Jul-0

0

Nov-0

0

Mar

-01

Jul-0

1

Nov-0

1

Mar

-02

Jul-0

2

Nov-0

2

Mar

-03

Jul-0

3

Nov-0

3

Mar

-04

Jul-0

4

Nov-0

4

Mar

-05

Jul-0

5

Nov-0

5

Mar

-06

Jul-0

6

Nov-0

6

Mar

-07

Jul-0

7

Nov-0

7

Mar

-08

Jul-0

8

Nov-0

8

Mar

-09

Jul-0

9

VLCC 300K

SUEZ 150K

AFRA 110K

PANAMAX 70K

PROD 45K



NEWBUILDING ORDERS JULY 2009

UNITS TYPE TONNAGE YEAR PRICE

4 BC 400,000 DWT 2011-2012 121.00

2 BC 180,000 DWT 2011 55.00

18 BC 176,000 DWT 2011-2012

4 BC 93,300 DWT 2011 45.50

12 BC 79,000 DWT 2011-2012

8 BC 57,000 DWT 2011-2012 48.00

2 BC 57,000 DWT 48.00

2 BC 26,800 DWT 2009 18.00

10 CONT 21,976 DWT 2010-2012

1 DREDGER 2011

2 MPP 13,000 DWT 2011

2 RORO 17,000 DWT 2011-2012 96.50

2 TANKER 159,000 DWT 2012 85.00

2 TANKER 158,000 DWT 2011 70-73

2 TANKER 40,000 DWT 2011 48.50

2 TANKER 10,000 DWT 2012

2 TANKER 7,000 DWT 2010-2011 -

2 TANKER 7,000 DWT 2010 15.50


2009 ORDERS UNITS BC MPP CONT TANKER LNG/LPG ALL OTHER

JANUARY 9 25 6 0 6 6 2 5

FEBRUARY 25 90 8 12 0 46 0 24

MARCH 28 63 14 6 1 31 0 11

APRIL 17 36 0 4 0 14 0 18

MAY 7 17 3 4 0 6 0 4

JUNE 10 50 37 1 0 6 0 6

JULY 18 79 52 2 10 12 0 3

AUGUST 0 0 0 0 0 0 0 0

SEPTEMBER 0 0 0 0 0 0 0 0

OCTOBER 0 0 0 0 0 0 0 0

NOVEMBER 0 0 0 0 0 0 0 0

DECEMBER 0 0 0 0 0 0 0 0

TOTAL 114 360 120 29 17 121 2 71

YARD

XINHE

J.J.SIETAS

DSME

BUYER’S NAME NOTES

NEWBUILDING ORDERS BREAKDOWN by TYPE PER MONTH, for YEAR 2009

RONGSHENG HI

HANJIN PHILIPPINES

JINHAIWAN

CSBC TAIWAN

JINHAIWAN

YANGFAN SHIPBUILDING

XIAMEN

ZHEJIANG ZHENGHE

IMABARI

SAMSUNG HI

SUNGDONG

CSBC

GHOUANGZHOU GSI

BACH DANG

KRASNOYE SORMOVO RUSSIA

OMAN SHIPPING

GREEK BUYERS

GRAND CHINA LOGISTICS

TAIWAN POWER

GRAND CHINA LOGISTICS

LANYUE ENERGY DEVELOPMENT

LANYUE ENERGY DEVELOPMENT

EUROPEANS

JAPANESE BUYERS

CHINESE BUYERS

PAUL HEINRICH

ATTICA GROUP

EURONAV UK AGENCY

TSAKOS SHIPPING AND TRADING

CPC CORP

GOTLAND REEDERI

MEDITERRANEA DI NAV.

TURKMENIAN SEA AND RIVER SHIPPING CO

+2 OPTIONS

GEARED PANAMAX

RESALES TO ITALY

1708 TEU

3500CUM

2400 PAX, 150 CARS, AND 50 TRUCKS. DELIVERY WILL BE

RESPECTIVELY APRIL 2011 AND MARCH 2012. 17,000 GT

CRUDE

PRODUCT CARRIER

SPECIALIZED BITUMEN

BITUMEN CARRIER

PRODUCT CARRIERS

NEW BUILDING ORDER TYPES FOR 2009

BC, 120, 33%

MPP, 29, 8%CONT, 17, 5%

TANKER, 121, 33%

LNG/LPG, 2, 1%

ALL OTHER, 71, 20%

BC

MPP

CONT

TANKER

LNG/LPG

ALL OTHER



2009NAME TYPE YEAR BUILT DWT LDT PRICE BREAKER IMO

HEDWIG BC 1983HYUNDAI HEAVY

INDS 156,252 30,377 $308 BANGLADESH 8015697

SADANAND TANKER 1986 HYUNDAI 94,752 15,943 $310 BANGLADESH 8322521

DEVI BC 1977HITACHI ZOSEN -

INN 64,100 11,100 - BANGLADESH 7527162

SEA-LAND ACHIEVER CONT 1984DAEWOO

SHIPBUILDING 58,943 18,553 - CHINA 8212647

SEA-LAND QUALITY CONT 1985DAEWOO

SHIPBUILDING 58,869 18,542 - CHINA 8212697

TEMIRA BC 1978 OKEAN SSZ 52,975 12,357 $272 CHINA 7740831

MARGARET HILL GAS 1974MOSS

ROSENBERG 50,746 23,400 - INDIA 7368841

OOCL FRIENDSHIP CONT 1987 JAPAN 45,863 15,500 $245 CHINA 8420189

OOCL FREEDOM CONT 1985 JAPAN 44,452 15,500 $245 CHINA 8400323

INTEGRITY TANKER 1983LENINA

STOCZNIA GDANSK

43,832 8,920 - INDIA 7907740

MOL GOLDEN WATTLE

CONT 1986MITSUBISHI

KOBE 41,747 13,921 $270 CHINA 8507676

MOL GLORY CONT 1986MITSUBISHI

KOBE 40,817 13,260 $269 CHINA 8507638

VERACITY TANKER 1983BRODOMOSOR

YUGOSLAVIA 40,520 8,778 $350 BANGLADESH 8003345

PRIME TANKER 1984ULJANIK

BRODOGRADIL 40,231 9,208 $315 PAKISTAN 8008993

SKY RIVER CONT 1984 IHI - KURE 36,021 12,146 $270 INDIA 8320793

PHILIPPINE STAR CONT 1986 HYUNDAI 33,952 8,628 $254 INDIA 8408820

QINGDAO STAR CONT 1985INCHON

ENGINEERING 32,934 8,587 $269 CHINA 8322569

DONGHAI BC 1978KANASASHI

ZOSEN 33,663 8,021 $240 BANGLADESH 7522655

BW HERAKLES GAS 1982 NORWAY 31,485 10,675 $305 BANGLADESH 8003010

MSC VERONIQUE CONT 1976 IHI 30,934 15,116 $256 INDIA 7510418

MSC LAURENCE CONT 1977 JAPAN 30,934 15,107 $250 INDIA 7510420

MSC CLORINDA CONT 1981 BRAZIL 30,714 15,325 $245 INDIA 7820394

SIMA KAROON CONT 1983 HAKODATE 30,254 8,071 $257 INDIA 8113865

EAGLE PROGRESS CONT 1983 JAPAN 30,254 8,075 $240 INDIA 8113853

EAGLE PIONEER CONT 1982HAKODATE MURORAN 30,254 8,100 $236 INDIA 8113841

MSC LAUREN CONT 1982 ISHIBRAS 30,220 15,235 $245 INDIA 7820409

MARSEILLE STAR CONT 1981 HITACHI ZOSEN 28,615 13,041 - BANGLADESH 8024909

MSC CORSICA CONT 1981 POLAND 27,630 13,747 $255 INDIA 7905924

GLOBAL PATRIOT MPP 1978 FRANCE 27,192 14,203 $181 INDIA 7504627

SKAWHEGAN TANKER 1981HASHIHAMA

IMABARI 26,586 9,190 $320 BANGLADESH 8004208

GOLDEN COMPANION CONT 1982 SPAIN 25,214 9,536 $250 CHINA 7911624

SVYATOY SERAFIM BC 1977IMABARI

MARUGAME 24,523 5,881 $250 CHINA 7700958

ROSSEL CURRENT MPP 1981ULJANIK

BRODOGRADIL 24,491 11,021 $245 INDIA 7819931

EL GRECO MPP 1979 DENMARK 23,720 6,989 $247 INDIA 7602223

MSC TOGO CONT 1980 NETHERLANDS 23,678 13,750 $255 INDIA 7811484

TERESA DEL MAR CONT 1986BREMER VULKAN 23,456 6,837 $176 AS IS 8513792

CATALINA DEL MAR CONT 1986BREMER VULKAN 23,456 6,837 $175 AS IS 8513780

TIKEIBANK TWEEN 1983VALMET OY

HELSINKI 22,942 11,577 - BANGLADESH 8013089

EMDEN III CONT 1980 FLENSBURGER 21,232 6,432 $260 INDIA 7909516

1ST LT. ALEX BONNYMAN

RORO 1980 ODENSE LINDO 21,050 19,070 - INDIA 7702059

PFC. JAMES ANDERSON JR.

RORO 1979 ODENSE LINDO 21,050 19,070 - INDIA 7702035

MSC LEANNE TWEEN 1980A WARSKIEGO

STOCZNI 20,128 9,348 $250 INDIA 8107309

NOTES

JULYREPORTED DEMOLITION DEALS

SHE WAS REPORTED SOLD AS HEDWIG OLDENDORFF IN MAR 2009 FOR 308USD/LDT TO

BANGLADESH BREAKERS - HOWEVER SHE WAS SOLD NOW UNDER NEW NAME FOR SAME PRICE SAME

COUNTRY OF BREAKERS - SELLERS ARE OLDENDORFF GERMANY

SELLERS ARE MERCATOR LINES INDIA

SELLERS ARE APEEJAY SHIPPING INDIA

SELLERS ARE A P MOLLER DENMARK

SELLERS ARE A P MOLLER DENMARK

SELLERS ARE BULCOM LTD, CYPRUS

LNG TANKER

ENBLOC OOCL FREEDOM, OOCL FRIENDSHIP FOR REG $275 PER LDT INDIA - SELLERS ARE ORIENT

OVERSEAS INTERNATIONAL CHINA

ENBLOC OOCL FREEDOM, OOCL FRIENDSHIP FOR REG $275 PER LDT INDIA - SELLERS ARE ORIENT

OVERSEAS INTERNATIONAL CHINA

SELLERS ARE SEA PIONEER GREECE

SELLERS ARE MITSUI OSK LINE (MOL) JAPAN

SELLERS ARE MITSUI OSK LINE (MOL) JAPAN

CHEMICAL TANKER - SELLERS ARE SEA PIONEER GREECE. INCL 900T BUNKERS ROB

SELLERS ARE VAL ENTERPRISES GREECE

SELLERS ARE COSCO CHINA

SELLERS ARE OFER BROTHERS HOLDINGS ISRAEL

SELLERS ARE TIANJIN HEBEI SHIPPING CO LTD, CHINA - WAS REPORTED IN JUNE 2006 FOR DELY

INDIAN BREAKERS, DEAL FAILED

SELLERS ARE OFER GROUP ISRAEL

LPG - SELLERS ARE BW SHIPPING GROUP LTD NORWAY

SELLERS ARE MSC SWISS



SELLERS ARE SIMATECH SHIPPING & FORWARDING UAE

SELLERS ARE GENKAI CAPITAL MANAGEMENT JAPAN

SELLERS ARE GENKAI CAPITAL MANAGEMENT JAPAN


BASIS DELY BANGLADESH - SELLERS ARE OFER BROTHER HOLDINGS ISRAEL

SELLERS ARE TARGET MARINE SA GREECE

SOLD ON AN AS IS DURBAN BASIS THROUGH AUCTION

SELLERS ARE DELFI SA GREECE

SELLERS ARE STX PAN OCEAN CO LTD KOREA

SELLERS ARE FEDCOMIINVEST MONACO

SELLERS ARE BOGAZZI & FIGLI SPA ITALY

SELLERS ARE BOGAZZI & FIGLI SPA ITALY

SELLERS ARE COSTAMARE SHIPPING CO SA GREECE

SOLD AS IS SPAIN - SELLERS ARE CONTENEMAR SPAIN ENBLOC TERESA DEL MAR & CATALINA DEL

MAR

SOLD AS IS SPAIN - SELLERS ARE CONTENEMAR SPAIN ENBLOC TERESA DEL MAR & CATALINA DEL

MAR

SELLERS ARE WEIR A - UK

SELLERS ARE DIAMOND SHIPPING SYRIA

LOGISTICS SHIP NAVAL RORO/CARGO - SOLD ENBLOC 1ST LT ALEX BONNYMAN & PFC JAMES

ANDERSON JR FOR DELY INDIA - AS IS NORFOLK - SELLERS ARE WILNINGTON TRUST CO USA

LOGISTICS SHIP NAVAL RORO/CARGO - SOLD ENBLOC 1ST LT ALEX BONNYMAN & PFC JAMES

ANDERSON JR FOR DELY INDIA - AS IS NORFOLK - SELLERS ARE WILNINGTON TRUST CO USA

SELLERS ARE MSC SHIPMANAGEMENT HK LTD, CHINA



FRANCONIA CONT 1979 NAMURA IMARI 18,946 8,028 $260 CHINA 7816836

NIEVES B TWEEN 1982 POLAND 18,864 9,874 $176 AS IS 7822768

MSC SEOUL MPP 1979HYUNDAI HEAVY

INDS 18,753 9,786 $260 CHINA 7720661

PACIFIC EXPLORER RORO 1978IMABARI

MARUGAME 17,800 13,287 $282 BANGLADESH 7724617

ORIENTAL CARRIER MPP 1980 GERMANY 17,664 6,647 $250 CHINA 7920601

PIONEER TRADER MPP 1980 IHI KURE 17,159 4,350 - INDIA 7609661

GREEN MORAL CONT 1976 HAYASHIKANE 16,929 6,480 $250 INDIA 7602429

GOLDEN KEY BC 1978HYUNDAI

SHIPBUILDING 16,560 4,650 - BANGLADESH 7604350

GLOBAL RIO TANKER 1985ESTALEIROS PORTUGAL 15,089 5,773 $300 AS IS 8220589

PRECIOUS MPP 1982 UKRAINE 14,930 6,920 $247 INDIA 8120325

COLOMBO STAR II CONT 1982 GERMANY 14,921 4,921 $250 INDIA 8100650

MURGASH BC 1967HITACHI ZOSEN

INN 13,902 4,230 $250 INDIA 6809343

KAPTEINIS KULINICS REEFER 1981 GDR 13,857 7,148 $235 INDIA 8131568

XIANG QIAN CONT 1983 JAPAN 12,066 4,465 $260 INDIA 8221507

MSC AURORA CONT 1971LUBECKER FLENDER 11,911 6,327 $255 INDIA 7116810

CRYSTAL ORCHID REEFER 1979 FLENDER 10,819 5,874 $266 INDIA 7728986

MSC CRISTIANA TWEEN 1984 POLAND 10,221 10,116 $255 INDIA 8119716

SUN UNITY REEFER 1984 YUGOSLAVIA 9,756 7,213 $175 TURKEY 8012322

MING YANG REEFER 1981 VEB MATHIAS 9,606 7,244 $235 BANGLADESH 8131544

ZANG SAN REEFER 1981 GERMANY 9,587 7,148 $237 BANGLADESH 8328599

CONTAZ CARRIER CONT 1983 BULGARIA 9,141 5,358 $252 INDIA 8201313

CONTAZ TRADER CONT 1983 BULGARIA 9,141 5,358 $252 INDIA 8201325

LADY FATIMAH MPP 1973SCHICHAU-

UNTER 8,985 4,654 $247 INDIA 7324883

EL GRECO BC 1983EBIN/SO NITEROI 7,736 2,300 $247 INDIA 7916997

CENTAURUS TANKER 1982 FINLAND 4,999 3,050 $306 BANGLADESH 8025903

LYRA TANKER 1982 BUESUMER 3,872 1,668 $265 INDIA 8200292

CARIBBEAN TRAILER RORO 1972 TRONDHEJMS 1,626 1,769 - AS IS 7227578

GOLDEN PRINCESS RORO 1967WARTSILA AB -

HELSINKI 1,534 7,869 $220 CHINA 6622458

AUTOCARRIER RORO 1982 FLENDER 1,472 $155 TURKEY 8100519

Note1: With Red color are indicated all Greek interest OrdersDEMOLITION STATISTICS:

2009 UNITS DWT LDT

January 97 3,677,962 938,222 UNITS LDT TAKEN AV. SCRP PRICE

February 102 2,833,765 792,984 103 1,068,013 $203March 104 3,751,969 1,005,159 293 2,554,317 $258

April 74 1,957,261 609,887 115 1,220,883 $284May 91 2,981,327 922,625 12 57,756 $187

June 52 1,458,185 515,440 57 503,683 $208July 71 1,938,527 697,481 11 77,146 $150

August 0 0 0 591 5,481,798 $215September 0 0 0

October 0 0 0

November 0 0 0December 0 0 0

TOTAL 591 18,598,996 5,481,798

UNITS LDT TAKEN av $ UNITS LDT UNITS LDT

103 1,068,013 203.3 99 1,026,740 4 41,273

293 2,554,317 257.9 269 2,261,571 24 292,746

115 1,220,883 284.4 83 854,371 32 366,512

12 57,756 187.4 11 56,656 1 1,100

57 503,683 207.9 50 424,139 7 79,544

11 77,146 149.9 8 60,014 3 17,132

591 5,481,798 215.1 520 4,683,491 71 798,307

TURKEY

CHINA

BREAKER

WETBREAKER

CHINA

INDIA

TOTAL

OTHER/CASH/AS IS

BANGLADESH

BREAKER – STATS ‘2009

PAKISTAN

OTHER/CASH/AS IS

TOTAL

DETAILED BREAKER REGION - STATISTICS FOR 2009 DRY

INDIA

BANGLADESH

TURKEY

PAKISTAN

VEHICLES CARRIER - SELLERS ARE UNITED EUROPEAN CAR CARRIERS (UECC) NORWAY

SELLERS ARE AHRENKIEL CF GERMANY

SOLD AS IS SPAIN (ALICANTE) - SELLERS ARE GRUPO BOLUDA SPAIN

SELLERS ARE CHIOS MARITIME GREECE

PURE CAR CARRIER - SELLERS ARE CSAV CHILE

SELLERS ARE SINOKOR MERCHANT MARINE KOREA

SELLERS ARE MARACHART SHIPPING GREECE

SELLERS ARE GREEN FEEDER LINES LTD SRI LANKA

SELELRS ARE PENDULUM SHIPPING GREECE - OPEN HATCH BULKER

SOLD AS IS RIO DE JANEIRO - INCL 530 TONNES STAINLESS STEEL - SELLERS ARE GLOBAL

TRANSPORTE OCEANICO BRAZIL

SELLERS ARE UNIVERSAL NAVIGATION & TRADING PAKISTAN

SELLERS ARE ZIM ISRAEL

SELLERS ARE BULGARE NAVIGATION BULGARIA

FISHING VESSEL - SELLERS ARE LASKARIDIS SHIPPING GREECE

SELLERS ARE CHINA SHIPPING GROUP, CHIAN. 656 TEU

SELLERS ARE MSCSWISS

SELLERS ARE LAGOA/LOMAR SHIPPING GREECE


SELLERS ARE NORBULK SHIPPING UK

SELLERS ARE CHINA GOVERNMENT

SELLERS ARE CHINA GOVERNMENT

ENBLOC CONTAZ TRADER CONTAZ CARRIER - SELLERS ARE DONBASS UKRAINE

ENBLOC CONTAZ TRADER CONTAZ CARRIER - SELLERS ARE DONBASS UKRAINE

SELLERS ARE PANSEAS CO LLC UAE

SELLERS ARE NORTH MARITIME MANAGEMENT GREECE

PRODUCTS TANKER - SELLERS ARE MANTRA INVESTMENTS CORP LATVIA

SOLD WITH 62 TNS SOLID STAINLESS STEEL - SELLERS ARE SOYSAY DENIZCILIK TURKEY

AS IS DELY CANARY ISLANDS - SELLERS ARE ARMAS NAVIERA CANARY ISLANDS

AS IS HONG KONG - SELLERS ARE CHINESE GOVERNMENT



COUNTRY UNITS % rankGREECE 102 17.3% 1

CHINA 66 11.2% 2

JAPAN 51 8.6% 3

INDIA 31 5.2% 4

UAE 29 4.9% 5

KOREA 25 4.2% 6

NORWAY 24 4.1% 7

USA 19 3.2% 8

SINGAPORE 19 3.2% 8

ITALY 16 2.7% 10

SWITZERLAND 16 2.7% 10

TURKEY 14 2.4% 12

UK 13 2.2% 13

UKRAINE 11 1.9% 14

RUSSIA 10 1.7% 15

SPAIN 10 1.7% 15

BULGARIA 9 1.5% 17

DENMARK 9 1.5% 17

ISRAEL 9 1.5% 17

GERMANY 8 1.4% 20

ALL OTHER 97 16.4%

UNDISCL 3 0.5%

TOTAL 591 100.0%

201 71 216 19 84 591 SHIPS

34.0% 12.0% 36.5% 3.2% 14.2% 100.0%

1,825,365 798,307 1,977,306 129,899 750,921 5,481,798

8,785,519 3,414,719 5,181,728 204,945 1,012,085 18,598,996$396,095,921 $205,977,087 $408,648,824 $26,230,310 $103,984,791 $1,140,936,933

30.7 Years 26.9 Years 28.9 Years 27.6 Years 29.3 Years 28.7 Years

2009 DEMOLITION SELLERS STATISTICS

CONT/ TWEEN/ MPP REEFER

RORO PAX CRUISE

TANK/ OBO/LPG

DWT

STATS

AVERAGE AGE

%

LDT

source of data: N. COTZIAS SHIPPING CONSULTANTS (NCSC)

TOTALBULKERS / SD

USD PAID

Demolition DATA for 2009

UNITS

Average Scrap Price & No of Ships Scrapped 2005-2009

19 21

11

0

1618

10

5

127

17 15

24

18 2017 17 16 17

11

19

29 29

21

16

25

1317 16

1310

17

23

813

21

1520

2420

12

34

15

30

5759

97102

104

74

91

52

71

$100

$200

$300

$400

$500

$600

$700

$800

$900

Mar

-05

May

-05

Jul-0

5

Sep-0

5

Nov-05

Jan-

06

Mar

-06

May

-06

Jul-0

6

Sep-0

6

Nov-06

Jan-

07

Mar

-07

May

-07

Jul-0

7

Sep-0

7

Nov-07

Jan-

08

Mar

-08

May

-08

Jul-0

8

Sep-0

8

Nov-08

Jan-

09

Mar

-09

May

-09

Jul-0

9

-5

15

35

55

75

95

115

Average Scrap PriceNumber of Ships

DEMO STATS 2005-2009

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

Mar

-05

May

-05

Jul-0

5

Sep-0

5

Nov-0

5

Jan-

06

Mar

-06

May

-06

Jul-0

6

Sep-0

6

Nov-0

6

Jan-

07

Mar

-07

May

-07

Jul-0

7

Sep-0

7

Nov-0

7

Jan-

08

Mar

-08

May

-08

Jul-0

8

Sep-0

8

Nov-0

8

Jan-

09

Mar

-09

May

-09

Jul-0

9

-15

5

25

45

65

85

105DWTLDTNUMBER

LDT INTAKE PER SCRAP COUNTRY FOR 2009

CHINA, 1,068,013, 19%

INDIA, 2,554,317, 48%

BANGLADESH, 1,220,883, 22%

TURKEY, 57,756, 1%

PAKISTAN, 503,683, 9%

OTHER/CASH/AS IS, 77,146, 1%

CHINA

INDIA

BANGLADESH

TURKEY

AVERAGE SCRAP PRICE per REGION FOR 2009

120

170

220

270

320

370

Jan‐09 Feb‐09 Mar‐09 Apr‐09 May‐09 Jun‐09

AVERAGE SCRAP PRICE U$/LDT

CHINA

INDIA

PAKISTAN

TURKEY

BANGLADESH



DATE BDI % frm 1/1/2009 BCI% frm

1/1/2009 BPI% frm

1/1/2009 BSI% frm

1/1/2009 BHI% frm

1/1/2009

30/06/2009 3,757 386.0% 7,241 432.0% 2,904 437.8% 1,701 313.9% 754 170.3%

01/07/2009 3,742 384.1% 7,122 423.3% 2,984 452.6% 1,703 314.4% 749 168.5%

02/07/2009 3,672 375.0% 6,848 403.2% 3,059 466.5% 1,709 315.8% 750 168.8%

03/07/2009 3,520 355.4% 6,438 373.0% 3,027 460.6% 1,718 318.0% 749 168.5%

06/07/2009 3,375 336.6% 6,104 348.5% 2,969 449.8% 1,716 317.5% 751 169.2%

07/07/2009 3,216 316.0% 5,667 316.4% 2,917 440.2% 1,724 319.5% 759 172.0%

08/07/2009 3,107 301.9% 5,336 292.1% 2,897 436.5% 1,749 325.5% 766 174.6%

09/07/2009 3,018 290.4% 5,037 270.1% 2,914 439.6% 1,782 333.6% 779 179.2%

10/07/2009 2,985 286.2% 4,844 255.9% 2,952 446.7% 1,817 342.1% 794 184.6%

13/07/2009 2,975 284.9% 4,788 251.8% 2,955 447.2% 1,834 346.2% 800 186.7%

14/07/2009 3,097 300.6% 5,034 269.9% 3,020 459.3% 1,892 360.3% 810 190.3%

15/07/2009 3,324 330.0% 5,549 307.7% 3,141 481.7% 1,953 375.2% 822 194.6%

16/07/2009 3,501 352.9% 5,916 334.7% 3,255 502.8% 2,016 390.5% 835 199.3%

17/07/2009 3,542 358.2% 5,957 337.7% 3,324 515.6% 2,051 399.0% 843 202.2%

20/07/2009 3,511 354.2% 5,824 327.9% 3,366 523.3% 2,062 401.7% 849 204.3%

21/07/2009 3,455 347.0% 5,602 311.6% 3,412 531.9% 2,080 406.1% 854 206.1%

22/07/2009 3,407 340.8% 5,419 298.2% 3,459 540.6% 2,086 407.5% 866 210.4%

23/07/2009 3,355 334.0% 5,218 283.4% 3,495 547.2% 2,095 409.7% 874 213.3%

24/07/2009 3,345 332.7% 5,170 279.9% 3,524 552.6% 2,091 408.8% 879 215.1%

27/07/2009 3,407 340.8% 5,339 292.3% 3,509 549.8% 2,090 408.5% 881 215.8%

28/07/2009 3,475 349.5% 5,564 308.8% 3,447 538.3% 2,092 409.0% 882 216.1%

29/07/2009 3,499 352.7% 5,704 319.1% 3,362 522.6% 2,091 408.8% 884 216.8%

30/07/2009 3,445 345.7% 5,585 310.4% 3,282 507.8% 2,089 408.3% 888 218.3%

31/07/2009 3,350 333.4% 5,385 295.7% 3,183 489.4% 2,081 406.3% 887 217.9%

BALTIC DRY BULK MARKET INDICES until 31st JULY 2009

All Baltic DRY indices 2005 - 2009

300

2300

4300

6300

8300

10300

12300

14300

16300

18300

Jul-05

Oct-05

Jan-06

Apr-06

Jul-06

Oct-06

Jan-07

Apr-07

Jul-07

Oct-07

Jan-08

Apr-08

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

BPIBCIBDIBSI

BALTIC DRY 2005 - 2009

400

2400

4400

6400

8400

10400

Mar-05

May-05Jul-0

5Sep-05

Nov-05Jan-06

Mar-06

May-06Jul-0

6Sep-06

Nov-06Jan-07

Mar-07

May-07Jul-0

7Sep-07

Nov-07Jan-08

Mar-08

May-08Jul-0

8Sep-08

Nov-08Jan-09

Mar-09

May-09Jul-0

9

BDIBALTIC CAPE 2005 - 2009

400

2900

5400

7900

10400

12900

15400

17900

Mar-05

May-05Jul-0

5Sep-05

Nov-05Jan-06

Mar-06

May-06Jul-0

6Sep-06

Nov-06Jan-07

Mar-07

May-07Jul-0

7Sep-07

Nov-07Jan-08

Mar-08

May-08Jul-0

8Sep-08

Nov-08Jan-09

Mar-09

May-09Jul-0

9

BCI



DATE CLEAN % frm 2/1/08 DIRTY % frm 2/1/08

30/06/2009 465 -23.9% 648 -22.0%01/07/2009 463 -24.2% 623 -25.0%02/07/2009 462 -24.4% 604 -27.3%03/07/2009 463 -24.2% 593 -28.6%06/07/2009 462 -24.4% 589 -29.1%07/07/2009 458 -25.0% 571 -31.3%08/07/2009 451 -26.2% 555 -33.2%09/07/2009 449 -26.5% 538 -35.3%10/07/2009 448 -26.7% 533 -35.9%13/07/2009 446 -27.0% 526 -36.7%14/07/2009 441 -27.8% 507 -39.0%15/07/2009 436 -28.6% 501 -39.7%16/07/2009 433 -29.1% 493 -40.7%17/07/2009 429 -29.8% 482 -42.0%20/07/2009 429 -29.8% 479 -42.4%21/07/2009 426 -30.3% 476 -42.7%22/07/2009 423 -30.8% 478 -42.5%23/07/2009 431 -29.5% 479 -42.4%24/07/2009 444 -27.3% 477 -42.6%27/07/2009 444 -27.3% 476 -42.7%28/07/2009 450 -26.4% 474 -43.0%29/07/2009 453 -25.9% 476 -42.7%30/07/2009 460 -24.7% 475 -42.8%31/07/2009 465 -23.9% 474 -43.0%

BALTIC TANKER MARKET INDICES until 31st JULY 2009

BALTIC PMAX 2005 - 2009

300

2300

4300

6300

8300

10300

Mar-05

May-05Jul-0

5Sep-05

Nov-05Jan-06

Mar-06

May-06Jul-0

6Sep-06

Nov-06Jan-07

Mar-07

May-07Jul-0

7Sep-07

Nov-07Jan-08

Mar-08

May-08Jul-0

8Sep-08

Nov-08Jan-09

Mar-09

May-09Jul-0

9

BPIBALTIC SUPMAX 2006 - 2009

300

1300

2300

3300

4300

5300

6300

7300

Mar-05

May-05Jul-0

5Sep-05

Nov-05Jan-06

Mar-06

May-06Jul-0

6Sep-06

Nov-06Jan-07

Mar-07

May-07Jul-0

7Sep-07

Nov-07Jan-08

Mar-08

May-08Jul-0

8Sep-08

Nov-08Jan-09

Mar-09

May-09Jul-0

9

BSI

ALL BALTIC WET Indices 2006-9

300

800

1300

1800

2300

Mar-06May-06

Jul-06Sep-06

Nov-06Jan-07

Mar-07May-07

Jul-07Sep-07

Nov-07Jan-08

Mar-08May-08

Jul-08Sep-08

Nov-08Jan-09

Mar-09May-09

Jul-09

BCTI

BDTI

ALL CAPITAL LINK WET Indices 2006-9

-200.00

800.00

1800.00

2800.00

3800.00

4800.00

5800.00

Mar-06May-06

Jul-06Sep-06

Nov-06Jan-07

Mar-07May-07

Jul-07Sep-07

Nov-07Jan-08

Mar-08May-08

Jul-08Sep-08

Nov-08Jan-09

Mar-09May-09

Jul-09

CL Tanker Index (CLTI)

CL LNG/LPG Index (CLLG)

CAPITAL LINK MARITIME INDEX 2005-9

400.00

1400.00

2400.00

3400.00

4400.00

5400.00

Mar-06May-06

Jul-06Sep-06

Nov-06Jan-07

Mar-07May-07

Jul-07Sep-07

Nov-07Jan-08

Mar-08May-08

Jul-08Sep-08

Nov-08Jan-09

Mar-09May-09

Jul-09

CL Maritime Index (CLMI)

CAPITAL LINK DRYBULK INDEX 2005-9

400.00

1400.00

2400.00

3400.00

4400.00

5400.00

6400.00

7400.00

Mar-06May-06

Jul-06Sep-06

Nov-06Jan-07

Mar-07May-07

Jul-07Sep-07

Nov-07Jan-08

Mar-08May-08

Jul-08Sep-08

Nov-08Jan-09

Mar-09May-09

Jul-09

CL Drybulk Index (CLDBI)

CAPITAL LINK CONTAINER INDEX 2005-9

400.00

900.00

1400.00

1900.00

2400.00

2900.00

3400.00

3900.00

4400.00

4900.00

Mar-06May-06

Jul-06Sep-06

Nov-06Jan-07

Mar-07May-07

Jul-07Sep-07

Nov-07Jan-08

Mar-08May-08

Jul-08Sep-08

Nov-08Jan-09

Mar-09May-09

Jul-09

CL Container Index (CLCI)

CAPITAL LINK MLP INDEX 2005-9

400.00

900.00

1400.00

1900.00

2400.00

2900.00

3400.00

3900.00

4400.00

Mar-06May-06

Jul-06Sep-06

Nov-06Jan-07

Mar-07May-07

Jul-07Sep-07

Nov-07Jan-08

Mar-08May-08

Jul-08Sep-08

Nov-08Jan-09

Mar-09May-09

Jul-09

CL MLP Index (CLMLP)



DISCLAIMER: INFORMATION & DATA CONTAINED IN THIS MONTHLY MARKET REPORT HAVE BEEN CAREFULLY OBTAINED FROM VARIOUS MARKET SOURCES. ALTHOUGH ALL IS BELIEVED TO BE CORRECT, N. COTZIAS SHIPPING GROUP MAKES NO GUARANTEE FOR ACCURACY, AND SHALL NOT BE LIABLE FOR ANY LOSS INCURRED IN ANY WAY WHATSOEVER BY ANY PERSON RELYING ON THE INFORMATION CONTAINED HEREIN.

ALL CAPITAL LINK INDICES ARE USED WITH THE EXPRESS KIND PERMISSION OF CAPITAL LINK INC - NEW YORK

BALTIC DIRTY TANKER INDEX 2005 - 2009

400

900

1400

1900

2400

Mar-05

May-05Jul-0

5Sep-05

Nov-05Jan-06

Mar-06

May-06Jul-0

6Sep-06

Nov-06Jan-07

Mar-07

May-07Jul-0

7Sep-07

Nov-07Jan-08

Mar-08

May-08Jul-0

8Sep-08

Nov-08Jan-09

Mar-09

May-09Jul-0

9

BDTIBALTIC CLEAN TANKER INDEX 2005 - 2009

300

500

700

900

1100

1300

1500

1700

1900

2100

Mar-05

May-05Jul-0

5Sep-05

Nov-05Jan-06

Mar-06

May-06Jul-0

6Sep-06

Nov-06Jan-07

Mar-07

May-07Jul-0

7Sep-07

Nov-07Jan-08

Mar-08

May-08Jul-0

8Sep-08

Nov-08Jan-09

Mar-09

May-09Jul-0

9

BCTI

Brent OIL (2001 - 2009)

16

26

36

46

56

66

76

86

96

106

116

126

136

146

Jul-0

1

Oct-0

1

Jan-

02

Apr-0

2

Jul-0

2

Oct-0

2

Jan-

03

Apr-0

3

Jul-0

3

Oct-0

3

Jan-

04

Apr-0

4

Jul-0

4

Oct-0

4

Jan-

05

Apr-0

5

Jul-0

5

Oct-0

5

Jan-

06

Apr-0

6

Jul-0

6

Oct-0

6

Jan-

07

Apr-0

7

Jul-0

7

Oct-0

7

Jan-

08

Apr-0

8

Jul-0

8

Oct-0

8

Jan-

09

Apr-0

9

Jul-0

9

Brent Oil

CAPITAL LINK TANKER INDEX 2005-9

400.00

1400.00

2400.00

3400.00

4400.00

5400.00

Mar-06May-06

Jul-06Sep-06

Nov-06Jan-07

Mar-07May-07

Jul-07Sep-07

Nov-07Jan-08

Mar-08May-08

Jul-08Sep-08

Nov-08Jan-09

Mar-09May-09

Jul-09

CL Tanker Index (CLTI)

CAPITAL LINK LNG/LPG INDEX 2005-9

400.00

800.00

1200.00

1600.00

2000.00

2400.00

2800.00

3200.00

Mar-06May-06

Jul-06Sep-06

Nov-06Jan-07

Mar-07May-07

Jul-07Sep-07

Nov-07Jan-08

Mar-08May-08

Jul-08Sep-08

Nov-08Jan-09

Mar-09May-09

Jul-09

CL LNG/LPG Index (CLLG)

WTI SPOT PRICE (2001 - 2009)

16

26

36

46

56

66

76

86

96

106

116

126

136

146

Jul-0

1

Oct-0

1

Jan-

02

Apr-0

2

Jul-0

2

Oct-0

2

Jan-

03

Apr-0

3

Jul-0

3

Oct-0

3

Jan-

04

Apr-0

4

Jul-0

4

Oct-0

4

Jan-

05

Apr-0

5

Jul-0

5

Oct-0

5

Jan-

06

Apr-0

6

Jul-0

6

Oct-0

6

Jan-

07

Apr-0

7

Jul-0

7

Oct-0

7

Jan-

08

Apr-0

8

Jul-0

8

Oct-0

8

Jan-

09

Apr-0

9

Jul-0

9

WTI Spot Price


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