HANDBOOK OF INVESTING IN SHIPPINGHANDBOOK OF INVESTING IN SHIPPING

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Shipping is a vital link in globaleconomy and world trade. Two thirds ofthe world's goods move by sea, soshipping is the effective link betweenexporting and consuming regions,whether we refer to core commodities orfinished goods.

Despite its strong debut, shipping isstill at the early stages of its full potentialon Wall Street and it represents a smallfraction of the overall marketcapitalization. Even though investorknowledge has improved, the sector stillis not well understood by investors, giventhat shipping has been traditionally

introverted and until recently there were only a few public shippingcompanies.

But as more companies got listed, the flow of information fromcompanies and research analysts has increased. As investors began torealize the long term prospects of the industry, they have beenincreasing their interest in shipping stocks, and the sector has beenrapidly gaining favor even among the more conservative investors.Shipping is gradually becoming a mainstream investment of investorportfolios.

Investment banks and analysts have been increasing their attentionand commitment to the shipping industry as witnessed by theexpanding number of analysts who cover a much wider universe ofstocks, thereby providing investors with bigger and more representativepeer groups and cross sector comparisons.

Despite its inherent short term volatility and cyclicality, shipping isa key business in the global economy for the long term. The attractivevaluation of shipping stocks relative to other transportation or businesssectors coupled with the positive long term fundamentals of industryhave brought it into the attention of institutional and individualinvestors.

There are many companies today listed on Exchanges in the UnitedStates and abroad and they differ in terms of fleet composition, fleetoperating and chartering strategies, capital structures and dividendpolicies. This presents investors with a range of investment alternativescommensurate with their investment objectives and risk tolerance.

Most industry experts tend to point out that international shipping isnot directly related to the prospects of the US economy, which hasserved as the locomotive of the world. The positive long-termfundamentals of the shipping industry are bolstered by the steadyincrease in international trade with demand coming particularly fromthe Far East, but also from the developed world.

On one hand, there are increased energy needs on a global scale,and on the other hand there is the infrastructure driven demand by theFar East emerging markets. Countries in that region, and particularlyChina, exhibit strong demand for core commodities necessary todevelop their industrial infrastructure. Industry experts expect that therewill be sustainable growth in demand for such basic commodities,whereas demand for consumer goods could fluctuate given economiccycles and the stage of economic development of the variouscountries.

Capital Link has made a strategic commitment to helping increasethe information flow and interaction among listed shipping companiesand investors. In this context, our “Invest in Shipping Forum” aims toprovide investors with a comprehensive review and outlook of thevarious shipping markets through the point of view of key industryparticipants such as listed shipping companies, analysts, and othermarket participants. Our Forum is open to the whole buy and sell-sidecommunity, to the financial media and investors in general. Ourobjective is to generate maximum publicity about shipping as anindustry and the shipping companies to a wide audience of investorsand thereby facilitate their knowledge and understanding of theindustry.

We would like to express our sincere thanks and appreciation tothe panelists and companies which participate in our Forum, as well asto Bank of America, which is the Main Sponsor, and to the New YorkStock Exchange, NASDAQ and New York Maritime.

Also, to our Sponsors, Deutsche Bank and Jefferies, as well to ourSupporting Sponsors (Citi Private Bank, NGB International, MaximGroup, Morgan Lewis, Oppenheimer, Germanischer Lloyd (USA),Wachovia Securities, and V.Ships) and to our Media Partners(Barron's, Bloomberg, Fairplay, Institutional Investor, Lloyds List,TradeWinds, Maritime Executive, Digital Ship, Maritime InformationSystems, Platts, and Elnavi) who have been instrumental in expandingour Forum's awareness among a wider audience.

A big and sincere thanks also to all the listed shipping companiesand their executives who participate in the event and with theirpresence and support make this Forum a great success. We aresincerely gratified with their continued support and commitment toincreasing the information flow to the investment community.

Our objective is to repeat this Forum annually and we look forwardto your continued support and participation.

With the occasion of the Forum, we took the initiative to puttogether this Handbook to provide investors with lasting information onkey industry topics covered in our Forum. We hope you will find ituseful.

Sincerely,Nicolas Bornozis, President

CAPITAL LINK, INC.Your Link to the Global Investment CommunityExcellence in Investor Relations and Financial Communications230, Park Avenue, Suite 1536, New York, N Y 10169.Tel.(212) 661-7566,Fax (212) 661-7526www.capitallink.com ■ www.capitallinkforum.com ■ www.capitallinkshipping.com ■ New York - London - Athens

ENHANCING THE PROFILE OF SHIPPING IN THEWIDER INVESTMENT COMMUNITY

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Nicolas Bornozis

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It was not until the third quarter corporateearnings season in 2007 that the world wasrudely awakened by the sub prime bubble burstwhich quickly led to a snowball effect tossingaround a couple of big names in Wall Street andshaking the validity of the system. The whispersabout a possible economic slowdown in the USfor 2008 became quickly the main theme ofdiscussion and as the provisions were whippingout the handsome profits of the previousquarters the investment community readjustedtheir equity risk premium and that led to afurther drop in share prices. The price of oil at$100 per barrel now looked much higher thanthat three months earlier at only 15% short ofthis mark and the FED moved in anunprecedented way to provide liquidity to areluctant banking system and a an even morereserved consumer electorate base which wasalready gearing up for the primaries. In anelection year the economy has always played avital role for the outcome and this should be noexception to the rule. No mater what thechances of a republican re-election, the incumbent has alwaysfocused on the economy. If this is the case therefore, theanticipated recession should only be a slowdown that should lastfor a little bit longer than an outright recession since the systemwill not be revitalized by a shock. Such a slowdown will be thereflection of a slower consumption propensity among theAmerican consumers and with oil prices hovering high togetherwith the cost of a bunch of other vital commodities, inflationarypressure fears should not let the FED off the hook even as theywould much wish to ease their policies more and bring the interestrates lower. There is a point at which, just like in the case of oilprices, the US currency will start looking far too week in the eyesof its trade counterparties and provoke action. In such a worldcorporate profits should temporarily ease and equity investorsremain jittery about holding long term positions. Shippingwill and has always been affected by a slowing world economy.More so, and to the effect that the US economy drives the rest ofthe world, the recessions in the US economy should other thingsbeing equal mean bad news for shipping. But this is not the casefor the containership leasing sector which has a fewrepresentations on the NYSE main board. The most importantfactor for this insulation is not based on the argument of thedecoupled economies. Any way such an argument only holds sometruth since it has not been tested and the general trade and currencyreserve flows suggest that the world is in its first stems of such adecoupling. The main factor for this insulation from short livedrecessions or just slowdowns is the charter cover of thesecompanies and the quality of their customers.

A portfolio of charters that on average is longer than 10 yearsand all of it is under non-negotiable fixed daily rates means thatthe only visible aspect in the operations of the few listedcontainership companies is the utilization ratio of capacity onboard their vessels. In other words a recession will cause the load

factors to shrink in certain routes, mainlydestinations to the economy under strain. Thishowever has no effect to the revenue generationcapacity of the ships as the daily revenueexpressed as the charter rate is independent ofthe load factors.

The question then remains what if therecession becomes long lived? As noted thecharter rate is not negotiable or dependent onload factors. The adverse outcome may be thatthe major liner companies may cut back theirexpansion appetite. This will affect thecontainership sector in terms of growth, buteven that can be offset by what has happened inthe past and there is no reason why it should notbe repeated. Liner companies, which bydefinition and structure of their businessrevenue and profit generation ability depends ontrade volumes, may start incurring losses as aresult of a prolonged economic slowdown. Thisin many cases has been a signal that part of theirowned fleet may be disposed off to third partiesin an effort to reshape their balance sheets. The

best candidates - if not the only ones - are the containership leasingcompanies of the world.

The situation becomes even more interesting for thecontainership companies when we include the high oil prices in theequation. As bunker costs are picked up by the charterers, theyhave an inherent tendency to optimize the fuel costs. The mostimmediate action they take - and indeed they have already done soin many cases - is the “slow-steaming” of the vessels which cutsexponentially the fuel consumption for only a moderate speed cut.However it turns out to be more economical to ad additionalvessels to their operations in order to compensate for the lowerspeeds in return for the huge fuel savings that come from slow-steaming. Coupled with the above structural differences of thecontainership market as opposed to all other forms of shipping, thestory has yet a further twist. Many - if not all - of the listedcontainership companies like Danaos have already swapped out ifinterest rate risk on their debt thereby managing risk in a veryprudent and efficient way. The credit crunch on the other handseems to have affected little the good credit risks out there andwith the adoption of Basel II by the credit institutions the strongerborrowers balance off any temporary spread widening on newloans which are still readily available.

On the operational cost side there is little to be said. Yes, theindustry has seen higher than average increases in the last coupleof years but in an industry where the gross operating marginexceeds 85% temporary operating cost overruns should not reallymean anything meaningful even on a quarter by quarter basis.

In all, the current situation in the global economy should notpose any concerns for the containership sector. If anything it seemsthat more opportunities lay ahead and stocks that incorporate suchcharacteristics, if properly valued, should be a very interestingincome generating defensive investment in a volatile equitymarket.

RECESSION OR SLOWDOWN, DOES ITAFFECT CONTAINERSHIP LEASING?

Dimitris AndritsoyannisVice President & Chief Financial Officer

Danaos Corporation

1. What is ship management andwhy is it important? Ship managementis the shore-based and shipboardmanagement of the day-to-dayoperation of a vessel, the size of whichcan range from pleasure craft such asyachts to the largest tankers. It includesoversight of both the technicalfunctioning of the ship and managementof its officers, crew, and in the case ofpassenger vessels, its hotel and cateringstaff. It also includes vessel accounting.Effective ship management is vital inorder to ensure compliance withinternational security, environmental,labour and other regulations, delivery ofcustomer requirements and the costefficiency of asset maintenance.

2. Do ship owners typically managetheir fleets in-house? Or is it morecommon to outsource shipmanagement? Traditionally, shipowners have been more inclined tomanage their fleets in-house. Currently,only about 18% of the world's fleetoperates under outsourced shipmanagement.

3. What challenges are shipmanagers facing today? The challengesfaced by ship managers these days arecommon to both in-house and third-party managers. Paramount amongthese are a worldwide shortage ofqualified officers and crew and theincreasingly complex regulatoryenvironment.

4. As the world's largest third-partyship manager, V.Ships is obviously aproponent of outsourcing shipmanagement. What is the case foroutsourcing? There are several reasonswhy outsourcing ship managementmakes sense. To begin with, a large shipmanager such as V.Ships can take

advantage of scale economies toincrease a ship owner's access to globallabour markets, expand purchasingpower for services such as maintenanceand repair or ship supplies and set morerealistic cost benchmarks. Withoutsourced ship management assetinvestment options are more flexible,making it easier to invest or divest.Improved risk management is anotherbenefit, one which is especiallyimportant these days as the financialand criminal penalties for notcomplying with local and internationalregulations are severe. Finally,outsourcing ship management allows aship owner to focus on its corebusiness.

5.Other industries, for examplesportswear manufacturers, outsource toa large degree. What does the futurehold for ship management outsourcing?

For the reasons outlined here, we holdthe view that ship managementoutsourcing will grow. We believe thatthe spiraling costs of finding andkeeping qualified crew and ensuringregulatory compliance will be the keygrowth drivers.

6. Do you see an increase inenvironmental protection regulation? Ifso, will it also serve to spur the growthof outsourced fleet management?Definitely. One aspect of environmentalcompliance whose impact is currentlyunderestimated is managing the end ofa ship's life. The conditions underwhich many of the world's vessels aredismantled in Asia are not sustainable.International and national governmentsare joining forces to ensure animprovement of these conditions andthe pressure is mounting on ship ownersto find safer ways to dispose of ships.Recently, V.Ships partnered with theBelfast shipyard Harland & Wolff andthe environmental consultant GolderAssociates to provide customers with anenvironmentally-responsible solutionfor their end-of-life vessels. We believethat in the future this type of value-added service will help spur the growthof through-life outsourced shipmanagement.

SHIP MANAGEMENT - THE CASE FOROUTSOURCING

An Interview with Roberto Giorgi

President, V. Ships

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The steady mass realization that thecost of shipping impacts almost everycommodity market is driving commoditytraders and investors to treat the cost ofocean transportation as an asset class of itsown. Freight derivatives - futures andoptions based on the cost of long distancecommodity shipping, are becominginstruments of choice for professionaltraders, investors and end users.

Freight investors look at risk fromvolatility in a different light, than mostcommodity traders. High market volatilityis an ever present feature and to many, abenefit, of the global freight markets. In amoving 25 day average time window overthe last 5 years, the volatility in the cost oftransporting crude oil in a VLCC (Verylarge Crude Carrier moving 260 000 tonsof oil) from the Persian Gulf to Asia, hasbeen a whopping 107%! Compared toNatGas at around 80%, this qualifies asone of the most volatile markets in theworld. Oil refiners fear it. Ship ownerslive and breathe it. Investors love it.

Freight rates correlate beautifully. Theycorrelate with each other, they correlatewith oil product arbitrage and the correlatewith share prices of the companiesexposed to freight earnings. As a result,industrial hedgers, oil refiners, shipowners, investors and hedge fundmanagers are able to find values in thefreight market which correlate well withtheir exposures.

With those correlations has come wideacceptance that freight routes and tradeflows can be standardized and made intoindices against which you can tradederivatives.

Building a central market placefor freight

Freight derivatives are traded by amultitude of different companies fromaround the world. They all have differentneeds, and they all have different riskprofiles, both in their trading books and interms of their credit worthiness to

counterparts in other countries. But thewish and the need to trade is there, andgrowing fast. In response to this need, theInternational Maritime Exchange -IMAREX, was formed in Oslo in 2000.

The concept is simple, and thesimplicity has helped to made IMAREXthe premier venue for trading of freightderivatives around the world.

IMAREX operates a “hybrid” exchangeconcept, where standardized tanker anddry bulk freight futures and options arelisted for trading and clearing on anelectronic trading platform. Once matched,every trade is instantly cleared at theIMAREX clearing and settlement house,NOS Clearing. NOS is a pioneer in thismarket and retains its position as thenumber one clearer of multi market freightderivatives in the world.

In addition to electronic screen tradingand clearing, IMAREX deploys a largeteam of professional freight derivativesbrokers in Europe, Asia and the USA. Therole of these brokers is to lubricate themarket place with information and assistprincipals all over the world in executingtrades on the exchange. There are now upto 200 members active at IMAREX, withanother 150 trading indirectly via clearing

brokers and banks. The IMAREX screenhandles over 50% of the global volume intanker freight futures.

IMAREX is now the world's onlyregulated market place for freight andfreight related derivatives, with regulatoryarrangements in place across Europe, withthe CFTC in the USA and in Asia. ForIMAREX, the strategy is clear: Investheavily in trading and clearinginfrastructure. Expand the scope ofproducts which can be traded on theexchange. Hire and retain the mosttalented freight futures and optionsbrokers on the planet.

The future looks bright for the freightderivatives industry. At close to 500million tons of tanker freight and 2.2million days of dry freight traded in 2007,freight futures and options are growing upfast.

From across the industry,the focus of attention is IMAREX

You can learn more about IMAREXand the freight derivatives market atwww.imarex.com, or call us in the USAon +1 281 445 5151, in Europe on +472389 4220 or Asia on +65 6413 0050

SHIPPING GOES FINANCIAL - INVESTORSFLOCK TO FREIGHT DERIVATIVES

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Greece is the single biggestshipping nation by tonnageownership, with a fleet thatcomprises of mainly dry and wetbulk vessels. Continued growthof sea-borne trade and highcharter rates in the greatest boomthe industry has seen since theclosure of the Suez Canal in1967, have led in recent years to

a significant increase in the orderbook for newbuildings. TheGreek owners and operators grasp the opportunity to upgrade andmodernize their fleets at a time of strong freight markets andrealistic newbuilding prices; the mood in Greek Shipping Industryremains buoyant.

Even though many Greek ships fly flags of convenience,Greece, a country of some 11 million people, controls by far thebiggest share-nearly 20%-of the world's merchant fleet by tonnage.The Greeks specialize in oil tankers & carriers that transport bulkcommodities.

In numbersNew building orders have risen within 2007 to $ 47 billion, a

far way from 2002 at $ 8.5 billion and 1999 at $ 4 billion.The fleet controlled by the Greek owners has increased by over

50% since 1994, while over the same period the total world tankerand combined carrier fleet has increased by just 9%. The Greekcontrolled tanker fleet is the largest in the world, consisting, as ofmid-2005, of 777 tankers and combined carriers totaling 73.8million tonnage. The Greek newbuilding orderbook is at presentthe largest in the world.

Greeks buy and sell ships far more often than others in theindustry. Of 535 ship trades from January until mid-May 2005, 264involved Greeks. Most of the 733 Greek ship-owning firms aresmall, with only a few ships. But the industry is consolidating fast-which may limit the ability of firms to time the market so well infuture. The 46 largest Greek shipping firms now control 70% ofthe fleet. Although the fleet has grown, the number of firms isdown by 25% since 1998.

The past few years have also seen the emergence of thepublicly-traded Greek shipping company. It is still a comparativelylimited phenomenon, but it involves some big companies. Forinstance, Tsakos Energy Navigation (TEN), a subsidiary of thesecond-largest Greek ship-owning firm, is listed on the New YorkStock Exchange along with the recent entry of Diana Shipping.Soon there may be many more to combine the trends of listing andconsolidation, and thus contributing to increasinginternationalization.

Traditionally, shipping finance came from plain vanilla bankloans, secured against ships. Financial instruments, such as asset-backed securities, are increasingly popular, especially in Germany.The most dramatic growth has been in shipping futures, whichallow shipping companies to lay off risks. The most popularfutures are forward freight agreements (FFAs) to deliver goods ona particular route at some point in the future. Further use of

hedging should, in theory, reduce the volatility of shipping rates,and thus mean smaller swings between market peaks and troughs.

What Citi can do for Greek ShippingDuring the past year new strategies have emerged, that tend to

differentiate the traditional Greek entrepreneurial approach. A newgeneration of Greek ship owners seems to base their decisions oncriteria like the Return on Investment, rather than on the traditionalGreek philosophy, which comprehends shipping as a professionand an investment opportunity. They appear to behave more likeinvestors who seek finance through stock exchange listings, forfast and large scale expansions.

Citi has been involved with Greek Shipping clients for morethan 45 years and is committed to developing its Greek customerbase with a focus on customer requirements, offering an unparallelplatform with edges in the following fields:

● Full range of commodities financing and risk managementsolutions, comprised of trading, flow marketing and structuredtransactions through their Global Commodities Group; Citi hasexpertise in commodity markets which enables the development ofthe best structured hedging and investment solutions for the clients

● Sourcing liquidity in commodity products focusing on 6 -60months tenor, through use of global relationships and competitiveability

● Presence in over 100 countries and expert appreciation ofglobal activity

● Large balance sheet and AAA rating, giving assurance for allcounterparts

● Advanced derivative pricing capability, which means costeffective and innovative hedging solutions

● Established and well-developed lending business in theshipping sector, therefore enhanced understanding of shippingclient needs

● Effective structured hedging instruments, focused on theregionally specific fuel oil grades required by the Greek shippingcommunity and pricing in illiquid fuel oil grades (FOB MED3.5%, SING 380 etc ).

What can the Greek Government dofor Greek Shipping

Shipping is the second largest pillar of the Greek Economy,after Tourism, and therefore the Greek Government should take thegrowth of this critical sector under special consideration and try toaccommodate needs with new policies. What can the GreekGovernment really do to help Shipping? If you ask Greek ShippingOwners, most will say “keep out of our business”, whichsummarizes their aversion on Greek politics. In reality though,there are a number of things that the Government could do to theirmutual benefit, such as:

● Provide incentives to accumulate more Greek ShippingHeadquarters in Pireaus

"GREEK SHIPPING SECTOR GENERATESHEALING FLOWS FOR THE GREEK ECONOMY"

George KofinakosManaging Director

Senior Government BankerHead of Fixed Income

Citi Greece

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● Establish the suitable legal framework and infrastructure toattract Shipping Services (P&A, Insurance etc) in Greece; theannual services cost paid to Foreign Shipping Centers rises tomore than $50 Billion

● Provide incentives for young Greeks to join ShippingUniversities and create a generation of high calibre Captains andSenior crew personnel. Unfortunately, less and less Greeks areoccupied in these positions

● Endeavour to establish an authority similar to the DanishShipping Finance A/S, in order to provide cheap financing toGreek Shipping Companies and make them even more competitiveat the international level.

THE DANISH SHIP FINANCE A/S

How the Danish Ship Finance A/S works

Danish Ship Finance (DSF) was established in 1961 under theDanish act of Ship Finance Institute, and as a credit institution it issupervised by the Danish Financial Supervisory Authority. Theironly business is the provision of loans for shipping companies andother shipping enterprises, with all loans being on commercialterms secured by a ship's mortgage. As the leading provider of shipfinancing in Denmark, DSF currently manage a loan portfolio ofapproximately DKK 35 billion, which is secured by mortgages onnearly 600 vessels.

Initially DSF was setup as a foundation with the purpose ofcreating a permanent source of financing of Danish ships in orderto facilitate the development of the Danish maritime industry.

The purpose is still the same, however in 2005 DSF wasincorporated as a limited company. This meant a change, frombeing a self owning foundation based on guarantees from theCentral Bank and private financial institutions, to being owned bythe former guarantors (i.e. capital guaranties were exchanged withstock) and a new fund, the Danish Maritime Fund, setup as a silentowner, to ensure the development of the Danish maritime industrythrough scholarships, awards etc.

OwnershipDanish Ship Finance is a limited company owned by the Danish

central bank (18.9 %), various commercial banks (40.5%),insurance companies (4.1%), Danish ship owners (11.7%),shipyards (14,8%) and “Den Danske Maritime Fond” (10%). Theexact ownership structure is not available to the public.

Clients

The loan portfolio isdiversified in terms of vesseltype, debtors and country ofresidence. It is not publiclyavailable at what rate individualship owners participate to theloan portfolio, however the 5largest debtors compose the59% of total outstanding loans(31.12.2006). One exposure(presumably APM) issubstantially larger than therest.

The lion's share (52%) ofdebtors pr. 31.12.06 weredomiciled in Denmark.However from the loansaccepted in 2005 and 2006 only16.8% were from Denmark, asthe DSF is gradually expandingits business outside Denmark.

Funding Under Danish law,

traditionally ship mortgagebonds have been consideredequal to mortgage bondssecured by residential andcommercial real estate(“mortgage bonds”).

DSF finance their operationsthrough the issuance of bonds

(primarily non-callable) on the Copenhagen Stock Exchange. DSFissue bonds when warranted by investor demand, and DSF onlyrarely contacts the market with an unsolicited supply of bonds.DSF regularly informs its financial counterparties about the levelsat which it intends to issue new bonds. New issuance usually takesplace when a bank or a broker wanting to buy bonds contacts DSF(”reverse inquiry”).

Prior to granting a loan to a ship owner, an individual creditassessment is made on the basis of the borrower's financialposition and the condition of the financed vessel. The mortgagevalue of the vessel is determined on the basis of an approvedpurchase price or market valuation obtained from external,independent brokers. The Individual borrowers have no directobligations towards the bondholders.

Rating agency views

Moody's:

Issuer rating .........Aa3 ................................(Since 1998)

Bond rating ..........Aa3 ................................(Since 1998)

Seniority ...............Senior unsecured

Outlook.................Stable

Moody's base their rating on solid and stable financialfundamentals, good cost efficiency and capital position and animplicit support from the Danish state. In terms of riskmanagement Moody's find DSF to have good asset quality, lowcredit risk and market risk. The main risk noted by Moody's is theconcentration risk (exposure to a small number of debtors).

ConclusionThough the Greek Shipping Sector is currently flourishing, in

order for it to keep up and generate healing flows for the Greekeconomy, it has to be given clear support by the government.

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NBG International, a member of theNational Bank of Greece Group, is aleading investment banking house basedin London, New York and Athens. We area leading provider of investment bankingservices, including advising on equitycapital raisings, domestic/cross-borderM&A activities, structured finance, debtcapital markets and key privatisations. Weare active in both equity research, salesand trading. After NBG's recentacquisition of both Finansbank in Turkey,and P&K Investment Services in Greece,NBGI has extended its equities coverageto the fast-developing capital markets ofTurkey, Romania, Bulgaria, and Cyprus.The equities team distributes to more than500 European and US institutional clientscovering European small, mid and largecaps, and emerging markets.

The overall transportation industry is afundamental bond in trading betweencontinents. Although land and air arealternative transportation methods, sea isoften the only means of transporting largeand heavy volumes of basic commodities.Greece's shipping industry has seen anunprecedented boom for Greek shipowners thanks to economic growth fromAsia. China's GDP grew c11% in 2007and is forecasted to grow at strong levelsin 2008. 2007 also saw China importingc380 million tonnes of iron-ore, as steelproduction reached record levels at 500million tonnes. Overall, 2007 saw around2 billion tonnes of iron-ore, coal and grainbeing transported worldwide. Suchdemand for commodities has drivenfreight rates to record highs, and shipowners are ordering more vessels thanbefore to keep up with demand.

The National Bank of Greece isGreece's biggest lender by assets, and oneof the top ten lenders in the world toshipping companies. Our experience andknowledge of the shipping industry hasallowed us to play a leading role in the

majority of the Greek shipping companieslisted on the LSE over the past two years.These include Goldenport Holdings inMarch 2006, Globus Maritime in June2007, and Hellenic Carriers in November2007.

Goldenport floated on the LSE MainMarket in 2006 with a marketcapitalisation of US $295m. NBGI actedas selling agent and sold US $38.8mwhich comprised of 30% of the totaloffering. NBGI acted as selling agent forthe Globus Maritime IPO on LSE'sAlternative Investment Market (AIM) in2007. Within 24 hours of the IPO, NBGIhad sold $12m worth of sharescomprising of 24% of the total offering.Our involvement in this deal led to theIPO being oversubscribed by 1.3x. Ourmost recent transaction was acting asselling agent for Hellenic Carriers' IPO onAIM in November 2007. NBGI was a key

contributor in the book building process,resulting in a US $60m worth of sharecapital increase.

NBGI is committed to develop ourexpertise in shipping, and build our robustnetwork in an industry which is likely togrow in years to come. With ourexperience and strong ties to shipping, westrive to be at the forefront of this nichemarket.

For more information please contact Kimon Roussos Institutional Equity Sales NBGI Securities Inc Direct: (212) 634-6347 Tel: (212) 634-6345 Ex 2021 Fax: (212) 634-6350 Email: kroussos@nbgisec.com NBGI Securities Inc 641 Lexington Avenue, Suite 1401 New York, NY 10022

NBG INTERNATIONAL AND OUR FOCUS ON SHIPPING

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CAPITAL PRODUCT PARTNERS(NASDAQ: CPLP)

Capital Product Partners L.P. (Nasdaq:CPLP), a MarshallIslands master limited partnership, is an international ownerof modern double hull tankers. Following the acquisition ofthe M/T Aristofanis and the M/T Amore Mio II, which wereannounced on February 25, 2008, Capital Product PartnersL.P. will own sixteen vessels and has an agreement topurchase two additional product tankers from CapitalMaritime & Trading Corp.

All eighteen vessels are under medium to long-termcharters to BP Shipping Limited, Morgan Stanley CapitalGroup Inc., Overseas Shipholding Group, Shell InternationalTrading & Shipping Company Ltd., and Trafigura BeheerB.V.

D'AMICO INTERNATIONALSHIPPING S.A. (IM: DIS)

d'Amico International Shipping S.A. is a subsidiary ofd'Amico Società di Navigazione S.p.A., one of the world'sleading privately owned marine transportation companies,and operates in the product tankers sector, comprising vesselsthat typically carry refined petroleum products, chemical andvegetable oils.

d'Amico International Shipping S.A. controls, eitherthrough ownership or charter arrangements, a modern, high-tech and double-hulled fleet, ranging from 35,000 and 51,000deadweight tons. The company's fleet includes 34.4 vesselswith an average age of 3.7 years considerably below theindustry average.

The Company has a history and a long tradition of familyenterprise and a worldwide presence with offices in keymarket maritime centres (London, Dublin, Monaco and

Singapore). The company's shares are listed on the MilanStock Exchange under the ticker symbol “DIS”.

DANAOS CORPORATION(NYSE: DAC)

Danaos Corporation is an international owner ofcontainerships, chartering its vessels to many of the world'slargest liner companies. Its current fleet of 36 containershipsaggregating 145,318 TEUs ranks Danaos among the largestcontainership charter owners in the world based on total TEUcapacity.

Danaos is the largest US listed containership companybased on fleet size. Furthermore, the company has acontracted fleet of 36 additional containerships aggregating247,868 TEU with scheduled deliveries up to 2011. Thecompany's shares trade on the New York Stock Exchangeunder the symbol "DAC."

DRYSHIPS INC.(NASDAQ: DRYS)

DryShips Inc., based in Greece, is an owner and operatorof drybulk carriers that operate worldwide.

Since its IPO in 2005 when it started out with a fleet of 6vessels with an average age of 19 years, DryShips has grownto the biggest drybulk company listed in the US with a fleetcomprising of 46 vessels with an average age of 8.8 years.

DryShips owns a fleet of 46 drybulk carriers comprising 5Capesize, 31 Panamax, 2 Supramax and 8 newbuildingdrybulk vessels, with a combined deadweight tonnage of over4 million tons.

DryShips Inc.'s common stock is listed on the NASDAQGlobal Market where it trades under the symbol "DRYS".

C O M P A N Y P R O F I L E S

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EUROSEAS LTD.(NASDAQ: ESEA)

Euroseas Ltd. was formed on May 5, 2005 under the lawsof the Republic of the Marshall Islands to consolidate theship owning interests of the Pittas family of Athens, Greece,which has been in the shipping business over the past 136years. Euroseas trades on the NASDAQ Global Market underthe ticker ESEA.

Euroseas operates in the dry cargo, drybulk and containershipping markets. Euroseas' operations are managed byEurobulk Ltd., an ISO 9001:2000 certified affiliated shipmanagement company, which is responsible for the day-to-day commercial and technical management and operations ofthe vessels. Euroseas employs its vessels on spot and periodcharters and through pool arrangements.

The Company has a fleet of 15 vessels, including 3Panamax drybulk carriers, 2 Handysize drybulk carriers, 2Intermediate container ship, 5 Handysize container ships, 2Feeder container ships and a multipurpose dry cargo vessel.Euroseas' 5 drybulk carriers have a total cargo capacity of277,316 dwt, its 9 container ships have a cargo capacity of239,010dwt or 15,321 teu and its 1 multipurpose vessel has acargo capacity of 22,568 dwt or 950 teu.

EXCEL MARITIME CARRIERS LTD. (NYSE: EXM)

The Company is an owner and operator of dry bulkcarriers and a provider of worldwide seaborne transportationservices for dry bulk cargoes, such as iron ore, coal andgrains, as well as bauxite, fertilizers and steel products.

The company's current fleet consists of 18 vessels (tenPanamax, two Supramax and six Handymax vessels) with atotal carrying capacity of 1,074,022 deadweight tons. TheCompany was incorporated in 1988 and its common stockhad been listed on the American Stock Exchange (AMEX)since 1998. As of September 15, 2005 Excel Maritime islisted on the New York Stock Exchange (NYSE), tradingunder the symbol EXM.

On January 29, 2008, Excel Maritime Carriers agreed toacquire Quintana Maritime (NASDAQ:QMAR) pursuant to adefinitive merger agreement whereby Quintana wouldbecome a wholly owned subsidiary of Excel Maritime.

The combined company will operate the fleet of 47 vessels

with a total carrying capacity of 3.7 million DWT. The size ofthe fleet is expected to increase to 55 vessels with a totalcarrying capacity of 5.2 million DWT after the addition of 8Capesize vessels which are expected to be delivered by theend of 2010.

GLOBAL OCEANICCARRIERS LIMITED (AIM: GOC)

Global Oceanic Carriers Limited is a global provider ofmarine transportation services for dry bulk cargoes throughthe ownership, management and chartering of dry bulkcarriers. The company is incorporated in Jersey and has itsprincipal executive offices in Athens, Greece.

The company's current fleet includes seven dry bulkcarriers, comprised of one Capesize, two Panamax, threeHandymax and one Handysize vessel, with an aggregatecarrying capacity of 456,273 dwt.

The company's strategy is to seek visible cash flowsthrough the employment of its vessels predominantly underfixed period time charters with first class charterers.

GO Carriers is listed on the AIM market and its stock codeis GOC. Jefferies International Limited is acting as nominatedadviser and broker to the Company.

GLOBUS MARITIME LTD.(AIM: GLBS)

Globus is a global provider of seaborne transportationservices for dry bulk cargoes, including among others ironore, coal, grain, cement, and fertilizers, along worldwideshipping routes.

It currently owns and operates six Handymax vessels andtwo Panamax vessels, with a weighted average age ofapproximately 10.7 years as at December 31, 2007 and a totalcarrying capacity of 415,558 dwt. Seven of the eight vesselsare geared.

Five out of the eight vessels in Globus' fleet are onmedium to long term time charters to reputable charterers,which is expected to provide a stable revenue and earningsbase. Three vessels are currently trading on the spot market.

Globus is listed on the AIM of the London StockExchange under ticker GLBS. Jefferies International Limitedis acting as nominated adviser and broker to the Company.

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GOLDENPORT HOLDINGS INC.(LSE: GPRT)

Goldenport is an international shipping company that ownsa fleet of thirty-three container and dry-bulk vessels thattransport cargo worldwide.

The fleet consists of eighteen container vessels (includingtwo new-build vessels with deliveries scheduled for 2010 and2011) and fifteen dry-bulk carriers (including six new-buildvessels with deliveries scheduled for 2008 and 2009).

Goldenport is listed on the London Stock Exchange underthe ticker GPRT.

HELLENIC CARRIERS LIMITED(AIM: HCL)

Hellenic Carriers Limited owns and operates a fleet of drybulk vessels that transport iron ore, coal, grain, steel products,cement, alumina, and other dry bulk cargoes worldwide. Itscurrent fleet consists of four vessels, comprising threePanamaxes and one Handymax. The Company has alsocontracted to acquire a Supramax vessel with expecteddelivery between 1 March and 30 April 2008 and a Panamaxvessel with expected delivery between 1 March and May 312008.

Including the new Supramax and Panamax vessels to bedelivered, Hellenic's fleet has an aggregate carrying capacityof 372,761 dwt and an average age of 12.9.

The company's chartering strategy is focused ongenerating predictable cash flows predominantly through theemployment of its vessels under medium to long term timecharters.

Hellenic is listed on the AIM of the London StockExchange under ticker HCL. Jefferies International Limited isacting as nominated adviser and broker to the Company.

NAVIOS MARITIME HOLDINGS, INC. (NYSE:NM)

Navios Maritime Holdings Inc. (“Navios”) is one of theleading global brands in seaborne shipping, specializing inthe worldwide carriage, trading, storage and related logisticsof international bulk cargoes. For over 50 years, leading rawmaterials producers, agricultural traders and exporters,industrial end users, ship owners, charterers, ship andderivative brokers, agents, and financial business partnershave relied on Navios to meet their needs.

Navios operates owned, chartered and leased drybulkvessels. Navios also has extensive experience performingcomplex freight movements and bulk cargo logistics aroundthe world, and in providing innovative solutions forcustomers' special requirements.

Navios recently created a South American logisticsbusiness by acquiring an upriver port facility along with riverbarges and integrating the business into its existing porttransfer facility in Uruguay.

Navios' worldwide technical ship management capacity isbased on a team of industry professionals graduated from theworld's leading international schools of naval architecture andmarine engineering. Navios maintains offices in SouthNorwalk-Connecticut, Piraeus-Greece, Montevideo-Uruguay,Buenos Aires-Argentina and Asuncion-Paraguay. As a publiccompany, Navios is committed to executing on behalf ofshareholders and providing best-in-class service to bothcustomers and business partners.

Navios' stock is listed on the NYSE where it's CommonShares and Warrants trade under the symbols "NM" and "NMWS", respectively.

The Navios Group of companies also includes NaviosMaritime Partners, LP which is separately listed on the NYSEunder the symbol NMM.

NAVIOS MARITIME PARTNERS LP(NYSE: NMM)

Navios Maritime Partners L.P., an owner and operator ofdrybulk carriers, was newly formed by Navios MaritimeHoldings Inc. (NYSE: NM), a vertically integrated seaborneshipping company with over 50 years of operating history inthe drybulk shipping industry.

Navios Partners operates a fleet of seven drybulk carrierscomprised of five owned Panamax vessels and two chartered-in vessels (one Capesize and one Panamax), with a totalcarrying capacity of 626,100 dwt. Navios Partners will takedelivery of one charter-in newbuilding Panamax vessel inMarch 2008. Including this delivery, Navios Partners' fleethas an average age of approximately 5.7 years (based ondwt), which is significantly younger than the current industryaverage. Navios Partners expects to take delivery of onenewbuilding Capesize in June 2009 and has the option toacquire the capital stock of the subsidiary that will own anewbuilding Capesize vessel scheduled for delivery inOctober 2009. Navios Partners' vessels are chartered out to astrong group of counterparties under long-term time charterswith an average remaining term of approximately 5.0 years.

Navios Partners' units are listed on the New York StockExchange and trade under the symbol "NMM".

Risks and uncertainties are described in reports filed byNavios Maritime Partners L.P. with the United StatesSecurities and Exchange Commission.

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OCEAN TANKERS HOLDINGS (CYPRUS: OCT)

Ocean Tankers Holdings Public Company Limited focuseson oil and chemical tankers ranging from 5,000 to 20,000dwt. The company was incorporated in Cyprus on June 30,2005 and was the first shipping company to be listed on theCyprus Stock Exchange on December 6, 2006.

Since its listing the company's fleet has grown from anoriginal 3 vessels to 16 with a total capacity of 213,566 dwt(including two newbuildings to be delivered during thesecond half of 2008). The fleet comprises high quality doublehull double bottom vessels, 8 of which are Ice-Class A andcan trade in the Northern Sea, with an average age of 6.6years.

More than 80% of the fleet is on long term charters, morethan half through 2015.

The company' shares are listed on the Cyprus StockExchange under the ticker symbol “OCT” and as of October4, 2007 they are included in the FTSE/ATHEX InternationalIndex of the Athens Stock Exchange. As of December 3,2007, they are also included in the new index FTSE/CySE20of the Cyprus Stock Exchange which includes the shares of20 selected companies which compromise a representativesample of the Cyprus economy.

OCEANFREIGHT, INC.(NASDAQ: OCNF)

OceanFreight Inc. was incorporated in 2006 to acquirehigh quality secondhand vessels and deploy them on mediumand long term charters. The Company began operations withthe delivery of its first vessel in June 2007 and currentlyowns and operates a fleet of eleven vessels, consisting of oneCapesize drybulk carrier, eight Panamax drybulk carriers, oneSuezmax tanker and one Aframax tanker with a total carryingcapacity of 978,889 dwt.

OceanFreight provides exposure to a variety of shippingsectors. Its strategy is to pursue long term employment for itsvessels with first class charterers, thereby generating visibleand predictable cash flows.

OMEGA NAVIGATION ENTERPRISES(NASDAQ: ONAV)

Omega Navigation Enterprises, Inc. is an internationalprovider of global marine transportation services through theownership and operation of eight double hull product tankers.

The current fleet includes eight double hull producttankers with a carrying capacity of 512,358 dwt. These eightproduct tankers are chartered out under three-year period timecharters.

Furthermore, the company recently announced the signingof shipbuilding contracts to construct and acquire fivenewbuilding double hull Handymax product tankers eachwith a capacity of 37,000 dwt scheduled for delivery betweenMarch 2010 and early in 2011. With the addition of these fivevessels, the Omega fleet will expand to 13 product tankerswith a total deadweight capacity of 697,358 tons.

The Company was incorporated in the Marshall Islands inFebruary 2005. Its principal executive offices are located inPiraeus, Greece and it also maintains an office in the UnitedStates.

Omega Navigation's Class A common shares are traded onthe NASDAQ National Market under the symbol "ONAV"and are also listed on the Singapore Exchange SecuritiesTrading Limited under the symbol "ONAV 50".

STAR BULK CARRIERS CORP.(NASDAQ: SBLK)

Star Bulk is a global shipping company providingworldwide seaborne transportation solutions in the dry bulksector. Star Bulk's vessels transport major bulks, whichinclude iron ore, coal and grain and minor bulks such asbauxite, fertilizers and steel products.

Star Bulk was incorporated in the Marshall Islands onDecember 13, 2006 and is headquartered in Athens, Greece.Its common stock and warrants trade on the NASDAQGlobal Market under the symbols "SBLK" and "SBLKW"respectively.

Currently, Star Bulk has an operating fleet of nine dry bulkcarriers, plus definitive agreements to acquire one further drybulk carrier. The total fleet consists of three Capesize, onePanamax and six Supramax dry bulk vessels with an averageage of approximately 11 years and a combined cargo carryingcapacity of approximately 927,759 deadweight tons.

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QUINTANA MARITIME(NASDAQ: QMAR)

Quintana, based in Greece, is an international provider ofdry bulk cargo marine transportation services. Quintanacurrently owns a fleet of 22 vessels and, together with 7Panamax vessels under bareboat charters, operates 29 vessels(14 Kamsarmax, 11 Panamax and 4 Capesize vessels) with atotal carrying capacity of 2.6 million DWT tons. The DWTweighted average age of vessels Quintana owns is 3.3 years.

In addition, Quintana has ordered 8 Capesize newbuildingvessels, one of which will be wholly owned and theremaining seven of which will be partially owned throughjoint ventures. Once all acquisitions and newbuilding ordersare completed and assuming no vessel disposals, Quintanawill operate a fleet of 37 dry bulk vessels (14 Kamsarmax, 11Panamax and 12 Capesize vessels) with a total capacity of 4.1million DWT.

On January 29, 2008, Excel Maritime Carriers(NYSE:EXM) agreed to acquire Quintana Maritime pursuantto a definitive merger agreement whereby Quintana wouldbecome a wholly owned subsidiary of Excel Maritime.

The combined company will operate a fleet of 47 vesselswith a total carrying capacity of 3.7 million DWT. the size ofthe fleet is expected to increase to 55 vessels with a totalcarrying capacity of 5.2 million DWT after the addition of 8Capesize vessels which are expected to be delivered by theend of 2010.

TBS INTERNATIONAL LIMITED(NASDAQ: TBSI)

TBS is an ocean transportation services company thatoffers worldwide shipping solutions through liner, parcel andbulk services, and vessel chartering.

TBS International Limited was incorporated in Bermudain 1997 and has developed its franchise around key traderoutes between Latin America and China, Japan and SouthKorea, as well as select ports in North America, Africa, andthe Caribbean. TBS is also active in the Middle East and theMediterranean regions. TBS provides frequent regularlyscheduled voyages in its network, as well as cargo schedul-ing, loading and discharge for its customers.

TBS's current fleet consists of 41 multipurpose tween-decker, handymax and handysize vessels. TBS expects to takedelivery of one multipurpose tweendecker by the end of Q12008 and one handymax bulk carrier by the end of Q2 2008.Once these deliveries are concluded, TBS' fleet will com-

prised of 43 vessels with an aggregate of 1,268,402 dwt, con-sisting of 23 tweendeckers and 20 handymax/ handysize bulkcarriers. In addition, TBS has on order six new buildingtweendeckers with scheduled delivery of two vessels in 2009and four vessels in 2010.

TOP SHIPS INC.(NASDAQ: TOPS)

TOP Ships Inc, formerly known as TOP Tankers Inc., is aninternational provider of worldwide seaborne crude oil andpetroleum products and of drybulk transportation services.The Company operates a combined tanker and drybulk fleetas follows:

- fleet of 18 tankers, consisting of 10 double-hull Suezmaxtankers and 8 double-hull Handymax tankers, with a totalcarrying capacity of approximately 1.8 million dwt, of which85% are sister ships. Twelve of the Company's 18 tankers areon time charter contracts with an average initial term of overtwo years with all but three of the time charters includingprofit sharing agreements above their base rates. In addition,the Company has ordered six newbuilding product tankers,which are expected to be delivered in the first half of 2009.

- fleet of five drybulk vessels with delivery of oneadditional drybulk vessel expected during March/ April 2008.Including this vessel, three of the Company's six drybulkvessels will have period charter contracts for an averageperiod of 18 months.

TSAKOS ENERGY NAVIGATION(NYSE: TNP)

Tsakos Energy Navigation Ltd(TEN) is one of the largest trans-porters of energy in the world andcontrols a versatile fleet of mod-ern crude and product tankerswith strong ice-class capabilities.

With a fleet of 50 vessels (44operational and 6 under construction), TEN providesworldwide marine transportation services to state andinternational oil majors and refineries under long, mediumand short-term charters. TEN operates one of the youngestfleets in the world with an average age of 5.5 years,compared to the world's average of 10.6 years.

TEN's newbuildings are expected to be delivered between2008 and 2010 and the resulting fleet will include 25 crudecarriers and 24 product tankers, 23 of which can operate inice-class environments. Together with the company's firstLNG carrier, these vessels will further enhance TEN'sposition in international seaborne trades.

The company's shares are listed on the New York StockExchange under the ticker “TNP”..

NYMAR is a member basedassociation of maritime companies in thegreater metropolitan New York area whosegoal is to promote the benefits of theregion as a maritime business center inorder to attract more businesses to share inthe opportunities available in this robustarea. It hosts an annual seminar, andparticipates in many area conferences andevents.

The reasons for doing business in NewYork are many. Taking a page out of NewYork's own David Letterman, here are theTop Ten Reasons for Maritime companiesto be doing business in New York:

1. Abundance of capital: Maritimepublic companies - in all sectors from bulkto tanker from cruise to container-- have amarket capitalization of over $100 billion.

2. Abundance of liquidity: Over $300billion of public shipping stocks traded in2007.

3. The two largest stock exchanges inthe world (NYSE and NASDAQ)combined with vibrant media coverageincluding at least three 24hour financialnews television stations that regularlyfeature maritime CEO's and otherluminaries from the New York shippingcommunity creates a global pulseunmatched anywhere in the world..

4. A dynamic and prosperous privateequity community that has completed over$3 billion of transactions in the industry inthe past year.

5. Over 250 shipping companies,including a plethora of shipowners, whohave already reaped the benefits of thetransactional New York area businessclimate. As the song goes, “If you canmake it there, you'll make it anywhere…”

6. Over 100 law firms with a maritimepractice including ship finance, securities,litigation, risk management, environmentalcompliance, charterparty, contracts andmore.

7. Over 20 leading investment banksand 20 commercial lenders covering thesector. These bankers make capitalaccessible and efficient.

8. Abundance of maritime professionalsincluding P & I Clubs, ClassificationSocieties, ship brokers, Insurance brokers,maritime academies, etc. plus excellent,affordable and efficient arbitration

capabilities with top-notch, seasonedarbitrators.

9. One of the largest trading ports inthe world with access to customers andend- users.

10. The best pizza in the world!

New York also boasts an economylarger than most countries, aninternationally diverse population, moreFortune Global companies than any otherinternational center, and is one of theworld's cultural capital. Home to the twolargest stock exchanges in the world, NewYork is where shipping and transactionalexecutions meet.

The New York Maritime Cluster ishome to over 250 shipping companies,who are continually reaping the benefits ofthe area's extensive resources andinfrastructure (banks, lawyers, insuranceand arbitration). New York is also theworld's best tax haven for a foreignshipping company to base its operations ifit qualifies for exemption under US taxlaws or a US treaty.

Call us today and take a bite of the BigApple. As heard on Broadway: “NewYork, New York it's a helluva town!”. Formembership information, or for moreinformation on doing business “New Yorkstyle”, please call us at +718 841-74NY(69) or go to www.nymar.org.

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NEW YORK: THE CAPITAL FOR SHIPPING

The New York Maritime Clusteris home to over 250 shipping

companies, who are continuallyreaping the benefits of thearea's extensive resources

Peter ShaerfChairman, New York Maritime Inc.

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Deutsche Bank is a leading globalinvestment bank whose presence spansacross Europe, North America, Asia andemerging markets, serving clients in 75countries.

Deutsche Bank's business philosophyaims at supporting all those who have astake in the bank's success:shareholders, clients, staff and thecommunities in which the bankoperates.

Our business is divided into five corelines, all of which set success and topperformance as the precondition for theservices we provide. Global Marketscomprises all sales, trading, structuringand research in a wide range of financialproducts. Global Banking coversCorporate Finance and GlobalTransaction Banking.

Asset Management providesinstitutional clients with a full range ofservices while Private WealthManagement and Private & Businessclients cater for high net worthindividuals, private customers and smallbusinesses. Through close cooperationof these divisions and their regions,Deutsche Bank ensures that clientsobtain the greatest possible benefit fromthe expertise of a globally aligned bank.

Client satisfaction is both the aimDeutsche Bank strives to meet as well asthe ultimate yardstick of its success. Wecarefully analyse our clients' needs,produce innovative recommendationsfrom a wide range of possible solutions

which are tailored to the marketenvironment, and help realise theirgoals.

Deutsche Bank's presence in the Shipping Sector

Deutsche Bank has a leading globalinvestment banking franchise in theshipping sector with unrivalledexperience in raising capital andproviding M&A advice to its clients inthe shipping sector. Our shippingspecialists in North America, Europeand Asia recognize the critical inter-action between operators, charters,owners/investors and shipyards and howthis mix is valued by institutionalinvestors in the capital markets. Ourteam also has a wide level of M&Aadvisory experience having advised over$10 billion of M&A volume over the

last two years. Our coverage team alsoleverages our industry strengths in oil &gas, chemicals and commodities tounderstand global trade drivers. Recentrepresentative transactions include:

❏ Sole advisor to Excel Maritime onits acquisition of Quintana Maritime(pending)

❏ Sole advisor to International tradeLogistics on the sale of strategic stake toPSA International and GlobalInfrastructure Partners

❏ Advisor to China Cosco Holdingson its acquisition of the dry bulkshipping Interests from China OceanShipping

❏ Joint Global Coordinator on $4.2billion IPO of Dubai World Limited

db-shipping

A major global player in the field ofship financing, db-shipping isheadquartered in Hamburg with arepresentative office in Oslo, an agencyin Piraeus and coverage hubs across theinternational shipping centres. Thegroup has total lending volume of about€5.3 billion in commitments (excludingshares syndicated to third parties). Thegroup's customer base includes 650clients from 24 different countries. db-shipping offers the complete productrange of a universal bank through itsteam of specialists together with thebroader Deutsche Bank network and itsglobal investment banking division.

17

A PASSION TO PERFORM

In Cooperation with

Lead Sponsors

Thursday, March 20, 2008 - Metropolitan Club, 1 East 60th Street, New York City

7:30 A.M. - 7:55 A.M. REGISTRATION & BREAKFAST sponsored by

MORNING SESSION Metropolitan Club - West Lounge (1st Floor)

7:55 AM- 8:00 AM WELCOME REMARKS by Nicolas Bornozis, President of Capital Link, Inc.

8:00 AM- 8:40 AM SECTOR PANEL: CONTAINERSModerated by: Mr. Charles Rupinski, Sr. V.P. Equity Research, Maxim GroupDanaos CorporationEuroseas Ltd.

8:40 AM- 9:20 AM SECTOR PANEL: TANKERSModerated by: Mr. Robert Bugbee Capital Product Partners LPD'Amico Int'l Shipping S.A.Omega Navigation EnterprisesTsakos Energy Navigation LTDCOMPANY PRESENTATIONSIntroduced by: Mr. Justin B. Yagerman, Director, Equity Research, Global Transportation and Shipping, Wachovia Securities

9:30 AM- 9:50 AM Danaos Corporation9:50 AM-10:10 AM Euroseas Ltd

10:10 AM-10:30 AM Goldenport Holdings Inc.10:50 AM-11:40 AM CONSOLIDATION, M&A IN SHIPPING

Moderated by: Mr. Bob Robison, Senior Partner, Morgan, Lewis & Bockius LLPParticipants:Deutsche Bank AG, Mr.Craig Fuehrer, M.D, TransportationCitigroup, Ms. Mary Amor, M.D., Citi M & A GroupDanaos CorporationDryShips Inc.Navios Maritime HoldingsQuintana Maritime LimitedTsakos Energy Navigation LTD

Metropolitan Club - James Room (2nd Floor)

COMPANY PRESENTATIONSIntroduced by: Mr. Daniel Burke, Shipping Analyst, Johnson Rice & Company LLC

9:30 AM- 9:50 AM Top Ships Inc.9:50 AM-10:10 AM Tsakos Energy Navigation LTD

10:10 AM-10:30 AM Omega Navigation Enterprises10:30 AM-10:50 AM Capital Product Partners LP

P R O G R A M

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COMPANY PRESENTATIONSIntroduced by: Mr. Alex Chan, Equity Analyst

NBG International Ltd

11:40 AM-12:00 PM Global Oceanic Carriers Limited

12:00 PM-12:20 PM Globus Maritime Ltd

12:20 PM-12:40 PM Hellenic Carriers Limited

COMPANY PRESENTATIONSIntroduced by: Mr. Christopher Combe, Director, Equity

Research, Transportation Logistics & Shipping

Jefferies International

11:40 AM-12:00 PM D'Amico Int'l Shipping S.A.

12:00 PM-12:20 PM OceanFreight, Inc.

12:20 PM-12:40 PM Ocean Tankers Holdings

1:00 PM- 2:15 PM LUNCHEON & KEYNOTE

SPEAKER

5:10 PM- 6:30 PM COCKTAIL RECEPTION sponsored by

Introductory Remarks by Mr. Peter Shaerf, Chairman, NYMAR (New York Maritime)

AFTERNOON SESSION

Metropolitan Club - West Lounge (1st Floor)COMPANY PRESENTATIONS

Introduced by: Mr. Michael S. Pak, CFA Vice President ,

U.S. Equity Research, Banc of America Securities LLC

2:30 PM- 2:50 PM DryShips Inc.

2:50 PM- 3:10 PM Excel Maritime Carriers Ltd.

3:10 PM- 3:30 PM Navios Maritime Holdings Inc.

3:30 PM- 3:50 PM Navios Maritime Partners L.P.

3:50 PM- 4:10 PM Star Bulk Carriers Corp.

4:10 PM- 4:30 PM TBS International Limited

Metropolitan Club - James Room (2nd Floor)COMPANY PRESENTATIONS

2:30 PM- 2:50 PM FFAs by IMAREX, Mr. Mike Reardon, Vice President,

Research and Marketing

2:50 PM- 3:10 PM SPACs by MAXIM GROUP, Mr. Clifford Teller, M.D.

3:10 PM- 3:30 PM Challenges in Ship Management by V Ships,

Mr. Roberto Giorgi, President

EUROPEAN LISTED PANELModerated by: Mr. Christopher Combe, Director, Equity

Research, Trans. Logistics & Shipping, Jefferies International

Participants:

3:30 PM- 4:10PM D'Amico Int'l Shipping S.A.

Global Oceanic Carriers Limited

Globus Maritime Ltd.

Goldenport Holdings Inc.

Hellenic Carriers Limited

Ocean Tankers Holdings4:30 PM- 5:10 PM SECTOR PANEL: DRY BULK Moderated by: Mr. Doug Mavrinac, Sr. Equity Research

Analyst - Maritime Group Head, Jefferies & CO

Participants:

DryShips Inc.

Navios Maritime Holdings

Quintana Maritime Limited

Star Bulk Carriers Corp.

TBS International Limited

Dr. Mickey LevyChief Economist Global Economy,

Commodities and Shipping

20

SPONSORS & PRESENTERS

MEDIA PARTNERS

LEAD SPONSORS

In cooperation with

When almost two centuries agoshippers gathered to agree on somemutually acceptable rules for qualifyingtheir ships, they could hardly foresee theexpansion of seaborne trade worldwide.The dramatic development in shipbuildingtechnology, the increasing capitalrequirement and associated risks as well asthe multiplicity of rules and standardsapplied in the design, construction andoperation of a ship were beyondimagination.

Today, it is estimated that a 10000 TEUcontainership carries almost 1 billion USDollar worth of cargo. Add to this itsbuilding cost of 100-150 Million plussome Millions for a series ofconsequential commercial andenvironmental risks: the resulting figuresdescribe the total risk to be managed bybest practice.

Classification Societies were borneback on those initial gatherings with theaim to establish mutually acceptable ruleson evaluating the risks related to the actualcondition and worth of a ship. Today theyare setting the technical parameters inbuilding and operating a ship and provideneutral, independent guidelines inassessing both the technical condition ofthe ship as well of her management.

What exactly is the involvement of theClassification Society in the investmentobject “ship”? And what is the impact ofits involvement in the “quality” of theinvestment object? How is this qualitydefined and what impact has on the valueof the investment.

It is not the intention within this briefarticle to elaborate on contemporary rulesand regulations and provide detailedanswers to above questions. By selectivelypresenting some technology applicationsin design and extending their use inmodern ship operation, it will describesolutions impacting the life expectancy ofthe investment object “ship”.

Past are times when designing a ship,hull steel thicknesses and parameters wereempirically set and experimentallyconfirmed. Nowadays the hull is describedin a mathematical model using Finite

Elements analysis (FE) and then exposedto variable stress scenaria calculating therequired data for the minimum steelthickness in several areas of the hull.

The Hull Lifecycle Program (HLP), aGermanischer Lloyd software tool, createsthis 3D model for monitoring the technicalstatus of a ship throughout its entirelifecycle until the ship is sold ordecommissioned. This valuable softwaretool helps all parties involved to workmore efficiently and allows monitoring ofthe hull condition. During Maintenanceintervals the hull thickness is checked onwastage due to corrosion, whereby actualrecords are transferred into the existingmodel allowing comparisons “actual vs.initial” condition. Features like modifyingstress parameters permit identification ofrisk areas and facilitate necessary and/orrecommended interventions. The HLP byGermanischer Lloyd can be appliedindependent of the actual classification ofthe ship.

Using the same FE computationalmodel of the HLP and incorporating alltechnical specifications of the specificship, Germanischer Lloyd developed theEmergency Response Service (ERS),which provides detailed stability andstrength analyses and recoveryrecommendations for sea damages. Withina few hours, the GL experts use the FEModel and can issue rescuingrecommendations to help safeguard peopleat sea as well as the maritimeenvironment. Both such products offerowners intelligent solutions forinterventions which ultimately define, i.e.maintain and/or prolong, the lifeexpectancy of their investment.

To date, international bodies such asIMO (MARPOL Convention) and

INTERTANKO, as well as U.S. authoritieshave required emergency systemsubscription for tankers only. But asresult of grounding using the FE Model.GL's ERS list of customers includes shipsfrom all segments: while 60% of all ERScertificates issued to date have been forcontainer ships, 24% have been fortankers, and 16% for other ship types suchas bulk carriers, ferries or luxury Yachts.Even the 3 high-speed catamarans builtby Austal for Hawaii Superferry receivedthe coveted class emblem recently.

Germanischer Lloyd's success rests onmore than 140 years of sound expertise.Constant research, examination ofstatutory and technological developments,their impact, repercussions andeconomical consequences on the ship andits management are Germanischer Lloyd'spermanent tasks. New applications areintroduced in the fields of e.g. noise andvibration analysis or hydrodynamics. GLintroduced recently the “Environmentalpassport”, a class notation characterizingthe environmental properties of the shipwith more than 400 vessels alreadyvoluntarily certified of doing more thanmerely complying with national orinternational regulations.

GL offers one of the most extensivearrays of highly specialized tools ofpredictive maintenance as well specialisttraining and certification for operators andengineers in its GL Academy. GL's vastexperience in all areas of shipdesign andshipbuilding, the staff of 3500 specialistengineers and the extensive worldwidenetwork of first Class surveyors have beenrecognized by the trust of Industry leaders,making GL the fastest growingClassification Society in the world in thelast 8 consecutive years. GermanischerLloyd offers to Designers, Operators andInvestors services extending in all aspectsof design, engineering, operation,classification, project management andInvestment development.

For further information please contact:H. Vordokas, BDM Americas,harry.vordokas@gl-group.com

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IMPACT OF CLASSIFICATION SOCIETYON YOUR INVESTMENT

By Harry VordokasBusiness Development Manager Americas

Germanischer Lloyd (USA)

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TEN is the successor of MaritimeInvestment Fund (MIF) which in 1993tapped the Northern European capitalmarkets and established its footprint in theworld capital markets. The subsequentlisting on the New York Stock Exchangein 2002, under the name Tsakos EnergyNavigation, Ltd. proved the springboardfor the Company's unparalleleddevelopment which saw it's fleet doublingin size in a space of only three years. Thefunds raised, combined with bankborrowings at favorable terms were usedto finance the Company's extensivenewbuilding program, acquire newmodern vessels and in financing theconstruction of TEN's first ever LiquefiedNatural Gas (LNG) carrier. The latter, ispart of the Company's overall strategy inbecoming an all-round energy player bydelivering all types of liquefied energy, instate-of-the art vessels, to world markets.As demand for alternative sources ofenergy is on the increase and with currentdemand for conventional sources unabatedthe Company is well positioned to activelyparticipate in the ever changing patterns of

world seaborne energy trades. With adiversified fleet unparalleled in shippingtogether with the added flexibility ofoperating one of the largest ice-class fleetsin the world, TEN is increasinglybecoming one of the more significantplayers in the worldwide energy trades.

TEN today with 50 crude oil and oil-product tankers (of which 7 are currentlyunder construction) and one LNG carrierhas one of the more diversified fleets inthe world. It has vessels in all categoriesavailable. VLCCs, Suezmaxes andAframaxes for crude oil transportation and

Aframaxes, Panamaxes, Handymaxes andHandysizes for the transportation of oilproducts. Also an LNG vessel for thetransportation of liquefied natural gas. 23of its vessels can also operate in ice-boundregions which further enhances the fleet'sflexibility and versatility and overallattractiveness to international oil majorsand traders.

TEN over these fifteen years ofexistence has seen phenomenal growth inall areas. It started with 4 ships in 1993 toreach 50 today. From a deadweightcapacity of a mere 280,000 in 1993 to adeadweight capacity of 5.3 million today.From a net income of $600,000 to a netincome of $183 million in 2007. From$0.21 diluted earnings per share in 1993 to$4.79 for the full year of 2007. TEN hasalso provided healthy dividends to itsshareholders to reflect this growth. Since2002, when the dividend program wasinitiated, the Company has paid back atotal of $5.83 (split adjusted) to investors,and has never failed to pay a dividendwhile always managing to increase thedistribution from the prior payment. Thisspectacular growth has also been reflectedin the Company's share performance.Since 2002 when the listing on the NewYork Stock Exchange catapulted theCompany to a new level, the total returnsto investors today are about 35% per year.

In ending, TEN policy remains that ofshareholder reward via fleet growth and aflexible chartering policy to safeguardprofits irrespective of market conditions. Apolicy that has proved successful as theCompany never had a loss-making quarterin its fifteen years of existence. Goingforward the Company remains committedin maintaining its stature in theinternational energy markets and confidentin enlarging its footprint further whenchartering and/or acquisition opportunitiesarise. Its commitment to the humanelement of operations as well as itssensitivities for the environment completethe framework that both TEN and theTsakos Group have set and abide forenduring operational excellence.

TSAKOS ENERGY NAVIGATION

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Capital Link has made a strategic commitment to shipping. With over 20 shipping companies as clients, we are thelargest and most recognizable IR firm servicing this sector globally. The fact that we work with several other shippingcompanies places us in the center of investor and analyst activity and creates synergy, enhanced information flow andeconomies of scale from which our clients and investors can benefit directly.

In our effort to enhance the information flow between listed shipping companies and the investment community andcontribute to improving investor knowledge of shipping, Capital Link has undertaken a series of initiatives beyond thetraditional scope of our investor relations activity.

Sector Panel DiscussionsSemi-annually, we organize a series of panel discussions such as ❏ CEO Forums on the Dry Bulk, Container and Tanker sectors;❏ Analyst Forums on the Dry Bulk, Container and Tanker Sectors;❏ In these Forums, which are open to the public, the participating CEOs and Analysts discuss the trends,

developments and outlook of each sector.❏ The transcript of these panel discussions is available to everyone at no cost.

Conferences❏ New York - Invest in Shipping Conference; every March. ❏ London - Invest in Shipping Conference; every December❏ The Capital Link Conferences bring together CEOs of listed companies, analysts and other market

participants to discuss the trends, developments and outlook of the various shipping sectors and thoseof the listed companies.

❏ Our Conferences are open to the whole buy and sell side communities and bring together participantsfrom various brokerage firms, investment banks and securities houses.

www.CapitalLinkShipping.comCapital Link Shipping is a web-based resource whose objective is to facilitate investor knowledge and

understanding of shipping and its listed companies, and to facilitate the exchange of information among listedcompanies, industry participants and investors. The site is open to the public at no cost.

The site provides information on the major shipping and stock market indices, as well as on all shipping stocks. Italso features industry reports from major industry participants and interviews with CEOs, analysts and other marketparticipants.

The information on the website is not an offer to buy or sell any kind of securities nor does it constitute investment advice of any kind. Capital Link does not represent or warrant the accuracy of the information in this site.

C A P I T A L L I N K - N E W Y O R K - L O N D O N - A T H E N S

230 Park Avenue, Suite 1536, New York, New York 10169, USA ■ Tel.: +1 212 661 7566 ■ Fax: +1 212 661 75262, Throgmorton Avenue., 1st Floor, London, EC2N 2DG, U.K. ■ Tel. +44(0) 20 7614 2900 ■ Fax + 44(0) 20 7614 2901

40, Agiou Konstantinou Str, Suite I 27, 151-24 Athens, Greece ■ Tel. +30 210 6109 800 ■ Fax +30 210 6109 901www.capitallink.com ■ www.capitallinkforum.com ■ www.capitallinkshipping.com ■ www.closedendfundforum.com

www.capitallinkgreece.com ■ www.irawards.gr ■ www.greekirawards.com

Strategic Focus on LinkingInvestors and Shipping Globally

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Oppenheimer is a full service investment banking platform with

a strong focus on small-cap and mid-cap companies

We have managed over $1.1 billion of Shipping equity offerings

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