BANCOSTA Weekly Market Report

1 Week 10/2022(05 Mar 11 Mar)Comment: Russian crudeoilexportsweeklymarketreportMARKET Report WEEK 10 ,989milliontonnes, , ,butitjustreflectsthedepthofthecontracti onseenatthistimelastyear, , ,+ , , , (excludingdomesticcabotage).In2020,howev er, , (excludingdomesticcabotage), , , ,theEuropeanUnionwasthedestinationfor61% ofRussia sseabornecrudeexports, ,ontheotherhand,80%ofexportsgotoAsia,whi stjust6%or7%gototheEU, ,seabornecrudeoilexportsfromRussiaincrea sedby+ , (excludingdomesticcabotage). ,and21% , (about39%)wereshippedfromRussia ( ),Turkey( ),Israel( ),butalsoChina( ),SouthKorea( ),India( ).In2021, (about30%)wereshippedfromRussia , , sBalticSeawereprimarilytheEuropeanUnion( ),butalsoTurkey( ).In2021, (about7%)wereshippedfromRussia , , sArcticcoastwereprimarilytheEuropeanUnio n( ),butalsotheUK( )andtheUSA( ).In2021, (about24%)wereshippedfromRussia , , , sFarEastwereprimarilyChina( ),SouthKorea( ),Japan( ).

2 RUSSIAN CRUDE OIL PRS KoreaRussiaTurkeyUSAI ndiaOthers/Unknownmln tonnes2019 (1-12)2020 (1-12)2021 (1-12)(Mar 2022 ; source: refinitiv ; seaborne only ; all tankers ; in mln tonnes)Russia -Crude Oil Exports by Destination in Jan-Dec tonnes20172018201920202021 Russia -Monthly Crude Oil Exports -Seasonality(Mar 2022 ; source: refinitiv ; seaborne only ; all tankers ; in mln tonnes) Market Report WEEK 10/2022 DespitethewarhittingtheNWsideoftheBlackS eaandthebunkerpricerally, ,thebunkerpriceappearstohavedropped, ,astherehavebeenmanyperioddealsthisweek, $2,676/dwithatotalgainof1,041points,whil ethe5 TCindexclosedtheweekat$22,195/d,againof$ 8, , ,theindexonlylostsomegroundonFriday,when bunkerratesalsofellslightly,withtheindex reachingahighoftheweekonThursdayat$ $ , ,thetranspacificroundtriphasseenasignifi cantimprovementinrates,surpassingthe$20, 000markandclosingtheweekat$19,633/d(plus 6,625points).

3 CHARTERING3 CAPESIZE MARKETPACIFIC BASINTheC17routefromSaldanhaBaytoQingdao improvednearlybysixpointsinaweek,closing onFridayat$ , ,thesignificantstepisprimarilyduetoaninc reaseinbunkerprices, (whicharenotaffectingproductionorshipmen ts), ,closingonFridayat$ , ,withtherelatedC14 ChinaBrazilroundvoyagehittingthegasandin creasingto$18,309/d(plus9,464usd).Thesam etrendwasobservedfortheC814 Gibraltar/Hamburgtransatlanticroundtripa ndtheC914routecontinent/mediterraneantri pChina-Japan(fronthaul),bothofwhichmanag edtoalignaccordingtoVLSFOandMGOprices,wi ththeformerrisingto$23,050/d(plus8,625 USD)andthelatterfallingto$41,025 BASINUnit11-Mar4-MarW-o-WY-o-Yus d/da y22,19513,560+ + + + + + + + d/da y23,05014,425+ + d/da y18,3098,845+ + d/da y19,63313,008+ d/da y38,50031,500+ + d/da y32,00028,000+ + TC AverageC2 Tubarao- RotterdamC3 Tubarao - QingdaoC5 W.

4 Aust. - QingdaoC8 Transatlantic r/vC14 China-Brazil r/vC10 Pacific r/vNewcastlemax 1-Y PeriodCapesize 1-Y Period020,00040,00060,00080,000100,000 Mar- 21 Jul-21 Nov-21 Mar- 22 BCI TC & CAPESIZE 1-YR TC (USD/DAY)1-YR TCBCI TCMARKET Report WEEK 10/2022 CHARTERING4 TheweekinPacificbeganwithastrongbullishs entiment, , $33,000 ,whichhasincreasedbyapproximately$5, ,activityhadslowed,FFAhaddroppeddramatic ally,andthemarketfeltithadreacheditspeak , , ,coalmovementsfromIndonesiaweresostrong, andratesweresoappealingtoowners, $33,000 MARKETPACIFIC BASINATLANTIC BASINA weekofupsanddownsinthePanamaxmarket,whic hisdifficulttoreadandpredict, ,mvJupiter77/06,dreyfuscontrolledvesselc leanfixedECSAmFeastat$26,000/d+$ ,butcharterer' $46,000/dforthemvAeolianVictory(82,15220 10) ,withcharterersunabletofindvesselswillin gtotradethearea, $ ,whileanothertripfixedondopbasisbythemon wadialkarm80kdwtat$20k/daydopgib;frontha ulwise,unnamedcharterersfixedonsubsmvFar EasternJupiter(82,6552007)bssdopCartagen a20thMartctviaUSGredelySingapore-Japan$3 0,000/d+$ ,thereisstilluncertaintyaboutwherethemar ketwillgo, ,00020,00030,00040,00050,000 Mar- 21 Jul-21 Nov-21 Mar- 22 BPI 82 TC & KAMSARMAX 1-YR TC (USD/DAY)1-YR TCBPI 82 TCUnit11-Mar4-MarW-o-WY-o-Yus d/da y28,68525,061+ + d/da y23,41020,725+ + d/da y35,04533,418+ + d/da y32,88826,907+ + d/da y25,39616,345+ + d/da y15,46315,456+ d/da y28,55527,255+ + d/da y29,00026,800+ + d/da y22,50020,000+ + Skaw-Gib Trip F.

5 EastP3_82 Pacific r/vP4_82 Far East - Skaw-GibP5_82 China - Indo rvP6_82 Spore Atlantic rvBPI 82 TC AverageP1_82 Transatlantic r/vKamsarmax 1-Y PeriodPanamax 1-Y PeriodPANAMAXMARKET Report WEEK 10/2022 BLACK SEA / MEDITERRANEANUS GULF / NORTH AMERICA NORTH EUROPE / CONTINENTSUPRAMAX & HANDYSIZE $20-30,000 ,aroundmid-20'sforthesupraandaroundmid-3 0' $1, , ,the32/35,000dwtaroundhighteensandthelar ger36/39,000dwtaround20' $1, :withalmostallownersdenytocallanyrussian portandcarryanycommodityrussianinvolvedd uetosanctions,togetherwithdesiretofixany destinationsexpectMediterranean,wehavese enastandardsmx57kdwtrefuse$27 $16-17kdaily,atouchbetterforgrainstoWMed $17-18k/day,tripsintoUSG/ECSA mrespat$14-15 $20 ,evenmoresolid$35k/dayapsbaltic(mayberus sia) ' ' ;infact,notonlyhasthemarketremainedstabl e, , $12-12,500/dbsscanakkaledeliveryto$13,00 0/d,whiletheintermedgained$1,000,andnows eenfixturesdoneat$13,000 $13,000to$14,000/dforthetripUSG,andfrom$ 12,000/dtoECSAmat$12,500/d,thetripFarEas tappearsstable,possiblyimprovingto$20,00 0 ,withpricesrangingfrom$12,500/dto$13,000 /dforatriptoContinent,andaround$14,500 ,passedfrom$13,000/dto$13,500-14,000 $21,000 COAST SOUTH AMERICAD uringtheweek,themarketatECSA mwasstableonhandyandsupramax.

6 Inanycase, ,000dwtwasfixedataround$30,000 , ,one63,000dwtfancyandmoderntypewasfixeda t$34,000 ,000dwtwasfixedonthebasisdelyapsrecalada foronetcttoHaifaat$37, Report WEEK 10/2022 SOUTH AFRICA / INDIAN OCEANCHARTERING6 SUPRAMAX & HANDYSIZE MARKETD uringtheweek,themarketpushedfurtherawayf romthearea,withmanyultrasgoingwellover$4 0k/ $44 $33 'tbeenmuchnewsfromSouthAfrica,exceptthat vesselsarestillbeingtakenfromWAfraround$ 28 ,a56kdwtopeninSEAfricawasheardtohavefixe dat35klevelsfor5 , EAST / PACIFICL astweek'sFarEastmarkettrendwasverysimila rtothepreviousone,withratesincreasingonb othsupramaxesandhandies,aswellasthebunke rprice, ,a53,000dwtdeliveringIndonesiawasrumored tobefixedat$45,000/dforatripviaIndonesia toChina,anda57,000dwtdeliveringPhilippin eswasfixedforatriptoChina:$44,000/dincas eofSouthChinaredeliveryand$47,000 ,000dwtdeliveringtoSChinawasdoneatarateo f$34,000 ,a60,000dwtdeliveringSouthKoreawasreport edtobefixedat$43,000 ,a36,000dwtdeliveringNorthChinawasdoneat $38,000/dforatriptoBangladesh,anda37,000 dwtdeliveringJapanwasfixedat$60,000 d/da y32,33028,450+ + d/da y32,03728,157+ + d/da y32,13927,114+ d/da y28,36829, d/da y22,08419,749+ d/da y19,20821, d/da y35,25030,714+ + d/da y38,95034,107+ + d/da y30,00028,500+ + d/da y26,00024,500+ + d/da y27,85825,974+ + d/da y14,90714,857+ d/da y27,94426,167+ d/da y19,78617,879+ d/da y38,09435,313+ + d/da y36,06333,219+ + d/da y25,00023,500+ + d/da y20,50019.

7 000+ + USG-China/S JpnS9_58 WAF-ECSA-MedS1B_58 Canakkale-FEastS2_58 N China Aus/Pac RVS10_58 S China-Indo RVBSI 58 TC 52 TC USG-Skaw/PassHS4_38 USG-Skaw/PassHS5_38 SE Asia-Spore/JpnHS6_38 Pacific RV38k Handy 1-Y Period30k Handy 1-Y PeriodUltramax 1-Y PeriodSupramax 1-Y PeriodBHSI 38 TC AverageHS2_38 Skaw/Pass-USHS3_38 ECSAm-Skaw/PassSUPRAMAXHANDYSIZE010,0002 0,00030,00040,00050,000 Mar- 21 Jul-21 Nov-21 Mar- 22 BSI TC & SUPRAMAX 1-YR TC (USD/DAY)1-YR TCBSI 58 TC010,00020,00030,00040,000 Mar- 21 Jul-21 Nov-21 Mar- 22 BHSI 38 TC & HANDY 1-YR TC (USD/DAY)1-YR TCBHSI 38 TCMARKET Report WEEK 10/2022 CHARTERING7 CRUDE TANKER MARKETVLCC:Rateshavebeenfallingallweek,w hilebunkerpriceshavebeendoingexactlytheo pposite!260ktWAfr/ChinaclosedatWS46and27 0 :Notonlyisthemarketweakerex-WestAfrica,w hereitisdowntoWS80for130kttoMed/UKC,buta lsoex-Med,whereitisdownto$ ,andevenex-BlackSea, ,itwasasimilarstory,with140 :Thecross-Medmarketfell100pointsto80ktat WS130, ,russiancompaniesarestillpayingaroundWS5 50for100ktBaltic/UKCandwelloverWS400for8 0.

8 Upto4(vs3)vlcc&downto2(vs3)suezmax, + d/da y-35,431-29, + + d/da y-10, + d/da y-23,043-15, d/da y20,90019,800+ + d/da y118,518145, + + + + d/da y-20,213-10, d/da y57,43176, + d/da y17,60017,000+ + + d/da y9,87667, + + d/da y262,312233,699+ + + d/da y8,86857, + d/da y5,2697, + d/da y6,67512, d/da y50,28264, + d/da y19,00017,100+ + WAF-ChinaVLCC TCE AverageVLCC 1-Y Period TD6 BSea-MedTD6-TCE BSea-MedTD1 MEG-USGTD1-TCE MEG-USGTD2 MEG-SporeTD3C MEG-ChinaTD3C-TCE MEG-ChinaSuezmax 1-Y Period TD7 NSea-ContTD7-TCE NSea-ContTD17 Baltic-UKCTD17-TCE Baltic-UKCTD20 WAF-ContMEG-EASTTD23 MEG-MedTD23-TCE MEG-MedSuezmax TCE AverageTD9-TCE Caribs-USGA framax TCE AverageAframax 1-Y PeriodTD19 Med-MedTD19-TCE Med-MedTD8 Kuwait-ChinaTD8-TCE Kuwait-ChinaTD9 Caribs-USGVLCCSUEZMAXAFRAMAX-15,000-5,00 05,00015,00025,000 Mar- 21 Jul-21 Nov-21 Mar- 22TD3C VLCC MEG-FAR EAST (USD/DAY) -50,000050,000100,000150,000200,000 Mar- 21 Jul-21 Nov-21 Mar- 22TD6 SUEZMAX BSEA-MED (USD/DAY) -10,00090,000190,000290,000 Mar- 21 Jul-21 Nov-21 Mar- 22TD17 AFRAMAX BALTIC-UKC (USD/DAY) -10,00010,00030,00050,00070,00090,000 Mar- 21 Jul-21 Nov-21 Mar- 22TD19 AFRAMAX MED-MED (USD/DAY) 10,00020,00030,00040,000 Mar- 21 Jul-21 Nov-21 Mar- 221 YR TC PERIOD (USD/DAY)VLCCS uezmaxAframaxMARKET Report WEEK 10/2022 CHARTERING8 PRODUCT TANKER MARKETC lean:SecondweekafterUkraine'sinvasion,an dthemarketisstilllookingfora"newnormalcy .

9 "Stillagoodweekfor'easternowner'onLR2 MEG-Japan,plus20ptsin5days,andthesametre ndforthesmallersisters(LR1),whichclosedo nFriday,the11th,atmorethan200 WSandaTCEofaround$20 (8andmorevsls)thanthepreviousperiod,soth emarketlostsomeground, , (blackseaside),withownersasking500 WSforaliftingtomed,withthelastdoneonsubs atWS460atthetimeofwriting.(Incomparisont othepreviouscomment,moreownersnowappeart obeeagertocallRussianports.)Handiesinthe Balticareexperiencingawildupanddown, ,themarketwasatWS422,andafterthat,itwent througha"assessment , , :ThemarketisextremelyquietintheMed-BSeaa rea,withalongpositionlistofpptishvessels willingtofixcargoesatlowerlevels, , , @175x-medand45@140andexBSea30@450and45@4 00ifRussianBSea,otherwise30@ 21 Jul-21 Nov-21 Mar- 22TC1 LR2 MEG-JAPAN (usd/day)05,00010,00015,00020,00025,000 Mar- 21 Jul-21 Nov-21 Mar- 22MR ATLANTIC BASKET (usd/day)05,00010,00015,00020,000 Mar- 21 Jul-21 Nov-21 Mar- 22MR PACIFIC BASKET (usd/day) + + d/da y25,79113,667+ + + + + + + + + + + + + d/da y34,50239, + + + d/da y6,1626,155+ d/da y501501+ d/da y21,14818,649+ + d/da y7,6787,671+ d/da y16,50016,500+ d/da y13,10013,000+ d/da y11,50011,500+ + + d/da y3,7398, + + d/da y12,70725, + + + MEG-Japan ( 75k)TC1-TCE MEG-Japan ( 75k)TC14 USG-Cont ( 3 8 k)TC9 Baltic-UKC ( 2 2 k)TC6 Med-Med ( 3 0 k)TC8 MEG-UKC ( 6 5k)TC5 MEG-Japan ( 55k)

10 TC2 Cont-USAC ( 3 7k)Med-Med ( 3 0 k)Black Sea-Med ( 3 0 k)MR Pacific BasketLR2 1-Y PeriodMR2 1-Y PeriodMR1 1-Y PeriodTD12 Cont-USG ( 55k)TC6-TCE Med-Med ( 3 0 k)TC7 Spore-ECAu ( 3 0 k)TC7-TCE Spore-ECAu ( 3 0 k)TC11-TCE SK-Spore ( 4 0 k)MR Atlantic BasketCLEANDIRTYTD12-TCE Cont-USG ( 55k)TD18 Baltic-UKC ( 3 0 K)TD18-TCE Baltic-UKC ( 3 0 K)10,00015,00020,00025,000 Mar- 21 Jul-21 Nov-21 Mar- 221 YR TC PERIOD (USD/DAY)LR2MR2 Market Report WEEK 10/202202,0004,0006,0008,00010,00012,000 Mar- 21 Jul-21 Nov-21 Mar- 22 FREIGHTOS BALTIC CONTAINER INDEXFBXREPORTED CONTAINERSHIP FIXTURESVHSS CONTAINERSHIP TIMECHARTER(source: Hamburg Shipbrokers Association)FREIGHTOS BALTIC GLOBAL CONTAINER INDEX (source: Baltic Exchange)CHARTERING9 CONTAINERSHIP MARKETAsRussiacontinuesitsmilitaryassaul tonUkraine,theWesterneconomiesandtheiral lieshaveretaliatedbyimposingharshsanctio nsontheRussianeconomy, ,sodoesthepriceofshipfuel:fuelpricesaret hemostsignificantcomponenttoaship srunningcosts, ,asadirectconsequenceofthewar, ,shipyardsandequipmentsuppliers:Damenhas halteddeliveryofnewbuildstoRussia; returntonormal fromthecurrentelevateddemand.