Shipping Newsletter Week42

Capital Link Shipping
Weekly Markets Report

Monday, October 25, 2010 (Week 42)
IN THE NEWS
→ Latest Company News
→ Weekly Commentary, by Barry Parker
WEEKLY PROFILES
→ Company Profile of the Week

Crude Carriers Corp.
→ Interview of the Week

Interview with Mr. Akis Tsirigakis – President
& CEO of Star Bulk Carriers Corp.
SHIPPING MARKETS
→ Dry Bulk Market - Weekly Highlights, by N. Cotzias Shipping Consultants
→ Tanker Market - Weekly Highlights, by Charles R. Weber Company
→ Weekly Tanker Market Opinion, by Poten & Partners
→ Weekly Freight Rate & Asset Trends, by Intermodal Shipbrokers
→ Container Market - Weekly Highlights, by Braemar Seascope
→ S&P Secondhand, Newbuilding & Demolition Markets, by Golden Destiny
→ Freight Forwarding Agreements - FFAs, by SSY Futures
MARKETS
→ Weekly China Update, by Commodore Research
CAPITAL MARKETS DATA

→ Currencies, Commodities & Indices
→ Shipping Equities - Weekly Review
→ Weekly Trading Statistics, by Knight Capital
→ Shipping Bonds - Weekly Review, by Knight Capital
EVENTS
→ Earnings & Conference Call Calendar
→ Recent Events
TERMS OF USE & DISCLAIMER
CONTENT CONTRIBUTORS
Capital Link Shipping
...Linking Shipping and Investors Across the Globe
Capital Link is a New York-based Advisory, Investor Relations and Financial Communications firm. Capitalizing on our
in-depth knowledge of the shipping industry and capital markets, Capital Link has made a strategic commitment to the
shipping industry becoming the largest provider of Investor Relations and Financial Communications services to
international shipping companies listed on the US and European Exchanges. Capital Link's headquarters are in New York
with a presence in London and Athens.
Investor Relations & Financial Advisory

Operating more like a boutique investment bank rather than a traditional Investor Relations firm,
our objective is to assist our clients enhance long term shareholder value and achieve proper
valuation through their positioning in the investment community. We assist them to determine
their objectives, establish the proper investor outreach strategies, generate a recurring
information flow, identify the proper investor and analyst target groups and gather investor and
analyst feedback and related market intelligence information while keeping track of their peer
group. Also, to enhance their profile in the financial and trade media.
In our effort to enhance the information flow to the investment community and contribute to improving investor knowledge of
shipping, Capital Link has undertaken a series of initiatives beyond the traditional scope of its investor relations activity, such as:
www.CapitalLinkShipping.com
A web based resource that provides information on the major shipping and stock market
indices, as well as on all shipping stocks. It also features an earnings and conference call
calendar, industry reports from major industry participants and interviews with CEOs, analysts
and other market participants.
Capital Link Shipping Weekly Markets Report

Weekly distribution to an extensive audience in the US & European shipping, financial and
investment communities with updates on the shipping markets, the stock market and listed
company news.
www.CapitalLinkWebinars.com
Sector Forums & Webinars: Regularly, we organize panel discussions among CEOs, analysts,
bankers and shipping industry participants on the developments in the various shipping sectors
(containers, dry bulk, tankers) and on other topics of interest (such as Raising Equity in
Shipping Today, Scrapping, etc).
Capital Link Investor Shipping Forums

In New York, Athens and London bringing together investors, bankers, financial advisors, listed
companies CEOs, analysts, and shipping industry participants.
www.MaritimeIndices.com
Capital Link Maritime Indices: Capital Link developed and maintains a series of stock market
maritime indices which track the performance of U.S. listed shipping stocks (CL maritime Index,
CL Dry Bulk Index, CL Tanker Index, CL Container Index, CL LNG/LPG Index, CL Mixed Fleet
Index, CL Shipping MLP Index – Bloomberg page: CPLI. The Indices are also distributed
through the Reuters Newswires and are available on Factset.
Capital Link - New York - London - Athens

New York - 230 Park Avenue, Suite 1536, New York, NY, 10169 Tel.: +1 212 661 7566 Fax: +1 212 661 7526 www.capitallink.com
London - Longcroft House,2-8 Victoria Avenue, London, EC2M 4NS, U.K Tel. +44(0) 203 206 1320 Fax. +44(0) 203 206 1321 www.capitallinkforum.com
Athens - 40, Agiou Konstantinou Str, Suite A 5, 151-24 Athens, Greece Tel. +30 210 6109 800 Fax +30 210 6109 801
Capital Link Shipping Monday, October 25, 2010 (Week 42)
IN THE NEWS
Latest Company News
Monday, October 18, 2010 Teekay Announces Signing of New FPSO Contract with
Petrobras
Teekay Tankers Announces China Joint Venture and
Offer to Acquire Two Tankers Teekay Corporation (NYSE:TK) announced that it has signed a
new fixed-rate contract with Petroleo Brasileiro SA (Petrobras) to
Teekay Tankers Ltd. (NYSE:TNK) announced that it has entered provide a floating production storage and offloading (FPSO) unit for
into a 50/50 joint venture agreement with Wah Kwong Shipping of the Tiro and Sidon fields located in the Santos Basin offshore Brazil.
Hong Kong, to jointly invest in a Very Large Crude Carrier (VLCC) The vessel, which was partially converted prior to the Company’s
newbuilding scheduled to deliver from Shanghai Waigaoqiao project bid, is expected to be completed for an estimated total
shipyard in April 2013. Upon its delivery from the shipyard, the cost of approximately $370 million. The new FPSO is scheduled
VLCC will be time-chartered to a major Chinese shipping company to deliver in the second quarter of 2012 when it will commence
for a period of five years. The time-charter includes a fixed floor operations under a nine-year firm period time-charter contract to
rate, coupled with a profit-sharing component. The contract price Petrobras, with six additional one-year extension options.
for the VLCC is $98 million.
TOP Ships CEO Rings The NASDAQ Stock Market
Teekay Offshore Partners Completes Acquisition of Opening Bell
FPSO and Newbuilding Shuttle Tanker
TOP Ships Inc. (Nasdaq:TOPS) visited the NASDAQ MarketSite on
Teekay Offshore Partners (NYSE:TOO) announced that is has Wednesday, October 20th, 2010 in New York City’s Times Square.
completed the acquisition of the Cidade de Rio das Ostras (Rio In honor of the occasion, Evangelos Pistiolis, Chief Executive
das Ostras) floating production storage and offloading (FPSO) Officer of TOP Ships Inc. (TOPS) rang the NASDAQ Opening Bell.
unit from Teekay Corporation (Teekay) (NYSE:TK - News) for a
purchase price of approximately $158 million. The Partnership Omega Navigation Reports Second Quarter 2010 Results
also announced that its 51 percent-owned subsidiary, Teekay
Offshore Operating L.P. (OPCO), has acquired the newbuilding Omega Navigation Enterprises, Inc. (Nasdaq:ONAV) for the
shuttle tanker, the Amundsen Spirit, from Teekay for approximately quarter ended June 30, 2010, reported total revenues of $19.0
$128 million and has agreed to acquire two additional newbuilding million and Net Income of $2.4 million, or $0.15 per basic share,
shuttle tankers, the Nansen Spirit and the Peary Spirit, from Teekay excluding losses on interest rate derivative instruments, incentive
for a total purchase price of $260 million. compensation grants expense and a one time settlement fee for
the termination of a purchase agreement. Including these items,
Teekay Announces Intention to Commence Share the Company reported Net Loss of $0.9 million or $0.05 per basic
Repurchases and Updates Status of Vessel Dropdowns share. Adjusted EBITDA for the second quarter of 2010 was $6.1
million. Please see below for a reconciliation of Adjusted EBITDA to
Teekay Corp. (NYSE:TK) announced that management intends to Cash from Operating Activities.
resume repurchasing shares under the Company’s $200 million
share repurchase authorization. Shares will be repurchased in the Wednesday, October 20, 2010
open market at times and prices considered appropriate by the
Company. The timing of any purchases and the exact number of Costamare Commences Initial Public Offering
shares to be purchased will be dependent on market conditions. The
company also announced that it has offered to sell to its publicly- Costamare Inc. announced that it had filed a registration statement
traded subsidiary, Teekay Tankers Ltd., one 2004-built Aframax with the Securities and Exchange Commission for a proposed
tanker, the Esther Spirit, and one 2003-built Suezmax tanker, the initial public offering of its common stock, par value $.0001 per
Iskmati Spirit, at their fair market value, subject to review by the share. The initial public offering price is anticipated to be between
Teekay Tankers’ Board of Directors and its Conflicts Committee. If $15.00 and $17.00 per share. The offering is currently expected to
approved, the transaction is expected to be completed in November include 13,300,000 shares of common stock (15,295,000 shares
2010. of common stock if the underwriters exercise their over-allotment
option in full). Costamare’s common stock has been approved for
Tuesday, October 19, 2010 listing on the New York Stock Exchange under the symbol “CMRE.”
Diana Shipping Announces Time Charter Contract and Thursday, October 21, 2010
Acquisition of Its Executive Offices
FreeSeas Announces Charter Agreements on Eight of
Diana Shipping Inc. (NYSE:DSX) announced that it has entered Its Vessels
into a time charter contract with Cargill International S.A., Geneva,
for its Post-Panamax dry bulk carrier, the m/v Alcmene, at a gross FreeSeas Inc. (Nasdaq:FREED) announced the following
charter rate of US$20,250 per day for a period of about twenty new charters for eight of its vessels, seven Handysize and one
three (23) to about twenty five (25) months. The charter is expected Handymax. The charters for the seven Handysize vessels built
to commence by the end of November 2010. The Company between 1984 and 1998 ranged between 35 days and 65 days with
also announced that it has completed the transfer of beneficial daily rates between $10,000 and $19,000. The M/V Free Lady, a
ownership of two entities that together own the real property and 2003-built, 50,246 dwt Handymax vessel, was chartered for a time
office building in Athens, Greece, in which the Company’s principal charter trip of approximately 50-60 days at a daily rate of $23,750.
executive offices are located.
Page 3
IN THE NEWS
Latest Company News
Navios Maritime Acquisition Corporation Announces has been made regarding a U.S. listing, the Company is sufficiently
Closing of Offering of $400.0 Million progressed in its preparations for such a listing to announce the
earliest intended date for such cancellation. Beneficial owners of
Navios Maritime Acquisition Corporation (NYSE:NNA) announced the Company’s shares (e.g., investors who own shares through
accounts held at brokers or banks) will be able to trade such shares
that the Company and Navios Acquisition Finance (US) Inc., its
on a U.S. stock exchange following a U.S. listing, provided that they
wholly owned finance subsidiary, completed the sale of $400.0 comply with U.S. securities laws and other applicable regulations.
million of 8 5/8% first priority ship mortgage notes due 2017 (the One means by which a beneficial owner of shares can ensure it is
“Notes”). The Notes were offered and sold in the United States only able to sell such shares on a U.S. stock exchange is by ensuring
to qualified institutional buyers pursuant to Rule 144A under the that such shares are included in a resale registration statement on
Securities Act of 1933, as amended, and in offshore transactions Form F-1 (the “Registration Statement”) that will be publicly filed by
to non-United States persons in reliance on Regulation S under the Company with the U.S. Securities and Exchange Commission
the Securities Act. The Notes are secured by first priority ship (the “SEC”).
mortgages on six very large crude carrier vessels aggregating
approximately 1.8 million deadweight tons owned by certain Seaspan Transactions Eliminate Remaining Equity
subsidiary guarantors. The Notes are guaranteed by each of Needs for Newbuild Program
Navios Acquisition’s direct and indirect subsidiaries.
Seaspan Corporation (NYSE:SSW) announced that it has signed
Horizon Lines Declares Regular Quarterly Dividend two financing transactions that position the Company to fully
finance its built-in fleet growth and increase its financial flexibility.
Horizon Lines, Inc. (NYSE:HRZ) announced that its Board of On October 21, 2010, the Company entered into a twelve-year sale
Directors has voted to declare a regular quarterly cash dividend of and leaseback financing for up to $150 million for one of its 13100
$0.05 per share, payable on December 15, 2010, to stockholders of TEU container vessels ordered from Hyundai Heavy Industries
record on December 1, 2010. The dividend was approved during Co., Ltd. Also on that date, a subsidiary of Seaspan Corporation
the regularly scheduled quarterly meeting of the Board of Directors, amended its $400 million UK Tax Lease Facility with an affiliate
which was held today. of Lloyds Banking Group. Under the terms of the amended
lease facility, the Company’s guarantee of scheduled rental and
termination amounts, based on current tax and other assumptions,
Friday, October 22, 2010
are limited to a significantly reduced fixed amount of the subsidiary’s
obligations.
Globus Maritime Announces Intended Cancellation of
Listing on AIM and Potential U.S. Listing Horizon Lines 3Q Profit Falls Slightly on Lower Volume
The Company announced that it intends to apply for the Horizon Lines, Inc. (NYSE:HRZ) said that its third-quarter profit
cancellation of the listing of its shares on the Alternative Investment fell slightly on lower volumes in its Puerto Rico and Hawaii-Guam
Market (“AIM”) on or around November 25, 2010. The Company markets. The company earned $7.7 million, or 25 cents per share,
will proceed with such cancellation only in circumstances where in the quarter that ended Sept. 19. That compared with $8.4 million,
the Company’s shares have been, or will shortly be, listed on or 27 cents per share, a year earlier.
an appropriate U.S. stock exchange following the Company’s
redomiciliation into the Marshall Islands. Although no final decision
…your link to shipping and its listed companies
Page 4
IN THE NEWS
Weekly Commentary
Over the past few months, I’ve had the chance to write a series
of weekly articles on offshore energy for a leading shipping Contributed by
publication, consisting of part journalism, and part company Barry Parker
analysis. The journalism part has exposed me to the bigger trends,
while the analytical techniques, which have included discussions of Barry Parker is a financial writer and analyst.
such minutae as “Net Debt to EBITDA”, and debt to overall capital, His articles appear in a number of prominent
enabled me to retrace some fairly familiar territory on spreadsheets. maritime periodicals including Fairplay, Seatrade,
Lloyds Shipping Economist and Janes Transport
Finance and Capital Link Shipping.
But throughout my time writing the series of articles, I was asking
myself about the differences between big “floaters” (where assets
may cost as much as $700 million), and tankers, bulkers and
containerships- which cost far less. Clearly, the size of the energy
exploration and producing assets creates barriers to entry, and
size, each owning more shipping assets (whose individual prices
reduces the number of players. And, the aforementioned financial
are what they are)? In liner shipping, where another IPO is coming
ratio has tipped closer to “3”, or 10% debt/ cap, and even lower,
online, there has been some traction for such a model. Maybe,
as the larger equipment owners seek to preserve their investment
the wider application presents an impossible dream, the stuff of
grade credit ratings. Dealing with investment grade anything is a
game theorists rather than maritime CFOs. But, clearly, it’s food
slightly rarified situation for a maritime guy. Among the people that
for thought.
I usually hang with, “4’s” and sometimes “5’s” were considered
passable, along with 50% debt/ cap. From the earliest conversations,
it was clear to me that credit ratings are closely guarded. One top
banker confided to me that solid drilling projects and good financial
management meant that the availability of conventional bank
finance had not really been a constraint. Certainly such talk was
sweet music to my maritime ears, which are used to high levels of
ambient noise.
Discussions of credit ratings always bring about the subject

of dividends; even with these big drillers, some very familiar
paradoxes emerge. To mollify bond investors, it’s difficult to make
large payouts (or keep the Treasurer busy with stock buy-backs).
Yet equity investors need some here-and-now inducements to keep
owning shares, at a time that noted wags look for a recovery in the
company fortunes at least a year out in the future. One company
was committed to a small “regular” dividend (tied to the capital
budgets), with quarterly “special” payouts (tied to market vagaries).
A sensible idea.
There is always humor when finance and commodity/ equipment

markets intersect; I am not sure whether to laugh or cry at this
one- but the truth must be told. Writers are forever asked by editors
to source high resolution pictures of equipment. Predictably, one
company wanted to trade pictures of the 10MB variety for an
advance look at what I was writing, which was simply recounting
the haircut they took on a bond offering. Investors sometimes have
a funny habit of perceiving more risk than whomever had priced
the bond coupon. No pictures were forthcoming.
In terms of lessons learned, I already knew that media-facing

people at large energy companies have difficult jobs. But the bigger
question, beyond pictures, is why there is a far smaller critical mass
for shipping company balance sheets? The picture-retentive chap
still got a $ 1 billion + bond offering done; that’s very impressive.
Or, to rephrase my question slightly- this whole exercise got me
thinking more about consolidation. What could drive it- raising the
bar slightly, and creating fewer companies, but of more substantial
Page 5
WEEKLY PROFILES
Company Profile of the Week
Crude Carriers Corp.
www.crudecarrierscorp.com Fleet Deployment:
Currently, [three] of the Company’s five tankers are employed
under a spot index-related time charter arrangement, which
Profile provides exposure to the tanker spot market, ensuring high fleet
utilization, while demonstrating the Company’s ability to leverage
Crude Carriers Corp. (NYSE: CRU), incorporated in the Marshall its network of relationships with oil majors. This spot related time
Islands, is an international transportation Company focused on the charter agreement will allow the vessels during the period of the
crude tanker industry. Their fleet consists of two newly built VLCCs contract to earn on a monthly basis, the average of one of the main
(Very Large Crude Carriers) and three modern, high specification spot trading routes, [(for VLCCs, the Baltic Dirty Tanker Route 3
Suezmax tankers with a total carrying capacity of approximately (TD3) (Arabian Gulf-Japan), for Suezmaxes, the Baltic Dirty Tanker
1,060,000 dwt and a weighted average age of approximately one Route 5 (TD5) (West Africa - US East Coast)] as a minimum base
year, compared to the industry average of 9 years. rate. In addition, these charters are also subject to profit sharing
arrangements, allowing the Company to receive 50% percent of
The Company’s dividend policy is to distribute to shareholders, on any additional revenues when the vessel’s actual quarterly earnings
a quarterly basis, all of their net cash flow less operating reserves, are in excess of the index-linked minimum daily base rate over the
as defined by the Board of Directors. As such, the Company period that the voyage took place.
declared a cash dividend of $0.50 per share for the period of April
1, 2010 to June 30, 2010. CEO Message
Within the short period of time since its IPO in March 2010, Evangelos Marinakis, Chairman & Chief
Crude Carriers has been able to expand its initial three vessel Executive Officer of Crude Carriers, commented
fleet by acquiring two additional modern, high specification “I believe we have created a transparent,
Suezmaxes, which were successfully employed immediately after compelling investment vehicle where our
their acquisition. In May 2010, Crude Carriers also announced investors are able to gain an exposure to the
that it secured a no-cost no-risk option to acquire an additional crude spot market at the low point of the tanker
newbuilding VLCC and further expand its fleet. cycle.
Crude Carriers employs its vessels primarily in the spot market First, we have bought vessels at an attractive point in the cycle at
transporting crude oil along global trade routes for oil majors and prices substantially below historical averages. The minimal debt
other well known international counterparties as the spot market strategy gives us financial flexibility for growth and dividends,
has historically provided highest returns. The Company’s fleet is together with our clear dividend policy of distributing all net cash
managed by Capital Ship Management Corp., which has significant flow less operating reserves.
presence in the global shipping markets and has successfully
satisfied the operational, safety, environmental and technical vetting Finally, Crude Carriers benefits from Capital Maritime’s commercial
criteria of some of the world’s most selective major international oil and technical relationships with the oil majors going forward. We
companies, including BP p.l.c., Royal Dutch Shell plc, StatoilHydro concentrate our chartering strategy in the spot market, as we
ASA, Chevron Corporation and Total S.A., and has qualified to do believe in the long term fundamentals of the crude tanker market,
spot and period business with them. as the emergence of China and India as key players in the crude
oil trade mean increased tonne mile and utilization in the medium
Crude Carriers intends to operate with zero to minimal debt and to long run.
use debt finance only opportunistically, to acquire vessels. To that
end it has a $200m revolving credit facility in place with Nordea We intend to continue to grow the company with well timed
Bank. It intends to refinance any outstanding indebtedness with acquisitions and by creating value for our shareholders.”
equity, as and when the management deems is to the benefit of the
shareholders.
Second Quarter Highlights:

The Company’s net income for the quarter was $5.7 million or $0.37
per share. Gross voyage revenues amounted to $20.7 million,
as increased demand for crude oil tankers resulted in high spot
rates during the quarter. Specifically, the average Time Charter
Equivalent (TCE) earnings for the VLCC and for the Suezmax
vessels on operation during the quarter were $65,785 and $32,613
per day respectively. These results were based on 267 total fleet
available days, due to the staggered delivery schedule of the
vessels to the Company during the quarter. Had all five vessels
that comprised the Company’s fleet at the end of June 2010 been
delivered at the beginning of the quarter, total fleet available days
would have been 455.
Page 6
WEEKLY PROFILES
Interview of the Week
Interview with Mr. Akis Q: In terms of financial strength, you have a very strong
balance sheet, high liquidity, low debt, as well as very low
Tsirigakis – President & CEO capital expenditure commitments and debt repayment for the
of Star Bulk Carriers Corp. future. Can you tell us a little bit about the strength of your
(Nasdaq:SBLK) balance sheet and also about the dividend you re-instated.
You currently have paid four dividends. Is that sustainable?
Interviewer: Mr. Nicolas Bornozis,
President of Capital Link A: It’s definitely sustainable and it is in fact a substantial dividend;
on an annualized basis, it represents a 7% yield. This dividend
only represents a very small percentage of our free cash flow so
Q: This question pertains to your fleet profile and fleet if you couple that with high revenue visibility produced from the
expansion strategy. You currently have 13 ships: 11 in the time charters, it definitely is sustainable and we can easily continue
water and 2 coming in the 4th quarter of 2011. Tell us about paying it.
your philosophy in terms of fleet expansion. What are your
plans and how do you finance it? Q: What is your debt now compared to your total assets?
A: Our two newbuilding contracts were done at probably the lowest A: The debt to total assets is close to 21%. We have a total debt
prices we have seen since 2004 as we resisted to place contracts right now of $201 million, which is low when compared to our peers.
at the height of the market. Our company’s growth to date has We’re one of the better positioned companies in the sector. Our
been achieved in an organic manner. We’ve achieved significant strong balance sheet is one of the reasons we’ve been able to
growth of111% in terms of number of ships since the inception of leverage that balance sheet to grow organically.
the company 3 years ago. This year, we’ve had 57% growth in
terms of dwt. All of our growth has been achieved through debt Q: Where do you see the opportunities and risks in the dry
as we resisted diluting investors. In the future, we are willing to do bulk sector?
so if accretive acquisitions come along but we will not dilute for no
reason. A: Supply of new ships is a major risk. However, I would like to point
out that demand has been so robust to date that the supply of new
Q: In terms of fleet deployment, Star Bulk has one of the ships has been absorbed and indeed rates today are better than
highest charter coverage ratios in the industry. What is the anticipated by the industry. The absorption of new tonnage has
charter cover for 2010/2011, and how do you expect to benefit been successful. The dry bulk industry is a cyclical one and we’re
from the potential market upside? on the low side of the cycle so it’s a good time to invest. We will
hopefully grow in a period of relatively lower asset values, which is
A: Charter coverage offers revenue visibility. We have 98% contract what we are focused on.
coverage for our operating days in 2010 and about 64% for the
operating days of 2011. That is one of the highest ratios in the Q: The demand to a large extent for the core commodities
industry and it produces one of the highest per vessel revenue on a comes from China and other developing economies. Is China
deadweight basis among its peer group. Our time charter equivalent a bubble?
revenue on a per day per vessel basis is close to $28,500, which
beats the market average. A: The infrastructure development of China is not a bubble; it is
something that is centrally planned and it’s inevitable to happen.
Q: In regards to operation efficiency, you have taken the There are bubbles in other sectors but not in the infrastructure
technical management of your fleet in-house this year, has developments that are presently taking place in China. In my view,
that been beneficial to the company? this is an irreversible process. We transport the steel and coal that’s
necessary for that development. Therefore, I’m very positive on the
A: The benefits have been tangible because it has reduced future of our company and of our industry in general.
operating expenses quarter after quarter, and in the last 5 quarters,
operating expenses have gone down from almost $8,000 per vessel
per day to a little over $5,400 per vessel per day. That has been
achieved through bringing the vessels in-house for the technical
management, and it is our differentiating factor amongst our peers.
Q: I wanted to point out that you operate larger vessels so

the figure that you mentioned in terms of operating expenses
compares very favorably to the industry when you take into
consideration your peers since a lot of them manage smaller
vessels so they have smaller expenses per vessel. Is that
correct?
A: That is true. The larger vessels – the capsize vessels, contribute

a much larger percentage and have higher operating expenses
than the smaller ones. Quite a few of our competitors don’t have
capsize vessels so on an average basis, we do compare favorably.
Page 7
WEEKLY PROFILES
Interview of the Week
Q: We have India also coming?
Yes and in fact, these materials have to be sourced from further

and further away. It’s not only the actual amount of material that is
being transported – they are being transported from further away
such as Brazil. We see that the tonne mile demand is increasing at
a faster rate than the actual demand for the materials.
About StarBulk Carriers

Star Bulk is a global shipping company providing worldwide
seaborne transportation solutions in the dry bulk sector. Star
Bulk’s vessels transport major bulks, which include iron ore, coal
and grain and minor bulks such as bauxite, fertilizers and steel
products. Star Bulk was incorporated in the Marshall Islands on
December 13, 2006 and maintains executive offices in Athens,
Greece. Its common stock trades on the Nasdaq Global Market
under the symbol “SBLK”. Currently, Star Bulk has an operating
fleet of eleven dry bulk carriers with definitive agreements to build
two Capesize vessels. The total fleet consists of thirteen dry bulk
vessels, five Capesize and eight Supramax, with a combined cargo
carrying capacity of 1,287,686 deadweight tons. The average age
of our current operating fleet is 10.2 years.
Page 8
SHIPPING MARKETS
Dry Bulk Market - Weekly Highlights
Week 15-October-2010 until 22-October-2010
INDEX THIS WEEK LAST WEEK % CHANGE POINT DIFF TREND Contributed by
BDI
BCI
2727
4373
2762
4345
-1.27%
0.64%
-35
28
q
p N. Cotzias Shipping Consultants
BPI 2219 2254 -1.55% -35 q
BSI 1791 1858 -3.61% -67 q N. Cotzias Shipping Group
BHI 950 994 -4.43% -44 q 7-9 Akti Miaouli, 185 35 Piraeus - Hellas
Another red week with only the Capes a marginal rise. Although this Phone: +30 210 4222660
week’s changes were minimal, high volatility is key in all markets Website: www.cotzias.gr
and the constant upswings followed by quick rapid downfalls, that
are recovered within the month, have caused a greater degree
of uncertainty. Deals are performed but the overal question of 4500 BA LTIC DRY INDEX 1/6/2010 - 22/10/2010
most shipping investors is that this short term volatility doesn’t
really pose investment opportunities based on “proper timing”. 4000
How can you time your investments when secondhand prices are
considered to be on the “high” side remaining fairly stable and don’t 3500
have the time to follow the ups and downs of the freight markets?
3000
What can still be considered a blessing is that dry bulk market daily
earnings are well above critical survival levels and only expensive 2500
ships acquired during the Feb 2007 - Jul 2008 period with a greater
degree of leverage, can be considered as possible “sufferers” even 2000
BDI
at today’s rates. BDI MONTHLY AVERAGE
1500
The International Monetary Fund gave a report, that the global
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22
14
24
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economy remains fragile as advanced economies try to revive
private sector growth while cutting large government deficits.
Emerging economies need to promote domestic-driven growth The Baltic Dry Index closed on Friday the 22nd of October 2010 at
as part of global economic rebalancing. Still the issue of high 2727 points with a small weekly loss of -1.27% or -35 points. (Last
unemployment presents a major challenge and is holding back Friday the 15th of October 2010 closing value was 2762 points).
demand. According Lloydslist, the IMF has trimmed its growth Unlike last week the Cape size segment was not able to keep the
forecast in 2011 from 4.3% to 4.2% while still maintaining its forecast BDI o a positive track, as the overall gain of the Cape were minimal.
of 4.8% for 2010. What we see as a holdback is that advanced The two three size segments the BPI the BSI and BHI were all
economies are still seriosuly lagging in growth, comapred to the equally reduced.
developing markets/economies and is projeted for 2010 to stand at
2.7% and 2.2% for 2011 suggesting that it will seriosuly slowdown CAPESIZE MARKET – The Baltic Cape Index (BCI) closed
in Q4 of 2010 and first half of 2011. Always prospects are better for on Friday the 22nd of October 2010, at 4373 points posing a minor
the above mentioned emerging economies, but still if the rest of the week-on-week gain of 0.64% or 28 points over previous week’s
world does not shift a gear we will not be able to absorb the ship closing of Friday the 15th October which was at 4345 points.
overcapacity that is looming our industry and will affect the supply
demand equilibrium. Week Number of Highest Lowest
fixtures Fixture Fixture
IMF chief economist Olivier Blanchard stated that the financial this 16 $70,000 $21,000
sector remains the “achilles’ heel” of the recovery. The IMF called week
for continued restructuring of weak banks, enhancing banks’ capital last 12 $70,000 $17,500
adequacy and liquidity, regulatory reform and stronger supervision week
of the financial system. Rebalancing requires an increase in net The Capesize T/C average rate calculated every week by N.
exports in deficit countries such as the US and a decrease in Cotzias Shipping Consultants from all this week’s reported T/C
net exports in surplus countries, notably emerging Asia. It said fixtures went up by 0.98%, still clinging above the 40k mark at
that downside risks remain significant. Although many emerging $41,300. Previous week’s T/C figure was just above the 35k mark
economies see high growth again, they continue to rely significantly at $40,900. It is notable though that period demand this week
on demand from advanced economies. Demand for imports from was improved and we report a greater number of cape fixtures of
advanced economies will continue to be below pre-crisis trends. A sixteen (16) units that were fixed on T/C this week compared to the
continuing and significant risk comes from friction about currency record high number of 12 that we had observed last week.
exchange rates, with China continuing to resist pressure to revalue
its currency against the dollar and euro at anything other than a The minimum vs maximum daily rate differential as analyzed from
pace unacceptably slow to the increasingly impatient western our fixtures database was overall reduced over last week’s from
politicians. Meanwhile, continuing weakness of the dollar pushed $21,000 being the lowest recorded fixture being that of the M/V
it down against the yen below ¥82 last week. The IMF meeting last ‘’CAPE LOTUS’’, 170780 dwt, built 2000, dely Kimitsu 17/20 Oct
week failed to agree measures to head off an intensifying currency , redely Continent, $21000, BHP Billiton, for a trip via Hay Point
war. The G20 summit in South Korea next month could be crucial 3500$ improved from last week, up to $70,000 the highest paying
in attempting to resolve these conflicts and avoid the dangers of fixture of the M/V ‘’HANJIN RIZHAO’’, 179420 dwt, built 2010,
competitive devaluations to boost exports. dely Rotterdam 5/10 Nov , redely China, $70000, Coscobulk, for a
trip with options 0$ improved from last week.
Page 9
SHIPPING MARKETS
Week Period Charter Time dely Rotterdam 15/17 Oct , redely Far East via Aden, $33500,
Charter Medmar, for a trip via Finland 3500$ improved from last week.
this week $35,500 $45,000
last week $36,300 $43,000 Week Period Time
Charter Charter
We have 9 period fixtures mainly for durations of 4-6 months that this week $21,400 $19,000
pay on average $33,000 per day while the only 10-13 month fixture
last week $21,800 $20,800
pays $30,000 per day.
As it is widely known, Capes transport more than 1/3 of the world 8 period fixtures recorded this week, with period average to be
seaborne dry bulk traffic and any change in demand for iron/ore slightly down at $21,400 while the trip average pays $19,000 which
instantly hits the chartering market for Capesizes that predominantly is again reduced from last week. 12 month period pays on average
carry it. Chinese iron/ore imports in the remaining months of 2010 $20,750 per day while 4-6 month’s pay $22,500 per day. However
are expected to rise as steel mills embark on a period of restocking we still feel that there is an abnormal earnings differential between
according to the Chairman of the China Chamber of Commerce Capes and Panamax that needs to be narrowed down. Also during
of Metals, Minerals and Chemicals Mr. Xu Xu who added that this current week we observed for once more the anomaly of
inventories were already running low. He stated that “Chinese Panamaxes “making” less than the smaller sized Supras! If this
domestic steel mills have curbed purchases because of previous differential continues, economies of scale could dictate that cargo
high inventories and prices, and now they need to replenish as parcels for Capes may well be split up into two Panamax loads.
stocks and prices fall, which will support iron ore imports for the
four quarter” SUPRAMAX MARKET - The Baltic Supramax Index (BSI),
after a short upward reverse during week 39, this week continued
The China Iron and Steel Association (CISA) said earlier this year on the same way as last week and closed on Friday the 22nd of
that high imported iron ore prices would serve to encourage local October 2010, at 1791 points giving us a weekly loss of -3.61%
miners to step up production. China produced a total of 93.55 represented by -67 points based on the previous 1858 points we
million tons of iron ore in September, up 9.4% year on year but had last Friday the 15th October 2010 closing.
down 6.1 % compared with August, figures from the National
Bureau of Statistics showed on Thursday. Total domestic ore output Week Number of Highest Lowest
over the first nine months rose 25.9 % to reach 780.24 million tons, fixtures Fixture Fixture
but the iron content in China is generally far lower than overseas. this week 21 $31,000 $14,000
China’s iron ore imports in September stood at 52.6 million tons, up last week 29 $38,000 $14,500
17.9% compared to the August figure, which was the lowest in 20
months. For the first nine months, the total stood at 457.6 million The Supramax Time Charter average rate calculated by NCSC is
tons, down 2.5% compared to the corresponding period of 2009. this week down at $20,800 or by -1.89% based on $21,200 which
CISA chairman Shan Shanghua said earlier that total ore imports was last week’s Supramax average. Demand for Supras period
in 2010 were likely to be lower than the record 627.8 million tons T/Cs is showing reduced interest compared to last week with 21
shipped to China last year. Supramaxes on T/C this week as opposed to 29 last week with
daily rates being slightly lower.
PANAMAX MARKET - The Baltic Panamax Index (BPI) closed
on Friday the 22nd of October 2010 further below the 2,500 point The differential of Highest – Lowest weekly T/C figure for
mark at 2219 points which represents a weekly loss of -1.55% or Supramaxes, as seen in the fixtures we report for this week, were
-35 points compared to 2254 which was the closing value of last somewhat reduced over last week and ranged from $14,000 with
Friday the 15th October 2010. the M/V ‘’OCEAN PRESIDENT’’, 50913 dwt, built 2001, dely
Kakinada 21/25 October , redely WC India, $14000, Chart Not
Week Number of Highest Lowest
Rep, for a trip via Indonesia -500$ reduced from last week, up to
fixtures Fixture Fixture
this week 60 $33,500 $8,500 $31,000 paid for the M/V ‘’NORD HARMONY’’, 56071 dwt, built
2007, dely aps US Gulf 22/23 Oct, redely Mediterranean, $31000,
last week 48 $30,000 $15,000 STX Pan Ocean USA, for a trip via Black Sea -7000$ reduced
from last week.
The Panamax market despite the near 6 week falling index,
showed some clear new possible momentum this week as evident Week Period Charter Time
by the increasing number of T/C fixtures. This week we had a Charter
higher number of 60 T/C and period charters for Panamax vessels this week $19,100 $20,900
compared to last week’s 48 fixtures. last week $20,250 $21,500
The Panamax T/C average rate as calculated by N. Cotzias We had 4 period fixtures this week with duration 2-4 & 3-5 months
Shipping Consultants went quite drastically down by -7.73% paying on average $19,100 (lower from last week) while trip
to $20,300 from $22,000 which was last week’s Panamax T/C charters averaged $20,900 per day (lower from last). 3-5 months
average, however the daily rates as seen in our separate fixtures periods average $19,350.
report for Panamaxes this week had improved differential levels
from low to high, compared to last week and ranged from $8,500 HANDYSIZE MARKET - The Baltic Handysize index (BHI)
with the fixture of the M/V ‘’HAI FU STAR’’, 60470 dwt, built 1982, closed on Friday the 22 October 2010 much reduced at 950 points,
dely Quangzhou ppt , redely S.Korea, $8500, KCH, for a trip via moving away from the 1000 point mark. This week shows a steep
Indonesia -6500$ reduced from last week) up to $33,500 for the loss of -4.43% or a loss of -44 points over last Friday 15 October
fixture of the M/V ‘’CEMTEX WISDOM’’, 77598 dwt, built 2004, 2010 when BHI closed at 994 points. Although volatilities are fairly
Page 10
SHIPPING MARKETS
small in this size segment, the BHI was seen producing the largest The weekly T/C daily rates for Handy sized vessels showed
weekly loss. reduced differential levels of high-low rates, compared to last
week’s from $14,000 for the (M/V ‘’GUODIAN 9’’, 48218 dwt, built
Number of Highest Lowest 1994, dely WC India end October , redely China, $14000, Chart
Week fixtures Fixture Fixture Not Rep, for a trip via WC India 4300$ improved from last week up
this week 5 $31,000 $14,000 to $31,000 for the M/V ‘’ARMERIA’’, 48104 dwt, built 2003, dely
SW Pass ppt, redely Singapore-Japan, $31000, Chart Not Rep, for
last week 7 $26,850 $9,700 a trip via USGulf 4150$ improved from last week.
This week’s Handysize Time Charter that is calculated by NCSC
DISCLAIMER: All information & data contained in this report, has been
went down by a strong -11.58% this week to $16,800 from $19,000, carefully obtained from a variety of sources, as reported freely in the market.
last week’s average. In this size sector we had a lower number of 5 All necessary care has been taken in the collection, validation, production
Handymax vessels reported on T/C this week, compared to 7 last and editing of this report, however, N. Cotzias Shipping Group and/or any
week, with no period fixtures reported. of it’s subsidiary companies makes no guarantee for accuracy & shall not
be held liable for any loss incurred in any way whatsoever by any person,
Time individual or company that relies on the information contained herein. All
Week Period Charter data, info, charts, views and news contained in this report are property of
Charter NCS Group, but can be freely reproduced by any third party in any media,
this week $0 $16,800 press, TV, radio, internet provided that the source being NCS is clearly
identified, labelled and respected
last week $18,000 $19,000
The full report can be accessed at CapitalLinkShipping.com
The leading specialist in

international transport finance
www.dvbbank.com
Frankfurt/Main · Hamburg · London · Cardiff · Rotterdam · Bergen

Oslo · Piraeus · Zurich · Singapore · Tokyo · New York · Curaçao
Page 11
0510_DVB-AZ_Barrons_120x120_sw.indd 1 17.05.2010 12:22:12 Uhr
SHIPPING MARKETS
Tanker Market - Weekly Highlights
Newbuilding orders slowing
Contributed by
After the financial crisis of 2008, the wave of tanker newbuilding effectively Charles R. Weber Company, Inc.
ended as owners were suddenly grappling with the prospect of extreme
overcapacity. The trend continued through most of 2009 as tanker markets Charles R. Weber Company, Inc.
lagged behind the global economic stabilization and then recovery. Greenwich Office Park One,
However, a robust start to 2010 with a more sustained return to economic Greenwich CT 06831
growth, oil demand growth and a stronger-than-expected recovery in tanker
rates during 1H10 saw owners make a strong return to the newbuilding Phone: 203 629-2300
market. Website: www.crweber.com
Indeed, during the first three quarters of 2010 some 30 million DWT worth
MR
of orders (including exercised prior options and new forward options) were
slated. This figure represents about 7% of the total tanker fleet as at January Confirmed: 15
1st (though the percentage of the trading fleet would actually be much
higher). Though many owners were quite keen to capitalize on what they Unconfirmed: 3
saw as an attractive investment – reported VLCC newbuilding contracts, for Options: 2
instance, averaged $102m per unit this year versus the observed average
of $151m during 2008 – whilst others in the industry were warning of the
dangers of augmenting the already excessive fleet growth to come.
THE TANKER MARKETS
Ironically, the largest monthly share of the 2010 orders was September
– well after the market had come off its mid-year peak – though this VLCC
could likely owe itself to the orders being reported upon singing, with the It proved to be a more active week – particularly in the Atlantic basin – but
deals likely having been agreed to earlier. Following an entire quarter of the continued overabundance of tonnage (especially relets) continues to
falling earnings – with most tankers now trading at-or-below OPEX, it is
prove sufficient enough to keep the market mired, generally, at the same
unsurprising that both the number of new orders scheduled to-date this
month and interest in new orders have slowed; in fact, what is surprising is low where it has remained for some weeks now. In the absence of any
that this had not happened much earlier! developments of interest to point out we note that, despite the ongoing lull,
VLCC earnings to-date this year have averaged significantly better than
Below is a breakdown of 2010 tanker new building orders by the average for 2009. On the benchmark TD1 and TD3, earnings have
size, per month (including optional units). averaged 42% and 48% higher, respectively, largely due to the spike in
rates during 1H10. Though this likely comes as little comfort to owners,
7,000 nevertheless worth noting.
6,000 <30,000 DWT
MR Of the 31 fixtures reported this week, 19 emanated from the Middle East
5,000 Panamax and 12 in the Atlantic basin. The former was led by Eastbound business,
Aframax with 15 fixtures heading in that direction. South Korea was the most active
4,000 Suezmax Eastbound destination with 6 fixtures. Rates in both directions eased this
VLCC
3,000
week with eastbound levels falling from the mid ws40’s down to just below
ws43. Westbound rates continued to hold at the ws30 level; the one fresh
2,000 fixture of note to the USG was at ws29.5 – though this was on an older unit
it certainly sets the tone of the market. Single-hull units continue to remain
1,000
out of play, and we report no fixtures this week on such units.
0
'000 DWT Jan Feb Mar Apr May Jun Jul Aug Sep Oct We expect to see more activity next week as charterers finish up on their
remaining October stems and progress into their November programs.
Data: CRW Thus far, we have seen 98 fixtures concluded for the month, leaving only
a handful remaining. The position list shows some 15 units still remaining
The Suezmaxes saw the greatest number of new orders, followed load-ready within October, which should leave us some spillover tonnage,
by the VLCCs. A full breakdown of reported newbuilding orders but take into account some vessels ballasting away and the remainder will
follows below: not be that long. However, as we move into next month there is ample
tonnage, particularly with the addition of relets without program cargoes to
VLCC Suezmax move. Thus we expect rates to continue to trade at current levels through
Confirmed: 35 Confirmed: 45 the week ahead, at least.
Options: 4 Options: 17
It was a busy week in the Atlantic basin with 11 fixtures reported this week.
Unconfirmed: 2 Unconfirmed: 8 Eastbound business led the way, accounting for all but 2 fixtures. India
Prev. option exercised: 2 was the most active discharge destination, comprising half of this week’s
volume. Although Suezmax rates did soften through the week, the relative
Aframax Panamax
discount for the VLCCs was large enough to keep the larger tanker class in
Confirmed: 21 Confirmed: 17 play at the low ws50s. The list of natural players in the Atlantic basin is thin,
Options: 3 Options: 4
Unconfirmed: 10 Page 12
SHIPPING MARKETS
Tanker Market - Weekly Highlights
but ballasters are already en route from the softer Eastern market, limiting
potential gains in the region. In fact, more than half of this week’s fixtures 88
were concluded on Eastern ballasters. Looking to next week we expect 66
further softening in the Suezmax market which in turn will put downward
pressure on the VLCCs. Earlier dates will yield premiums as charterers will 31
have to reach further ahead to secure ballasters, thus keeping rates steady 19
overall.
4
-2 -3
2010-7 2011 2012 2013-10 2014 2015
Suezmax -15
Suezmaxes in the Atlantic market were competing this week with a longer -39
list of VLCCs after a number of the larger tankers set out en ballast towards
West Africa. The result of the more cheaper VLCC alternative and generally VLCC Projected Deliveries/Removals
less activity was a softening of the Suezmax market. Having commenced

the week in the low ws90s on the benchmark TD5 around mid-week the 63
market had been retested in the mid/high ws80s and concluded the week in
the high ws70s. With the sufficient tonnage of both sizes to cover demand, 40
we expect rates to remain soft at the start to the week ahead. 29
Aframax 10
2
The Caribbean Aframax market commenced the week at the ws92.5 level
– where it had traded for most of the month. However, after experiencing its 2010 -3 2011 2012
-10
2013
-7
2014
-10
2015
-9
-11
most active week in over a month and a fair proportion of tonnage cleared,
by week’s end the market risen to the high ws90s, with further premiums Suezmax Projected Orderbook/Removals
being paid for date-sensitive cargoes. Should activity levels sustain, one
could expect the market to remain firm. 82
Panamax
The Caribbean Panamax market softened this week to the ws115 level 40
with limited activity and several prompt units seeking employment serving
as the primary catalysts. Several units were fixed privately and a number 8 6 4
of owners decided to ballast to the Continent, allowing prompt tonnage to

thin enough to make those owners with units remaining to take a bullish
-2 -2
2010 2011 2012-7 2013 2014 2015-5
-13
-16
attitude. Historically, November sees a pickup in inquiry and thus we could
well see inquiry pick up next week as owners progress into their November Aframax Projected Orderbook/Removals
cargoes – allowing owners greater success in moving the market towards
their favor. 44
The European market continued to trade for the 8th consecutive week at 18
the ws120 level. With tonnage in ample supply in the Mediterranean, the 12
14
likelihood is that rates will remain flat at this prevailing level. Light inquiry for 2
MRs off the UKC/M for trans-Atlantic voyages remains with rates trading at 2010 -4 2011 2012 2013 2014 2015
-4 -4
45 x ws135 levels. -8
-10
-21
The Ecuador market continues to trade at the ws180 level; with November
laycans now being worked and a steady Caribbean market, we expect Panamax Projected Orderbook/Removals
rates to hold at this level through next week.
Disclaimer: 95
Whilst every care has been taken in the production of this study, no liability can be
82
accepted for any loss incurred in any way whatsoever by any person who may seek
to rely on the information contained herein. All information is supplied in good faith
and Charles R. Weber Company, Inc. accepts no responsibility for any and all errors
and omissions contained within this study. 15 16
4
2010-6 2011 2012 2013 2014 2015

-7
-16
FOR THE LATEST MARKET DATA AND NEWS AND A FULL COPY OF THIS
-17 -18
-29
REPORT GO TO www.CRWebber.com
or www.CapitalLinkShipping.com MR Projected Orderbook/Removals
Page 13
SHIPPING MARKETS
Weekly Tanker Market Opinion
Weather or Not Contributed by
EIA’s Winter Fuels Outlook Poten & Partners, Inc.
Last week the Energy Intelligence Agency (EIA) released its annual 805 Third Avenue
winter fuels outlook, outlining what the Department of Energy’s New York, NY 10022
analysts expect winter will bring for one of the world’s largest
energy consumers. On October 18th, industry participants gathered Phone: (212) 230-2000
in midtown Manhattan to hear Dr. Richard Newell, the Administrator Website: www.poten.com
temperature and comfortable room temperature, which the NOAA defines as 65 degrees
of the EIA, present the organization’s forecasts at the New York Fahrenheit. This year’s forecast would indicate that fuel consumption is expected to be off from
2009’s levels. However, as Dr. Newell emphasized, aggregating US demand masks important
Energy Forum. Dr. Newell explained that while the United States regional trends.
depends largely on natural gas to warm homes and businesses,
Heating fuel use varies significantly by region. Breaking the NOAA’s winter temperature forecast
low temperatures also drive demand for middle distillates, namely down by region, and putting temperature swings in the context of primary heating fuel
heating oil, as temperatures drop and more fuel is burned to keep United States Primary Heating Fuel Use by Region
consumed, shows a rosier demand picture for middle distillates over the course of the winter.
Jack Frost at bay. The degree of this uptick in winter demand, or United States Primary Heating Fuel Use by Region
lack thereof, can play a role in determining how the year’s books
will close for energy companies and those involved in various links
of the energy supply chain.
As shown in the chart below, the National Oceanic and Atmospheric

Administration (NOAA) has forecasted a warmer than average
winter for the United States.
NOAA Heating Season Forecast 2010-2011

U.S. Population Weighted Heating Degree Days
1,000
900
800
700
600
500
400
300 The Northeastern states, which are home to several of the nation’s most densely populated
metropolitan areas, make up the primary market for heating oil in the United States. According
200
The Northeastern states, which are home to several of the nation’s
to the EIA, 30% of households in the Northeastern United States use distillate fuels as their
100
most densely populated metropolitan areas, make up the primary
primary heating fuel, accounting for 80% of US heating oil consumption. Although the next few
0 months are expected to be warmer than normal for states in the southern United States, chilly
Oct Nov Dec Jan Feb Mar
market for heating oil in the United States. According to the EIA,
temperatures have been predicted for New England and the Middle Atlantic. As a result, the EIA
30% of households in the Northeastern United States use distillate
has predicted a 5% year-on-year increase in heating oil consumption in the Northeastern states.
2009-2010 2010-2011 (NOAA forecast) fuels as their primary heating fuel, accounting for 80% of US heating
Source: NOAA (September 2010) oil consumption. Although the next few months are expected to be
warmer than normal for states in the southern United States, chilly
NOAA formulates its outlook based upon predicted heating degree temperatures have beenNEW
Email: [email protected]
predicted for New England and the Middle
YORK LONDON PERTH ATHENS HOUSTON SINGAPORE GUANGZHOU
days, a quantitative index which reflects the demand for energy Atlantic. As a result, the EIA has predicted a 5% year-on-year
necessary to cool or heat homes and businesses. Heating degree increase in heating oil consumption in the Northeastern states.
days are calculated by taking the sum of negative differences
between the mean daily temperature and comfortable room Stuffed Stockings
temperature, which the NOAA defines as 65 degrees Fahrenheit.
This year’s forecast would indicate that fuel consumption is Increased demand for distillates this winter could equate to stronger
expected to be off from 2009’s levels. However, as Dr. Newell tanker earnings. However, even in a case where temperatures dip
emphasized, aggregating US demand masks important regional below the levels predicted by NOAA, high inventory levels may
trends. keep tanker owners from realizing incremental demand increases.
As shown in the chart below, current US distillate inventories are
Heating fuel use varies significantly by region. Breaking the nearly 20% higher than the upper end of the normal range.
NOAA’s winter temperature forecast down by region, and putting
temperature swings in the context of primary heating fuel consumed,
shows a rosier demand picture for middle distillates over the course
of the winter.
Page 14
SHIPPING MARKETS
Weekly Tanker Market Opinion
U.S. Distillate Inventory Levels, Historical and Forecast The EIA expects that even in a scenario where winter temperatures
are 10% colder than anticipated, heating fuel inventories will likely
Historical Forecast stay high enough to prevent major supply disruptions. This is
200
180
likely to dampen the need for imports, however stronger demand
for refined petroleum products can do no harm to the product
160
140 tanker market and may help finally lift earnings out of the summer
Barrels (million)
120
doldrums. In addition to driving consumer demand for heating fuels,
100
80 frightful winter weather has the potential to delay ships in voyage
60 and at port, tightening supply of available tanker tonnage and
40 emboldening owners to seek higher rates. While many Americans
20
0
this winter may be wishing for a white Christmas, those with vested
interest in the tanker market should be hoping for a cold one to help
endure the storm ahead.
8
1
08
09
10
11
12
8
1
r-0
t-0
r-0
t-0
r-1
t-1
r-1
t-1
l-0
l-0
l-1
l-1
n-
n-
n-
n-
n-
Ap
Ap
Ap
Ap
Ju
Ju
Ju
Oc
Ju
Oc
Oc
Oc
Ja
Ja
Ja
Ja
Ja
Normal Range Historical Inventories Base Case Forecast
Forecast - 10% Colder Forecast - 10% Warmer
Source: EIA Short Term Energy Outlook (October 2010)
Poten Tanker Market Opinions are published by the Marine Projects & Consulting department at Poten & Partners. For feedback on this
opinion or to receive this via email every week please send an email to [email protected]. For information on the services
and research products offered by our Marine Projects & Consulting department or to contact our tanker brokers please visit our website
at www.poten.com.
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Page 15
Dry Bulker TC Rates
Weekly Markets Report $/day
Week Week
±% 2010 2009 2008
SHIPPING MARKETS
42 41
170K 6mnt TC 40,000 40,000 0% 37,481 39,900 117,000
Capesize
170K 1yr TC 34,000 34,000 0% 34,200 33,500 111,700
Weekly Freight Rate & Asset Trends 170K 3yr TC

70K 6mnt TC
28,500
24,750
28,500
26,750
0%
-7%
29,800
30,822
27,900
21,800
82,400
57,600
Handysize Handymax Supramax Panamax

70K 1yr TC 23,000 23,750 -3% 26,031 18,300 55,800
FREIGHT RATES Contributed by

70K 3yr TC 20,375 20,375 0% 20,178 15,700 44,600
52K 6mnt TC 22,500 23,000 -2% 26,258 17,500 47,100

Intermodal
52K 1yr TC 21,000 21,000 0% 22,028 14,900 45,700
52K 3yr TC 18,250 18,500 -1% 17,813 13,700 38,000

Intermodal Shipbrokers Co.
45kEthniki
17th km 6mnt TC 19,500 20,250
Odos Athens-Lamia -4% 22,809
& 3 Agrambelis 15,000
Street, 41,700
145 6445k
N. 1yr
Kifisia,
TC 18,000 18,250 -1% 19,353 13,000 38,800
Athens45k
- Greece
3yr TC 16,000 16,250 -2% 15,825 12,300 28,400
30K 6mnt TC 16,500 16,750 -1% 17,750 11,600 30,500

Phone: +30 210 6293300
30K 1yr TC 16,250 16,500 -2% 16,383 10,900 29,700
Website: www.intermodal.gr
30K 3yr TC 14,500 15,000 -3% 14,394 10,800 22,000
Baltic Indices / Dry Bulk Spot Rates

Week 42 Week 41
2010 2009 2008
22/10/2010 15/10/2010 ±%
Index $/day Index $/day Index Index Index
BDI 2,727 2,762 -1.3% 3,126 2,867 6,663
BCI 4,373 45,647 4,345 45,279 1% 4,433 1,624 9,577
BPI 2,219 17,869 2,254 18,143 -2% 4,073 790 6,342
BSI 1,791 18,731 1,858 19,425 -4% 2,474 661 4,225
BHSI 950 - 994 14,533 -4% 1,401 529 2,257
ASSET VALUES
Page 16
SHIPPING MARKETS
Container Market - Weekly Highlights
Chartering
Contributed by
Vessel (Teu/Hmg) Index +/-
510/285 teu (GL) 15.5 k 4.33 ► 0.00 Braemar Seascope
700/440 teu (GL) 17.5 k 5.55 ▼ 0.05
750/415 teu (G) 16 k 5.46 ► 0.00 35 Cosway Street
1000/650 teu (G) 17.5 k 6.90 ▼ 0.05
London NW1 5BT
1100/715 teu (G) 19 k 8.11 ▼ 0.06
► 0.00 United Kingdom
1350/925 teu (G) 20 k 6.10
1600/1150 teu (GL) 18 k 7.14 ▼ 0.21
1700/1125 teu (G) 19.5 k 6.58 ▼ 0.23 Phone: +44 (0) 20 7535 2650
1740/1300 teu (G) 20.5 k 6.69 ▼ 0.23 Website: www.braemarseascope.com
2000/1600 teu (G) 21 k 2.93 ▼ 0.04
2500/1900 teu (G) 22 k 5.96 ▼ 0.12
2800/2000 teu (GL) 22 k 6.64 ▼ 0.09
3500/2500 teu (GL) 23 k 5.73 ▼ 0.11
4250/2800 teu (GL) 24 k 4.32 ▼ 0.11 It appears that many operators believe further market falls will take place
Index Total 82.44 ▼ 1.30 between now and the Lunar New Year and are therefore holding out to
capitalise on potentially lower rates in the coming weeks. This waiting
puts additional negative pressure on the market and can lead to something
The fall in the BOXi that we reported last week has since gathered pace,
of a vicious cycle. It will be interesting to see when these players decide
with softening also occurring in the feeder sizes as we move further into
that rates have dropped sufficiently to justify taking on tonnage and
the traditional low volume season. This comes as a major line announces
whether this will have a positive impact on rates between now and the
plans to reduce Asia-Europe capacity by temporarily withdrawing a
much anticipated spring fixing season.
service that accounts for around 10% of their capacity on this route.
The softening in the larger sizes continues, with a number of operators

struggling to relet tonnage that was snapped up on the rising market earlier 170
The Box Inde x (BO Xi)
in the year and has now become surplus to requirements. Pressure has also
been put on the 1700teu size in the Far East as a result of overcapacity; two 150
B170 fixtures highlight something of a geographical reversal of fortunes 130 - 82.44
from the recent norm, with a regional shortage of such tonnage, as well as 110
a break bulk option, helping one unit to achieve a respectable US$8,900 90
in the Mediterranean, while another reportedly managed just US$7,800 in
70
the Far East for container trade, both for 6 month periods.
50
30
The Caribbean, however, remains buoyant, with perhaps a greater than
Nov 08
Nov 09
Nov 10
Feb 09
May 09
Feb 10
May 10
Aug 09
Aug 10
normal premium for tonnage in this region, as illustrated by the extension
of a geared CV1100 for 6 months at US$7,850.
Representative Fixtures
Name Dwt Teu Blt Spd Cons GR Charterer Dely Date Period Rate $
Wehr Koblenz 22,900 1,730 97 19 54.5 G Csav Med Dec 10 6 mos 8,900
Helene Rickmers 23,100 1,730 98 20 54.5 G Oel Singapore SE Asia Oct 10 6 mos 7,800
Vera D 22,400 1,680 4 21 68 G Ziss Med Nov 10 6 mos 8,750
San cristobal 20,150 1,510 95 20 51 G Sinokor SE Asia Nov 10 6-9 mos 9,300
Cape Fawley 20,250 1,440 8 19.5 52 GL Stx NE Asia Nov 10 6 mos 8,750
Victoria Trader 18,480 1,296 8 19.6 45 GL Stx NE Asia Oct 10 6 mos 8,500
Frisia Inn 13,760 1,118 8 19.6 42 G Tropical EC NA Nov 10 6 mos 7,850
Fesco Askold 13,760 1,102 6 19.6 42 G Cma Cgm Med Nov 10 6 mos 7,100
Medaegean 12,000 1,000 9 18.8 37 GL Onto Shipping SE Asia Nov 10 4+4 mos 7,400
Sal
Every effort has been made to ensure the information contained within this report is accurate, but Braemar Seascope Containers can accept no
responsibility for any error, omission or consequence therefrom.
BRAEMAR SEASCOPE CONTAINERS - LONDON - SINGAPORE - SHANGHAI
S&P:- [email protected] CHARTERING:- [email protected]
Page 17
SHIPPING MARKETS
S&P Secondhand, Newbuilding & Demolition Markets
Contributed by
Golden Destiny S.A.
Week Ending: 22nd October 2010 Golden Destiny S.A.
57 Akti Miaouli, Piraeus, 18536,
(Given in good faith but without guarantee) Greece
Phone: +30 210 4295000

Website: www.goldendestiny.gr
SUMMARY OF SALES
TOTAL WEEKLY S&P ACTIVITY

VESSEL TYPE NEWBUILDING SECOND HAND DEMOLITION TTL SALES
No. of Vessels in DWT No. of Vessels Invested Capital No. of Vessels in DWT
Bulkcarriers 9 605.500 12 274.400.000 2 206.666 14
Tankers * 6 1.319.800 5 66.850.000 3 160.867 8
Liners ** 0 0 1 9.000.000 2 37.346 3
Containers 8 1.020.000 2 17.000.000 1 18.437 3
Reefers 0 0 0 0 0 0
Passenger / Cruise 0 0 0 0 0 0
Ro - Ro***** 0 0 0 0 3 20.396 3
Car Carrier 2 30.000 0 0 0 0
Combined *** 0 0 0 0 0 0
Special Projects **** 0 0 0 0 0 0
TTL VSLS/Demo 25 2.975.300 20 367.250.000 11 443.712 31
Key: * incl. Crude Oil, Clean & Dirty Products, LPG, LNG, Chemical, Asphalt and Veg-Oil
** incl. Multi-Purpose and Tweendeckers
*** incl. Bulk-Ore, Ore-Oil and Bulk-Oil Carriers
**** incl. Oil & Drilling Rigs, Tugs, Livestock, Trawlers, Cable/Exploration/Navy/Support vessels
**** incl. Ro-Ro Cargo, Ro-Ro Passenger
Week 42/10 ended with 31 sales reported in the secondhand and demolition market. The highest activity has been witnessed in the
newbuilding market with 25 orders reported in total. The Baltic Dry Index closed on Friday at 2,727 points, up by 7 point from yesterday
and down by 35 points from last week.
In the secondhand market, 20 vessels reported to have changed hands this week equalling a total amount of money invested around of
US$ 367,250,000, with only 1 transaction reported on private terms. In terms of reported number of transactions, the S&P activity has been
marked with a 35% negative w-o-w change while is standing at same levels of previous year’s weekly S&P activity in terms on number of
transactions. The bulkcarrier sector attracted most interest from the investors’ side, with an investment capital of $ 274,400,000, around
74% share of the total invested capital in the S&P secondhand market.
In the demolition market, 11 vessels reported to have been headed to the scrap yards of total deadweight just 443,712, with the most
of activity being concentrated on India. In terms of reported number of transactions, the Demolition activity has been marked with 57%
positive w-o-w change whereas the demolition activity mostly concentrated on smaller size vessels. In terms of scrap rates, the highest
scrap rate has been achieved this week in the dry sector by India for two Ro-Ro / passenger vessels at $ 465/ldt. At a similar week in
2009, just 3 tanker vessels were reported for scrap equalling a total deadweight of around 172,278 tons, two of them headed Bangladesh
and one Pakistan, at a price around $320-330/ldt
The Greek presence has been noticed this week in the secondhand market with 5 transactions reported, three in the bulkcarrier sector,
one in the tanker sector, however the company is US listed and one in the Gas tanker sector, equalling a total amount invested around
US$ 140,600,000, while in the newbuilding market just one order for four Post Panamax Containers was reported at private terms..
Page 18
SHIPPING MARKETS
S&P Secondhand, Newbuilding & Demolition Markets
NEWBUILDING MARKETS
WEEKLY NEWBUILDING ACTIVITY
Price ($) per P&C Invested Capital
Vessel Type No.of Units Dwt Unit (**) (*) Total Dwt Ordered
1 206.000 0 1 0 206.000
1 57.000 0 1 0 57.000
Bulk Carriers 1 57.000 0 1 0 57.000
1 48.000 33.000.000 0 33.000.000 48.000
5 47.500 0 5 0 237.500
Total Bulk Carriers 9 8 33.000.000 605.500
Tankers 4 320.000 106.700.000 0 426.800.000 1.280.000
2 19.900 0 2 0 39.800
Total Tankers 6 2 426.800.000 1.319.800
Containers 4 160.000 140.000.000 0 560.000.000 640.000
4 95.000 0 4 0 380.000
Total Containers 8 4 560.000.000 1.020.000
Car Carrier 2 15.000 0 2 0 30.000
TOTAL 25 16 1.019.800.000 2.975.300
Key: * The total invested capital does not include deals reported with undisclosed contract price
** Deals reported as private and confidential (not revealed contract price)
In the newbuilding market, 25 vessels reported to have been ordered equalling a total deadweight of 2,975,300 tons, while at similar week in 2009
15 orders have been reported, 10 in the bulkcarrier and 5 in the Tanker sector. The total invested capital in the newbuilding business estimated to
be around of of US$ 1,019,800,000, while 16 transactions reported on private terms. In terms of reported number of transactions, the newbuilding
business has been marked with a 47% positive w-o-w change with Bulk carriers, Tankers and Containers being in the front line. This week the
Greek presence was noticed in the Container sector, with an order for 4 8,500teu vessels, contracted at private terms, however the deal is
rumoured to have some subjects attached.
NEWBUILDING TRANSACTIONS
DRY BULK CARRIERS

206,000 DWT Ordered by Classic Maritime (MONACO) AT Shanghai Waigaoqiao (PRC) price undisclosed dely 10/2013 (Classic
Maritime is an affiliate of DryShips, Greece)
57,000 DWT Ordered by Qinhuangdao Wuxing Shpg Co. (PRC) at Cosco Guangdong (PRC) price undisclosed dely 2012
57,000 DWT Ordered by Huayuan Star Shipping (PRC) at Cosco Guangdong (PRC) price undisclosed dely 9/2011
48,000 DWT Ordered by China Shipping Haisheng (PRC) at China Shipping Ind. (PRC) price usd $ 33 mil dely 5/2013
47,500 DWT 5 units Ordered by Undisclosed Chinese Owner (PRC) at Jiangsu Eastern (PRC) price undisclosed dely 2012
TANKERS
320,000 DWT 4 units ordered by Shipping Corporation of India (IND) at Jiangsu Rong Sheng (PRC) price usd $ 106.7 mil each dely
2013 (Option for 2 more)
19,900 DWT 2 units ordered by Marubeni Corp. (JPN) AT Fukuoka (JPN) price undisclosed dely 2011 (IMO III)
CONTAINERS
160,000 DWT 4 units ordered by Zodiac Maritime (UK) at STX Shipbuilding (SKR) price usd $ 140 mil each dely 2013 (13,000teu.
Option 6 more. The contact price may be reduced if the options are declared)
95,000 DWT 4 units ordered by Cardiff Marine Inc (GR) at Hudong Zhonghua (PRC) price undisclosed dely 2013 (8500 teu. Subjects
still to be cleared)
CAR CARRIERS
15,000 DWT 2 units ordered by Wilh. Wilhelmsen (NOR) at Mitsubishi (JPN) price undisclosed dely 2012 (6500 cars)
Key: PRC: People’s Republic of China, JPN: Japan, GR: Greece, SKR: South Korea, FR: France, HK: Hong Kong, NOR: Norway,
SPORE: Singapore INDO: Indonesia; Dely: Delivery
Page 19
SHIPPING MARKETS
Freight Forwarding Agreements - FFAs
DRYBULK
DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE Contributed by
SSY
21-Oct-10 Dry Capesize C3 Tubarao/Beilun & Baoshan Q Q4 10 1-Oct-10 31-Dec-10 28.25
21-Oct-10 Dry Capesize C3 Tubarao/Beilun & Baoshan Y Cal 11 1-Jan-11 31-Dec-11 24.75
21-Oct-10 Dry Capesize C3 Tubarao/Beilun & Baoshan Y Cal 12 1-Jan-12 31-Dec-12 24
21-Oct-10 Dry Capesize C3 Tubarao/Beilun & Baoshan Y Cal 13 1-Jan-13 31-Dec-13 23.25
SSY Futures Ltd
DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE Lloyds Chambers, 1, Portsoken Street,
21-Oct-10 Dry Capesize C4 RB - Rott Q Q4 10 1-Oct-10 31-Dec-10 12.5 London, El 8PH
21-Oct-10 Dry Capesize C4 RB - Rott Y Cal 11 1-Jan-11 31-Dec-11 11.5
Phone: +44(0)2072651871 (Dry)
+44(0)2079777501 (Wet)
DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE Website: www.ssyonline.com
21-Oct-10 Dry Capesize C5 W Australia/Beilun-Baoshan Q Q4 10 1-Oct-10 31-Dec-10 11.5
21-Oct-10 Dry Capesize C5 W Australia/Beilun-Baoshan Y Cal 11 1-Jan-11 31-Dec-11 10.5
21-Oct-10 Dry Capesize C5 W Australia/Beilun-Baoshan Y Cal 12 1-Jan-12 31-Dec-12 10
21-Oct-10 Dry Capesize C5 W Australia/Beilun-Baoshan Y Cal 13 1-Jan-13 31-Dec-13 9.75
DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

21-Oct-10 Dry Capesize C7 Bolivar/Rotterdam Q Q4 10 1-Oct-10 31-Dec-10 15.75
21-Oct-10 Dry Capesize C7 Bolivar/Rotterdam Y Cal 11 1-Jan-11 31-Dec-11 13.25
21-Oct-10 Dry Capesize C7 Bolivar/Rotterdam Y Cal 12 1-Jan-12 31-Dec-12 13.1
21-Oct-10 Dry Capesize C7 Bolivar/Rotterdam Y Cal 13 1-Jan-13 31-Dec-13 13
DATE SECTOR VESSEL ROUTE AVERAGE PERIOD FROM TO RATE

21-Oct-10 Dry Capesize Cape 4 TC Q Q4 10 1-Oct-10 31-Dec-10 37,650
21-Oct-10 Dry Capesize Cape 4 TC Y Cal 11 1-Jan-11 31-Dec-11 26,750

21-Oct-10 Dry Handysize BHSI Average Q Q4 10 1-Oct-10 31-Dec-10 15,000
21-Oct-10 Dry Handysize BHSI Average Y Cal 11 1-Jan-11 31-Dec-11 13,100

21-Oct-10 Dry Supramax BSI Q Q4 10 1-Oct-10 31-Dec-10 19,750
21-Oct-10 Dry Supramax BSI Y Cal 11 1-Jan-11 31-Dec-11 18,500
TANKERS
21-Oct-10 Wet Clean Tanker BITR Clean TC2 $/Tonne Q Q4 10 1-Oct-10 31-Dec-10 15.76
21-Oct-10 Wet Clean Tanker BITR Clean TC2 $/Tonne Y Cal 11 1-Jan-11 31-Dec-11 18.43
21-Oct-10 Wet Clean Tanker BITR Clean TC2 $/Tonne Y Cal 12 1-Jan-12 31-Dec-12 17.83

21-Oct-10 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC Q Q4 10 1-Oct-10 31-Dec-10 149.67
21-Oct-10 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC Y Cal 11 1-Jan-11 31-Dec-11 147
21-Oct-10 Wet Clean Tanker BITR Clean TC2_37 Cont/USAC Y Cal 12 1-Jan-12 31-Dec-12 143

21-Oct-10 Wet Clean Tanker BITR Clean TC4 Sing/Japan Q Q4 10 1-Oct-10 31-Dec-10 133.33
21-Oct-10 Wet Clean Tanker BITR Clean TC4 Sing/Japan Y Cal 11 1-Jan-11 31-Dec-11 128.5
21-Oct-10 Wet Clean Tanker BITR Clean TC4 Sing/Japan Y Cal 12 1-Jan-12 31-Dec-12 125

21-Oct-10 Wet Clean Tanker BITR Clean TC5 Q Q4 10 1-Oct-10 31-Dec-10 124
21-Oct-10 Wet Clean Tanker BITR Clean TC5 Y Cal 11 1-Jan-11 31-Dec-11 123
21-Oct-10 Wet Clean Tanker BITR Clean TC5 Y Cal 12 1-Jan-12 31-Dec-12 123

21-Oct-10 Wet Dirty Tanker BITR Dirty TD3 $/Tonne Q Q4 10 1-Oct-10 31-Dec-10 9.8
21-Oct-10 Wet Dirty Tanker BITR Dirty TD3 $/Tonne Y Cal 11 1-Jan-11 31-Dec-11 12.18
21-Oct-10 Wet Dirty Tanker BITR Dirty TD3 $/Tonne Y Cal 12 1-Jan-12 31-Dec-12 12.52

21-Oct-10 Wet Dirty Tanker BITR Dirty TD3 MEG/JAPAN Q Q4 10 1-Oct-10 31-Dec-10 52.33
21-Oct-10 Wet Dirty Tanker BITR Dirty TD3 MEG/JAPAN Y Cal 11 1-Jan-11 31-Dec-11 54.13
21-Oct-10 Wet Dirty Tanker BITR Dirty TD3 MEG/JAPAN Y Cal 12 1-Jan-12 31-Dec-12 56

21-Oct-10 Wet Dirty Tanker BITR Dirty TD5 WAF/USAC Q Q4 10 1-Oct-10 31-Dec-10 81.67
21-Oct-10 Wet Dirty Tanker BITR Dirty TD5 WAF/USAC Y Cal 11 1-Jan-11 31-Dec-11 77.5
21-Oct-10 Wet Dirty Tanker BITR Dirty TD5 WAF/USAC Y Cal 12 1-Jan-12 31-Dec-12 83

21-Oct-10 Wet Dirty Tanker BITR Dirty TD7 NSEA/CONT. Q Q4 10 1-Oct-10 31-Dec-10 107.67
21-Oct-10 Wet Dirty Tanker BITR Dirty TD7 NSEA/CONT. Y Cal 11 1-Jan-11 31-Dec-11 103.46
21-Oct-10 Wet Dirty Tanker BITR Dirty TD7 NSEA/CONT. Y Cal 12 1-Jan-12 31-Dec-12 106
Page 20
MARKETS
Weekly China Update
Robust Chinese Thermal Coal Demand
Contributed by
An earlier than usual arrival of winter weather in northern China
and robust electricity demand across the nation will likely lead to a Commodore Research
continued surge in Chinese thermal coal demand. China imported
15.3 million tons of coal in September (the vast majority was 442-D Lorimer Street #285
Brooklyn, NY 11206 USA
thermal coal), an increase of 2.04mt (15%) from 13.26mt imported
in August. October’s import total will likely exceed September’s
Phone: +1 917 647 8949
15.3mt, and imports will likely set new records in November and
Website: www.commodore-research.com
December.
Emal: [email protected]
China’s current monthly coal import record is 16.38mt imported
in December 2009. Chinese coal imports normally peak in the
summer and winter. So far this year, Chinese coal imports have
averaged 13.69mt per month, an increase of 3.14mt (30%) from
2009’s monthly import average of 10.55mt. Compared to 2008’s
monthly import average of 3.39mt, 2010 Chinese coal imports are
up by an extremely impressive 10.3mt (304%).
Vessels Chartered To Ship Thermal Coal to
Coal stockpiles at Qinhuangdao port (a major coal hub in China
northeastern China) have been declining sharply since the end of
September. Qinhuangdao coal stockpiles - which are largely made (Week Ending Sep 17 - Oct 22)
up of thermal coal used to generate electricity - currently total 7mt,
1.1mt (14%) less than held at the ports four weeks ago. Robust
demand for electricity among residential and industrial users have
led to the de-stocking. We expect coal stockpiles at Qinhuangdao
to decline significantly during the upcoming weeks.
Stockpiles had been falling steadily during the first two weeks of
the month but actually increased last week as Qinhuangdao was
periodically closed due to heavy winds caused by Typhoon Megi.
Coal was unable to be transported to power plants while the port
was closed. A larger than usual amount of vessels are now being
chartered by Chinese importers to haul thermal coal to China. This
is likely to continue well into November – but it will take time for the
coal imports to reach Chinese ports.
Vessels Chartered to Restock for Winter Commodore Research & Consultancy publishes weekly and
monthly reports analyzing dry bulk seaborne trade, dry bulk
15 vessels were reportedly chartered to export thermal coal to China commodities, and the Chinese economy. To receive our full reports,
last week, an increase from 9 vessels chartered to export thermal please send an email to [email protected].
coal to China during the previous week. The 15 vessels chartered For information on the services and weekly and monthly reports we
to export thermal coal to China last week were moderately higher offer, please visit www.commodore-research.com.
than the trailing four-week average. On average, 9 vessels were
chartered to ship thermal coal to China during the weeks ending
September 24 to October 15 (more detailed vessel chartering
is monitored and analyzed in reports sent to our subscribers).
Chinese importers are likely to hire a large amount of vessels to
import thermal coal during the next few weeks, as buyers react to
the earlier than usual arrival of winter weather in northern China
and prepare for peak season demand.
Page 21
STOCK MARKET - DATA BANK
Currencies, Commodities & Indices
Week ending Friday, October 22, 2010
Key Currency Rates
Price Last January 4, Today’s

Rate Close Change % YTD Change
Week 2010 Close
3-Month LIBOR (USD) 0.29 0.29 -0.21% 13.38% N/A N/A
10-Yr US Treas. Yield 2.56 2.56 -0.08% -33.07% N/A N/A
USD/EUR $0.72 $0.72 0.27% 3.39% $0.84 $0.66
USD/GBP $0.64 $0.63 1.90% 2.54% $0.80 $0.59
USD/JPY $81.25 $81.22 0.04% -12.22% $94.99 $80.85
USD/CNY $6.66 $6.64 0.25% -2.47% $6.84 $6.64
Precious Metals
Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low
Gold $1,319.75 $1,377.38 -4.18% 20.27% $1,387.35 $1,026.60
Silver $23.03 $24.50 -6.00% 36.35% $24.92 $14.93
Platinum $1,669.25 $1,701.25 -1.88% 14.12% $1,756.25 $1,300.50
Copper $381.05 $383.90 -0.74% 10.75% $388.00 $277.00
Palladium $592.35 $589.20 0.53% 40.22% $606.25 $326.50
Key Agricultural & Consumer Commodities
Current Price Price Last Week % Change YTD %Chg 52 Week High 52 Wk Low
Corn $560.00 $563.00 -0.53% 25.77% $588.00 $343.25
Soybeans $1,211.50 $1,195.75 1.32% 18.77% $1,235.00 $897.25
Wheat $670.75 $704.50 -4.79% 8.58% $868.00 $472.75
Cocoa $2,846.00 $2,805.00 1.46% -12.70% $3,497.00 $2,595.00
Coffee $198.85 $186.40 6.68% 34.49% $203.50 $133.25
Cotton $119.71 $109.87 8.96% 56.48% $119.80 $68.55
Sugar #11 $28.22 $27.06 4.29% 32.24% $29.23 $14.56
Key ICE Futures
Commodities Current Price Price Last Week % Change

Gas Oil $713.00 $713.25 -0.04%
WTI Crude $81.99 $81.93 0.07%
Natural Gas $3.33 $3.54 -5.77%
Heating Oil $226.15 $223.08 1.38%
Gasoline RBOB $207.47 $210.38 -1.38%
Page 22
Currencies, Commodities & Indices
Major Indices
January 4, YTD
Index Ticker Close Prev. Close Change %
2010 Change
Dow Jones INDU 11,132.56 11,062.78 0.63% 10,583.96 11,132.56
Dow Jones Transp. TRAN 4,754.97 4,694.78 1.28% 4,130.82 4,754.97
NASDAQ CCMP 2,479.39 2,468.77 0.43% 2,308.42 2,479.39
NASDAQ Transp. CTRN 2,361.74 2,344.84 0.72% 1,978.87 2,361.74
S&P 500 SPX 1,183.08 1,176.19 0.59% 1,132.99 1,183.08
Russell 2000 Index RTY 703.43 703.16 0.04% 640.10 703.43
Amex Oil Index XOI 2,086.66 2,093.23 -0.31% 1,936.45 2,086.66
Brent Crude Oil COY 1,087.11 1,088.47 -0.12% 1,100.51 1,087.11
FTSE 100 Index UKX 83.06 84.53 -1.74% 78.24 83.06
Capital Link Maritime Indices
Index Symbol Close Prev. Close % Change 4-Jan-10 YTD- Change

Capital Link Maritime Index CLMI 1,934.06 1,896.13 2.00% 1,949.32 -0.78%
Tanker Index CLTI 2,248.34 2,194.48 2.45% 2,329.33 -3.48%
Drybulk Index CLDBI 944.38 946.43 -0.22% 1,034.76 -8.73%
Container Index CLCI 2,031.00 2,018.70 0.61% 2,168.79 -6.35%
LNG/LPG Index CLLG 2,688.37 2,661.90 0.99% 2,088.39 28.73%
Mixed Fleet Index CLMFI 1,784.62 1,753.73 1.76% 1,116.44 59.85%
MLP Index CLMLP 2,662.36 2,642.91 0.74% 2,203.54 20.82%
Baltic Indices
Index Symbol Close Prev. Close % Change 4-Jan-10 YTD- Change

Baltic Dry Index BDIY 2,727 2,762 -1.27% 3,140 -13.15%
Baltic Capesize Index BCIY 4,373 4,345 0.64% 4,197 4.19%
Baltic Panamax Index BPIY 2,219 2,254 -1.55% 3,823 -41.96%
Baltic Supramax Index BSI 1,791 1,858 -3.61% 2,224 -19.47%
Baltic Handysize Index BHSI 950 994 -4.43% 1,151 -17.46%
Baltic Dirty Tanker Index BDTI 734 727 0.96% 1,024 -28.32%
Baltic Clean Tanker Index BCTI 638 620 2.90% 817 -21.91%
Page 23
Shipping Equities
Prev. 1 Month
Friday % YTD 52 Week 52 Week
Dry Bulk Ticker Week Average
Close Change %Chg High Low
Close Volume
Baltic Trading Ltd BALT $11.11 $11.01 0.91% -20.64% $14.50 $9.90 $11.11
Diana Shipping Inc DSX $13.43 $13.98 -3.93% -12.28% $18.24 $10.75 $13.43
DryShips Inc DRYS $4.24 $4.60 -7.83% -30.94% $7.38 $3.28 $4.24
Eagle Bulk Shipping Inc EGLE $5.15 $5.23 -1.53% -3.56% $6.75 $3.91 $5.15
Excel Maritime Carriers EXM $5.72 $5.72 0.00% -14.24% $8.40 $4.59 $5.72
FreeSeas Inc FREE $4.67 $4.79 -2.51% -35.59% $8.75 $4.50 $4.67
Genco Shipping GNK $16.27 $16.45 -1.09% -34.16% $29.20 $14.20 $16.27
Navios Maritime Hldgs NM $5.95 $5.95 0.00% -6.74% $7.55 $4.38 $5.95
Navios Maritime Ptns NMM $18.95 $18.48 2.54% 27.44% $20.17 $12.17 $18.95
Paragon Shipping Inc PRGN $3.76 $3.91 -3.84% -20.84% $5.49 $3.40 $3.76
Safe Bulkers Inc SB $8.40 $8.15 3.09% -6.15% $9.64 $6.50 $8.40
Seanergy Maritime Hldg SHIP $1.25 $1.23 1.63% -58.19% $4.35 $0.91 $1.25
Star Bulk Carriers Corp SBLK $2.87 $2.85 0.70% -0.35% $3.59 $2.22 $2.87
TBS International PLC TBSI $4.25 $4.95 -14.14% -42.88% $9.79 $4.22 $4.25
Price 52 1 Month
Current % YTD 52 Week
Tankers Ticker Last Week Average
Price Change %Chg High
Week Low Volume
Aegean Marine Petrol ANW $17.35 $17.42 -0.40% -39.19% $35.05 $14.30 $17.35
B+H Ocean Carriers Ltd BHO $4.53 $4.50 0.67% 73.56% $5.64 $1.67 $4.53
Capital Product Ptns CPLP $8.66 $8.75 -1.03% -7.08% $10.49 $5.31 $8.66
Crude Carriers Corp CRU $17.32 $17.53 -1.20% -8.84% $19.00 $15.00 $17.32
DHT Holdings Inc DHT $4.12 $4.08 0.98% 7.29% $4.89 $3.30 $4.12
Frontline Ltd/Bermuda FRO $26.19 $27.82 -5.86% -9.00% $38.85 $22.53 $26.19
General Maritime Corp GMR $3.95 $4.07 -2.95% -45.89% $8.82 $3.82 $3.95
Knightsbridge Tankers VLCCF $20.67 $20.23 2.17% 51.87% $22.18 $12.06 $20.67
Navios Maritime Acq. NNA $5.55 $5.59 -0.72% -43.66% $10.20 $5.04 $5.55
NewLead Holdings Ltd NEWL $4.20 $4.16 1.09% -61.96% $14.88 $4.16 $4.20
Nordic American Tanker NAT $26.76 $26.63 0.49% -12.61% $34.19 $26.34 $26.76
Omega Navigation Ent. ONAV $1.22 $1.20 1.67% -62.11% $4.04 $1.14 $1.22
Overseas Shipholding OSG $33.31 $33.68 -1.10% -26.42% $53.20 $31.39 $33.31
Scorpio Tankers Inc STNG $11.56 $11.75 -1.62% -11.08% $13.01 $10.04 $11.56
Ship Finance Intl SFL $20.19 $19.80 1.97% 42.99% $21.29 $11.00 $20.19
Teekay Corp TK $31.33 $27.77 12.82% 30.43% $31.86 $19.19 $31.33
Teekay Offshore Ptns TOO $24.84 $24.77 0.28% 19.54% $25.50 $14.90 $24.84
Teekay Tankers Ltd TNK $12.35 $12.02 2.75% 42.12% $13.96 $7.85 $12.35
Torm A/S TRMD $7.56 $7.78 -2.79% -25.56% $14.20 $6.78 $7.56
Tsakos Energy Nav. TNP $12.71 $13.10 -2.98% -14.30% $18.34 $12.37 $12.71
Page 24
Shipping Equities
Price 1 Month
Current YTD 52 Week 52 Week
Containers Ticker Last % Change Average
Price %Chg High Low
Week Volume
Alexander & Baldwin ALEX $34.64 $34.44 0.58% 0.32% $37.42 $26.47 $34.64
Danaos Corp DAC $4.70 $4.49 4.68% 2.62% $5.25 $3.50 $4.70
Global Ship Lease Inc GSL $3.69 $3.20 15.31% 154.48% $3.69 $1.03 $3.69
Horizon Lines Inc HRZ $4.67 $4.62 1.08% -19.34% $6.92 $3.65 $4.67
Seaspan Corp SSW $14.21 $13.46 5.57% 48.18% $14.27 $8.15 $14.21
Price 1 Month
LNG/LPG Ticker Last % Change Average
Price %Chg High Low
Week Volume
Golar LNG Ltd GLNG $13.12 $13.22 -0.76% 7.10% $13.75 $9.26 $13.12
StealthGas Inc GASS $4.68 $4.55 2.86% -26.18% $7.06 $3.93 $4.68
Teekay LNG Partners TGP $34.00 $33.79 0.62% 24.41% $35.34 $19.75 $34.00
Price 1 Month
Mixed Fleet Ticker Last % Change Average
Price %Chg High Low
Week Volume
Euroseas Ltd ESEA $3.97 $3.93 1.02% -2.93% $5.02 $3.02 $3.97
OceanFreight Inc OCNF $1.03 $0.95 8.42% -63.51% $3.75 $0.73 $1.03
TOP Ships Inc TOPS $0.70 $0.71 -1.13% -29.01% $1.30 $0.62 $0.70
Price 1 Month
London Listed Current YTD 52 Week 52 Week
Ticker Last % Change Average
Companies* Price %Chg High Low
Week Volume
Globus Maritime Ltd GLBS 635.00 635.00 0.00% 67.99% 645.00 246.00 635.00
Hellenic Carriers Ltd HCL 78.00 79.00 -1.27% -4.29% 100.50 58.50 78.00
Goldenport Holdings
GPRT
Inc 123.50 120.50 2.49% 14.80% 139.78 95.85 123.50
* Prices in GBP
MARITIME INDEX DAILY COMPARISON CHARTS (3 MONTHS)*

1.15
Capital Link
Maritime
1.10 Index [ CLMI
]
1.05
S&P 500
1.00
0.95
0.90
Russell 2000
0.85
7/22/10 8/5/10 8/19/10 9/2/10 9/16/10 9/30/10 10/14/10
V
*SOURCE: BLOOMBERG
Page 25
0.90
Capital Link Shipping Russell 2000
0.85
Weekly
7/22/10 Markets
8/5/10 Report
8/19/10 9/2/10 9/16/10 9/30/10 10/14/10
STOCK MARKET - DATA BANK V
Shipping Equities *SOURCE: BLOOMBERG
CAPITAL LINK TANKER INDEX DAILY COMPARISON CHARTS (3 MONTHS)*

1.80
1.65 Capital Link
Drybulk
1.50 Index [
CLDBI ]
1.35
1.20
Baltic Dry
1.05 Index
0.90
7/22/10 8/5/10 8/19/10 9/2/10 9/16/10 9/30/10 10/14/10
*SOURCE: BLOOMBERG
CAPITAL LINK DRY BULK INDEX DAILY COMPARISON CHARTS (3 MONTHS)*

1.15
Capital Link
1.10
Tanker Index
1.05 [ CLTI ]
1.00
0.95
Baltic Dirty
0.90 Tanker Index
0.85
0.80
0.75 Baltic Clean
0.70 Tanker Index
7/22/10 8/5/10 8/19/10 9/2/10 9/16/10 9/30/10 10/14/10
*SOURCE: BLOOMBERG
ABOUT THE CAPITAL LINK MARITIME INDICES

They are market cap weighted indices composed of all U.S. listed shipping stocks. The main index covers the whole shipping industry with
all U.S. listed shipping stocks, and there are sector indices for dry bulk, tankers, containers, LNG/LPG, mixed fleet and shipping MPLs.
Investors can use these indices to better track the performance of individual listed shipping stocks, as well as of the shipping industry and
specific sectors against the broader stock market, freight indices or other individual stocks. The indices are calculated daily after market
close. The historic data go back to January 1, 2005.
The Indices, their methodology and composition can be accessed freely at www.CapitalLinkShipping.com or www.MaritimeIndices,com
and they are also availbale on Bloomberg (page CPLI), Reuters and Factset.
Page 26
Weekly Trading Statistics
Custom Statistics Prepared Weekly for Capital Link Shipping
BROAD MARKET
Percent Change of Major Indexes For The Week Ending Friday, October 22, 2010
Custom Statistics Prepared
Name SymbolWeeklyClose
for Capital Link Shipping
Net Gain Percent Gain
Dow Jones Transportation Index
TRAN 4755.24 60.46 1.29%
BROAD MARKET
Nasdasq Transportation Index TRANX 2361.74 16.90 0.72%
Percent
DowChange of Major
Jones Industrial Indexes
Average For The WeekINDU
Index Ending Friday, October 22, 2010
11132.56 69.78 0.63%
NameS&P 500 Index Symbol SPX Close
1183.08 Net Gain 6.89 Percent Gain
0.59%
Dow Jones Transportation Index TRAN 4755.24 60.46 1.29%
Russell
Nasdasq 1000 IndexIndex
Transportation TRANX RUI 2361.74 652.58 16.90 3.58 0.55%
0.72%
Dow Jones Industrial Average Index INDU 11132.56 69.78 0.63%
Russell
S&P 500 Index3000 Index SPX RUA 699.42
1183.08 6.89 3.57 0.51%
0.59%
Russell 1000 Index
Nasdaq Composite Index RUI
COMPX 652.58
2479.39 3.5810.62 0.55%
0.43%
Russell 3000 Index RUA 699.42 3.57 0.51%
Nasdaq-100
Nasdaq CompositeIndex
Index COMPXNDX 2479.39 2104.21 10.62 6.48 0.31%
0.43%
Nasdaq-100 Index NDX 2104.21 6.48 0.31%
Russell 2000
Russell 2000 Index Index RUT RUT 703.33
703.33 0.17 0.17 0.02%
0.02%
Phlx Semiconductor SectorSector
Phlx Semiconductor Index Index SOX SOX 356.92
356.92 -0.20-0.20 -0.06%
-0.06%
Index Data: INDU (Dow Jones Industrial INDU Important Moving Averages
IndexIndex:
Average Data: INDU (Dow closed
The INDU Jones today
Industrial INDU Important Moving Averages
Average for
at 11,132.56 Index: The gain
a weekly INDUofclosed
69.78 today
pts at 50 Day: 10,623.02
(+0.6308%). The high of the week was 11,249.57 pts
11,132.56 for a weekly gain of 69.78
50 Day: 10,623.02
while(+0.6308%).
the low wasThe high of (close
10,897.57 the week was 11,249.57
= 66.76% of 100 Day: 10,444.10
while the low was 10,897.57 (close = 66.76% of 100 Day: 10,444.10
high/low range). The INDU closed 1.56% from its
high/low range). The INDU closed 1.56% from its 200 Day:
200 Day: 10,515.29
10,515.29
52 week high (11,308.95) and 16.01% from its 52
52 week high (11,308.95) and 16.01% from its 52
week low (9,596.04
week low (9,596.04
SHIPPING INDUSTRY DATA (45 Companies)

SHIPPING INDUSTRY DATA (45 Companies)
Within the group (members listed on the last page), 23 issues traded higher on the week, 21
Within the group (members listed on the last page), 23 issues traded higher on the week, 21 traded lower and
traded lower and 1 where unchanged. The average weekly gain per name was 0.33%. The
1 where
groupunchanged. Thetimes
traded 1.05 average weeklyweekly
average gain per name was
volume. Price0.33%. Thewas
volatility group traded
higher 1.05usual,
than times average
weekly volume. Price volatility
increasing by 23.01 percent. was higher than usual, increasing by 23.01 percent.
Moving Averages
Moving Averages
The percent of theofmembers
The percent that closed
the members above
that closed eacheach
above majormajor
moving average:
moving average:
• 42.22% closed > 10D Moving Average.
 42.22% closed > 10D Moving Average.
• 68.89%
 68.89%closed > 50D
closed Moving
> 50D MovingAverage.
Average.
• 62.22% closed > 100D Moving
 62.22% closed > 100D Moving Average.
Average.
• 46.67%
 46.67%closed > 200D
closed Moving
> 200D Average.
Moving Average.
Top Upside Momentum (Issues with the greatest Top Downside Momentum (Issues with the greatest
100 day upside momentum*) 100 day downward momentum*)
Friday Friday
Weekly % 50-Day % Weekly %
Symbol 10/22/2010 Symbol 10/22/2010 50-Day % Change
Change Change Change
Close Close
GSL 3.69 15.31% 37.17% NEWL 4.2 0.96% -46.50%
SSW 14.21 5.57% 33.93% TBSI 4.25 -14.14% -31.45%
TK 31.33 12.82% 20.41% ONAV 1.22 1.67% -31.46%
GLNG 13.12 -0.76% 29.77% GMR 3.95 -2.95% -22.40%
VLCCF 20.67 2.17% 21.52% FREED 4.67 -2.51% -15.09%
DAC 4.7 4.68% 19.59% TOPS 0.7 -1.41% -17.65%
BHO 4.53 -1.52% 6.59% FRO 26.19 -5.86% -8.78%
HRZ 4.67 1.08% 20.05% DRYS 4.24 -7.83% -5.36%
NMM 18.95 2.54% 11.87% NNA 5.55 -0.72% -9.90%
SB 8.4 3.07% 13.06% PRGN 3.76 -3.84% -6.00%
*Momentum: (100D % change) + 1.5*(50D % change) + *Momentum: (100D % change) + 1.5*(50D % change) +
2.0*(10D % change) for each stock then sort group in 2.0*(10D % change) for each stock - sort names that have
descending order and report the top 10. a negative value in ascending order - report the top 10.
Page 27
Top Consecutive Higher Closes Top Consecutive Lower Closes
Friday Friday
Symbol 10/22/2010 Up Streak Symbol 10/22/2010 Up Streak
Close Close
TK 31.33 8 ALEX 34.64 -2
GASS 4.68 4 EGLE 5.15 -2
ANW 17.35 3 FREED 4.67 -4
CRU 17.32 3 FRO 26.19 -4
DAC 4.7 3 OSG 33.31 -4
GSL 3.69 3 STNG 11.56 -4
TNK 12.35 3 PRGN 3.76 -7
NMM 18.95 3 TBSI 4.25 -7
NNA 5.55 2
NAT 26.76 2
Each of these stocks made a new 52 week HIGH on Each of these stocks made a new 52 week on Friday,
Friday, 10/22/2010: GSL (3.69 +8.53%); SSW (14.21 10/22/2010: TBSI (4.25 -7.61%); GMR (3.95 +2.60%)
+6.76%); TK (31.33 +0.22%)
Top Largest Weekly Trading Gains Top Largest Weekly Trading Losses
Close Close
Friday Friday
One Net One
Symbol 10/22/2010 % Change Symbol 10/22/2010 Net Change % Change
Week Change Week
Close Close
Ago Ago
GSL 3.2 3.69 0.49 15.31% TBSI 4.95 4.25 -0.70 -14.14%
TK 27.77 31.33 3.56 12.82% DRYS 4.6 4.24 -0.36 -7.83%
OCNF 0.95 1.03 0.08 8.42% FRO 27.82 26.19 -1.63 -5.86%
SSW 13.46 14.21 0.75 5.57% DSX 13.98 13.43 -0.55 -3.93%
DAC 4.49 4.7 0.21 4.68% PRGN 3.91 3.76 -0.15 -3.84%
SB 8.15 8.4 0.25 3.07% GMR 4.07 3.95 -0.12 -2.95%
GASS 4.55 4.68 0.13 2.86% TRMD 7.78 7.56 -0.22 -2.83%
TNK 12.02 12.35 0.33 2.75% FREED 4.79 4.67 -0.12 -2.51%
NMM 18.48 18.95 0.47 2.54% TNP 12.95 12.71 -0.24 -1.85%
VLCCF 20.23 20.67 0.44 2.17% STNG 11.75 11.56 -0.19 -1.62%
Top Largest Monthly* Trading Gains Top Largest Monthly* Trading*Losses

Close Close
Friday Friday
One Net % One
Symbol 10/22/2010 Symbol 10/22/2010 Net Change % Change
Month Change Change Month
Close Close
Ago Ago
GSL 2.67 3.69 1.02 38.20% TBSI 5.43 4.25 -1.18 -21.73%
SHIP 0.99 1.25 0.26 26.26% NEWL 5.09 4.2 -0.89 -17.49%
SSW 11.83 14.21 2.38 20.12% GMR 4.4 3.95 -0.45 -10.23%
HRZ 4 4.67 0.67 16.75% FRO 28.89 26.19 -2.70 -9.35%
TK 26.84 31.33 4.49 16.73% FREED 5 4.67 -0.33 -6.60%
TOO 22.66 24.84 2.18 9.62% VLCCF 21.76 20.67 -1.09 -5.01%
OCNF 0.95 1.03 0.08 8.42% TNK 13 12.35 -0.65 -5.00%
TGP 31.5 34 2.50 7.94% CRU 18.2 17.32 -0.88 -4.84%
SB 7.79 8.4 0.61 7.83% NNA 5.82 5.55 -0.27 -4.64%
NM 5.51 5.94 0.43 7.80% PRGN 3.94 3.76 -0.18 -4.57%
* A month has been standardized to 20 trading days * A month has been standardized to 20 trading days
Stocks Nearest to 52-Week Highs Stocks Nearest To 52-Week Lows
Page 28
SSW 11.83 14.21 2.38 20.12% GMR 4.4 3.95 -0.45 -10.23%
HRZ 4 4.67 0.67 16.75% FRO 28.89 26.19 -2.70 -9.35%
Capital
TK
TOO
Link
22.66
Shipping
26.84
24.84 2.18
31.33 4.49 16.73%
9.62%
FREED
VLCCF 21.76
5 4.67
20.67
-0.33
Monday,
-1.09
-6.60%
October
-5.01% 25, 2010 (Week 42)
Weekly
OCNF Markets
0.95 Report
1.03 0.08 8.42% TNK 13 12.35 -0.65 -5.00%
TGP 31.5 34 2.50 7.94% CRU STOCK MARKET - DATA
18.2 -4.84% BANK
17.32 -0.88
SB 7.79 8.4 0.61 7.83% NNA 5.82 5.55 -0.27 -4.64%

NM 5.51 5.94 0.43
* A month has been standardized to 20 trading days
Symbol 52W High % Away
7.80% PRGN
Symbol
3.94 3.76
52W Low
-0.18
* A month has been standardized to 20 trading days
% Away
-4.57%
NMM 19.24 -1.50% NEWL 4.16 0.96%

Stocks Nearest to 52-Week Highs Stocks Nearest To 52-Week Lows
SFL 20.52 -1.61% NAT 26.25 1.95%
Symbol 52W High % Away Symbol 52W Low % Away
TOO 25.50 -2.59% TNP 12.27 3.55%
NMM 19.24 -1.50% NEWL 4.16 0.96%
TGP 35.25 -3.55% FREED 4.50 3.78%
SFL 20.52 -1.61% NAT 26.25 1.95%
GLNG 13.75 -4.58% OSG 31.39 6.12%
TOO 25.50 -2.59% TNP 12.27 3.55%
ALEX 36.74 -5.71% ONAV 1.14 7.02%
TGP 35.25 -3.55% FREED 4.50 3.78%
CRU 18.49 -6.32% NNA 5.04 10.12%
GLNG 13.75 -4.58% OSG 31.39 6.12%
CPLP 9.29 -6.78% TRMD 6.78 11.50%
ALEX 36.74 -5.71% ONAV 1.14 7.02%
VLCCF 22.18 -6.81% PRGN 3.36 11.85%
CRU 18.49 -6.32% NNA 5.04 10.12%
SB 9.11 -7.76% TOPS 0.62 12.90%
CPLP 9.29 -6.78% TRMD 6.78 11.50%
VLCCF 22.18 -6.81% PRGN 3.36 11.85%
SB 9.11 -7.76% TOPS 0.62 12.90%
Top Stocks With Highest Weekly Volume Run Rate* > 1
Symbol Friday, 10/22/2010 Close Net % Change Run Rate

Top Stocks With Highest Weekly Volume Run
FREED 4.67
Rate* > 1 -2.51% 3.3777
GSL 3.69 15.31% 2.5121
Symbol Friday, 10/22/2010 Close Net % Change Run Rate
TNK 12.35 2.75% 1.8769
FREED 4.67 -2.51% 3.3777
OCNF 1.03 8.42% 1.8741
GSL 3.69 15.31% 2.5121
TK 31.33 12.82% 1.8367
TNK 12.35 2.75% 1.8769
NEWL 4.2 0.96% 1.7143
OCNF 1.03 8.42% 1.8741
TNP 12.71 -1.85% 1.6496
TK 31.33 12.82% 1.8367
CRU 17.32 -1.20% 1.4240
NEWL 4.2 0.96% 1.7143
NMM 18.95 2.54% 1.3634
TNP 12.71 -1.85% 1.6496
VLCCF 20.67 2.17% 1.3379
CRU 17.32 -1.20% 1.4240
NMM 18.95 2.54% 1.3634
*The Volume Run Rate is calculated by dividing the current week's volume by the average volume over
VLCCF
the last 20 weeks. For example, a run rate of20.67 2.17%twice its average volume.
2.0 means the stock traded 1.3379
*The Volume Top Year-To-Date

Run Gainers
Rate is calculated Topvolume
by dividing the current week's Year-To-Date Decliners
by the average volume over
the last 20 weeks. For example, a run rate of 2.0 means the stock traded twice its average
Symbol YTD Gain % Symbol volume.
YTD Decline %
GSL 156.25% OCNF -63.08%
Top Year-To-Date Gainers Top Year-To-Date Decliners
BHO 69.66% NEWL -61.11%
Symbol YTD Gain % Symbol YTD Decline %
VLCCF 67.10% ONAV -60.90%
GSL 156.25% OCNF -63.08%
SSW 58.59% SHIP -57.34%
BHO 69.66% NEWL -61.11%
TNK 57.12% NNA -43.54%
VLCCF 67.10% ONAV -60.90%
SFL 56.15% TBSI -42.18%
SSW 58.59% SHIP -57.34%
TK 41.70% GMR -40.78%
TNK 57.12% NNA -43.54%
NMM 38.02% ANW -36.77%
SFL 56.15% TBSI -42.18%
TGP 36.22% FREED -31.32%
TK 41.70% GMR -40.78%
TOO 32.98% TOPS -30.69%
NMM 38.02% ANW -36.77%
TGP 36.22% FREED -31.32%
The following stocks crossed and closed ABOVE their 200 day moving average: HRZ (4.67 +7.85%);
TOO+1.37%)
NM (5.94 32.98% TOPS -30.69%
The followingstocks
The following are the 45 members
crossed of this
and closed group:
ABOVE Symbol
their 200 day movingALEX
– Name: - Alexander
average: HRZ (4.67& Baldwin
+7.85%); Inc;
ANW
NM - Aegean
(5.94 +1.37%) Marine Petroleum Network Inc; BALT - Baltic Trading Ltd; BHO - B+H Ocean Carriers
Ltd; CPLP - Capital Product Partners LP; CRU - Crude Carriers Corp; DAC - Danaos Corp; DHT - DHT
The following
Maritime are the
Inc; DRYS 45 members
- DryShips of this
Inc; DSX group:
- Diana Symbol
Shipping Inc; EGLE - ALEX
– Name: Eagle -Bulk
Alexander & Baldwin
Shipping Inc; ESEA Inc;-
ANW - Aegean
Euroseas Marine
Ltd; EXM Petroleum
- Excel Network
Maritime Carriers BALT
Inc; Ltd; - Baltic
FREED Trading Ltd;
– FreeSeas; BHO
FRO - B+H Ocean
- Frontline Carriers-
Ltd; GASS
Ltd; CPLP - Inc;
StealthGas Capital
GLNGProduct Partners
- Golar Ltd;CRU
LNG LP; GMR- Crude Carriers
- General DAC -GNK
Corp; Corp;
Maritime Danaos Corp; DHT
- Genco - DHT
Shipping &
MaritimeLtd;
Trading DRYS- Global
Inc; GSL - DryShips
ShipInc; DSXInc;
Lease - Diana
HRZShipping
- HorizonInc; EGLE
Lines Inc;- Eagle
NAT -Bulk Shipping
Nordic Inc; ESEA
American Tanker-
Euroseas NEWL
Shipping; Ltd; EXM - Excel Maritime
- NewLead Holdings Carriers
Ltd; NM Ltd; FREED
- Navios HoldingsFRO
– FreeSeas;
Maritime Inc; -NMM
Frontline GASS -
Ltd; Maritime
- Navios
StealthGas
Partners LP;Inc;
NNAGLNG - Golar
- Navios LNG Ltd;
Maritime GMR - General
Acquisition Corp; OCNFMaritime Corp; GNK Inc;
- OceanFreight - Genco
ONAVShipping
- Omega &
Trading
Navigation GSL - Global
Ltd;Enterprises Ship Lease
Inc; OSG Inc; HRZ
- Overseas - Horizon
Shipholding Lines
Group Inc;
Inc; PRGNNAT- -Paragon
Nordic American Tanker
Shipping Inc; SB
Shipping; NEWLInc;
- Safe Bulkers - NewLead
SBLK - Holdings
Star BulkLtd; NM - Navios
Carriers Maritime
Corp; SFL Holdings
- Ship Finance NMM - Navios
Inc;International Ltd;Maritime
SHIP -
Partners LP;
Seanergy NNA -Holdings
Maritime Navios Corp;
Maritime
SSWAcquisition
- SeaspanPage 29 OCNF
Corp;
Corp; STNG- OceanFreight
- Scorpio Tankers Inc; ONAV - Omega
Inc; TBSI - TBS
Navigation Enterprises
International Ltd; TGP -Inc; OSGLNG
Teekay - Overseas
PartnersShipholding
LP; TK - Teekay Inc; PRGN
GroupCorp; TNK - -Teekay
Paragon Shipping
Tankers Ltd;Inc;
TNP SB-
SSW 58.59% SHIP -57.34%
TNK 57.12% NNA -43.54%
Capital
SFL Link Shipping
56.15% TBSI -42.18%
Weekly
NMM Markets Report
TK 41.70% GMR -40.78%
38.02% ANW -36.77%
TGP 36.22% FREED STOCK MARKET
-31.32% - DATA BANK
TOO 32.98% TOPS -30.69%

The following stocks crossed and closed ABOVE their 200 day moving average: HRZ (4.67 +7.85%);
NM (5.94 +1.37%)
The following are the 45 members of this group: Symbol – Name: ALEX - Alexander & Baldwin Inc;
ANW - Aegean Marine Petroleum Network Inc; BALT - Baltic Trading Ltd; BHO - B+H Ocean Carriers
Ltd; CPLP - Capital Product Partners LP; CRU - Crude Carriers Corp; DAC - Danaos Corp; DHT - DHT
Maritime Inc; DRYS - DryShips Inc; DSX - Diana Shipping Inc; EGLE - Eagle Bulk Shipping Inc; ESEA -
Euroseas Ltd; EXM - Excel Maritime Carriers Ltd; FREED – FreeSeas; FRO - Frontline Ltd; GASS -
StealthGas Inc; GLNG - Golar LNG Ltd; GMR - General Maritime Corp; GNK - Genco Shipping &
Trading Ltd; GSL - Global Ship Lease Inc; HRZ - Horizon Lines Inc; NAT - Nordic American Tanker
Shipping; NEWL - NewLead Holdings Ltd; NM - Navios Maritime Holdings Inc; NMM - Navios Maritime
Partners LP; NNA - Navios Maritime Acquisition Corp; OCNF - OceanFreight Inc; ONAV - Omega
Navigation Enterprises Inc; OSG - Overseas Shipholding Group Inc; PRGN - Paragon Shipping Inc; SB
- Safe Bulkers Inc; SBLK - Star Bulk Carriers Corp; SFL - Ship Finance International Ltd; SHIP -
Seanergy Maritime Holdings Corp; SSW - Seaspan Corp; STNG - Scorpio Tankers Inc; TBSI - TBS
International Ltd; TGP - Teekay LNG Partners LP; TK - Teekay Corp; TNK - Teekay Tankers Ltd; TNP -
Tsakos Energy Navigation Ltd; TOO - Teekay Offshore Partners LP; TOPS - TOP Ships Inc; TRMD -
D/S Torm A/S; VLCCF - Knightsbridge Tankers Ltd
Notes
These symbols were ignored in some analysis (i.e. 200 day moving average) due to the lack of historical
data: BALT, CRU, and STNG. 0
DISCLAIMER
This communication has been prepared by Knight Equity Markets, L.P. The information set forth above has been
compiled from third party sources believed by Knight to be reliable, but Knight does not represent or warrant its
accuracy, completeness or timeliness of the information and Knight, and its affiliates, are not responsible for losses
or damages arising out of errors or omissions, delays in the receipt of this information, or any actions taken in
reliance thereon. The information provided herein is not intended to provide a sufficient or partial basis on which to
make an investment decision. The communication is for your general information only and is not an offer or
solicitation to buy or sell any security or product.
Knight and its affiliates most likely make a market in the securities mentioned in this document. Historical price(s) or
value(s) are as of the date and, if applicable, time indicated. Knight does not accept any responsibility to update any
information contained in this communication. Knight and/or its affiliates, officers, directors and employees, including
persons involved in the preparation or issuance of this material, may, from time to time, have long or short positions
in, or buy or sell (on a principal basis or otherwise) the securities mentioned in this communication which may be
inconsistent with the views expressed herein. Questions regarding the information presented herein or a request for a
copy of this document should be referred to your Knight representative. Copyright 2010 Knight Equity Markets, L.P.
Member NASD/SIPC. All rights reserved.
Shipping Bonds
Market Commentary
Volumes were moderate in the high-yield market this week. 8 deals totaling $5.02 billion were priced through Thursday. The forward
calendar of US-dollar issues stands at 11 new issues totaling $4.3 billion. High yield mutual funds and exchange-traded funds reported a
$240 million weekly inflow. Meanwhile, bank loan funds reported an inflow of $308 million. YTD, high yield funds (including funds reporting
weekly and monthly) have had inflows of $9.9 billion, while loan funds had inflows of $7.2 billion (vs. $3.4 billion in all of 2009)
Page 30
Shipping Bonds Contributed by
Shipping Relative Value Analysis 1
Amount Issue As of 10/22/10

Issuer Coupon Issue Maturity Out Rating Bid YTW STW
Shipping
American Commercial (ACLI) 12.500% Sr Sec Nts 07/15/17 $200 B2 / B+ 109.50 9.92% 736 bps
American Petroleum Tankers (AMPETR) 10.250% Sr Sec Nts 05/01/15 $285 B1 / B+ 102.50 9.40% 825 bps
Berlian Laju Tanker (BLTAIJ) 7.500% Sr Un Nts 05/15/14 $400 NR/ CCC 77.50 16.05% 1552 bps
CMA CGM (CMACG) 5.500% Sr Un Nts 05/16/12 € 293 NR/ NR 94.00 9.75% 908 bps
7.250% Sr Un Nts 02/01/13 $150 NR/ NR 92.00 11.35% 1099 bps
General Maritime (GMR) 12.000% Sr Un Nts 11/15/17 $300 Caa1 / CCC+ 103.00 11.20% 864 bps
Golden State Petro (GOLDEN) 8.040% Sr Sec Nts 02/01/19 $107 Baa3 / BBB 104.98 7.23% 433 bps
Great Lakes Dredge & Dock (GREATL) 7.750% Sr Sub Nts 12/15/13 $175 B3 / B- 101.75 4.13% 400 bps
DryShips (DRYS) 5.000% Conv Nts 12/01/14 $700 NR/ NR 94.18 6.64% 573 bps
Excel Maritime (EXM) 1.875% Conv Nts 10/15/27 $150 NR/ NR 75.50 9.38% 851 bps
Horizon Lines (HRZ) 4.250% Conv Nts 08/15/12 $330 Caa3 / CCC+ 91.75 9.33% 897 bps
Marquette Transportation (MARTRA) 10.875% Sr Sec Nts 01/15/17 $250 B3 / B- 102.50 10.24% 768 bps
Navios Maritime Acquisition (NNA) 8.625% Sr Sec Nts 11/01/17 $400 B2/ B 100.75 8.44% 588 bps
Navios Maritime (NAVIOS) 8.875% Sr Sec Nts 11/01/17 $400 Ba3 / BB- 106.00 7.42% 486 bps
9.500% Sr Un Nts 12/15/14 $300 B3 / B+ 103.50 7.68% 653 bps
Norwegian Cruise Line (STRC) 11.750% Sr Sec Nts 11/15/16 $450 B3 / B+ 113.50 8.37% 722 bps
Overseas Shipholding (OSG) 8.750% Sr Un Nts 12/01/13 $74 Ba3 / BB- 108.00 5.88% 534 bps
8.125% Sr Un Nts 03/30/18 $300 Ba3 / BB- 103.50 7.50% 494 bps
7.500% Sr Un Nts 02/15/24 $146 Ba3 / BB- 88.00 9.07% 651 bps
Royal Caribbean (RCL) 8.750% Sr Un Nts 02/02/11 $500 Ba3 / BB- 101.75 2.04% 186 bps
7.000% Sr Un Nts 06/15/13 $550 Ba3 / BB- 104.50 5.15% 461 bps
6.875% Sr Un Nts 12/01/13 $350 Ba3 / BB- 104.50 5.28% 474 bps
11.875% Sr Un Nts 07/15/15 $300 Ba3 / BB- 122.00 6.39% 524 bps
7.250% Sr Un Nts 06/15/16 $350 Ba3 / BB- 104.50 6.29% 514 bps
7.250% Sr Un Nts 03/15/18 $150 Ba3 / BB- 104.00 6.56% 400 bps
7.500% Sr Un Nts 10/15/27 $300 Ba3 / BB- 95.00 8.04% 411 bps
5.625% Sr Un Nts 01/27/14 € 1,000 Ba3 / BB- 100.50 5.44% 444 bps
Ship Finance (SHIPFI) 8.500% Sr Un Nts 12/15/13 $449 B1 / B+ 102.40 1.07% 53 bps
Stena AB (STENA) 7.000% Sr Un Nts 12/01/16 $129 Ba2 / BB+ 97.00 7.62% 647 bps
6.125% Sr Un Nts 02/01/17 € 300 Ba2 / BB+ 97.00 6.72% 497 bps
5.875% Sr Un Nts 02/01/19 € 102 Ba2 / BB+ 93.00 7.00% 488 bps
7.875% Sr Un Nts 03/15/20 € 200 Ba2 / BB+ 102.00 7.57% 533 bps
Teekay Corp (TK) 8.500% Sr Un Nts 01/15/20 $450 B1 / BB 110.75 6.90% 434 bps
Trailer Bridge (TRBR) 9.250% Sr Sec Nts 11/15/11 $83 B3 / B- 100.00 9.17% 881 bps
Ultrapetrol (ULTR) 9.000% Sr Sec Nts 11/24/14 $180 B2 / B- 101.50 8.19% 704 bps
United Maritime (UNMTGR) 11.750% Sr Sec Nts 06/15/15 $200 B3 / B 102.37 10.83% 968 bps
Windsor Petroleum (WINPET) 7.840% Sr Sec Nts 01/15/21 $200 Baa2 / BB+ NA NA NA
Supply Vessels
Gulfmark Offshore (GMRK) 7.750% Sr Un Nts 07/15/14 $160 B1 / BB- 102.25 6.26% 511 bps
Hornbeck Offshore Services (HOS) 6.125% Sr Un Nts 12/01/14 $300 Ba3 / B+ 98.13 6.65% 550 bps
8.000% Sr Un Nts 09/01/17 $250 Ba3 / B+ 100.50 7.87% 531 bps
Seacor Holdings (CKH) 5.875% Sr Un Nts 10/01/12 $179 Ba1 / BBB- 105.14 3.11% 275 bps
7.375% Sr Un Nts 10/01/19 $250 Ba1 / BBB- 111.13 5.76% 320 bps
Source: Knight, Company Fillings, Bloomberg Page 31

1
Leverage ratios calculated through respective priority levels (e.g. Sr, Sr Subs)
2
Adjusted EBITDA
EVENTS
Earnings & Conference Call Calendar
Exchange Ticker Sector Results Conference Call
Date Time Date Time (EDT)
Navios Maritime Partners Wed, Oct Wed, Oct 27,

NYSE NMM Drybulk BMO 8:30 AM
L.P. 27, 2010 2010
Wed, Oct Wed, Oct 27,
Seaspan Corp. NYSE SSW Containers BMO 10:00 AM
27, 2010 2010
Wed, Oct Thurs, Oct
General Maritime NYSE GMR Tankers AMC 8:30 AM
27, 2010 28, 2010
Fri, Oct 29, Fri, Oct 29,
Capital Product Partners Nasdaq CPLP Tankers BMO 10:00 AM
2010 2010
Tues, Nov 2, Tues, Nov 2,
Overseas Shipholding Group NYSE OSG Tankers BMO 11:00 AM
2010 2010
Tues, Nov 2, Wed, Nov 3,
Excel Maritime NYSE EXM Drybulk AMC 10:00 AM
2010 2010
Wed, Nov 3, Wed, Nov 3,
Alexander & Baldwin Inc. NYSE ALEX Containers AMC 5:00 PM
2010 2010
Wed, Nov 3, Thurs, Nov 4,
Genco Shipping NYSE GNK Drybulk AMC 8:30 AM
2010 2010
Wed, Nov 3, Thurs, Nov 4,
Baltic Trading Ltd. NYSE BALT Drybulk AMC 10:00 AM
2010 2010
Mon, Nov Mon, Nov 15,
Diana Shipping NYSE DSX Drybulk BMO 9:00 AM
15, 2010 2010
BMO - Before Market Open; AMC - After Market Close

Access a fully updated calendar at www.CapitalLinkShipping.com
Recent Events
Capital Link
3 Annual
rd
International Shipping & Marine

Services Forum
Tuesday, October 12, 2010 - London
In Cooperation with Global Lead Sponsor
Page 32
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TERMS OF USE & DISCLAIMER

Investor Relations & Financial Advisory

Capital Link Shipping Weekly Markets Report

Capital Link Investor Shipping Forums

Capital Link - New York - London - Athens

Discussions of credit ratings always bring about the subject

There is always humor when finance and commodity/ equipment

In terms of lessons learned, I already knew that media-facing

Second Quarter Highlights:

Q: I wanted to point out that you operate larger vessels so

A: That is true. The larger vessels – the capsize vessels, contribute

Yes and in fact, these materials have to be sourced from further

About StarBulk Carriers

at today’s rates. BDI MONTHLY AVERAGE

The International Monetary Fund gave a report, that the global

The leading specialist in

Frankfurt/Main · Hamburg · London · Cardiff · Rotterdam · Bergen

were concluded on Eastern ballasters. Looking to next week we expect 66

2010-7 2011 2012 2013-10 2014 2015

less activity was a softening of the Suezmax market. Having commenced

we expect rates to remain soft at the start to the week ahead. 29

of owners decided to ballast to the Continent, allowing prompt tonnage to

2010-6 2011 2012 2013 2014 2015

As shown in the chart below, the National Oceanic and Atmospheric

NOAA Heating Season Forecast 2010-2011

Source: EIA Short Term Energy Outlook (October 2010)

• All listed Company news and Company proﬁles

Weekly Freight Rate & Asset Trends 170K 3yr TC

Handysize Handymax Supramax Panamax

FREIGHT RATES Contributed by

52K 6mnt TC 22,500 23,000 -2% 26,258 17,500 47,100

52K 3yr TC 18,250 18,500 -1% 17,813 13,700 38,000

30K 6mnt TC 16,500 16,750 -1% 17,750 11,600 30,500

Baltic Indices / Dry Bulk Spot Rates

The softening in the larger sizes continues, with a number of operators

BRAEMAR SEASCOPE CONTAINERS - LONDON - SINGAPORE - SHANGHAI

S&P:- [email protected] CHARTERING:- [email protected]

Phone: +30 210 4295000

TOTAL WEEKLY S&P ACTIVITY

DRY BULK CARRIERS

DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

DATE SECTOR VESSEL ROUTE AVERAGE PERIOD FROM TO RATE

DATE SECTOR VESSEL ROUTE AVERAGE PERIOD FROM TO RATE

DATE SECTOR VESSEL ROUTE AVERAGE PERIOD FROM TO RATE

DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

DATE SECTOR VESSEL ROUTE PERIOD FROM TO RATE

Key Currency Rates

Price Last January 4, Today’s

Key Agricultural & Consumer Commodities

Key ICE Futures