Capital Link Shipping Weekly Markets Report

Transcription

1 Capital Link Shipping Weekly Markets Report Monday, November 23, 2015 (Week 47) Monday, November 23, 2015 (Week 47) IN THE NEWS Latest Company News Weekly Commentary by Barry Parker Earnings Recap CAPITAL MARKETS DATA Currencies, Commodities & Indices Shipping Equities Weekly Review Dividend Paying Shipping Stocks Weekly Equity Trading Statistics by KCG Global Shipping Company Bond Data Global Shipping Company Bond Profiles Weekly Market Report Allied Shipbroking Inc Stifel Shipping Markets Weekly Tanker Market Opinion, by Poten & Partners Tanker Market - Weekly Highlights, by Charles R. Weber Company Dry/Wet & TC Rates Alibra Shipping TERMS OF USE & DISCLAIMER CONTENT CONTRIBUTORS 1 1

2 IN THE NEWS Latest Company News Monday, November 16, 2015 Diana Shipping Inc. Announces Delivery of the Capesize Dry Bulk Vessel m/v Seattle Diana Shipping Inc. (NYSE: DSX), (the Company ), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Seattle (formerly Churchill Bulker ), a 179,362 dwt Capesize dry bulk vessel that the Company entered into an agreement to purchase in November Diana Containerships Inc. Announces the Delivery of a Post- Panamax Container Vessel, the m/v Hamburg Containerships Inc. (NASDAQ: DCIX), (the Company ), a global shipping company specializing in the ownership of containerships, today announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Hamburg, a 2009-built Post-Panamax container vessel of approximately 6,500 TEU capacity that the Company entered into an agreement to purchase in July Eagle Bulk Shipping Inc. Reports Third Quarter 2015 Results Eagle Bulk Shipping Inc. (Nasdaq: EGLE) today announced its results for the third quarter ended September 30, Jay Swent Retires and Jon Baksht Named Chief Financial Officer Ensco plc (NYSE:ESV) announced today that Jon Baksht has been named chief financial officer. He will be based in London and succeeds Jay Swent, who is retiring effective at year end. Release-Details/2015/Jay-Swent-Retires-and-Jon-Baksht-Named- Chief-Financial-Officer/default.aspx Tuesday, November 17, 2015 Navios Maritime Holdings Inc. Announces the Date for the Release of Third Quarter 2015 Results, Conference Call and Webcast Navios Maritime Holdings Inc. ("Navios Holdings") (NYSE: NM) announced today that it will host a conference call on Monday, November 23, 2015 at 8:30 am ET, at which time Navios Holdings' senior management will provide highlights and commentary on earnings results for the third quarter and nine months ended September 30, The Company will report results for the third quarter and nine months ended September 30, 2015, prior to the conference call. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2015 Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the third quarter and nine months ended September 30, Tsakos Energy Navigation Limited Declares Dividend on its 8.75% Series D Cumulative Perpetual Preferred Shares Tsakos Energy Navigation Limited ( TEN ) (NYSE: TNP), a leading crude, product, and LNG tanker operator, today announced that its Board of Directors declared a cash dividend of $ per share for its 8.75% Series D Cumulative Perpetual Preferred Shares (the Series D Preferred Shares ; NYSE; TNPPRD) for the period from August 28, 2015 through November 27, The dividend will be paid on November 30, 2015 to all holders of record of the Series D Preferred Shares as of November 24, 2015 as the dividend payment date of November 28, 2015 falls on a Saturday this year. Wednesday, November 18, 2015 Invitation to presentation of Q Results Golden Ocean's third quarter 2015 results will be released in the morning (CET) Tuesday November 24, A conference call will be held at 02:00 P.M. Oslo Time (8:00 A.M. New York Time) on Tuesday November 24, The presentation will be available for download from the Investor Relations section at (under "Presentations") Tuesday morning. //cws.huginonline.com/g/132879/pr/201511/ xml DHT Holdings, Inc. Announces an Adjustment to the Conversion Price of Its 4.5% Convertible Senior Notes Due 2019 DHT Holdings, Inc. (NYSE:DHT) ("DHT") announced that, in connection with the effect of the previously announced cash dividend of $0.18 per share of common stock to be paid on November 25, 2015 to stockholders of record as of the close of business on November 17, 2015, the Conversion Price of the Company's 4.5% Convertible Senior Notes due 2019 (the "Notes") was adjusted, effective November 13, The Conversion Price was adjusted from $ per share to $7.5627, which represents a Conversion Rate of approximately shares of common stock per $1,000 principal amount of Notes. A detailed calculation of the adjustment to the Conversion Price can be found in the "Investor Relations" section of our website html FRO - Invitation to Q Results Conference Call and Webcast Frontline Ltd.'s preliminary third quarter 2015 results will be released on Tuesday November 24, 2015 and a webcast and conference call will be held at 3:00 p.m. CET (9:00 a.m U.S. Eastern Time). The results presentation will be available for download from the Investor Relation section at ahead of the conference call. elease/ ?active=19 2

3 IN THE NEWS Latest Company News Stealthgas Inc. Announces Date for the Release of Third Quarter and Nine Months 2015 Financial and Operating Results, Conference Call and Webcast STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today it will release its third quarter operating and financial results for the period ended September 30, 2015, before the market opens in New York on November 24th, announces-date-for-the-release-of-third-quarter-and-nine-months financial-and-operating-results-conference-call-andweb.html?Itemid=99 NewLead Holdings Ltd. Clarifies Prior Press Release Dated June 18, 2014 Regarding Completion of $44.8 Million Settlement Agreement NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company") announced today that the previously announced, on June 18, 2014, completion of a referenced $44.8 million balance sheet enhancement program (the "program") with Magna Group Partners Limited ("MGP") and Hanover Holdings I, LLC ("Hanover"), was the satisfaction of the Company's obligations under the $44.8 million court ordered settlement agreement (the "Order") with MGP and Hanover, all as more fully described innewlead's current reports on Form 6-K, as initially filed on December 2, 2013 and through June 30, 2014 with respect to such Order dateddecember 2, The Order was in accordance with a stipulation of settlement (the "Settlement Agreement") among NewLead, MGP and Hanover, in the matter entitled Hanover Holdings I, LLC v. NewLead Holdings Ltd., Case No /2013 (the "Action"). Hanover commenced the Action against the Company on November 19, 2013 to recover an aggregate of $44,822, of past-due indebtedness of the Company which Hanover had purchased (and validly assigned to MGP) from certain creditors of the Company. SFL - Invitation to Presentation of 3Q 2015 Results Ship Finance International Limited ("Ship Finance") (NYSE: SFL) plans to release its preliminary financial results for the third quarter 2015 on Tuesday, November 24, s_release/ ?active=6800 Thursday, November 19, 2015 Diana Shipping Inc. Announces Drawdown of an Additional US$27,950,000 from a Term Loan Facility with ING Bank Diana Shipping Inc. (NYSE: DSX), (the Company ), a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has completed the drawdown of an additional US$27,950,000, secured by the vessel New Orleans, from its previously announced term loan facility of up to US$39,682,500 with ING Bank N.V., London Branch. loan-facility-with-ing-bank Diana Containerships Inc. Announces Drawdown of an Additional US$25.5 Million from the Term Loan Facility with the Royal Bank of Scotland Plc Diana Containerships Inc. (NASDAQ: DCIX), (the Company ), a global shipping company specializing in the ownership of containerships, today announced that, through a separate whollyowned subsidiary, it has completed the drawdown of an additional US$25.5 million, secured by the vessel Hamburg, under the previously announced term loan facility of up to US$148 million with The Royal Bank of Scotland plc. Atwood Oceanics Declares Adjusted Quarterly Cash Dividend Atwood Oceanics, Inc. (NYSE: ATW) announced today that its Board of Directors has declared a quarterly cash dividend of $0.075 per share of common stock, as compared to the previous quarterly dividend of $0.25 per share. The dividend will be payable on January 13, 2016 to shareholders of record as of 5:00 p.m., New York City time, on January 6, The decision to reduce the dividend considered the current uncertainty in the offshore drilling industry. Friday, November 20, 2015 Ardmore Shipping Corporation Announces the Delivery of the Ardmore Chippewa and the Ardmore Seahawk Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") today announced that the Company took delivery of two newbuildings, the Ardmore Chippewaand Ardmore Seahawk, on November 13, 2015 and November 16, 2015, respectively. Shipping-Corporation-Announces-the-Delivery-of-the-Ardmore- Chippewa-and-the-Ardmore-Seahawk Overseas Shipholding Group Announces Stock Dividend and Listing of Class A Common Stock Overseas Shipholding Group, Inc. (NYSE: OSGB) (the Company or OSG ) announced today that its Board of Directors has approved a stock dividend of Class A common stock. Monday, November 23, 2015 Navios Maritime Holdings Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2015 Navios Maritime Holdings Inc. ("Navios Holdings" or "the Company") (NYSE: NM), a global, vertically integrated seaborne shipping and logistics company, today reported financial results for the third quarter and nine months ended September 30,

4 IN THE NEWS Latest Company News Transocean Ltd. Announces Its Intent to Delist From SIX Swiss Exchange Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today its intent to delist its shares from the SIX Swiss Exchange (SIX). The company expects the SIX listing authorities to approve its delisting application prior to year-end and the related delisting to occur in the first quarter of The company will remain incorporated in Switzerland and its shares will continue to be listed and traded on the New York Stock Exchange (NYSE). 4

5 IN THE NEWS Earnings Recap Star Bulk Carriers Corporation On November 17, 2015, Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, announced its unaudited financial and operating results for the third quarter and nine months ended September 30, For the third quarter of 2015, total voyage revenues were $68.7 million compared to $36.5 million for the third quarter of This increase was mainly due to the increase in our average number of vessels to 71.2 in the third quarter of 2015, from 31.5 vessels in the third quarter of The increase in voyage revenues from the additional vessels was partially offset by significantly lower charterhire rates prevailing in the dry bulk market during the third quarter of 2015, compared to the third quarter of Petros Pappas, Chief Executive Officer of Star Bulk, commented: We remain committed to maintaining our financial strength in what is proving to be the most challenging dry bulk market of the last 30 years. On the revenue side, we have taken advantage of a short term increase in the freight rates during July and have increased our charter coverage, by chartering 10 vessels for an average minimum duration of approximately 8.4 months. For additional information, please refer to the company s earnings release: Western Bulk On November 20, 2015, Western Bulk ASA (OSLO: WBULK), a leading global dry bulk shipping company with a commercially controlled average fleet of 160 vessels in Q3-15 announced its financial results for the third quarter and nine months ended September 30, As announced in the Q2-15 quarterly report, the Group has over the last year taken several measures to improve the margin and reduce the operational cost. Through cost-cutting and the weakening of the USD against the NOK, the Group's G&A is expected to decline by USD 7.5 million in 2016 compared to The Group will continue to chase additional savings and efficiency gains. "WB Chartering continues to perform well and delivered an acceptable Net TC margin also in Q3-15. Although we were short on tonnage entering into the quarter and thereby missed some of the short lasting market upturn, the rest of the quarter was quite good given that the overall market remains very challenging", says Jens Ismar, Chief Executive Officer of Western Bulk. For additional information, please refer to the company s earnings release: Eagle Bulk Shipping On November 16, 2015, Eagle Bulk Shipping Inc. (Nasdaq: EGLE) announced its results for the third quarter ended September 30, Gary Vogel, Eagle Bulk's Chief Executive Officer, stated, "Eagle's third quarter financial results are reflective of the currently-weak drybulk market. As such, and given the muted near-term outlook, we will remain focused on maintaining a healthy balance sheet in order to provide for stability in the short-term and flexibility in the future. Notwithstanding the current freight environment, we are now well into the early stages of a fundamental effort to redefine the Company. This includes actively working to create a world-class commercial and technical operating platform with the objective to deliver premium value and results around our assets. The new hires we announced today are central to this effort. More generally, we are excited by the positive changes underway, and are confident that these measures undertaken with purpose and resolve -- will help position Eagle Bulk to capitalize and grow from the opportunities ahead." For additional information, please refer to the company s earnings release: 5

6 CAPITAL MARKETS DATA Dividend Paying Shipping Stocks Stock Prices as of November 20, 2015 Container Company Name Ticker Quarterly Dividend Annualized Dividend Last Closing Price (November 20, 2015) Annualized Dividend Yield Costamare Inc CMRE $0.29 $1.16 $ % Diana Containerships DCIX $ $0.01 $ % Global Ship Lease GSL $0.10 $0.40 $ % Seaspan Corp SSW $0.375 $1.50 $ % Dry Bulk Navios Maritime Holdings Inc. NM $0.06 $0.24 $ % Safe Bulkers Inc. SB $0.01 $0.04 $ % Tankers Ardmore Shipping Corp. ASC $0.31 $1.24 $ % DHT Holdings, Inc. DHT $0.15 $0.60 $ % Euronav NV EURN $0.62* $1.24 $ % Navios Maritime Acquisition Corp NNA $0.05 $0.20 $ % Nordic American Tankers Limited NAT $0.38 $1.52 $ % Scorpio Tankers Inc STNG $0.125 $0.50 $ % Teekay Tankers Ltd TNK $0.03 $0.12 $ % Tsakos Energy Navigation Ltd TNP $0.06 $0.24 $ % Mixed Fleet Ship Finance International Limited SFL $0.44 $1.76 $ % Teekay Corporation TK $0.55 $2.20 $ % LNG/LPG GasLog Ltd GLOG $0.14 $0.56 $ % Golar LNG GLNG $0.45 $1.80 $ % Maritime MLPs Capital Product Partners L.P. CPLP $ $0.954 $ % Dynagas LNG Partners DLNG $ $1.69 $ % GasLog Partners LP GLOP $0.478 $1.912 $ % Golar LNG Partners, L.P. GMLP $ $2.31 $ % Hoegh LNG Partners HMLP $ $1.35 $ % KNOT Offshore Partners L.P. KNOP $0.52 $2.08 $ % Navios Maritime Partners L.P. NMM $ $0.85 $ % Navios Maritime Midstream Partners NAP $ $1.65 $ % Teekay LNG Partners L.P. TGP $0.70 $2.80 $ % Teekay Offshore Partners L.P. TOO $0.56 $2.24 $ % Offshore Drilling Atwood Oceanics, Inc. ATW $0.25 $1.00 $ % Diamond Offshore Drilling DO $0.125 $0.50 $ % Ensco plc ESV $0.15 $0.60 $ % Noble Corporation NE $0.15 $0.60 $ % Rowan Companies RDC $0.10 $0.40 $ % *Semi-annual dividend 6

7 CAPITAL MARKETS DATA Preferred Shipping Stocks Stock Prices as of November 20, 2015 Company Ticker Amount Issued ($m) Type Annual Coupon Offer Price Current Price 11/20/2015 Current Yield (annualized) % change last week 52-week range* Box Ships Series C TEUPRC 21 perpetual 9.00% $24.00 $ % % $17.95-$23.14 Costamare Series B CMRE PRB 50 perpetual 7.625% $25.00 $ % % $18.55-$25.06 Costamare Series C CMRE PRC 100 perpetual 8.50% $25.00 $ % % $19.53-$25.01* Costamare Series D CMRE PRD 100 perpetual 8.75% $25.00 $ % % $14.53-$25.37 Diana Shipping Series B DSXPRB 65 perpetual 8.875% $25.00 $ % -1.35% $16.99-$24.75* Dynagas LNG Partners Series A DLNGPRA 75 perpetual 9.000% $25.00 $ % -4.01% $22.00-$26.10* GasLog Series A GLOGA 111 perpetual 8.75% $25.00 $ % % $14.90-$23.94 Global Ship Lease Series B International Shipholding Series A International Shipholding Series B Navios Maritime Holdings Series G Navios Maritime Holdings Series H Safe Bulkers Series B SBPRB 40 GSLB 35 perpetual 8.75% $25.00 $ % 35.71% $35.00-$98.50 ISHPRA 25 perpetual 9.50% $ $ % 31.57% $33.75-$97.90 ISHPRB 32 perpetual 9.00% $ $ % % $8.49-$20.45 NMPRG 50 perpetual 8.75% $25.00 $ % % $8.18-$19.87 NMPRH 120 perpetual 8.625% $25.00 $ % % $14.10-$25.20 perpetual step up 8.00% $25.00 $ % % 7.75-$19.93 Safe Bulkers Series C SBPRC 58 perpetual 8.00% $25.00 $ % % $7.50-$20.25 Safe Bulkers Series D SBPRD 80 perpetual 8.00% $25.00 $ % 0.32% $24.75-$26.33 Seaspan Series C SSWPRC 100 perpetual step up 9.50% $25.00 $ % -0.95% $21.46-$25.93 Seaspan Series D SSWPRD 128 perpetual 7.95% $25.00 $ % -1.57% $23.00-$25.60 Seaspan Series E SSWPRE 135 perpetual 8.25% $25.00 $ % -5.63% $15.80-$22.72 Teekay Offshore Series A Teekay Offshore Series B Tsakos Energy Series B TNPPRB 50 TOOPRA 150 perpetual 7.25% $25.00 $ % % $17.41-$24.55* TOOPRB 125 perpetual 8.50% $25.00 $ % 0.78% $23.89-$25.80 perpetual step up 8.00% $25.00 $ % -1.41% $24.15-$25.78 Tsakos Energy Series C TNPPRC 50 perpetual 8.875% $25.00 $ % -5.94% $21.61-$24.62* Tsakos Energy Series D TNPPRD 85 perpetual 8.75% $25.00 $ % % $17.95-$23.14 (1) Annual dividend percentage based upon the liquidation preference of the preferred shares. * Prices reflected are since inception date: Costamare Series D - 5/6/2015 Dynagas LNG Partners Series A 7/13/2015 GasLog Series A 3/30/2015 Teekay Offshore Series B 4/13/2015 Tsakos Energy Series D 4/22/2015 7

8 CAPITAL MARKETS DATA Indices Week ending, Friday, November 20, 2015 MAJOR INDICES America Symbol 11/20/ /13/2015 % Change YTD % Change 2-Jan-15 Dow Jones INDU 17, , , Dow Jones Transp. TRAN 8, , , NASDAQ CCMP 5, , , NASDAQ Transp. CTRN 3, , , S&P 500 SPX 2, , , Europe Symbol 11/20/ /13/2015 % Change YTD % Change 2-Jan-15 Deutsche Borse Ag DAX 11, , , Euro Stoxx 50 SX5E 3, , , FTSE 100 Index UKX 6, , , Asia/Pacific Symbol 11/20/ /13/2015 % Change YTD % Change 2-Jan-15 ASX 200 AS51 5, , , Hang Seng HSI 22, , , Nikkei 225 NKY 19, , , CAPITAL LINK MARITIME INDICES Index Symbol 11/20/ /13/2015 % Change 8 YTD % Change 2-Jan-15 Capital Link Maritime Index CLMI 1, , , Tanker Index CLTI 1, , , Drybulk Index CLDBI Container Index CLCI 1, , , LNG/LPG Index CLLG 1, , , Mixed Fleet Index CLMFI 1, , , MLP Index CLMLP 1, , , *The Capital Link Maritime Indices were updated recently to adjust for industry changes. Dorian LPG Ltd (NYSE:LPG) became a member of Capital Link LNG/LPG Index, GasLog Partners L.P. (NYSE:GLOP) became a member of Capital Link LNG/LPG Index and Capital Link MLP Index, Navios Maritime Midstream Partners (NYSE:NAP) became a member of Capital Link MLP Index, Euronav NV (NYSE: EURN) became a member of Capital Link Tanker Index, and Gener8 Maritime (NYSE: GNRT) became a member of Capital Link Tanker Index. Additionally, Capital Link Dry Bulk Index reflects the stock name change of Baltic Trading Ltd (NYSE: BALT) to Genco Shipping & Trading Limited (NYSE: GNK).

9 CAPITAL MARKETS DATA BALTIC INDICES Index Symbol 11/20/ /13/2015 % Change YTD % Change 2-Jan-15 Baltic Dry Index BDIY Baltic Capesize Index BCIY Baltic Panamax Index BPIY Baltic Supramax Index BSI Baltic Handysize Index BHSI Baltic Dirty Tanker Index BDTI Baltic Clean Tanker Index BCTI TRANSPORTATION STOCKS DRYBULK TICKER 11/20/2015 Friday 11/13/2015 Friday Change % 52 week high 52 week low 1/2/2015 Three Month Avg. Volume Genco Shipping & Trading Ltd GNK $1.66 $ % N/A N/A N/A 239,832 Diana Shipping Inc DSX $5.06 $ % $8.11 $4.96 $ ,497 DryShips Inc DRYS $0.16 $ % $1.50 $0.16 $1.13 3,889,704 Eagle Bulk Shipping Inc EGLE $2.66 $ % $14.75 $2.66 $ ,982 FreeSeas Inc FREE $0.02 $ % $49.43 $0.02 $0.09 1,357,106 Globus Maritime Ltd GLBS $0.29 $ % $3.19 $0.27 $2.30 6,579 Golden Ocean Group GOGL $1.54 $ % $7.14 $1.54 $ ,441 Navios Maritime Holdings Inc NM $1.46 $ % $5.42 $1.46 $ ,511 Navios Maritime Partners LP NMM $3.99 $ % $13.89 $3.99 $ ,681 Paragon Shipping Inc PRGN $0.14 $ % $3.54 $0.13 $ ,714 Safe Bulkers Inc SB $1.23 $ % $5.32 $1.23 $ ,625 Scorpio Bulkers SALT $0.84 $ % $3.65 $0.84 $1.95 1,586,318 Seanergy Maritime SHIP $0.67 $ % $1.35 $0.55 $ ,118 Star Bulk Carriers Corp SBLK $0.96 $ % $8.40 $0.96 $ ,053 TANKERS Ticker 11/20/ /13/2015 Change % 52 wk 52 wk 3-Month 1/2/2015 high low Avg. Vol. Ardmore Shipping Corp ASC $12.52 $ % $14.79 $9.52 $ ,496 Capital Product Partners LP CPLP $6.51 $ % $9.94 $5.94 $ ,990 DHT Holdings Inc DHT $7.11 $ % $9.05 $5.83 $7.71 1,498,596 Euronav NV EURN $13.37 $ % $16.32 $10.95 N/A 794,885 Frontline Ltd/Bermuda FRO $2.88 $ % $4.63 $1.22 $2.51 1,499,006 Gener8 Maritime Inc GNRT $9.56 $ % $14.37 $9.11 N/A 302,277 Knot Offshore Partners KNOP $13.98 $ % $26.42 $13.20 $ ,059 Navios Acquisition NNA $3.42 $ % $4.33 $2.67 $ ,293 Navios Midstream Partners NAP $11.91 $ % $17.70 $11.03 $ ,485 Nordic American NAT $15.17 $ % $17.27 $8.59 $ ,998,925 Overseas Shipholding OSGB $3.46 $ % $6.21 $3.25 $ ,880 Scorpio Tankers Inc STNG $8.84 $ % $11.55 $7.85 $8.54 2,163,247 Teekay Offshore Partners LP TOO $12.71 $ % $27.13 $12.71 $ ,434 Teekay Tankers Ltd TNK $7.07 $ % $8.39 $4.29 $5.22 2,172,556 Top Ships TOPS $0.80 $ % $1.61 $0.70 $ ,239 Tsakos Energy Navigation Ltd TNP $8.24 $ % $10.32 $6.55 $ ,318 9

10 CAPITAL MARKETS DATA CONTAINERS Ticker 11/20/ /13/2015 Change % 52 wk 52 wk 3-Month 1/2/2015 high low Avg. Vol. Box Ships Inc TEUFF $0.17 $ % $1.06 $0.15 $ ,988 Costamare Inc CMRE $12.22 $ % $20.80 $11.68 $ ,559 Danaos Corp DAC $6.06 $ % $6.62 $4.57 $ ,095 Diana Containerships Inc DCIX $1.05 $ % $2.66 $1.00 $ ,967 Global Ship Lease Inc GSL $3.38 $ % $6.29 $3.35 $ ,340 Seaspan Corp SSW $15.06 $ % $20.77 $15.01 $ ,205 LPG/LNG Ticker 11/20/ /13/2015 Change % 52 wk 52 wk 3-Month 1/2/2015 high low Avg. Vol. Dynagas LNG Partners DLNG $12.87 $ % $20.68 $12.05 $ ,466 GasLog Ltd GLOG $11.53 $ % $23.41 $9.02 $ ,842 Gaslog Partners GLOP $16.37 $ % $29.28 $14.37 $ ,277 Golar LNG Ltd GLNG $27.89 $ % $53.67 $26.41 $ ,371,250 Golar LNG Partners LP GMLP $14.95 $ % $34.91 $14.23 $ ,342 Hoegh LNG Partners HMLP $14.60 $ % $23.25 $14.21 $ ,797 Navigator Gas NVGS $13.07 $ % $23.61 $13.01 $ ,615 StealthGas Inc GASS $3.83 $ % $7.61 $3.83 $ ,862 Teekay LNG Partners LP TGP $23.53 $ % $43.49 $22.72 $ ,798 MIXED FLEET Ticker 11/20/ /13/2015 Change % 52 wk 52 wk 3-Month 1/2/2015 high low Avg. Vol. Euroseas Ltd ESEA $3.81 $ % $9.50 $3.81 $7.53 2,991 Ship Finance International Ltd SFL $16.96 $ % $17.56 $13.11 $ ,426 Teekay Corp TK $27.26 $ % $55.16 $27.26 $ ,947 MLPs Ticker 11/20/ /13/2015 Change % 52 wk 52 wk 3-Month 1/2/2015 high low Avg. Vol. Capital Product Partners CPLP $6.51 $ % $9.94 $5.94 $ ,990 Dynagas LNG Partners DLNG $12.87 $ % $20.68 $12.05 $ ,466 GasLog Partners GLOP $16.37 $ % $29.28 $14.37 $ ,277 Golar LNG Partners LP GMLP $14.95 $ % $34.91 $14.23 $ ,342 Hoegh LNG Partners HMLP $14.60 $ % $23.25 $14.21 $ ,797 Knot Offshore Partners KNOP $13.98 $ % $26.42 $13.20 $ ,059 Navios Maritime Midstream NAP $11.91 $ % $17.70 $11.03 $ ,485 Navios Partners NMM $3.99 $ % $13.89 $3.99 $ ,681 Teekay Offshore TOO $12.71 $ % $27.13 $12.71 $ ,434 Teekay LNG TGP $23.53 $ % $43.49 $22.72 $ ,798 OFFSHORE DRILL RIGS Ticker 11/20/ /13/2015 Change % 52 wk 52 wk 3-Month 1/2/2015 high low Avg. Vol. Atwood Oceanics ATW $15.03 $ % $38.27 $14.56 $ ,414,275 Diamond Offshore Drilling DO $22.04 $ % $39.28 $16.81 $ ,225,245 Ensco International ESV $16.83 $ % $39.90 $13.53 $ ,838,873 Hercules Offshore HERO $4.05 $ % $ $4.05 $ ,912 Noble Corp. NE $13.16 $ % $21.30 $10.46 $ ,973,331 Ocean Rig UDW Inc ORIG $1.87 $ % $13.80 $1.86 $9.42 1,359,738 Pacific Drilling PACD $1.25 $ % $6.85 $1.16 $ ,764 Rowan Companies RDC $19.21 $ % $24.88 $15.15 $ ,074,579 Seadrill Ltd. SDRL $6.12 $ % $21.36 $5.62 $ ,017,946 10

11 OSLO-Listed Shipping Comps 52 wk 52 wk 3-Month Ticker 11/20/ /13/2015 Change % 1/2/2015 (currency in NOK) high low Avg. Vol. Goldean Ocean GOGL $13.35 $ % $44.80 $13.35 N/A N/A Stolt-Nielsen Ltd. SNI $ $ % $ $ $ ,921 Frontline Ltd. FRO $24.81 $ % $33.20 $8.31 $ ,814,461 Jinhui Shpg. & Trans JIN $8.59 $ % $16.20 $8.56 $ ,904 Odfjell (Common A Share) ODF $27.90 $ % $31.00 $18.60 $ ,955 Odfjell (Common B Share) ODFB 25.70* $ % $27.60 $17.80 $ ,185 Solvang ASA SOLV $31.50 $ % $34.00 $21.00 N/A 2,240 American Shipping Co. AMSC $31.30 $ % $43.97 $26.39 $ ,708 Hoegh LNG HLNG $ $ % $ $70.25 $ ,780 OFFSHORE SUPPLY Ticker 11/20/ /13/2015 Change % 52 wk 52 wk 3-Month 1/2/2015 high low Avg. Vol. Gulfmark Offshore GLF $5.74 $ % $31.71 $4.71 $ ,974 Hornback Offshore HOS $11.98 $ % $32.28 $11.98 $ ,349 Nordic American Offshore NAO $5.40 $ % $14.26 $5.40 $ ,164 Tidewater TDW $8.92 $ % $38.73 $8.92 $ ,284,920 Seacor Holdings CKH $52.48 $ % $77.65 $52.10 $ ,436 *As of Thursday, November

12 CAPITAL MARKETS DATA Shipping Equities: The Week in Review SHIPPING EQUITIES UNDERPERFORM THE BROADER MARKET During last week, shipping equities underperformed the broader market, with the Capital Link Maritime Index (CLMI), a composite index of all US listed shipping stocks, down 3.04%, compared to the S&P 500 increasing 3.27%, Nasdaq growing 3.59%, and Dow Jones Industrial Average (DJII) rising 3.35%. Mixed Fleet stocks were the best performers during last week, with Capital Link Mixed Fleet Index dropping 1.09%, followed by Capital Link Tanker Index diminishing 1.71%. Dry Bulk equities were the least performer during last week, with Capital Link Dry Bulk Index declining 12.60%. During last week, Dry Bulk shipping stocks underperformed the physical market, with Baltic Dry Index (BDI) dropping 11.07%, compared to the Capital Link Dry Bulk Index falling 12.60%. During last week, Baltic Dirty Tanker Index (BDTI) grew 3.02%, and Baltic Clean Tanker Index (BCTI) increased 1.16%, compared to Capital Link Tanker Index down 1.71%. The Trading Statistics supplied by KCG Holdings, Inc. provide details of the trading performance of each shipping stock and analyze the market s trading momentum and trends for the week and year-to-date. The objective of the Capital Link Maritime Indices is to enable investors, as well as all shipping market participants, to better track the performance of listed shipping stocks individually, by sector or as an industry. Performance can be compared to other individual shipping stocks, to their sector, to the broader market, as well as to the physical underlying shipping markets or other commodities. The Indices currently focus only on companies listed on US Exchanges providing a homogeneous universe. They are calculated daily and are based on the market capitalization weighting of the stocks in each index. In terms of historical data, the indices go back to January 2, 2005, thereby providing investors with historical performance. There are seven indices in total; the Capital Link Maritime Index comprised of all 45 listed shipping stocks, and six Sector Indices, the CL Dry Bulk Index, the CL Tanker Index, the CL Container Index, the CL LNG / LPG Index, the CL Mixed Fleet Index and the CL Maritime MLP Index. The Index values are updated daily after the market close and can be accessed at or at or They can also be found through the Bloomberg page CPLI and Reuters. Get your message across to 36,000 weekly recipients around the globe Join a select group of shipping & financial industry s advertisers by promoting your brand with Capital Link s Shipping Weekly Markets Report. For additional advertising information and a media kit, please contact/ Capital Link at or forum@capitallink.com 12

13 CAPITAL MARKETS DATA MARITIME INDEX DAILY COMPARISON CHARTS (52 -WEEK ) *Teekay Corp was removed from the Capital Link Tanker Index on Aug 28, *SOURCE: BLOOMBERG 13

14 BROAD MARKET Custom Statistics Prepared Weekly for Capital Link Shipping Percent Change of Major Indexes for the Week Ending Friday, November 20, 2015 Name Symbol Close Net Gain Percent Gain Nasdaq-100 Index NDX % Dow Jones Transportation Index TRAN % Nasdaq Composite Index COMPX % Dow Jones Industrial Average Index INDU % S&P 500 Index SPX % Russell 1000 Index RUI % Russell 3000 Index RUA % Russell 2000 Index RUT % SHIPPING INDUSTRY DATA (43 Companies) Moving Averages 7.50% closed > 10D Moving Average % closed > 50D Moving Average % closed > 100D Moving Average % closed > 200D Moving Average. Top Upside Momentum (Issues with the greatest 100 day upside momentum*) Symbol Close Weekly % Change 50-Day % Change MATX % 41.65% NAT % 6.38% ASC % 11.59% TNK % 10.30% SFL % 6.40% FRO % 7.06% TNP % 3.00% *Momentum: 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. Top Downside Momentum (Issues with the greatest 100 day downward momentum*) Symbol Close Weekly % Change 50-Day % Change FREE % % GLBS % % SB % % EGLE % % PRGN % % SBLK % % SALT % % NMM % % NM % % DRYS % % *Momentum: (100D % change) + 1.5*(50D % change) + 2.0*(10D % change) for each stock then sort all names that have a negative value in ascending order and report the top 10. Top Consecutive Higher Closes Top Consecutive Lower Closes Symbol Close Up Streak MATX DSX Symbol Close Up Streak DAC TGP NM TOO GSL GLOG GLNG FREE GMLP TNP

15 Symbol Top Largest Weekly Trading Gains Close One Week Ago Today Close Net Change % Change TOPS % MATX % SHIP % NAT % SFL % TNK % STNG % Symbol Top Largest Weekly Trading Losses Close One Week Ago Today Close Net Change % Change FREE % SB % EGLE % SALT % GLBS % NM % SBLK % NMM % PRGN % DRYS % Top Largest Monthly Trading Gains (A month has been standardized to 20 trading days) Symbol Close One Month Ago Today Close Net Change % Change MATX % GLOG % ASC % Top Largest Monthly Trading*Losses (A month has been standardized to 20 trading days) Symbol Close One Month Ago Today Close Net Change % Change FREE % GLBS % SB % EGLE % SBLK % NMM % PRGN % SALT % NM % SHIP % Stocks Nearest to 52-Week Highs Symbol 52W High % Away MATX % SFL % NAT % DAC % ASC % TNK % DHT % TNP % NNA % STNG % Stocks Nearest To 52-Week Lows Symbol 52W Low % Away NVGS % SSW % GSL % DCIX % CMRE % SBLK % TGP % DSX % GLNG % GMLP % 15

16 Top Stocks with Highest Weekly Volume Run Rate* > 1 Symbol Close Net % Change Run Rate FREE % NM % SB % DSX % GLBS % SBLK % SALT % NMM % SSW % ASC % *The Volume Run Rate is calculated by divided 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 Symbol YTD Gain % NAT 66.52% MATX 54.01% TNK 42.25% SFL 30.06% TNP 20.82% FRO 14.74% DAC 10.79% ASC 9.82% STNG 5.87% DHT 4.56% Top Year-To-Date Decliners Symbol YTD Decline % FREE % PRGN % GLBS % SBLK % DRYS % EGLE % SB % NM % SALT % NMM % The following are the 43 members of this group: Symbol - Name: ASC Ardmore Shipping Corp; BALT - Baltic Trading Ltd; CMRE - Costamare Inc; CPLP - Capital Product Partners LP; DAC - Danaos Corp; DCIX - Diana Containerships Inc.; DHT - DHT Maritime Inc; DLNG - Dynagas LNG Partners LP; DRYS - DryShips Inc; DSX - Diana Shipping Inc; EGLE - Eagle Bulk Shipping Inc; ESEA - Euroseas Ltd; FREE - FreeSeas Inc; FRO - Frontline Ltd; GASS - StealthGas Inc; GLBS - Globus Maritime Limited; GLNG - Golar LNG Ltd; GLOG - GasLog Ltd.; GMLP - Golar LNG Partners LP; GSL - Global Ship Lease Inc; KNOP - KNOT Offshore Partners LP; MATX - Matson, Inc.; NAT - Nordic American Tanker Shipping; NM - Navios Maritime Holdings Inc; NMM - Navios Maritime Partners LP; NNA - Navios Maritime Acquisition Corp; NVGS - Navigator Holdings Ltd.; PRGN - Paragon Shipping Inc; SALT - Scorpio Bulkers; 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; 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; VLCCF - Knightsbridge Tankers Ltd; DISCLAIMER: This communication has been prepared by Knight Capital Americas LLC.s ("KCA"), trading, market making and/or sales personnel (collectively, "KCG Traders") to compile commentary received from either particular KCG Traders providing their personal perspectives on the markets, sectors and general news or third party sources. The information set forth above has been obtained from or based upon sources believed by the KCG Traders to be reliable, but each KCG Trader and KCG (as defined below) does not represent or warrant its accuracy or completeness and is 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. Opinions, historical price(s) or value(s) are as of the date and, if applicable, time indicated. KCG does not accept any responsibility to update any opinions or other information contained in this communication. The information provided herein is not intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations and views of individual KCG Traders, which may be different from, or inconsistent with, the observations and views of KCG and/or its affiliates, officers, directors and/or employees (including other KCG Traders). The communication is for your general information only and is not an offer or solicitation to buy or sell any security or product. KCG Traders may, from time to time express indications of interest to potentially buy or sell a particular security. These indications of interest are not firm orders or quotes, and may not be current. Accordingly, please contact your KCG representative if you have any interest or questions relating to these indications of interest or to any information provided herein. KCA most likely makes a market in the securities mentioned in this document. KCG 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 to request a copy of this document should be referred to your KCG Representative. This document is a product of KCG Holdings, Inc. ("KCG") and its affiliates and subsidiaries (collectively "KCG"). KCG Holdings, Inc. ("KCG") is comprised of trading and related entities under common control such as Knight Capital Americas, LLC, KCG Europe Limited (a U.K. registered broker-dealer) and KCG Hotspot FX LLC KCG Holdings, Inc. ("KCG") All rights reserved. Provided by Knight Capital Americas LLC, member of FINRA and SIPC. 16

17 Global Shipping Company Bond Data Contributed by Stifel Nicolaus & Co, Inc

18 Weekly Market Report Market Analysis With the BDI having reached its lowest point to date on Friday and having hit this level during a period were most (including your writer) had expected a better performing market then what had been seen during the year, it seems as though trade is at a much more dire state then what had been expected. During the past two months the slowdown has intensified, with the volume of cargoes in the market greatly outnumbered by the glut in tonnage supply and most market fundamentals pointing to extra deterioration in the balance down the line. One of the main issues has been the aggressive and inward focused approach by most governments with regards to their exports and imports. Trade barriers seem to be lifting right, left and center, with the biggest focus of late been thrown on steel products. The issue here is that the excess supply coupled with slower economic growth leaves little room for beneficiary trade deals to be struck especially as most governments focus on aiding their own ailing industries. This inward focus leaves dry bulk shipping, in particular, in a very sticky mess. The vast orderbook which had been managed fairly well under the given circumstances is still presenting to be a grand issue and with deliveries scheduled to intensify during the next twelve months the problem will only get bigger for the time being. At the same time it isn t enough that only one size segment manages to hold back it s fleet growth as the recent market trend has shown. The BDI may have reached its lowest point but all the individual sub-indices are still above their historical lows. This in part shows how it hasn t been one size segment that has drown down the market average, but rather that all of them have reached fairly low levels, further showing the intense influence they now hold on each other. With such sour sentiment abound it is hard for any owner to take a strong stance when it comes to negotiating with cargo owners to push for better freight levels and while bunker prices have helped reduce voyage costs they have also in part help breakdown the slow steaming policy (in effect increasing the supply of vessels further). The biggest scare for now is what the market will do in early 2016, were we typically witness a further drought in requirements during the Chinese New Year festivities. There is no guarantee of the actual direction the market will take as was pointed out this year during the highs reached in August (a seasonally low point in the market) as well as the current market trend (which is during a period in the year which is typically a seasonally high point in the market). Overall however even if a new low in the BDI is not hit during the first quarter of 2016, expectations are for a fairly low average freight rate to be achieved for the whole of the coming year. We will surely see another great effort in minimising the growth in the dry bulk fleet which should in part limit the excess supply of tonnage in the market, yet we will still need to see a drastic change on the demand side as well, something that as it seems can only come about by external market forces which can be highly unpredictable. For the time being we will just have to make do with the current market psychology that has engulfed us all, trying to turn turmoil into opportunity and as asset prices continue to tumble to levels never before seen, it will be the patient opportunists that will be able to squeeze the most out of this market trough once more. Contributed by Allied Shipbroking Inc 48 Aigialeias Str Maroussi Athens, Greece Phone: Website: Dry Bulk Freight Market W -O-W change 20 Nov ± ±% BDI 498 q % BCI 606 q % BPI 463 q % BSI 472 q % BHSI 288 q % Tanker Freight Market W -O-W change 20 Nov ± ±% BDTI 887 p % BCTI 522 p 6 1.2% Newbuilding Market Aggregate Price Index M-O-M change 20 Nov ± ±% Bulkers 79 q % Cont 100 q % Tankers 101 q 0-0.4% Gas 100 u 0 0.0% Secondhand Market Aggregate Price Index M-O-M change 20 Nov ± ±% Capesize 43 q % Panamax 42 q % Supramax 47 q % Handysize 54 q % VLCC 108 q % Suezmax 97 q % Aframax 120 p 2 1.4% MR 126 u 0 0.0% Demolition Market Avg Price Index (main 5 regions) W -O-W change 20 Nov ± ±% Dry 246 p 4 1.7% Wet 265 p 7 2.7% 18

19 Dry Bulkers Spot Market Capesize A sharp correction was noted this past week as activity held at minimal levels while tonnage pilled on in both basins. Owners are starting to show some resistance to any further drops and with expectations for slightly improved interest from charterers things should start to slightly turn around over the next few days, though a lot will be played out as to how owners will react. Panamax - Limited activity and a number of deals falling through seemed to have left little optimism amongst owners during the past week, though rates seemed to have reached a temporary bottom for now. There is some talk of some operators returning to the market which could give a small boost however things are likely to remain under pressure as position lists are highly unfavorable as things stand now. Supramax - Market conditions remained unfavorable for yet another week as activity held at some of the slowest levels we have witnessed over the past couple of months, while it seems that the brunt of the current downturn is being fully realized in the Atlantic were considerable ground was lost yet again in terms of reported fixing levels. Handysize - Things here have been slightly better compared to the rest of the dry bulk size groups, as resistance from owners has helped keep current losses to a minimal. There seems to be a growing positive momentum in the North Atlantic, but with the rest of the major trading routes lacking interest it is unlikely to have a considerable effect in changing the prevailing market direction for the time being. Spot market rates & indices Average 20 Nov 13 Nov ±% Baltic Dry Index BDI % 737 1,104 Capesize BCI % 1,050 1,961 BCI 5TC $ 5,211 $ 6, % $ 8,213 $ 15,278 ATLANTIC RV $ 4,800 $ 5, % $ 8,242 $ 14,130 Cont / FEast $ 11,675 $ 12, % $ 16,768 $ 32,135 PACIFIC RV $ 5,523 $ 7, % $ 7,663 $ 14,319 FEast / ECSA $ 5,527 $ 6, % $ 8,637 $ 13,932 Panamax BPI % BPI - TCA $ 3,696 $ 4, % $ 5,771 $ 7,714 ATLANTIC RV $ 3,195 $ 3, % $ 6,271 $ 6,861 Cont / FEast $ 8,164 $ 8, % $ 10,981 $ 15,315 PACIFIC RV $ 3,145 $ 3, % $ 5,262 $ 7,844 FEast / Cont $ 279 $ % $ 567 $ 835 Supramax BSI % BSI - TCA $ 4,934 $ 5, % $ 7,196 $ 9,816 Cont / FEast $ 8,100 $ 8, % $ 10,198 $ 14,974 Med / Feast $ 7,071 $ 8, % $ 9,638 $ 13,840 PACIFIC RV $ 4,896 $ 5, % $ 6,120 $ 8,873 FEast / Cont $ 2,968 $ 3, % $ 5,024 $ 6,179 USG / Skaw $ 6,919 $ 7, % $ 11,454 $ 14,638 Skaw / USG $ 1,650 $ 2, % $ 3,990 $ 4,971 Handysize BHSI % BHSI - TCA $ 4,205 $ 4, % $ 5,519 $ 7,680 Skaw / Rio $ 3,290 $ 3, % $ 3,876 $ 5,625 Skaw / Boston $ 3,713 $ 3, % $ 4,141 $ 5,273 Rio / Skaw $ 5,328 $ 6, % $ 9,044 $ 10,072 USG / Skaw $ 5,229 $ 5, % $ 7,490 $ 10,743 SEAsia / Aus / Jap $ 3,604 $ 3, % $ 4,267 $ 7,022 PACIFIC RV $ 4,436 $ 4, % $ 5,535 $ 7,840 Dry Bulk Indices BDI BCI BPI BSI BHSI 4,000 3,000 2,000 1,000 BCI Average TCE '000 US$/ day BPI Average TCE '000 US$/ day BSI Average TCE '000 US$/ day BHSI Average TCE '000 US$/ day

20 Tankers Spot Market Crude Oil Carriers - Despite the slightly softer activity levels being noted, overall TC equivalent earnings managed to edge up this week thanks to further drops being noted in the average bunker prices on offer. Things however trailed furtehr behind in the WAF region were it seems the previous firm activity levels had enticed increased tonnage in the area while at the same time fresh inquiries were slowing down. It was slightly better market conditions in the Black Sea/Med region for Suezmaxes and Afras, though it seemed to have been a lagging spill over effect from the markets previous highs. Oil Products - It seems as though both the CPP and DPP trades have finally found a footing from where to show a faster paced rise in freight rates across the board. Demand has been staring to spike, while activity in the US Gulf seems to be going from strength to strength. Tonnage availability is also favoring the current market trend, possibly giving a further boost over the next couple of days. Spot market rates & indices 20 Nov 13 Nov ±% Baltic Tanker Indices BDTI % BCTI % VLCC MEG-USG MEG-SPORE MEG-JAPAN WAF-USG WS WS WS WS % -0.2% -0.3% -6.5% $/ day $/ day $/ day $/ day $ 37,828 $ 65,945 $ 70,708 $ 94,680 $ 36,674 $ 64,389 $ 70,580 $ 101, % 2.4% 0.2% -6.7% $ 28,506 $ 58,154 $ 64,300 $ 72,027 -$ 6,110 $ 37,314 $ 25,202 $ 32,821 SUEZMAX AFRAMAX DPP CPP WAF-USAC BSEA-MED NSEA-CONT MEG-SPORE CARIBS-USG BALTIC-UKC CARIBS-USAC ARA-USG SEASIA-AUS MED-MED MEG-JAPAN CONT-USAC CARIBS-USAC USG-CONT Average WS % $/ day $ 48,985 $ 50, % $ 45,956 $ 27,044 WS % $/ day $ 62,205 $ 54, % $ 44,995 $ 26,364 WS % $/ day $ 44,274 $ 48, % $ 36,353 $ 23,581 WS % $/ day $ 30,918 $ 28, % $ 30,298 $ 16,427 WS % $/ day $ 62,473 $ 57, % $ 37,506 $ 24,895 WS % $/ day $ 51,947 $ 53, % $ 43,474 $ 29,167 WS % $/ day $ 49,048 $ 40, % $ 29,339 $ 21,213 WS % $/ day $ 38,703 $ 35, % $ 29,452 $ 19,144 WS % $/ day $ 34,739 $ 31, % $ 34,843 $ 17,892 WS % $/ day $ 42,945 $ 41, % $ 34,727 $ 21,008 WS % $/ day $ 17,161 $ 16, % $ 29,259 $ 14,208 WS % $/ day $ 16,823 $ 19, % $ 19,164 $ 9,516 WS % $/ day $ 30,270 $ 26, % $ 21,419 $ 7,995 WS % $/ day $ 17,376 $ 15, % $ 11,231 $ 3,442 Tanker Indices 1,250 1, VLCC Average TCE Suezmax Average TCE Aframax Average TCE BDTI MR Average TCE '000 US$/ day '000 US$/ day '000 US$/ day '000 US$/ day BCTI

21 Period Charter Market Dry Bulk period market TC rates last 5 years 20 Nov 16 Oct ±% Min Avg Max Capesize 12 months $ 8,000 $ 11, % $ 7,950 $ 18,953 $ 40, months $ 10,000 $ 11, % $ 9,950 $ 18,691 $ 33,700 Panamax 12 months $ 7,000 $ 8, % $ 6,450 $ 13,452 $ 30, months $ 7,750 $ 8, % $ 7,700 $ 12,996 $ 22,450 Supramax 12 months $ 6,500 $ 8, % $ 6,450 $ 12,692 $ 24, months $ 7,250 $ 8, % $ 7,200 $ 12,260 $ 18,700 Handysize 12 months 36 months $ 6,500 $ 6, % $ 6,200 $ 10,170 $ 18,700 $ 7,000 $ 7, % $ 6,950 $ 10,303 $ 15,200 Dry Bulk 12 month period charter rates (USD 000/day) Capesize Supramax Panamax Handysize Latest indicative Dry Bulk Period Fixtures M/ V ''TRADE VISION'', dwt, built 2011, dely Kunsan 29 Nov/ 02 Dec, $5,600, for 5/ 8 months trading, to Klaveness M/ V ''KING MILO'', dwt, built 2012, dely Krishnapatnam 24/ 26 Nov, $5,650, for 4/ 6 months trading, to Bunge M/ V ''POLLUX STAR'', dwt, built 2012, dely Japan, $6,350, for 3/ 6 months trading, to Trafigura M/ V ''BERLIN'', dwt, built 2009, dely Nantong 12/ 14 Nov, $5,600, for 4/ 8 months trading, to Glencore M/ V ''BULK CHILE'', dwt, built 2009, dely Singapore prompt abt, $6,000, for 10/ 14 months trading, to Cobelfret Tanker period market TC rates last 5 years 20 Nov 16 Oct ±% Min Avg Max VLCC 12 months $ 50,000 $ 55, % $ 18,000 $ 29,854 $ 55, months $ 42,500 $ 45, % $ 22,000 $ 32,036 $ 45,000 Suezmax 12 months $ 39,000 $ 36, % $ 15,250 $ 23,077 $ 42, months $ 33,500 $ 33, % $ 17,000 $ 24,444 $ 35,000 Aframax 12 months $ 30,000 $ 30, % $ 13,000 $ 17,356 $ 30, months $ 26,750 $ 26, % $ 14,750 $ 18,662 $ 27,000 MR 12 months 36 months $ 19,000 $ 19, % $ 12,500 $ 14,448 $ 21,000 $ 17,500 $ 18, % $ 13,500 $ 14,956 $ 18,250 Tanker 12 month period charter rates (USD 000/day) VLCC Suezmax Latest indicative Tanker Period Fixtures M/ T ''SEA LION'', dwt, built 2003, $38,000, for 3 years trading, to BG M/ T ''SILIA T'', dwt, built 2002, $34,000, for 18 months trading, to LITASCO M/ T ''ACE'', dwt, built 2008, $25,500, for 3 years trading, to LITASCO M/ T ''VALLE DI CASTIGLIA'', dwt, built 2001, $16,400, for 1 year trading, to BP M/ T ''VALCADORE'', dwt, built 2008, $17,000, for 1 year trading, to BP Aframax MR

22 Secondhand Asset Values As activity continues on its forward momentum prices in the dry bulk market continue their tumble, while with such fast paced shifting in price ideas there was also an ever increasing number of deals that are falling through and fairly quickly. The main issue is the large number of sales candidates in the market, while the few buyers are fairly conservative especially as the market has dropped so rapidly over the past couple of weeks. On the tanker side, things have been holding more stable in terms of pricing, though at the same time activity in the product tankers was on the rise once more. There are now several owners looking to cherry pick good MR and LR candidates even at these increased prices while the good level of candidate availability will likely translate into further activity coming to light over the next couple of weeks. Indicative Dry Bulk Values (US$ million) last 5 years 20 Nov 16 Oct ±% Min Avg Max Capesize Resale % year old % year old % year old % Panamax Resale % year old % year old % year old % Supramax Resale % year old % year old % year old % Handysize Resale % year old % year old % year old % Indicative Tanker Values (US$ million) last 5 years 20 Nov 16 Oct ±% Min Avg Max VLCC Resale % year old % year old % year old % Suezmax Resale % year old % year old % year old % Aframax Resale % year old % year old % year old % MR Resale % year old % year old % year old % Price movements of 5 year old Dry Bulk assets Capesize 0% -5% -10% -15% -20% -25% -30% -35% -40% Supramax Aframax -23% -18% -18% -36% 1 month diff 3 months diff 6 months diff 12 months diff 0% -5% -10% -15% -20% -25% -30% -35% -40% -9% +0% -3% -34% 1 month diff 3 months diff 6 months diff 12 months diff Panamax 0% -5% -10% -15% -20% -25% Handysize MR -17% -12% -9% -30% -27% 1 month diff 3 months diff 6 months diff 12 months diff 0% -5% -10% -15% -20% -25% -30% -35% -40% -12% -12% -15% -36% 1 month diff 3 months diff 6 months diff 12 months diff Price movements of 5 year old Tanker assets VLCC Suezmax 4% 3% +3% 8% +7% 2% 6% 1% 0% 4% -1% -2% 2% -1% -3% -2% -4% 0% +0% -5% -2% -6% -2% -7% -6% -4% -3% 1 month diff 3 months diff 1 month diff 3 months diff 6 months diff 12 months diff 6 months diff 12 months diff 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% +2% +0% +2% +10% 1 month diff 3 months diff 6 months diff 12 months diff 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% +0% +4% +7% +16% 1 month diff 3 months diff 6 months diff 12 months diff

23 Newbuilding Market Dry Bulk Newbuilding Prices Capesize Panamax Supramax Handysize US$ million Demolition Market Dry Scrap Prices Bangladesh India Pakistan China Turkey US$/ ldt Tanker Newbuilding Prices VLCC Suezmax Aframax LR1 MR US$ million Wet Scrap Prices Bangladesh India Pakistan China Turkey US$/ ldt Indicative Dry NB Prices (US$ million) last 5 years 20 Nov 16 Oct ±% Min Avg Max Dry Bulkers Capesize (180,000dwt) % Kamsarmax (82,000dwt) % Panamax (77,000dwt) % Ultramax (64,000dwt) % Handysize (37,000dwt) % Container Post Panamax (9,000teu) % Panamax (5,200teu) % Sub Panamax (2,500teu) % Feeder (1,700teu) % Indicative Dry Prices ($/ ldt) last 5 years 20 Nov 13 Nov ±% Min Avg Max Indian Sub Continent Bangladesh % India % Pakistan % Far East Asia China % Mediterranean Turkey % Indicative W et NB Prices (US$ million) last 5 years 20 Nov 16 Oct ±% Min Avg Max Tankers VLCC (300,000dwt) % Suezmax (160,000dwt) % Aframax (115,000dwt) % LR1 (75,000dwt) % MR (56,000dwt) % Gas LNG 160k cbm % LPG LGC 80k cbm % LPG MGC 55k cbm % LPG SGC 25k cbm % Indicative W et Prices ($/ ldt) last 5 years 20 Nov 13 Nov ±% Min Avg Max Indian Sub Continent Bangladesh % India % Pakistan % Far East Asia China % Mediterranean Turkey %

24 First Watch: Stifel Shipping Weekly Contributed by Stifel Nicolaus & CO, Inc. Stifel One Financial Plaza, 501 North Broadway St. Louis, MO Phone: (314) Website: Capital markets continue to befuddle shipping companies as valuations languish irrespective of market segment and the prospects of those segments. Given the weakness in the dry bulk and container shipping markets, low valuations may be expected. However, both crude and product tanker segments have experienced a full year of strong cash flows and are likely to continue to see strength at least in the near term. Despite this, the average projected 2016 cash flow yields for names in the segment is currently 25%. Furthermore, the energy related LNG and LPG names, many of which have long-term contracted cash flows trade at an average 2016 cash flow yield of 26% based on consensus estimates. The average dividend yield for marine MLPs is 14.4% despite no risk to near-term dividend cuts for any names in our opinion. Given this extremely high cost of capital, it is not surprising that raising new funds has been challenging to say the least. With no emerging catalyst to correct these high costs of capital, private equity backed companies which had been IPO candidates have begun looking to sell assets rather than raise equity. This pool of potential sellers just serves to hold down asset prices and keep rates of return high. It is hard for us to see what resolves the issue, but it is certainly a buyers market in our opinion, provided you have capital in hand. 24

25 Global Shipping Fleet & Orderbook Statistics Contributed by Stifel Nicolaus & Co, Inc

26 And Then There Were Two.. Canadian Crude Oil Export Options Currently, Canada produces a total of about 4 million barrels of crude oil per day (Mb/d). The production comes from different sources and processes with different economics: About 3.7 Mb/d is Western Canadian oil sands and synthetic crude and about 0.2 Mb/d East Coast is offshore crude. The Western Canadian production is land locked and the vast majority of the oil is currently transported to the US through pipelines and by rail, where it competes in a well-supplied local crude market and with other imports. To improve their competitive position, Western Canadian producers are looking to develop pipeline access to the coast, so they can ship crude to markets in Europe and the Far East. What is the status of these pipelines now that Keystone XL is off the table, at least for now? Canada has been looking into three directions to create access to additional export markets: To the West with two pipeline options, to the East and to the South, through the U.S. Two of the four options have run into political road blocks in the last couple of weeks. On November 6th, the U.S. State department rejected the Keystone XL pipeline, a pipeline expansion intended to increase the capacity and shorten the route of existing pipelines from Hardisty in Western Canada to the US Gulf coast. The official explanation stated that the pipeline did not serve the national interests of the United States. The second setback for export infrastructure occurred when Canada s recently elected Prime Minister Justin Trudeau announced that Canada would ban oil tankers along the Northern coast of British Colombia, where one of the Western pipelines was intended to end. Contributed by Poten & Partners, Inc. 805 Third Avenue New York, NY Phone: (212) Website: Aframax vessels, increasing the cost of marine transportation, compared to larger tonnage. Either of these pipelines would be helpful to the tanker market as increased exports would reduce crude oil supply in North America and require additional tonnage for the exports and required U.S. replacement imports. At this point, two viable pipeline projects to move oil to the coast remain: Kinder Morgan s expansion of the Trans Mountain pipeline (from Edmonton to the Vancouver area) from 300 Kb/day to 890 Kb/d to the Vancouver Area and TransCanada s 1.1 Mb/d Energy East pipeline to St. John on the East Coast. The marine terminal in the Vancouver area can accommodate Aframax size tankers while the terminal in St. John can handle VLCCs. The Energy East Pipeline partially uses an existing gas pipeline and upgrades of existing infrastructure, combined with new pipeline segments. Earlier this month, TransCanada announced that they would cancel the construction of the marine terminal in the Quebec area, one of the two marine terminals along the pipeline, due to local objections, but it will continue to provide access to two Quebec refineries. The Energy East pipeline is scheduled to be completed by The expansion of the Trans Mountain pipeline is still in the approval process. If successful, the current plan is for the pipeline to be operational by It is critical for Western Canadian producers to obtain cost effective access to markets, especially if crude prices stay depressed. Currently, Western Canadian Select is pricing at about $26.50 in Edmonton versus $40 for WTI and $40 for ANS crude on the West Coast. This discount is mainly a reflection of the high transportation costs of moving Western Canadian crude to refining markets. According to the Canadian Association of Petroleum Producers, the costs of shipping oil through the existing Trans Mountain pipeline is only about $2.20 $2.50, which would significantly improve the economics for the producers, although this port only accommodates 26

27 Tanker Market Weekly Highlights VLCC rates stabilizing; strong West Africa demand pointing to fresh gains ahead? VLCC rates were largely unchanged this week as the specter of stronger Middle East demand to come and strong demand in the Atlantic basin eroded the negative pressure on rates which had earlier accompanied a sluggish conclusion to the Middle East s November program. The Middle East market yielded just 13 reported fixtures this week half last week s tally while the West Africa market saw demand surge 83% w/w to a four month high of 11 fixtures. Contributed by Charles R. Weber Company, Inc. Greenwich Office Park One, Greenwich, CT Phone: (203) Website: The November Middle East program concluded with 115 cargoes, representing a m/m decline of 12% and five fewer than we previously expected. Together with the appearance of a number of hidden positions (which were partly offset by early West Africa December cargoes worked this week), the number of surplus November units concluded at nine six fewer than those observed at the conclusion of the October program, but more than previously anticipated. More importantly for rate progression, demand in the West Africa market has remained elevated in recent weeks. We note that the four week moving average of regional demand stands at a 15 month high of 8 fixtures. With these cargoes competing for Middle East tonnage, the slow pace of demand this week in the Middle East market thus failed to exert negative pressure on rates while going forward the longer period these units will remain off the market should prove supportive. So far, 15 December Middle East cargoes have been covered, leaving a likely 20 remaining through the first decade of the month. Against this, there are 29 units presently showing availability through December 10, from which West Africa demand should draw six units. This would leave an implied surplus of just three units. The supply/demand position past the first decade could potentially tighten further. As previously noted, while VLCC sized stems from Basrah are set to decline by 9% m/m, the bulk of the decline is centered on the first decade period with the subsequent decades set to be more active. Against a likelihood that supply from Saudi Arabia will accelerate during December as direct burn levels decline and refinery intake levels stabilize amid steady crude production figures, rates appear increasingly likely to experience a strong rally in the coming weeks. We expect that a rebounding of Middle East chartering demand during the upcoming week will illustrate the tight prevailing supply/demand positioning and prompt greater resistance by owners. Further forward, the start of the second decade will likely usher a further rallying of rates given the lower availability surplus as well due to as a possible rush to cover requirements ahead of industry holiday events. 27

28 Tanker Market Weekly Highlights 28

29 Tanker Market Weekly Highlights VLCC Middle East Rates to the Far East averaged ws63, representing a w/w loss of 1.7 points while the present assessment stands at ws62. Corresponding TCEs eased 2% to an average of ~$69,498/day while the present assessment yields ~$68,261/day. Rates to the USG via the cape were assessed at an average of ws36.0 a weekly loss of 0.6 point. Triangulated Westbound trade earnings averaged ~$85,060/day, off 1% w/w. Atlantic Basin The West Africa market continued to trail the Middle East and the WAFR FEAST route eased 2.7 points to an average of ws68.3. Corresponding TCEs lost 4% w/w to an average of ~$74,036/day. The Caribbean market remained quiet this week with muted demand. However, with some positions uncertain given the existence of still exercisable optional destinations on voyages expected to bring units to the USG area, rates pared some of their earlier losses. The CBS SPORE route concluded at an assessed $7.0m modestly ahead of last week s closing assessment of $6.95m. Suezmax Suezmax chartering activity in the West Africa market improved this week as charterers worked a small number of late November cargoes and progressed more concertedly into December dates. A total of 17 fixtures were reported, representing a w/w gain of 89%. The stronger demand, combined with rising transit delay issues at the Turkish Straits and greater Suezmax encroachment into Aframax markets in Europe and the Americas following the smaller class tightening supply/demand fundamentals, all contributed to a halting of the earlier rate downside facing West Africa Suezmaxes. The WAFR UKC route fluctuated between the ws80 and ws82.5 levels and ultimately concluded at the ws80 level, off 2.5 points from last week s closing assessment. Rate support from the West Africa December program appears limited at best; regional VLCC demand accelerated further within the second decade with cargo booked on the larger class in the date range now at its highest level since early October. This will leave limited cargo opportunities for Suezmaxes as they move into the date range. Resulting rate downside, however, should be limited as fewer ballasters reduce availability replenishment and ultimately this, together with the potential for Suezmaxes to turn more active during the final decade of the December program, should support a fresh regional rate rally in the coming weeks. Aframax Limited availability levels in the Caribbean Aframax market saw rates extend gains this week despite impacting the regional fixture tally (just five were reported). Instead, Panamax and Suezmax encroachment has rise as charterers look to minimize freight costs which factored into a limiting of the extent of the present rate rally. The CBS USG route rallied from last week s closing assessment of ws180 to as high as ws190 this week before settling at the ws187.5 level. However, prevailing ullage delays and a potential rise in demand as PADD 3 refiners progress from already low maintenance levels could support further gains once availability for alternative size classes follow Aframaxes. 29

30 Tanker Market Weekly Highlights Panamax The Caribbean Panamax market rallied this week as ullage delays on the USG limited availability replenishment while a very tight regional Aframax market saw charterers look to Panamaxes as an alternative. The CBS USG route added 25 points to conclude at ws The market remains firm and any extending of delay issues or expansion of regional demand for Aframax and/or Panamax cargoes will likely lead to further gains. MR Rates in the USG MR market continued to rally as demand rose to a four month high and availability levels remained unchanged. A total of 46 fixtures were reported, representing a 17% w/w gain; of these, 10 were bound for points in Europe (+67% w/w), 23 were bound for points in Latin America and the Caribbean ( 4% w/w) and the remainder were bound for alternative locations or have yet to be determined. Seasonally strong PADD 3 refining runs have boosted export levels and created more certain distillate arbitrage opportunities as illustrated by the 67% increase of voyages for such fixtures this week as compared with the YTD average. Simultaneously, voyages to Latin America and the Caribbean have strengthened in line with seasonal norms. Rates on the USG UKC route added 7.5 points over the course of the week to a closing assessment of ws120 while the USG POZOS route added $75k to conclude at $675k lump sum. Softer earnings in the UKC market, where UKC WAFR voyages yield ~$7,123/day less than USG POZOS voyages, is drawing units freeing on the USAC firmly towards the USG market. While these units have been absorbed by the USG markets elevated demand, they likely factored into the easing of upward pressure on USG rates observed this week. We note that the two week forward view of available units concludes unchanged from a week ago at 25 units. During the upcoming week, any rush to cover requirements ahead of the Thanksgiving holiday will likely prompt further rate gains. Thereafter, a greater level of uncertainty over rate progression prevails. While directionally, rates are likely to strengthen through the close of the year, we note that four LR1s and two LR2s have already been fixed for early December cargoes which could limit MR demand once the smaller class moves into early December dates while position lists expand during the Thanksgiving weekend offering charterers more options on their return (and shortening Panama Canal delays could compound this). Any corresponding negative pressure on rates though will likely be short lived as strong refinery utilization throughout the Atlantic basin keeps the greater Western MR supply/demand positioning tight 30