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

2. 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

3. 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

4. World Fleet Statistics 11 May 2011 Dry Bulkers Orderbook: AthensIstanbul Ship typeActive ShipsShips on Order% of Active VLOC27514051% CAPES1,09316215% POST PMAX41113433% PANAMAX1,80365536% SUPRAMAX1,58037624% HANDYMAX7948811% HANDIES2,30050822%

5. World Fleet Statistics 11 May 2011 Dry Bulkers Orderbook 2012-2015: AthensIstanbul MILLION DWT

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

7. World Fleet Statistics 11 May 2011 Tankers Orderbook: AthensIstanbul Ship typeActive ShipsShips on Order% of Active ULCC3136116% VLCC5606712% SUEZMAX44710423% AFRAMAX898617% LR1 TANKERS4324210% MR TANKERS1,96722011%

8. World Fleet Statistics 11 May 2011 Tankers Orderbook 2012-2015: AthensIstanbul MILLION DWT

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

10. World Fleet Statistics 11 May 2011 Containership Orderbook: AthensIstanbul Ship typeActive ShipsShips on Order% of Active ULCV829363% SUPER P. PMAX13011689% POST PANAMAX75813518% PANAMAX1,04415014% SUB PANAMAX690335% FEEDERS2,3861074%

11. World Fleet Statistics 11 May 2011 Containership Orderbook 2012-2015: AthensIstanbul,000 TEU

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

13. 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

14. World Fleet Statistics 11 May 2011 Newbuilding Deliveries 2010-2013: AthensIstanbul Ship type201020112012 scheduled 2013 scheduled BULKERS9251,1251,664647 TANKERS337297323212 CONTAINERS261194284256 GAS88706658 TOTALS1,6111,6862,3371,173 SHIPS/DAY 4.44.66.43.2

15. World Fleet Statistics 11 May 2011 Dry Bulker Deliveries 2011-2012 AthensIstanbul

16. World Fleet Statistics 11 May 2011 Tanker Deliveries 2011-2012 AthensIstanbul

17. World Fleet Statistics 11 May 2011 Containership Deliveries 2011-2012 AthensIstanbul

18. World Fleet Statistics 11 May 2011 Gas Carrier Deliveries 2011-2012 AthensIstanbul

19. Newbuilding Orders 11 May 2011 Newbuilding Orders placed 2010-2012 AthensIstanbul

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

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

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

23. 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

24. Demolition Market 11 May 2011 Demolition Activity 2011-2012 AthensIstanbul Ship type2011 ships2011 dwt in mil 2012 ships2012 dwt in mil BULKERS43225.021613.3 TANKERS23111.8756.1 CONTAINERS541.2611.9 GAS250.590.1 ALL OTHER7655.81642.8 TOTALS1,50744.352524.2

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

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

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

28. 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%)

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

30. SnP Market 11 May 2011 SnP Activity by Vessel Type 2011-2012 AthensIstanbul Total Capital Outlay

31. SnP Market 11 May 2011 SnP Activity by Vessel Type 2011-2012 AthensIstanbul No. of Dry Bulkers Sold

32. SnP Market 11 May 2011 SnP Activity by Vessel Type 2011-2012 AthensIstanbul No. of Tankers Sold

33. SnP Market 11 May 2011 SnP Activity by Vessel Type 2011-2012 AthensIstanbul No. of Containerships Sold

34. SnP Market 11 May 2011 SnP Activity by Vessel Type 2011-2012 AthensIstanbul No. of Gas Carriers Sold

35. SnP Market 11 May 2011 SnP Activity by Vessel Type 2011-2012 AthensIstanbul Dry Bulk Sales - Breakdown by Size

36. SnP Market 11 May 2011 SnP Activity by Vessel Type 2011-2012 AthensIstanbul Tanker Sales - Breakdown by Size

37. SnP Market 11 May 2011 SnP Activity by Vessel Type 2011-2012 AthensIstanbul Containership Sales - Breakdown by Size

38. 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

39. 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. 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 | E-mail: research@intermodal.gr 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| E-mail: snp@intermodal.gr Shanghai - Mr. G. Dermatis, Mr. G. Eliades, Ms. J. Cao, Mr. S. Ding, Mr. D. Zang | snp@intermodalshanghai.com Thank you Teşekkür Ederim