What is in store for The World Merchant Fleet in 2012? May 2012

World Fleet Statistics 11 May 2011 Active Merchant Fleet: as at MAY 2 ND 2012 Active Merchant Fleet: as at MAY 2 ND 2012 BULKERS – 624 MIL DWT (8,256 SHIPS) (>20,000DWT) TANKERS – 461 MIL DWT (4,335 SHIPS) TANKERS – 461 MIL DWT (4,335 SHIPS)(>25,000DWT) CONTAINERS – 15.7 MIL TEU (5,016 SHIPS) GAS CARRIERS – 72.4 MIL CBM (1,590 SHIPS) AthensIstanbul 19,197 Ships

World Fleet Statistics 11 May 2011 Current NewBuilding Orderbook: Current NewBuilding Orderbook: BULKERS – 171 MIL DWT (2,063 SHIPS) (>20,000DWT) TANKERS – 69 MIL DWT (530 SHIPS) TANKERS – 69 MIL DWT (530 SHIPS)(>25,000DWT) CONTAINERS – 3.9 MIL TEU (570 SHIPS) GAS CARRIERS – 13.7 MIL CBM (181 SHIPS) AthensIstanbul 3,344 Ships

World Fleet Statistics 11 May 2011 Dry Bulkers Orderbook: AthensIstanbul Ship typeActive ShipsShips on Order% of Active VLOC % CAPES1, % POST PMAX % PANAMAX1, % SUPRAMAX1, % HANDYMAX % HANDIES2, %

World Fleet Statistics 11 May 2011 Dry Bulkers Orderbook : AthensIstanbul MILLION DWT

World Fleet Statistics 11 May 2011 Dry Bulker Fleet Breakdown: AthensIstanbul 4.7% of Active Fleet is over 30 years old

World Fleet Statistics 11 May 2011 Tankers Orderbook: AthensIstanbul Ship typeActive ShipsShips on Order% of Active ULCC % VLCC % SUEZMAX % AFRAMAX898617% LR1 TANKERS % MR TANKERS1, %

World Fleet Statistics 11 May 2011 Tankers Orderbook : AthensIstanbul MILLION DWT

World Fleet Statistics 11 May 2011 Tanker Fleet Breakdown: AthensIstanbul 0.9% of Active Fleet is over 30 years old

World Fleet Statistics 11 May 2011 Containership Orderbook: AthensIstanbul Ship typeActive ShipsShips on Order% of Active ULCV829363% SUPER P. PMAX % POST PANAMAX % PANAMAX1, % SUB PANAMAX690335% FEEDERS2, %

World Fleet Statistics 11 May 2011 Containership Orderbook : AthensIstanbul,000 TEU

World Fleet Statistics 11 May 2011 Containership Fleet Breakdown: AthensIstanbul 2.7% of Active Fleet is over 30 years old

World Fleet Statistics 11 May 2011 NewBuilding Deliveries 2012: NewBuilding Deliveries 2012: BULKERS –1,664 SHIPS (141mil DWT) (>25,000DWT) TANKERS – 323 SHIPS (44mil DWT) TANKERS – 323 SHIPS (44mil DWT)(>25,000DWT) CONTAINERS – 284 SHIPS (1.5mil TEU) GAS CARRIERS – 66 SHIPS (0.9mil CBM) AthensIstanbul 2,337 ships 2,337 ships 6 ships/day

World Fleet Statistics 11 May 2011 Newbuilding Deliveries : AthensIstanbul Ship type scheduled 2013 scheduled BULKERS9251,1251, TANKERS CONTAINERS GAS TOTALS1,6111,6862,3371,173 SHIPS/DAY

World Fleet Statistics 11 May 2011 Dry Bulker Deliveries AthensIstanbul

World Fleet Statistics 11 May 2011 Tanker Deliveries AthensIstanbul

World Fleet Statistics 11 May 2011 Containership Deliveries AthensIstanbul

World Fleet Statistics 11 May 2011 Gas Carrier Deliveries AthensIstanbul

Newbuilding Orders 11 May 2011 Newbuilding Orders placed AthensIstanbul

Newbuilding Orders 11 May 2011 Dry Bulk Orderbook by Country of Built AthensIstanbul

Newbuilding Orders 11 May 2011 Tanker Orderbook by Country of Built AthensIstanbul

Newbuilding Orders 11 May 2011 Container Orderbook by Country of Built AthensIstanbul

Demolition Market 11 May 2011 Demolition Activity Key Statistics AthensIstanbul  44.3mil tons removed in 2011 (1,507 ships)  31.5mil tons removed in 2010 (1,309 ships)  Already 24.2mil tons in 2012 (projected >55mil)  Scrapping dwt is ~2-3% of total active dwt  Turkey in 2011 received 299 ships (~142k of LDT) while we have already seen 47 vessels in 2012  As Turkey remains the obvious choice for Med/ Black Sea region and prices firm we could see scrapping volume increase this year

Demolition Market 11 May 2011 Demolition Activity AthensIstanbul Ship type2011 ships2011 dwt in mil 2012 ships2012 dwt in mil BULKERS TANKERS CONTAINERS GAS ALL OTHER TOTALS1,

Demolition Market 11 May 2011 Demolition Activity AthensIstanbul No. of Ships Scrapped 2011 No. of Ships Scrapped 2012

Demolition Market 11 May 2011 Demolition Activity per Region 2012 AthensIstanbul Number of Ships Scrapped

Demolition Market 11 May 2011 Demolition Activity per Region 2012 AthensIstanbul Total DWT Scrapped

Demolition Market 11 May 2011 Demolition potential AthensIstanbul  2010 average age of scrapping was 31 years  2011 average age of scrapping is 32 years  2012 average age of scrapping is 28 years No. Vessels over 30 years old  385 Dry Bulkers > 20,000DWT (4.7%)  39 Tankers > 25,000DWT (0.9%)  134 Containers (2.7%)  234 Gas Carriers (14.7%)

SnP Market 11 May 2011 SnP Activity by Vessel Type AthensIstanbul No. of Ships Sold 2011 No. of Ships Sold 2012

SnP Market 11 May 2011 SnP Activity by Vessel Type AthensIstanbul Total Capital Outlay

SnP Market 11 May 2011 SnP Activity by Vessel Type AthensIstanbul No. of Dry Bulkers Sold

SnP Market 11 May 2011 SnP Activity by Vessel Type AthensIstanbul No. of Tankers Sold

SnP Market 11 May 2011 SnP Activity by Vessel Type AthensIstanbul No. of Containerships Sold

SnP Market 11 May 2011 SnP Activity by Vessel Type AthensIstanbul No. of Gas Carriers Sold

SnP Market 11 May 2011 SnP Activity by Vessel Type AthensIstanbul Dry Bulk Sales - Breakdown by Size

SnP Market 11 May 2011 SnP Activity by Vessel Type AthensIstanbul Tanker Sales - Breakdown by Size

SnP Market 11 May 2011 SnP Activity by Vessel Type AthensIstanbul Containership Sales - Breakdown by Size

SnP Market 11 May 2011 SnP Activity by Turkish buyers in 2011 AthensIstanbul By number of Vessels Purchased NATIONALITYNO. VESSELS 1GREECE203 2CHINA53 3INDONESIA53 4SINGAPORE29 5GERMANY26 6TURKEY24

SnP Market 11 May 2011 SnP Activity by Turkish buyers in 2011 AthensIstanbul By total Investment Value NATIONALITYMILL USD 1GREECE4,394 2INDONESIA982 3CHINA581 4SINGAPORE440 5GERMANY347 6TURKEY224

40 For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co. Compiled by: Intermodal Research Department | Mr. George Lazaridis | On behalf of: Intermodal Sale & Purchase, Newbuilding and Chartering Departments Athens - Mr. K. Dermatis, Mr. D. Evdemon, Mr. J. Cotzias, Mr. A. Poulopoulos, Mr. T. Ntalakos, Ms. N. Anomitri, Mr. G. Bassakos, Mr. T. Papadopoulos, Mr. Y. Olziersky, Mr. L. Mystriotis, Mr. P. Tsilingiris, Mr. P. Makrinos, Mr. N. Papantonopoulos, Mr. S. Stavropoulos| Shanghai - Mr. G. Dermatis, Mr. G. Eliades, Ms. J. Cao, Mr. S. Ding, Mr. D. Zang | Thank you Teşekkür Ederim