CHINA MACRO OUTLOOK DRY BULK DIVERGENCE & CAPESIZE COMEBACK

-Chinese Steel Production -Emergence of China’s Middle Class -Geographical Development Trends -Decline in Capesize Deliveries -Increase in Panamax Deliveries Major Topics

-Established March Focus on Dry Bulk Market -China National Shipping Service -Dry Bulk Report Subscription -Various Consulting Services About Commodore

Chinese Steel Production

Chinese Steel Production (March March 2013) Chinese Steel Production

Geographical Development Developed East Emerging Central Revitalized Northeast Western Development

True Story

Geographical Development Developed East Emerging Central Revitalized Northeast Western Development

Chinese Iron Ore Production & Imports

Chinese Iron Ore Production (March March 2013) Chinese Iron Ore Production

Chinese Iron Ore Imports Chinese Iron Ore Imports (April April 2013)

Capesize Comeback

CAPEDeliveriesScrappingNet Addition Jan’ Feb’ Mar’ Apr’ May’ Jun’ Jul’ Aug’12880 Sep’ Oct’ Nov’12761 Dec’12505

Average Daily Capesize Rates (February May 2013) Capesize Rates

Capesize Easing Has Begun YearHandysizeHandymaxPanamaxCapesize (p) Deliveries (2009 – 2012); Commodore Projection (2013)

Outlook -Improvement in Capesize Rates in H2 -Decline in Panamax Rates in H2 -Continued Growth of the Middle Class -Ongoing Development of Western China -Robust Demand for Iron Ore Imports

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