1. CHINA MACRO OUTLOOK DRY BULK DIVERGENCE & CAPESIZE COMEBACK www.commodore-research.com

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

3. -Established March 2010 -Focus on Dry Bulk Market -China National Shipping Service -Dry Bulk Report Subscription -Various Consulting Services About Commodore

4. Chinese Steel Production

5. Chinese Steel Production (March 2009 - March 2013) Chinese Steel Production www.commodore-research.com

6. Geographical Development www.commodore-research.com Developed East Emerging Central Revitalized Northeast Western Development

7. True Story

8. Geographical Development www.commodore-research.com Developed East Emerging Central Revitalized Northeast Western Development

9. Chinese Iron Ore Production & Imports

10. Chinese Iron Ore Production (March 2009 - March 2013) Chinese Iron Ore Production www.commodore-research.com

11. Chinese Iron Ore Imports www.commodore-research.com Chinese Iron Ore Imports (April 2009 - April 2013)

12. Capesize Comeback

13. www.commodore-research.com CAPEDeliveriesScrappingNet Addition Jan’1230228 Feb’1218612 Mar’1217611 Apr’12271017 May’12221210 Jun’1230822 Jul’1220614 Aug’12880 Sep’1216106 Oct’121064 Nov’12761 Dec’12505

14. Average Daily Capesize Rates (February 2012 - May 2013) Capesize Rates www.commodore-research.com

15. Capesize Easing Has Begun YearHandysizeHandymaxPanamaxCapesize 2009160185110115 2010228292172214 2011290326274259 2012289303370210 2013 (p)240 375100 Deliveries (2009 – 2012); Commodore Projection (2013) www.commodore-research.com

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

17. Thank You www.commodore-research.com Phone: +1-917-647-8949 Trial Subscriptions