Monday, January 23, 2012 (Week 4)Capital Link Shipping Weekly Markets Report

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CAPITAL MARKETS DATA

Weekly Trading Statistics

Custom Statistics Prepared Weekly for Capital Link Shipping

BROAD MARKET Percent Change of Major Indexes for the Week Ending Friday, January 20, 2012 Name Symbol Close Net Gain Percent Gain Phlx Semiconductor Sector Index SOX 414.33 22.58 5.76% Nasdasq Transportation Index TRANX 2297.32 66.91 3.00% Nasdaq-100 Index NDX 2437.02 55.03 2.31% Nasdaq Composite Index COMPX 2786.7 62.00 2.28% Dow Jones Industrial Average Index INDU 12720.48 249.46 2.00% Russell 2000 Index RUT 784.51 14.02 1.82% Russell 3000 Index RUA 778.92 12.13 1.58% Russell 1000 Index RUI 726.7 11.17 1.56% S&P 500 Index SPX 1315.37 19.87 1.53% Dow Jones Transportation Index TRAN 5280.42 71.06 1.36%

Index Data: INDU (Dow Jones Industrial Average Index. The INDU closed 12,720.48 for a weekly gain of 249.46 pts (+2.0003%). The high of the week was 12,720.48 while the low was 12,288.44 (close = 100.00% of high/low range). The INDU closed 1.61% from its 52 week high (12,928.45) and 22.76% from its 52 week low (10,362.26).

INDU Important Moving Averages

50 Day: 12,081.70 100 Day: 11,749.07 200 Day: 11,964.00

SHIPPING INDUSTRY DATA (44 Companies) Moving Averages

68.18% closed > 10D Moving Average. 65.91% closed > 50D Moving Average. 43.18% closed > 100D Moving Average. 22.73% closed > 200D Moving Average. Top Upside Momentum (Issues with the greatest

100 day upside momentum*) Top Downside Momentum (Issues with the greatest

100 day downward momentum*)

Symbol Close Weekly % Change

50-Day % Change

DCIX 7.03 5.24% 39.21%

SSW 15.45 10.75% 22.04%

CPLP 7.36 0.14% 15.36%

CMRE 15.67 6.02% 23.39%

ALEX 45.59 7.19% 9.54%

GASS 4.54 5.58% 10.46%

TGP 36.37 4.36% 10.11%

*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock then sort group in descending order and report the top 10.

Symbol Close Weekly % Change

50-Day % Change

TBSI 0.2 -13.04% -72.60% TRMD 0.67 -18.29% -36.19% FREE 0.43 13.16% -46.25% DHT 0.78 -1.27% -39.06% PRGN 0.65 -2.99% -29.35% SHIP 2.37 -10.23% -25.47% SBLK 0.92 -3.16% -30.83% TOPS 1.83 -0.54% -24.69% EXM 1.6 -2.44% -31.91% VLCCF 14.8 0.48% -10.25%

*Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock - sort names that have a negative value in ascending order - report the top 10.

Monday, January 23, 2012 (Week 4)Capital Link Shipping Weekly Markets Report

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CAPITAL MARKETS DATA

Weekly Trading Statistics

Top Consecutive Higher Closes Top Consecutive Lower Closes Symbol Close Up Streak

TNP 6.16 9 ALEX 45.59 6 GASS 4.54 6 SFL 11.36 4 TNK 4.53 4

DRYS 2.36 4 CMRE 15.67 4

TK 27.03 4

Symbol Close Down Streak CPLP 7.36 -2 DCIX 7.03 -2 ESEA 2.73 -2

SB 6.67 -2 VLCCF 14.8 -2 ANW 4.81 -3 NMM 15.95 -3

Top Largest Weekly Trading Gains Top Largest Weekly Trading Losses

Symbol Close One Week Ago

Friday Close

Net Change

% Change

FREE 0.38 0.43 0.05 13.16% TNP 5.51 6.16 0.65 11.80%

EGLE 1.09 1.21 0.12 11.01% SSW 13.95 15.45 1.50 10.75% GLBS 3.93 4.32 0.39 9.92% SFL 10.45 11.36 0.91 8.71% DSX 7.89 8.46 0.57 7.22%

ALEX 42.53 45.59 3.06 7.19% TNK 4.25 4.53 0.28 6.59%

CMRE 14.78 15.67 0.89 6.02%

Symbol

Close One Week Ago

Friday Close

Net Change

% Change

TRMD 0.82 0.67 -0.15 -18.29% TBSI 0.23 0.2 -0.03 -13.04% SHIP 2.64 2.37 -0.27 -10.23% GLNG 44.35 41.75 -2.60 -5.86% NAT 14.6 13.98 -0.62 -4.25%

Top Largest Monthly Trading Gains (A month has been standardized to 20 trading days)

Top Largest Monthly Trading*Losses (A month has been standardized to 20 trading days)

Symbol Prior Close

Friday Close

Net Change % Change

DCIX 5.08 7.03 1.95 38.39% GLBS 3.22 4.32 1.10 34.16% OSG 10.22 13.51 3.29 32.19% TNK 3.47 4.53 1.06 30.55% FRO 3.8 4.72 0.92 24.21% SFL 9.2 11.36 2.16 23.48% CPLP 6.01 7.36 1.35 22.46% TNP 5.05 6.16 1.11 21.98% EGLE 1.02 1.21 0.19 18.63% GSL 1.7 2.01 0.31 18.24%

Symbol

Prior Close

Friday Close Net Change %

Change FREE 0.52 0.43 -0.09 -17.31% BALT 5 4.45 -0.55 -11.00% TEU 9.32 8.42 -0.90 -9.66%

NEWL 0.63 0.57 -0.06 -9.52% TBSI 0.22 0.2 -0.02 -9.09% TOPS 2 1.83 -0.17 -8.50% DAC 3.63 3.4 -0.23 -6.34%

GLNG 44.41 41.75 -2.66 -5.99% EXM 1.67 1.6 -0.07 -4.19% DHT 0.8 0.78 -0.02 -2.50%

Stocks Nearest to 52-Week Highs Stocks Nearest To 52-Week Lows Symbol 52W High % Away GMLP 33.95 -3.24% TOO 29.89 -6.57% TGP 39.41 -7.71% CMRE 17.56 -10.77% GLNG 47.82 -12.69% ALEX 54.36 -16.13% NMM 20.00 -20.25% SSW 20.48 -24.56% TK 36.29 -25.51% TEU 11.45 -26.49%

Symbol 52W Low % Away SBLK 0.86 6.98% VLCCF 13.48 9.79% PRGN 0.58 12.07% EXM 1.37 16.79% DHT 0.66 18.18% FREE 0.36 19.44% SHIP 1.96 20.92% NNA 2.46 21.94% NAT 11.34 23.28% TRMD 0.54 24.07%

Monday, January 23, 2012 (Week 4)Capital Link Shipping Weekly Markets Report

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CAPITAL MARKETS DATA

Weekly Trading Statistics Top Stocks with Highest Weekly Volume Run Rate* > 1

Symbol Close Net % Change Run Rate NAT 13.98 -4.25% 3.0244 DCIX 7.03 5.24% 2.6174 GLNG 41.75 -5.86% 1.9032 NNA 3 4.90% 1.4669 OSG 13.51 2.12% 1.4218 SHIP 2.37 -10.23% 1.4107 TEU 8.42 1.45% 1.3909 SSW 15.45 10.75% 1.2537 BALT 4.45 -0.22% 1.2508 FREE 0.43 13.16% 1.2455

*The Volume Run Rate is calculated by dividing the current week's volume by the average volume over the last 20 weeks. For example, a run rate of 2.0 means the stock traded twice its average volume.

Top Year-To-Date Gainers Top Year-To-Date Decliners Symbol YTD Gain % TBSI 33.33% GLBS 30.51% DCIX 29.47% TNP 28.87% EGLE 28.72% TNK 28.69% NEWL 23.91% OSG 23.60% SFL 21.63% CPLP 20.07% TBSI 33.33% GLBS 30.51%

Symbol YTD Decline % BALT -6.32% GLNG -6.07%

The following are the 44 members of this group: Symbol – Name: ALEX - Alexander & Baldwin Inc; ANW - Aegean Marine Petroleum Network Inc; BALT - Baltic Trading Ltd; CPLP - Capital Product Partners LP; CMRE- Costamere, Inc.; DAC - Danaos Corp; DCIX – Diana Containerships; DHT - DHT Maritime Inc; DRYS - DryShips Inc; DSX - Diana Shipping Inc; EGLE - Eagle Bulk Shipping Inc; ESEA - Euroseas Ltd; EXM - Excel Maritime Carriers Ltd; FREE – FreeSeas; FRO - Frontline Ltd; GASS - StealthGas Inc; GLBS – Globus Maritime Limited ; GLNG - Golar LNG Ltd; GMLP – Golar LNG Partners; GNK - Genco Shipping & Trading Ltd; GSL - Global Ship Lease Inc; NAT - Nordic American Tanker Shipping; NEWL - NewLead Holdings Ltd; NM - Navios Maritime Holdings Inc; NMM - Navios Maritime Partners LP; NNA - Navios Maritime Acquisition Corp; OSG - Overseas Shipholding Group Inc; PRGN - Paragon Shipping Inc; SB - Safe Bulkers Inc; SBLK - Star Bulk Carriers Corp; SFL - Ship Finance International Ltd; SHIP - Seanergy Maritime Holdings Corp; SSW - Seaspan Corp; STNG - Scorpio Tankers Inc; TBSI - TBS International Ltd; TEU – Box Ships Inc; TGP - Teekay LNG Partners LP; TK - Teekay Corp; TNK - Teekay Tankers Ltd; TNP - Tsakos Energy Navigation Ltd; TOO - Teekay Offshore Partners LP; TOPS - TOP Ships Inc; TRMD - D/S Torm A/S; VLCCF - Knightsbridge Tankers Ltd Notes These symbols were ignored in some analysis (i.e. 200 day moving average) due to the lack of historical data: GMLP and TEU. DISCLAIMER This communication has been prepared by Knight Equity Markets, L.P. The information set forth above has been compiled from third party sources believed by Knight to be reliable, but Knight does not represent or warrant its accuracy, completeness or timeliness of the information and Knight, and its affiliates, are not responsible for losses or damages arising out of errors or omissions, delays in the receipt of this information, or any actions taken in reliance thereon. The information provided herein is not intended to provide a sufficient or partial basis on which to make an investment decision. The communication is for your general information only and is not an offer or solicitation to buy or sell any security or product. Knight and its affiliates most likely make a market in the securities mentioned in this document. Historical price(s) or value(s) are as of the date and, if applicable, time indicated. Knight does not accept any responsibility to update any information contained in this communication. Knight and/or its affiliates, officers, directors and employees, including persons involved in the preparation or issuance of this material, may, from time to time, have long or short positions in, or buy or sell (on a principal basis or otherwise) the securities mentioned in this communication which may be inconsistent with the views expressed herein. Questions regarding the information presented herein or a request for a copy of this document should be referred to your Knight representative. Copyright 2011 Knight Equity Markets, L.P. Member NASD/SIPC. All rights reserved.