Friday 28 September 2018 S&P SUMMARY

1 DRYNameTypeDWTYardBuiltUSD millCommentsVVBuyerSellerNew DalianCapesize180,400 Dalian CorporationCOSCO Shipping BulkSky JadeKamsarmax81, CorporationJag AryaKamsarmax80, Fortune IncGreat Eastern ShippingEnergy MidasPost Panamax77, Sumber EnergySBI HermesUltramax61, BulkersOcean WealthHandysize38, CorporationBright Ocean 3 Handysize37, KisenWETNameTypeDWTYardBuiltUSD millCommentsVVBuyerSellerUnited ParagonSuezmax157,100 China MaritimeTrade and TransportUnited OceansSuezmax157,100 China MaritimeTrade and TransportPericles GCSuezmax157,100 China MaritimeTrade and TransportUnited MarinerLR2115,000 China MaritimeTrade and TransportUnited NomadLR2115,000 China MaritimeTrade and TransportNikos KazantzakisAframax115,000 China MaritimeTrade and TransportAfrican SpiritSuezmax151,800 Hyundai HI200313SS Due Nov InternationalTeekay LNG PartnersPearl ExpressMR245,700 Minami EasternMOLF riday 28 September 2018S&P Spend By Spend By Ship Type1 DRYU nitsTypeDWTYardDeliveryUSD millCommentsBuyer4+6 Ultramax63,500 Wuhu MaritimeWETU nitsTypeDWTYardDeliveryUSD millCommentsBuyer2+2 Suezmax158.

2 FittedFaerder Tankers4 Aframax114,000 Hanjin TankersGASU nitsTypeCBMYardDeliveryUSD millCommentsBuyer4 Small Scale LNG7,500 Keppel NielsenDRYNameTypeDWTYardBuiltRate $/dayCommentsChartererPeriodStar NasiaKamsarmax82,300 Tadotsu Tsuneishi200614,000 Bunge Ltd9 MonthsOcean RosemaryKamsarmax82,300 Dalian Shipbuilding201313,900 Jaldhi9 MonthsW PacificKamsarmax81,200 Jiangsu Hantong201314,250 BDH Quadro6 MonthsAfrica GraecaPanamax74,100 Namura200212,500 Ausca Shipping6 MonthsSAM WolfSupramax57,200 STX Offshore201213,750 Oldendorff Carriers6 MonthsMolesonHandysize34,300 Shinhan201011,500 Undisclosed6 MonthsWETNameTypeDWTYardBuiltRate $/dayCommentsChartererPeriodFour SkyLR2115,700 Samsung201015,500 Undisclosed1 YearSerianaLR2110,000 Sumitomo201515,500 Trafigura Beheer BV1 YearCONTAINERNameTypeTEUYardBuiltRate $/dayCommentsChartererPeriodConti MakaluPost Panamax8,714 Hyundai HI200412,750 NileDutch1 YearSeroja EnamPost Panamax8,540 Mitsubishi HI201111,340 Maersk Line Ltd9 MonthsZim Los AngelesPost Panamax8,242 Hyundai Samho200912,500 MSC1 YearConti CouragePost Panamax8,084 Samsung200512,500 MSC1 YearGSL NingboPost Panamax8,063 Samsung200411.

3 500 Maersk Line Ltd1 YearFolegandrosPost Panamax5,576 Koyo Dock200110,000 RCL6 MonthsRHL CalliditasPost Panamax4,620 Shanghai Jiangnan201315,000 Hapag Lloyd1 YearHolsatiaPanamax4,253 Samsung200312,000 MCC Transport6 MonthsBomar ResolutePanamax3,500 Shanghai Shipyard200713,000 CMA CGM1 YearGSL JulieSub Panamax2,207 CSBC Kaohsiung20027,800 CMA CGM6 MonthsPride PacificFeedermax1,060 Hakata Zosen20097,650 Taicang Container Lines Company6 MonthsMarCloudFeedermax1,049 Dae Sun20078,550 Pan Asia Lines6 MonthsCHARTERINGB altic Dry 27/09/201820/09/2018 UpDown5 Year HighDate5 Year LowDateIndex1,5241,3961282,14512/12/1329 011/02/16 Capesize $17,96915,4922,47738,02327/09/1348517/03 /16 Panamax $13,55212,2861,26616,64512/12/132,31404/ 02/16 Supramax $12,98912,54044916,33312/12/132,55411/02 /16 Handysize $9,1378,79434311,72619/12/132,70411/02/1 6 Baltic Wet 27/09/201820/09/2018 UpDown5 Year HighDate5 Year LowDateDirty Index805780251.

4 24323/01/1449711/08/16 Clean Index5415033885405/01/1735006/10/16 VesselsValue Indices27/09/201820/09/2018 UpDownBulker $ $ $ $ S&P TRENDSVLCCVLCCVLCCVLCCS uezmaxSuezmaxAframaxAframaxLR 2LR 2LR 1LR 1MR 2MR 2MR 2MR 2MR 2MR 2MR 2MR 1MR 1 Chemical $0$80$160$240$32010 Aug17 Aug24 Aug31 Aug07 Sep14 Sep21 Sep28 SepWet Sales by TypeCapesizeCapesizeCapesizeCapesizeCape sizeCapesizeP PanamaxP PanamaxP PanamaxKamsarmaxPanamaxPanamaxPanamaxPan amaxUltramaxUltramaxSupramaxSupramaxSupr amaxSupramaxSupramaxSupramaxHandymaxHand ysizeHandysizeHandysizeHandysizeHandysiz eHandysizeHandysize$0$35$70$105$14010 Aug17 Aug24 Aug31 Aug07 Sep14 Sep21 Sep28 SepDry Sales by Type3 USDGBPEURJPYKORRMB28/09 YR - 02/07 - 18/03 - 08/06 - 26/02 - 05/12/165 YR - 07/10 - 20/12 - 08/10 - 06/07 - 14/01/1428/09/201821/09/2018 UpDown5 Year HighDate5 Year LowDateLight , , , , $/t (tanker)45545552004/06/201424526/02/2016 Demo $/t (bulker)

5 44044052021/05/201423026/02/2016 FTSE 1007, , ,77418/05/20185,53711/02/2016 Dow Jones26, , ,65721/09/201815,07330/09/2013 Nikkei 22524, , ,87019/01/201813,96006/04/2014 SSEC, China2, , ,16612/06/20152,00409/03/2014 CURRENCIES & COMMODITIES4