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WEEK 18 – 08 MAY 2015

Quote of the week:

“It is not titles that honor men, but men that honor titles.”

Niccolo Machiavelli, (3 May 1469 – 21 June 1527)- Italian historian, politician, diplomat,

philosopher, humanist, and writer based in Florence during the Renaissance.

MARKET COMMENTARY Bulkers: One more quiet week in the second hand market as Japan was holidays due to their Golden

Week. We recorded a total of 7 transactions (1 cape, 1 panamax, 3 supramaxes & 2 handymaxes). We expect asset values to soften even further as the BDI seems incapable to break the 600 points barrier for one more week. Market psychology remains negative and buying interest is either speculative (usually by big players who are positioning themselves) or "wishful thinking" by new-

comers who were attracted by the "bargains" out there especially Chinese built tonnage. Demolition: Subcontinent market continues to deteriorate. Bulkers of all sizes are now facing levels below $390 per lt while tankers are still getting rates in excess of $400 per lt. We have recorded the impressive number of 9 capes and 2 panamaxes going for scrap this week. For an overview of the recycling market rates this week, please check our comprehensive demometer below:

SALES

BULKERS M/V "SBI BELICOSO" - 180,000 dwt, blt 2015 Waigaoqiao/China, AB, ss due 08/2015, 9HO/9HA, B+W 6G70ME-C9 Sold to Greek buyers (clients of Diana Shipping) for $43 mill M/V "DEWI LAKSMI" - 75,700 dwt, blt 2011 Guangzhou/China, RI, dd due 08/2016, 7HO/7HA, B+W 5S60MC Sold to Greek buyers (clients of Dynacom) for $12.2 mill (Note: previous sale beginning of April at $12.5 mill failed) M/V "LAN HAI CHUANG YE" - 56,826 dwt, blt 2011 Yangfan/China, CC, dd 04/2016, 5HO/5HA, B+W 6S50MC, Cr 4X30T M/V "LAN HAI TUO ZHAN" - 56,842 dwt, blt 2011 Yangfan/China, CC, dd 07/2016, 5HO/5HA, B+W 6S50MC, Cr 4X30T Sold en bloc to Chinese buyers for $11.7 mill each (Note: court sale/auction in Guangzhou by mortgagee - vessels have been in warm lay up for about 8 months in Chinese

ports of Lianyungang & Lanshan )

M/V "CMB JIALING" - 55,090 dwt, blt 2010 Nantong/China, AB, 5HO/5HA, B+W 6S50MC-C, Cr 4X30.5T Sold to Greek buyers (clients of A.M. Nomikos) for $13.6 mill M/V "COPOSA" - 46,493 dwt, blt 2002 Oshima/Japan, NK, dd due 06/2015, 5HO/5HA, B+W 6S50MC-C, Cr 4X30T Sold to Greek buyers (clients of Revoil) for $7.5 mill M/V "KYRIAKOS" - 44,821 dwt, blt 1995, Halla/South Korea, LR, dd passed 03/2015, 5HO/5HA, B+W 6S50MC, Cr 4X25T Sold to Greek buyers for $4.2 mill

CONTAINERS M/V "HONEST" - 38,617 dwt, blt 2007 STX Shipbuilding/South Korea, AB, 2846 teus, B+W 8K80MC-C Sold to undisclosed buyers for $15.5 mill

LION’S DEMOMETER (USD $ / LT)

COUNTRY BULKER TANKER CONT/TWEEN TREND

TURKEY 240-260 260-270 250-260 stable

PAKISTAN 375-385 400-410 - soft

INDIA 350-360 375-380 375-380 stable

BANGLADESH 375-385 400-410 370-380 soft

CHINA 200-210 210-220 210-220 weak

© Lion Research & Valuations 2015 - All rights reserved. 2

M/V "JANA" - 11,007 dwt, blt 2009 Hegemann Berne/Germany, BV, 3HO, 974 teus, MaK 9M43C, gearless Sold to U.S.A. buyers (clients of Seaboard) for $7.5 mill

TANKERS

M/V "BLUE GARNET" - 321,052 dwt, blt 2011 Daewoo/South Korea, KR, B+W 7S80MC-C M/V "BLUE AQUAMARINE" - 321,225 dwt, blt 2011 Daewoo/South Korea, KR, B+W 7S80MC-C Sold en bloc to Greek buyers (clients of Maran Tankers) for $80 mill each M/V "SUNGDONG 3078" - 115,000 dwt, blt 2015 Sungdong/South Korea, KR, ss due 05/2015, B+W 6G60ME-C9 M/V "SUNGDONG 3079" - 115,000 dwt, blt 2015 Sungdong/ South Korea, KR, ss due 07/2015, B+W 6G60ME-C9 M/V "SUNGDONG 3080" - 115,000 dwt, blt 2015 Sungdong/ South Korea, KR, ss due 09/2015, B+W 6G60ME-C9 Sold to Monaco based buyers (clients of Scorpio) for $59.5 mill each M/V "EMERALD SUMMIT" - 74,986 dwt, blt 2013 STX Offshore/S.Korea, LR, dd due 07/2016, B+W 7S50MC-C8 Sold to Greek buyers (clients of Prime Marine) for $37.5 mill M/V "MARLIN AMBER" - 50,000 dwt, blt 2015 Guangzhou/China, NV, ss passed 04/2015, B+W M/V "MARLIN AMETRINE" - 50,000 dwt, blt 2015 Guangzhou/China, NV, ss due 09/2015, B+W Sold en bloc to Singaporean buyers (clients of Norstar Shipping) for $35.5 mill each

(Note: Incl. 3 years TC back at $17,000 per day)

M/V "MAERSK CATHERINE" - 44,923 dwt, blt 1997 Halla/South Korea, NV, ss due 08/2017, B+W 6S50MC M/V "MAERSK CAITLIN" - 44,936 dwt, blt 1997 Halla/South Korea, NV, ss due 08/2017, dd due 02/2016, B+W 6S50MC Sold en bloc to U.K based buyers (clients of Union Maritime) for $8 mill each

M/V "SICHEM HIROSHIMA" - 13,119 dwt, blt 2008 Sekwang/South Korea, AB, dd due 05/2018, B+W 6S35MC Sold to South Korean buyers (clients of Woo Lim) for $11-11.8 mill M/V "INA THERESA" - 12,825 dwt, blt 2010, STX/South Korea, LR, dd due 08/2016, B+W 6S35MC Sold to undisclosed buyers for $12.5 mill M/V "SICHEM RUBY" - 8,824 dwt, blt 2006, Murakami Hide/Japan, NK, B+W 6L35MC Sold to undisclosed buyers for $9.5 mill M/V "AMETHYST V" - 6,459 dwt, blt 2008, Zhejiang Dongpeng/China, GL, dd due 06/2015, B+W 6L27/38 M/V "DIAMOND" - 6,453 dwt, blt 2007, Zhejiang Dongpeng/Chna, GL, dd passed 04/2015, Chinese Std.G8300ZC M/V "AGATE V" - 6,360 dwt, blt 2007, Yangzhou Haichuan/China, GL, dd due 05/2015, Chinese Std.G8300ZC Sold en bloc to undisclosed buyers for $17-$18 mill total

DEMOLITION

(Please note that if some of the prices reported below do not correspond to the current scrap market levels (as per

our demometer above), they are most probably older deals that recently became known to the market and do not

reflect the current market situation)

Bulkers: M/V "BERGE PROSPERITY" - LDT 24,915 - 211,201 dwt, blt 1996, Daewoo/Korea, NV, 9HO/9HA, B+W 7S70MC Demo to PAKISTAN for $395 per LDT M/V "CAPE MELBOURNE" - LDT 21831 - 186,260 dwt, blt 1987, Hyundai/S.Korea, BV, 9HO/9HA, B+W 6L80MCE Demo with option INDIA or PAKISTAN for $370 per LDT M/V "CHANNEL NAVIGATOR" - LDT 20,700 - 172,058 dwt, blt 1997, Nkk/Japan, LR, 9HO/9HA, B+W 6S70MC M/V "CHANNEL ALLIANCE" - LDT 20,700 - 171,978 dwt, blt 1996, Nkk/Japan, LR, 9HO/9HA, B+W 6S70MC Demo en bloc "AS IS" RICHARDS BAY, final break-up destination INDIA/PAKISTAN for $395 per LDT M/V "CONSTANTIA" - LDT 20,000 - 171,039 dwt, blt 1996, Ihi Kure/Japan, BV, 9HO/9HA, Sulzer 6RTA72 Demo to Buyers’ option BANGLADESH/PAKISTAN for $384 per ldt (Note: incl. undisclosed quantity of bunkers ROB)

M/V "GLORY CLAIRE" - LDT 20,577 - 170,454 dwt, blt 2000, Imabari/Japan, CC, ss/dd passed 04/2015, 9HO/9HA, Sulzer 6RTA72 Demo option BANGLADESH or PAKISTAN for region $394-$400 per LDT (Note: including 500t bunker r.o.b.) M/V "STAR LAUREL" - LDT 21,537 - 167,573 dwt, blt 1995, Namura/Japan, NK, 9HO/9HA, B+W 7S70MC Demo to PAKISTAN for $408 per ldt (Note: Incl. lumpsum) M/V "VOGECARRIER" - LDT 24,162 - 164,303 dwt, blt 1996, Aesa/Puerto Rico, LR, 9HO/9HA, B+W 6S70MC Demo to Buyers’ option BANGLADESH/PAKISTAN for $383 per ldt OR to "AS IS" MEG, final break-up PAKISTAN, for $400 per LDT M/V "IRON KING" - LDT 19,855 - 161,167 dwt, blt 1996, Hyundai/S.Korea, BV, 9HO/9HA, Sulzer 6RTA72U Demo with option BANGLADESH or PAKISTAN for $384 per LDT (Note: including 1500t bunker r.o.b.)

© Lion Research & Valuations 2015 - All rights reserved. 3

M/V "ORIENTAL SAGA" - LDT 10,794 - 73,095 dwt, blt 1995, Samsung/South Korea, KR, 7HO/7HA, B+W 6S60MC Demo to INDIA for $390 per LDT M/V "GRAND RODOSI" - LDT 10,284 - 68,789 dwt, blt 1990, Hyundai/South Korea, BV, 7HO/7HA, B+W 6S60MC Demo to BANGLADESH for $402 per LDT (Note: old sale) M/V "XIN SHENG" - LDT 7,291 - 37,725 dwt, blt 1984, Sasebo/Japan, NK, 5HO/5HA, Sulzer 6RTA58, Cr 4X25T Demo to BANGLADESH for $382 per LDT M/V "LADY SADIKA" - LDT 7,352 - 37,664 dwt, blt 1984 Kanasashi /Japan, NK, 5HO/5HA, Sulzer 6RTA58, Cr 4X25T Demo to INDIA for $386 per LDT M/V "BIRCH 3" - LDT 6,363 - 20,154 dwt, blt 1999 Wuhu/China, NK, 4HO/4HA, B+W 6L50MC, Cr 3X30T Demo to INDIA for $402 per ldt Containers: M/V "HUB GRANDIOSE" - LDT 4,428 - 12,713 dwt, blt 1995, Iwagi Zosen/Japan, BV, ss/dd due 09/2015, 3HO, 714 teus, Mitsubishi 6UEC52LA, Cr 1X32.5T Demo to BANGLADESH for $408 per LDT Follow us on Twitter and like us on Facebook:

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LEGAL DISCLAIMER

This report has been produced on information collected from a variety of sources (shipbrokers' reports, market’s gossip, maritime newspapers, maritime websites, ship agent's reports, etc…) and is given in good faith & without any guarantee. Analysis contained in this report should not be considered as investment recommendations and is based on the current market situation at the time of preparing this report. No market analysis can guarantee accuracy as shipping is a high risk business. While all reasonable care has been taken in the preparation of information and analysis in this report, Lion Shipbrokers Limited does not accept any liability whatsoever for any direct or indirect errors and omissions of fact or opinions based on such facts. Neither the company nor its directors nor its employees shall be liable in any way for any claimed loss or damage occurred by information & analysis contained herein. This report is intended solely for the information of the email recipient account. This report or any part of this report may not be reproduced or circulated to any third parties, or used in a court of law without our prior written approval.