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ATHENIAN SHIPBROKERS S.A.107-109, Vas. Pavlou Str., GR 166 73, Voula , Athens, GreeceTel: 210 9659700 - Fax: 210 8996040Internet Mail: athenian(at)atheniansa(dot)grwww.atheniansa.grJuly 2015MONTHLY REPORTBaltic Dry Index12000100008000600040002000* Prices reflect Year’s EndVLCC 5YVLCC 10YSUEZMAX 5YAFRAMAX 5YAFRAMAX10YPANAMAX5Y45K 5Y D/H45K 10Y D/H45K 20Y* Prices reflect Year’s EndCAPESIZE 5YCAPESIZE 10YCAPESIZE 15YCAPESIZE 20YPANAMAX 5YPANAMAX 10YPANAMAX 15YPANAMAX 20YSUPRAMAX .557.040.523.535.523.516.04.0PRICES TANKERS ( 28.016.535.027.522.012.027.5PRICES BULKERS ( .8Jul-153218.8105.217.41164.115.1

2SECOND HAND SALES & CHARTER FIXTURE TRENDSMonthly Tanker Market Trend100.060000Monthly 1 Yr TC Rates90.05000080.070.04000060.050.0Price (USD)Price (USD Mio)3000040.02000030.020.01000010.00.00VLCC 5YAMAX 10Y70.0VLCC 10YPMAX 5YSMAX 5Y45K 5Y D/HAMAX 5YVLCC 1 Yr T/CSMAX 1 Yr T/C45K 10Y D/HPMAX 1 Yr T/CMR 1 Yr T/CMonthly Bulk Carrier Market Trend50000AMAX 1 Yr T/CMonthly 1 Yr TC Rates4500060.040000350003000040.0Price (USD)Prices (USD PE 5YCAPE 10YCAPE 15YPMAX 5YPMAX 10YPMAX 15YSUPRA 5YHMAX 5YHMAX 10YHMAX 15Ywww.atheniansa.grCAPE 1 Yr T/CPMAX 1 Yr T/CSUPRA 1 Yr T/CHMAX 1 Yr T/CATHENIAN SHIPBROKERS S.A.

3SECOND HAND TONNAGE MARKETAVAILABLE FOR SALES&P Activity DryREPORTED SOLD( 5,000 Dwt)AVAILABLE FOR SALES&P Activity TankersREPORTED SOLD( 5,000 Dwt)PREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALESPREVIOUS MONTH A/BLE FORSALEPREVIOUS MONTH SALES150300253251200100341281161004750212600THIS MONTH-THIS MONTHPREVIOUS MONTH-PREVIOUS MONTH*Excluding demolition salesSale and Purchase MarketShip 763110461ATHENIAN SHIPBROKERS S.A.

4Baltic Dirty Tanker - YearlyBaltic Clean Tanker - Yearly95085083579275065055059145035033 36 39 42 45 48 51 2 5 8 11 14 17 20 23 26 29 3220142015WEEK NO11001000900800700600500400105274660733 36 39 42 45 48 51 22/07/20152015Baltic Dirty Tanker - Monthly8487208 11 14 17 20 23 26 29 32WEEK NOBaltic Clean Tanker - /2015TANKER SALESNAMENEW BRIGHTBRO ATLANDASIA GLORYSC STEALTHMEMOZINEPRINCESS NAOMICAPE BILLECAPE BRUNYCAMILLA MAERSKIVER EXPORTEROVERSEAS LUXMARSIRIUS IKANDILOUSASERIFOSHYUNDAI MIPO 2473YMH VYMH IVBLS AMITYLION SPIRITNAVIG8 GRACENAVIG8 GALLANTRYNAVIG8 GUARDNAVIG8 GUIDENAVIG8 GOALNAVIG8 GAUNTLETNAVIG8 DHDHDHPRICE 13.5 MIO8.3 MIO14 MIO23 MIO3.4 MIO6.5 MIO15 MIO15.5 MIO10.2 MIO9.6 MIO9.2 MIO7.5 MIO8.5 MIO8.5 MIO37 MIO37.5 MIO37.5 MIO19.85 MIO9.3 MIO*******BUYERDONG A TANKERS (STST)WEST AFRICANUNDISCLOSEDUNDISCLOSED (STST)MID EASTERNMOL (Zinc)ENBLOC BSS SEAWORLD (Price Each)NIGERIAN (Zinc)GREEKUNDISCLOSEDUNDISCLOSED (SS/DD D 01/16)MID EASTERNMID EASTERNSCORPIOUNICORNUNICORNGREEK (DD D12/15)MID EASTERN (DD D 08/15)ENBLOC BSS ENBLOC BSS ENBLOC BSS ENBLOC BSS ENBLOC BSS ENBLOC BSS ENBLOC BSS ATHENIAN SHIPBROKERS S.A.

5NAVIG8 GRATITUDE1123002016 CHINADH304 MIOACADIAFLAGSHIP JUNIPERSUNGDONG 3082SUNGDONG 3083SUNGDONG 3084SUNGDONG 3085YASA POLARISYASA ORIONYASA SOUTHERN CROSSYASA SCORPIONCAPE BOWENCAPE BATABW ULANBW UTAHSASAHYUNDAI GUNSAN 2725HYUNDAI GUNSAN 2726HYUNDAI GUNSAN 2727HYUNDAI GUNSAN 20162002DHDHDHDHDHDHDHDHDHDHDHDHDHDHDHDHDHDHDHDH38 MIO58.5 MIO49.5 MIO49.5 MIO49.5 MIO49.5 MIO***242 MIO32.8 MIO32.8 MIO39 MIO38 MIO40.5 MIO***392 MIO40 PANCHINESE (Ttl Price. Incl Sellers credit.10yrs BBB with purch option frm 4th yr)UNDISCLOSED (coated)SCORPIOENBLOC BSS ENBLOC BSS ENBLOC BSS OCEAN YIELD (Price Each)ENBLOC BSS ENBLOC BSS ENBLOC BSS RIDGEBURY (TTl Price)TUFTONTUFTONUNDISCLOSEDUNDISCLOSEDRUSSIAN (For storage)ENBLOC BSS ENBLOC BSS ENBLOC BSS GREEK (Ttl Price)UNDISCLOSEDGAS SALESNAMEAUTEUILGAS HAGIBENNY PRINCESSMETHANE SHIRLEYELISABETHMETHANE ALISONVICTORIAMETHANE HEATHER SALLYwww.atheniansa.grDWT2588604449301BLT1995 JAPAN2011 JAPAN1992 JAPANCBM3444708079869789972007 KOREA142800161 MIO ENBLOC BSS 790582007 KOREA145000161 MIO ENBLOC BSS 790842007 KOREA142702161 MIO GASLOG (Price Each)PRICE 2 MIO17.5 MIO20.8 MIOBUYERUNDISCLOSEDGREEKCHINESEATHENIAN SHIPBROKERS S.A.

6VLCCSUEZMAX /DaySpot Market - ar-15May-15Jul-15VLCCSUEZMAXPeriod Market - Tankers 1 Year T/CAFRAMAX6000055000 HENIAN SHIPBROKERS S.A.

7Baltic SupramaxBaltic 7/201529/07/201501/07/2015Baltic /07/201522/07/201529/07/2015Baltic 015BULKER SALESNAMEDWTASIA GLORY77481994 JAPANNORWAVEEVITA KSEA RACERUNIVERSALAMSTERDAMUNIVERSALANTWERPOCEAN HONEYGLOBAL DAWNASIAN PROSPERITYKWELATUPI MAIDENSYMIPACIFIC MERCURYPACIFIC ACADIANSPEEDWELLMEDI OSAKAHANJIN ROSTOCKHANJIN ALABANYROYAL FLUSHKT KONDORYANGZHOU DAYANGDY216776118315183201996 CHINA1995 JAPAN2000 JAPANGEARCR 2X30,DR 1X20CR 2X40CR 3X30CR 3X30221082009 CHINACR 3X305.1 MIO ENBLOC BSS 221082009 CHINACR 3X305.1 MIO UNDISCLOSED (Price Each. Bank 9961995200320032011201120102011CR 4X25CR 4X30CR 4X30CR 4X30CR 4X25CR 4X30CR 4X35CR 4X35CR 4X30CR 4X30CR 4X30CR 4X30CR 4X30CR 4X303.4 MIO12.8 MIO8.1 MIO7 MIO2.75 MIO3.75 MIO4.7 MIO4.4 MIO7.65 MIO7.8 MIO13 MIO13 MIO11.5 MIO14.9 MIO635002015 CHINACR 4X3522.5 MIO US RICE BUYER1.4 MIO UNDISCLOSED2.6 MIO TANTO (Bank Sale)2.5 MIO UNDISCLOSED (SS Due)3.1 MIO TURKISH (SS passed)CHINESEGREEKGREEK (Via Auction)GREEK (DD D 10/15)UNDISCLOSEDGREEK (DD D 10/15)CHINESEUNDISCLOSED (SS/DD D 09/15)GREEKGREEK (DD D 12/15)ENBLOC BSS GREEK (Price Each)GERMANGREEKATHENIAN SHIPBROKERS S.A.

8NORTH PRINCESSSPARTIA71290751151996 JAPAN2000 JAPANGLESSGLESSMAHITIS760582001 KOREAGLESSTRELLIS 1ORION PRIDEBERGEN TRADERRAINBOW ACEASITA SUNUNITEDCHALLENGERBILLION SGLESSGLESSGLESSGLESS11 MIO17.8 MIO19 MIO16.1 MIO20.5 MIO826412008 JAPANGLESS15.9 MIO GLESSGLESSGLESS12.8 MIO14.8 MIO9.6 MIO9.7 MIOJAPANCHINAJAPANJAPAN4.1 MIO UNDISCLOSED6.5 MIO GREEK8 MIO KOREANGREEKGREEKGREEKGOLDEN OCEANGREEKGREEK (SS/DD D 09/2015)EUROPEANGREEKUNDISCLOSEDCAPESIZESpot Market - BulkersPANAMAXHANDYMAX3000025000 Nov-14Jan-15Mar-15May-15Jul-15CAPEPeriod Market - Bulkers 1 Year T/CPMAX rSep-14Nov-14Jan-15Mar-15May-15Jul-15ATHENIAN SHIPBROKERS S.A.

9CONTAINER SALESNAMEPIONEER LAKEORKUN KALKAVANKASIF KALKAVANBLUE MOONYINGCHOWMOUNT BOKORIBN HAZMDOLPHIN STRAITPAOLASSL GUJARATTHIRACAPE BIANCOTHEKLA SCHULTEANNA SCHULTESUSANNE SCHULTEITAL FORTUNANEDLLOYD DRAKESCT SANTIAGOSC EAKOREAKOREAKOREAGERMANYKOREAKOREAGEARCR 2X45GLESSGLESSCR 2X45CR 2X45CR 2X45GLESSCR 2X40CR 2X45CR 3X40CR 4X40CR 4X40CR 4X45CR 4X45CR 59PRICE 4.7 MIO*11.25 MIO***28 MIO4.2 MIO4.5 MIO7 MIO6.9 MIO10.5 MIO10.5 MIO10.5 MIO10.5 MIO18.1 MIO14.8 MIO17.8 MIO17.8 MIOBUYERGERMANENBLOC BSS GERMAN (Ttl Price)ENBLOC BSS ENBLOC BSS ENBLOC BSS UNDISCLOSED (Ttl Price)GERMANUNDISCLOSEDSWIREUNDISCLOSEDENBLOC BSS ENBLOC BSS ENBLOC BSS MOLLER (Price Each)UNDISCLOSEDGREEKENBLOC BSS GREEK (Price Each)MPP/TWEEN SALESNAMEMAXIMECELINEDWT24602500BLT2005 CHECH2005 CHECHGEARGLESSGLESSTEU9494PRICE BUYER2.4 MIO ENBLOC BSS 2.4 MIO WILSON (Price Each)RORO/PASS SALESNAMEMAIN HIGHWAYNECKAR HIGHWAYwww.atheniansa.grGT92339233BLT1998 GERMANY1999 GERMANYLMTRS/CARS/830/830PAXPRICE BUYER6.5 MIO ENBLOC BSS 6.5 MIO NORWEGIAN (Price Each)ATHENIAN SHIPBROKERS S.A.

10NEW BUILDING MARKET AND REPORTED CONTRACTSTanker PricesVLCCSuezmaxAframaxMRBulker .650 m6064.45 5340336.5 m180549.140302026.42521.21020Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15Ship 017 127982571767Ship TypeULCC/VLCCSuezmaxAframaxPanamaxMR SmallTotal201520162017 2380220802Ship TypeVLGCLGCMRHandySmallTotal201520162017 .atheniansa.grATHENIAN SHIPBROKERS S.A.

11Tankers 10,000 dwtBulkers 10,000 dwtContainershipsNewbuilding Sales1000Tankers 10,000 dwt66.87080060660m. dwt700600500Bulkers 10,000 dwt.80885900No. of VesselsDelivery roductsTanker Newbuildings on Order40SuezmaxPanamax2017 Bulker Newbuildings on 65041.3m. dwt30m. dwt252014.21516.514.54028.73014.120103.510500July 2015July 2015Newbuilding Historical Prices ( m)Tankers1310,000 DWT170,000 DWT1110,000 DWT147,000 25.312.425.519.221.39.7332.1Bulkers180,000 DWT173,000 DWT145,000 DWT29,000 DWT123Before 2001 sizes to read 280,000 - 140,000 - 95,000 - 40,000 respectively for tankers and 150,000 - 69,000 for BulkersSingle Hull30,000 DWT(note: above is for vessels built Japan / Korea, you should also consider US / Yen / Won relation for the years mentioned)www.atheniansa.grATHENIAN SHIPBROKERS S.A.

12The Shipbuilding tainerCruiseCruiseDiving SptDiving SptHvy L/CraneL.N.G.Pass/Car .grBUILDERSinopacific ZhejiangSinopacific ZhejiangSinopacific ZhejiangSinopacific ZhejiangSinopacific ZhejiangSinopacific ZhejiangSinopacific ZhejiangSinopacific ZhejiangSinopacific ZhejiangTsuneishi ZosenTsuneishi ZosenHyundai HIHyundai HIHyundai HIHyundai HIHyundai HIHyundai HIHyundai HIHyundai HIHyundai HIJiangsu New YZJJiangsu New YZJJiangsu New YZJHudong ZhonghuaHudong ZhonghuaHudong ZhonghuaHudong ZhonghuaHudong ZhonghuaHudong ZhonghuaHudong ZhonghuaHudong ZhonghuaHudong ShipyardHudong ShipyardCSBC (Keelung)CSBC (Keelung)CSBC (Keelung)CSBC (Keelung)JMU Kure ShipyardJMU Kure ShipyardMeyer TurkuMeyer TurkuArpoador ngenhariaArpoador ngenhariaJurong S.Y.DaewooNaikai InnoshimaDalian ShipbuildingDalian ShipbuildingDalian ShipbuildingDalian ShipbuildingDalian ShipbuildingCSSC Offshore MarineCSSC Offshore MarineCSSC Offshore MarineCSSC Offshore MarineBeihai ShipyardBeihai ShipyardBeihai ShipyardBeihai ShipyardSTX SB (Jinhae)Hyundai Samho 2018PRICE 122.00 Mio122.00 Mio122.00 Mio122.00 Mio122.00 Mio122.00 Mio122.00 Mio122.00 Mio122.00 Mio115.00 Mio115.00 Mio115.00 Mio115.00 Mio115.00 Mio115.00 Mio115.00 Mio115.00 Mio115.00 Mio115.00 Mio50.00 Mio50.00 Mio50.00 Mio50.00 Mio46.00 ESNAADESNAADSea Pioneer Shpg.Sea Pioneer Shpg.Maersk LineMaersk LineMaersk LineMaersk LineMaersk LineMaersk LineMaersk LineMaersk LineMaersk LineTufton OceanicTufton OceanicTufton OceanicCSCLCSCLCSCLCSCLCSCLCSCLCSCLCSCLCSCLCSCLTS LineTS LineTS LineTS LineNippon Yusen KaishaNippon Yusen KaishaTui CruisesTui CruisesOceanica OffshoreOceanica OffshoreHeerema MarineChandris (Hellas)JR Nishinihon MiyajCOSCO DalianCOSCO DalianCOSCO DalianCOSCO DalianCOSCO DalianChina Shpg. TankersChina Shpg. TankersChina Shpg. TankersChina Shpg. TankersCara Shipping PteCara Shipping PteCara Shipping PteCara Shipping PtePleiades Shpg. Agcy.BahriNOTESOptionOptionOptionATHENIAN SHIPBROKERS S.A.

yundai Samho HIHyundai Samho HIHyundai Samho HIHyundai Samho HIDalian COSCO KHIDalian ShipbuildingDalian ShipbuildingHyundai HITsuneishi ZosenTsuneishi ZosenTsuneishi ZosenTsuneishi ZosenTsuneishi ZosenTsuneishi ZosenSumitomo 2018201820182018201892.00 Mio92.00 Mio49.00 Mio49.00 Mio49.00 Mio49.00 Mio49.00 Mio49.00 Mio52.00 MioBahriBahriBahriBahriCOSCO DalianCOSCO DalianCOSCO DalianNeda Maritime AgencyNissen Kaiun K.K.Nissen Kaiun K.K.Nissen Kaiun K.K.Nissen Kaiun K.K.Nissen Kaiun K.K.Nissen Kaiun K.K.Lundqvist RederiernaATHENIAN SHIPBROKERS S.A.

14DEMOLITION MARKETDemolition PricesIndiaBangladeshPakistanChinaGen CargoTankerUSD 295 /lt LdtUSD 285 /lt LdtUSD 295 /lt LdtUSD 130 /lt LdtUSD 315 /lt LdtUSD 305 /lt LdtUSD 310 /lt LdtUSD 145 /lt LdtDemolition Historical DataUSD/tonPrice CTNOVDEC*India month's end pricesUSD/tonPrice CTNOVDEC*India month's end pricesTotal Demolition (Dwt)6050.341.8Million dwt50384027 28.6526.93031.5828.925.730.525.620 13.4102518.91815.916.715.615.514.528.428.5 2722.4104.94.6 3.82.3533.325.8125.5 6.5 50* Bss reported saleswww.atheniansa.grATHENIAN SHIPBROKERS S.A.

15Historical Demolition Prices (India Year's End)600USD/ton500400TANKERS300BULKERS200Avg. Trend1000HISTORICAL DEMOLITION PRICES (*Indian Year’s End)TANKBULK1997 1998 1999 2000172 115136174152 112143170200113513520021741812003 20042623622673812005 2006302405332392200750747220082872682009 2010 201133848548232843745620124053752013 SNAMEMERRY OCEANORINOCO PEARLZIM PACIFICSYN 512910537169003967PRICE /LDT360350395485COMMENTSNAMEOCEAN FAMOUSBULK DISCOVERYK PRIDEANANGEL PRIDEVITAMIN GASBALTIC 9507116772PRICE /LDT345363360380322400305NAMEGREAT BRIGHTGREAT GLORYDWT7324273274BLT19971997LDT1138010716PRICE /LDT202202COMMENTSNAMEABM 513610PRICE /LDT361358COMMENTSNAMEDWTN/ABLTLDTN/APRICE /LDTBLT1998LDT7190PRICE /LDT320Incl 220T ROBIncl 523T MENTSIncl 196T n Sub-cont EUSwww.atheniansa.grDWT28233COMMENTSAs is SporeATHENIAN SHIPBROKERS S.A.