Jefferies Maritime Group

Jefferies Maritime Group Maritime Market Update April 10, 2017 IN THIS ISSUE Maritime Update Tanker Market Update Tanker Universe Equity Comparables Tanker FFA Curve Dry Cargo Market Update Drybulk Universe Equity Comparables Drybulk FFA Curve Gas Carrier Market Update Gas Carrier Universe Equity Comparables Shipping MLP Market Update Shipping MLP Universe Equity Comparables Equity Market Conditions U.S. Equity Market Overview U.S. IPO Market Overview Summary of Issuance U.S. Industrials IPO Market Overview U.S. Followon Market Overview Debt Market Update Debt Market Overview Maritime Bonds INVESTMENT BANKING Jefferies LLC Member SIPC

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Table of Contents Maritime Update 1 Equity Market Conditions 12 Debt Market Update 16 ii

Maritime Update 1

Tanker Market Update Week of April 10, 2017 Last Twelve Months Indexed Performance Indexed to 100 130% 120% 110% 100% 90% 80% 70% 60% 50% 40% 4/7/16 6/6/16 8/6/16 10/6/16 12/6/16 2/5/17 4/6/17 Tanker Companies S&P 500 Stock Price % of 52 LTM 4/7/2017 Week High Change Weekly Change (%) Ardmore Shipping $ 8.35 83.8% 7.3% DHT Holdings 4.50 73.8% (18.6%) Euronav 7.80 66.5% (12.1%) Frontline 6.69 64.3% (10.0%) Gener8 Maritime 5.58 63.8% (14.7%) International Seaways 18.86 92.2% NA Navios Maritime Acquisition 1.65 78.1% 6.5% Nordic American Tankers 8.05 49.8% (42.5%) Scorpio Tankers 4.31 64.3% (22.9%) Ship Finance International 13.70 84.2% 2.2% Teekay Corporation 9.34 78.8% 17.3% Teekay Tankers 2.01 48.3% (40.7%) Tsakos Energy Navigation 4.80 72.0% (14.6%) Mean 70.8% (11.9%) (1.3%) (0.7%) (1.6%) (1.4%) (4.1%) (1.6%) (2.9%) (6.8%) (2.0%) 3.7% 0.7% 2.1% 0.2% Recent News (April 1, 2017 April 7, 2017) Recent Sector News West Texas Intermediate crude prices increased 3.24% on the week from $50.60 per barrel to $52.24 per barrel Brent Crude prices increased 4.56% on the week from $52.83 per barrel to $55.24 per barrel Regulatory Filings 4/3: Teekay Corporation declared dividend 4/4: Euronav published its Annual Report 2016 4/5: Tsakos Energy Navigation announced closing of Public Offering of Series E Fixedto Floating Rate Cumulative Redeemable Perpetual Preferred Shares, including full exercise of Underwriters option to purchase additional shares 4/6: Navios Maritime Acquisition Corporation announced availability of Its Form 20F for the Year Ended December 31, 2016 Source: Bloomberg, Capital IQ and SEC filings. 2

Tanker Universe Equity Comparables ($Millions, except per share data) Stock Total TEV / EBITDA P / E Dist Cash Yield Dividend Yield Price / TEV / Price % 52Week Market Enterprise Adjusted Adjusted 2017E 2018E 2017E 2018E 2017E 2018E 2017E 2018E 4/7/2017 High Cap Value NAV Asset Value Ardmore Shipping Corporation $ 8.35 83.8% $ 280.4 $ 677.6 12.2x 8.8x NM 13.4x 15.4% 24.2% 1.1% 5.1% 102.3% 101.0% DHT Holdings 4.50 73.8% 420.5 1,065.8 7.1x 5.8x 22.8x 12.0x 21.6% 23.8% 4.5% 4.8% 101.1% 100.4% Euronav 7.80 66.5% 1,241.8 2,120.7 7.9x 7.0x NM 22.5x 22.1% 26.2% 4.4% 5.0% 99.7% 99.8% Frontline 6.69 64.3% 1,136.0 1,915.1 7.4x 5.7x NM 17.1x 14.2% 21.5% 3.6% 7.5% 116.4% 109.1% International Seaways (1) 18.86 92.2% 550.8 918.7 6.3x 5.4x 21.9x 12.5x 14.2% 23.6% 0.0% 0.0% 76.5% 84.4% Gener8 Maritime 5.58 63.8% 462.9 2,018.6 10.6x 8.5x NM 9.0x 30.1% 43.1% 0.0% 0.0% 91.0% 97.8% Navios Maritime Acquisition 1.65 78.1% 248.5 1,295.3 10.8x 9.6x NM 9.2x 33.5% 21.5% 12.1% 12.1% 135.7% 105.3% Nordic American Tankers 8.05 49.8% 820.9 1,201.9 10.9x 7.3x NM 17.5x 10.2% 19.0% 10.0% 14.9% 295.6% 182.4% Scorpio Tankers 4.31 64.3% 752.7 2,628.4 11.5x 7.8x NM 6.8x 23.4% 41.0% 2.6% 2.3% 129.7% 107.0% Ship Finance International 13.70 84.2% 1,281.0 2,814.4 10.7x 10.6x 13.4x 12.9x 13.2% 14.5% 12.3% 12.3% NM NM Teekay Corporation 9.34 78.8% 804.5 10,226.3 9.5x 8.2x NM 9.3x 0.0% 0.0% 2.4% 2.4% NM NM Teekay Tankers 2.01 48.3% 315.0 1,179.2 8.2x 6.8x 23.9x 7.1x 31.4% 45.0% 5.3% 6.6% 127.9% 106.2% Tsakos Energy Navigation 4.80 72.0% 401.9 2,146.9 8.4x 7.3x 8.6x 5.0x 47.0% 56.7% 4.4% 4.6% 94.8% 99.0% Mean 9.4x 7.6x 18.1x 11.9x 21.3% 27.7% 4.8% 6.0% 124.6% 108.4% Source: Forward calendar year estimates per Bloomberg (1) Asset value includes joint venture of $200 million. Represents ~6.75x estimated cash flow from joint venture per Company filings. 3

Tanker FFA Curve (April 7, 2017) VLCC TD3 FFA ($/Day) Aframax TD7 FFA ($/Day) $30,000 $9,000 $25,000 $25,606 $6,000 $5,487 $5,048 $20,000 $17,792 $15,000 $3,000 $10,000 Q317 2018 Q317 2018 Panamax LR1 TC5 FFA ($/Day) ` Handymax MR TC2 FFA ($/Day) $12,000 $12,000 $10,000 $8,000 $8,974 $7,473 $9,000 $7,493 $7,963 $6,000 $6,000 $4,000 Q317 2018 $3,000 Q317 2018 Source: Bloomberg. 4

Drybulk Market Update Week of April 10, 2017 Indexed to 100 250% 200% 150% 100% Last Twelve Months Indexed Performance Drybulk Stock Price % of 52 LTM 4/7/2017 Week High Change Weekly Change (%) Diana Shipping $ 5.92 95.5% 134.9% DryShips 0.70 1.4% (63.0%) Eagle Bulk 5.29 22.4% (43.7%) Euroseas 1.35 16.7% (25.7%) Genco Shipping & Trading 14.40 97.6% 157.1% Globus Maritime 3.42 14.5% 205.4% Golden Ocean Group 8.70 98.1% 162.6% Navios Maritime Holdings 1.94 80.8% 56.5% Safe Bulkers 2.51 98.4% 208.1% Scorpio Bulkers 9.70 95.7% 189.6% Seanergy Maritime 0.88 10.1% (70.8%) Star Bulk Carriers 12.71 98.7% 220.6% Mean 60.8% 94.3% (57.6%) (26.5%) (7.0%) (6.4%) 15.2% 13.7% 3.7% 14.1% 5.4% 6.7% 7.0% 28.1% 50% 4/6/16 6/6/16 8/6/16 10/6/16 12/6/16 2/5/17 4/7/17 Drybulk Companies Container Companies S&P 500 Container Costamare 6.23 56.6% (31.6%) Danaos 1.75 35.7% (53.2%) Diana Containerships 0.77 2.9% (84.0%) Global Ship Lease 1.40 31.1% 23.9% Seaspan 6.46 35.2% (62.1%) Mean 32.3% (41.4%) (40.8%) (6.5%) (5.4%) (6.8%) 0.0% Recent Sector News No News Recent News (April 1, 2017 April 7, 2017) Regulatory Filings 4/3: Costamare declared a dividend on its preferred and common stock 4/3: Seanergy Maritime released Q4 2016 results 4/3: DryShips entered into a $226.4 million common stock purchase agreement and announced the acquisition of 6 vessels 4/4: Seanergy Maritime announced an agreement to acquire a modern Capesize vessel 4/5: Golden Ocean filed its 20F 4/6: DryShips announced a reverse stock split to occur on April 11 th 4/6: Safe Bulkers announced the settlement of its Series B Exchange Offer 4/7: Euroseas filed its 20F 4/7: Navios Maritime Holdings announced the inauguration of its iron ore transshipment and storage facility Source: Bloomberg, Capital IQ and SEC filings. 5

Drybulk Universe Equity Comparables ($Millions, except per share data) xc Stock Total TEV / EBITDA P / E Dist Cash Yield Dividend Yield Price / TEV / Drybulk Price % 52Week Market Enterprise Adjusted Adjusted 2017E 2018E 2017E 2018E 2017E 2018E 2017E 2018E 4/7/2017 High Cap Value NAV Asset Value Diana Shipping $ 5.92 95.5% $ 505.5 $ 1,096.1 NM 16.2x NM NM 0.4% 7.6% 0.0% 0.0% 152.8% 119.0% DryShips 0.70 1.4% 106.4 (163.9) NM NM NM NM 0.0% 0.0% 0.0% 0.0% NM NM Eagle Bulk 5.29 22.4% 392.3 498.9 21.1x 8.4x NM NM 1.6% 7.8% 0.0% 0.0% 91.1% 92.9% Euroseas 1.35 16.7% 15.1 111.8 15.9x 7.9x NM NM 0.0% 0.0% 0.0% 0.0% 64.2% 93.0% Genco Shipping & Trading 14.40 97.6% 499.8 934.5 26.7x 10.5x NM NM NM NM 0.0% 0.0% 111.9% 106.0% Globus Maritime 3.42 14.5% 119.7 159.3 NM NM NM NM 47.1% NM 0.0% 0.0% NM NM Golden Ocean 8.70 98.1% 1,154.8 2,289.9 NM 14.3x NM NM 4.1% 12.6% 0.0% 1.1% 137.8% 116.1% Navios Maritime Holdings 1.94 80.8% 215.3 2,051.6 16.1x 10.4x NM NM 11.3% 55.7% 0.0% 0.0% NM 153.1% Safe Bulkers 2.51 98.4% 254.7 981.5 16.4x 11.1x NM NM 7.4% 19.9% 0.2% 3.2% NM 126.6% Scorpio Bulkers 9.70 95.7% 730.4 1,221.4 NA 25.5x NM NM NM 2.0% 0.0% 1.0% 109.8% 105.7% Seanergy Maritime 0.88 10.1% 31.6 212.2 NM NM NM NM 0.0% 0.0% 0.0% 0.0% 67.8% 93.4% Star Bulk Carriers 12.71 98.7% 801.6 1,513.3 17.5x 9.5x NM NM 8.7% 13.4% 0.0% 8.5% 120.5% 109.9% Mean 19.0x 12.6x NM NM 8.0% 11.9% 0.0% 1.2% 107.0% 111.6% Container Costamare 6.23 56.6% 569.7 2,032.8 7.4x 8.2x 7.2x 7.9x 37.6% 37.2% 6.4% 6.4% NM NM Danaos 1.75 35.7% 192.1 2,642.9 8.3x 8.8x 2.2x 2.0x 107.4% 110.9% 0.0% 0.0% NM NM Diana Containerships 0.77 2.9% 7.2 164.6 NA NA NM NM 0.0% 0.0% 0.0% 0.0% NM NM Global Ship Lease 1.40 31.1% 77.0 450.8 NM 5.1x NM NM 0.0% 0.0% 0.0% 0.0% NM NM Seaspan 6.46 35.2% 682.5 4,560.1 8.8x 8.0x 9.3x 6.0x 45.1% 54.3% 7.7% 7.7% NM NM Mean 8.2x 7.5x 6.2x 5.3x 38.0% 40.5% 2.8% 2.8% NM NM Source: Forward calendar year estimates per Bloomberg. 6

Drybulk FFA Curve (April 7, 2017) Capesize 5TC FFA ($/Day) Capesize C7 FFA ($/Ton) $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $16,450 $14,875 $14,950 Q317 2018 2019 $8.25 $8.20 $8.15 $8.10 $8.05 $8.00 $7.95 $7.90 $8.20 $8.00 Q317 2018 6 Panamax TC FFA ($/Day) Supramax FFA ($/Day) $12,000 $10,000 $11,725 $9,950 $10,025 $12,000 $10,000 $9,900 $9,575 $9,675 $8,000 $8,000 $6,000 $6,000 $4,000 $4,000 $2,000 $2,000 Q317 2018 2019 Q317 2018 2019 Source: Bloomberg, SSY. 7

Gas Carrier Market Update Week of April 10, 2017 Indexed to 100 150% 125% Last Twelve Months Indexed Performance xc Stock Price % of 52 LTM 4/7/2017 Week High Change Weekly Change (%) Dorian LPG $ 9.91 79.3% 10.4% GasLog 14.65 82.1% 50.6% Golar LNG 27.44 94.0% 59.1% Navigator Holdings 13.90 82.5% (7.3%) Stealthgas 3.86 74.5% 4.9% (5.9%) (4.6%) (1.8%) (3.3%) 1.1% 100% Mean 82.5% 23.5% 75% 50% 25% 4/6/16 6/6/16 8/6/16 10/6/16 12/6/16 2/5/17 4/7/17 Gas Comps S&P 500 Recent News (April 1, 2017 April 7, 2017) Recent Sector News Henry Hub gas prices increased 3.0% on the week from $3.10 per MMbtu to $3.19 North American spot LNG Propane (Mt. Belvieu) prices increased 6.4% on the week from $6.66 per MMBtu to $7.08 North American spot LNG Butane (Mt. Belvieu) prices increased 5.7% on the week from $7.21 per MMBtu to $7.62 North American spot LNG Ethane (Mt. Belvieu) prices increased 4.2% on the week from $2.62 per MMBtu to $2.73 Total U.S. working gas in underground storage increased 0.1% on the week from 2,049 billion cubic feet to 2,051 Regulatory Filings 4/3: Golar LNG paid Q4 2016 dividends Source: Bloomberg, Capital IQ, U.S. Energy Information Administration and SEC filings. 8

Gas Carrier Universe Equity Comparables ($Millions, except per share data) Stock Total TEV / EBITDA P / E Dist Cash Yield Dividend Yield Price % 52Week Market Enterprise 4/7/2017 High Cap Value 2017E 2018E 2017E 2018E 2017E 2018E 2017E 2018E Dorian LPG $ 9.91 79.3% $ 544.7 $ 1,228.8 15.7x 10.7x NM 18.3x 10.5% 18.5% 0.0% 0.0% GasLog 14.65 82.1% 1,180.2 4,521.5 12.7x 10.8x NM 18.5x 17.7% 22.3% 3.9% 3.9% Golar LNG 27.44 94.0% 2,778.4 4,139.6 NM 15.0x NM NM 0.9% 7.8% 0.7% 0.7% Navigator Holdings 13.90 82.5% 770.6 1,407.4 12.7x 8.7x 16.6x 13.4x 17.2% 20.5% 0.0% 0.0% Stealthgas 3.86 74.5% 153.5 477.9 7.7x 7.4x NM NM 0.0% 0.0% NA NA Mean 12.2x 10.5x 16.6x 16.7x 9.3% 13.8% 1.2% 1.2% Source: Forward calendar year estimates per Bloomberg. 9

Shipping MLP Market Update Week of April 10, 2017 hgk Last Twelve Months Indexed Performance Indexed to 100 150% 140% 130% 120% 110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 4/7/16 6/6/16 8/6/16 10/6/16 12/6/16 2/5/17 4/6/17 Stock Price % of 52 LTM 4/7/2017 Week High Change Weekly Change (%) Capital Product Partners $ 3.46 85.4% 6.5% Dynagas LNG Partners LP 17.15 96.1% 56.1% GasLog Partners 23.70 95.4% 44.0% Golar LNG Partners 22.07 85.5% 52.9% Höegh LNG Partners LP 19.85 97.4% 13.8% KNOT Offshore Partners 22.90 92.8% 37.9% Navios Maritime Midstream 11.39 80.2% 13.3% Navios Maritime Partners 2.15 73.1% 61.7% Teekay LNG Partners 17.55 88.2% 47.2% Teekay Offshore Partners 5.50 75.9% 8.3% Mean 87.0% 34.2% (3.1%) (2.7%) (3.3%) (1.2%) (1.7%) (5.4%) 1.0% 0.0% 3.9% 8.5% S&P 500 MLP Companies Recent News (April 1, 2017 April 7, 2017) Recent Sector News No News Regulatory Filings 4/3: Teekay LNG Partners declared distribution on Common Units 4/3: Teekay LNG Partners declared distribution on Series A Preferred Units 4/3: Teekay Offshore Partners declared distribution on Common Units 4/3: Teekay Offshore Partners declared distributions on Series A, B, C1 and D Preferred Units 4/6: Navios Maritime Partners announced acquisition of two Panamax vessels Source: Bloomberg, Capital IQ and SEC filings. 10

Shipping MLP Universe Equity Comparables ($Millions, except per share data) Stock Total TEV / EBITDA P / E Dist Cash Yield Dividend Yield Price % 52Week Market Enterprise 4/7/2017 High Cap Value 2017E 2018E 2017E 2018E 2017E 2018E 2017E 2018E Capital Product Partners $ 3.46 85.4% $ 430.9 $ 1,031.8 7.0x 6.8x 11.2x 10.1x 23.5% 25.4% 9.3% 9.7% Dynagas LNG Partners LP 17.15 96.1% 609.3 1,334.8 11.5x 11.0x 14.2x 14.2x 12.0% 12.7% 9.7% 10.0% GasLog Partners 23.70 95.4% 922.5 1,847.3 10.2x 9.4x 9.8x 10.0x 18.4% 18.2% 8.5% 8.9% Golar LNG Partners 22.07 85.5% 1,559.6 2,810.3 7.9x 8.3x 9.1x 10.4x 17.5% 15.6% 10.5% 10.5% Höegh LNG Partners LP 19.85 97.4% 653.3 987.8 8.4x 6.5x 11.2x 9.5x 13.2% 15.4% 8.8% 9.2% KNOT Offshore Partners 22.90 92.8% 692.8 1,449.5 8.7x 7.8x 11.6x 11.1x 18.7% 20.5% 9.2% 9.6% Navios Martime Partners 2.15 73.1% 323.5 605.7 7.0x 6.3x NM NM NM NM NM NM Navios Maritime Midstream 11.39 80.2% 239.6 392.8 6.2x 5.6x 9.7x 11.0x 19.8% 20.0% 15.0% 15.4% Teekay LNG Partners 17.55 88.2% 1,396.5 3,504.0 10.3x 8.6x 9.7x 7.8x 19.6% 24.0% 3.2% 5.6% Teekay Offshore Partners 5.50 75.9% 817.8 4,321.5 6.7x 6.2x 7.3x 4.9x 51.6% 64.4% 7.9% 8.0% Mean 8.4x 7.7x 10.4x 9.9x 21.6% 24.0% 9.1% 9.7% Source: Forward calendar year estimates per Bloomberg. 11

Equity Market Conditions 12

VIX Index Value U.S. Equity Market Overview Key Points U.S. equity markets have traded at new or near alltime highs post election fueled by large inflows into equity funds and low volatility Investors are focused on repositioning sector weightings towards Industrials and Materials stocks with a focus on: Size and pace of incremental infrastructure spend Impact of deficit spending on interest rates Details on fiscal policy changes at the individual and corporate level Impact on global trade and labor markets U.S. Sector Fund Flows continue to favour the industrials sector, comprising $15.7bn since election Sector Performance (1) S&P Sectors Since 2016 Materials Technology Financials Industrials Utilities U.S. Fund Flows LTM Cumulative Fund Flows ($bn) $100 $50 ($50) Energy Cons. Disc Telecom Cons. Stpls Real Estate Healthcare $0 6% 7% 11% 10% 15% 14% 20% 25% 24% U.S. Fund Flows 2017: $33.8 27% Materials & Industrials Consistently Remain in the Best Performing Sectors LTM 27% 0% 10% 20% 30% ($100) M A M J J A S O N D J F M A S&P Sectors Since Election Financials Technology Materials Industrials Cons. Disc Healthcare Telecom Real Estate Utilities Cons. Stpls Energy Volatility Measurements 28.0 26.0 24.0 22.0 20.0 1% 4% 5% 6% 6% 9% 11% 13% 12% 12% 18% Trump Bump Favors Industrials & Materials 0% 5% 10% 15% 20% 25% Volatility Remains Low VIX: 12.8 Sector Fund Flows Since Election ($bn) $30 18.0 16.0 $20 $19.2 $17.1 $15.7 14.0 $10.9 $10 $9.0 $8.3 12.0 $0 FIG TMT Industrials Consumer Energy Healthcare 10.0 M A M J J A S O N D J F M A Source: CapIQ. Bloomberg, EPFR. (1) S&P 1500 sectors 13

# of IPOs % Index Performance U.S. IPO Market Overview Key Points IPO market remains constructive and is wide open Witnessing an increase in issuance in sectors such as financials, energy and industrials that have been underrepresented over the past few years given a lot of the momentum in these spaces posttrump election 26 IPOs have priced raising $12.3 billion in proceeds ~73% priced within or above the filing range Stocks have traded well with an average offertocurrent of 10.6% IPO Pricing Environment By Month (1) 20 18 16 14 12 10 8 6 4 2 0 15 China Meltdown 8 7 14 11 IPO Issuance, Pricing and Aftermarket Performance (1) 2 2016 Equity Selloff 0 4 2 7 13 7 10 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Below Within Above Average Number of Volume Aftermarket Performance Month VIX (%) Offerings ($bn) Pricing vs. Filing Range T+1 T+30 Current April 2017 12.4 4 1.2 25% 25% 50% 23.0% 21.6% March 2017 11.9 8 5.8 25% 38% 38% 15.4% 32.5% 15.0% February 2017 11.5 5 0.6 40% 60% 9.6% 3.1% 1.0% January 2017 11.6 9 4.6 22% 56% 22% 3.8% 19.5% 10.6% December 2016 8.9 5 2.1 60% 4.5% 11.9% 19.2% November 2016 10.7 2 0.3 100% 0% 2.0% 11.2% 13.0% October 2016 9.9 18 4.9 28% 44% 28% 9.2% 11.6% 20.4% September 2016 10.0 15 2.6 13% 40% 47% 34.0% 28.2% 28.7% August 2016 9.2 6 1.0 17% 83% 3.9% 18.0% 3.9% July 2016 8.5 10 3.1 30% 50% 20% 16.5% 31.4% 41.8% June 2016 13.0 7 0.7 43% 43% 14% 24.8% 22.4% 12.2% May 2016 10.1 13 2.7 38% 62% 7.4% 16.0% 86.1% April 2016 10.0 7 2.5 29% 71% 5.7% 7.0% 14.0% 2017 11.7 26 $12.3 27% 46% 27% 11.9% 13.3% 11.2% 2016 11.0 89 $20.6 31% 52% 17% 13.5% 19.3% 38.6% Brexit 2015 2016 # of IPOs S&P 500 Index Renaissance IPO Index 6 15 18 Election Anxiety 2 5 Trump Bump 9 5 8 2017 4 20.0% 10.0% 0.0% (10.0%) (20.0%) (30.0%) (40.0%) Source: Dealogic, Wall Street Research. (1) Excludes transactions less than $20.0 million, reipos and BCC/SPACs. 14

Issuance ($bn) U.S. Followon Market Overview Key Points LTM Total: 608 Deals / $166.0bn 2017: 191 Deals / $46.2bn 2016: 524 Deals / $164.9bn The U.S. followon market has accelerated postelection, backed by supportive markets and pentup supply from October / early November 2016 2017 Followon Issuance By Month $30 $25 $20 $15 $10 $5 $ $18.2 $17.3 $16.6 $12.3 $12.4 $9.3 $10.2 $11.6 $9.9 $9.6 $2.4 $12.1 $13.3 $14.6 $7.1 $7.1 $5.6 $10.1 $8.3 $3.1 $6.5 $9.3 $1.8 $6.7 $7.3 $3.8 $3.9 $1.6 $2.3 $2.2 $4.9 $5.8 $3.7 $3.5 $ $1.3 $0.2 $0.2 $0.6 $0.9 $ $1.2 $0.4 $0.1 $0.3 $17.0 $19.8 $18.2 $15.2 $4.8 $8.6 $1.9 $12.5 $7.0 2016 Monthly Avg: $13.71bn $17.7 $5.6 $11.6 $1.6 $5.3 $0.4 $0.3 $0.4 $0.7 $0.5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Total 57 19 48 28 53 59 32 50 56 29 62 57 63 40 77 12 During 2016, issuers have favored quick to market transactions with block trades and accelerated book builds minimizing market exposure 2017 sector issuance and use of proceeds have been balanced and diverse, consistent with a constructive market environment The pricing environment has improved post election Average March 2017 filetooffer discounts for primary share issuers: (7.1%) Average March 2017 filetooffer discounts for secondary share sales: (4.5%) Marketed 5 0 4 2 2 6 1 0 6 2 1 6 5 2 7 2 Accelerated 41 6 19 16 23 29 16 19 30 21 29 34 38 22 48 7 Block 11 13 25 10 28 24 15 31 20 6 32 17 20 16 22 3 Followon Issuance Breakdown Issuance By Sector 2017 5% 13% 2016 6% 24% 17% Use of Proceeds 9% 25% 24% 19% 12% 12% 10% 15% 9% 0% 20% 40% 60% 80% 100% 21% Marketed Accelerated Blocks Consumer Energy Finance Healthcare Industrials Real Estate TMT 2017 22% 23% 14% 33% Acquisitions 2016 26% 13% 27% Secondary CAPEX General FiletoOffer Pricing Environment Primary Share Followon FiletoOffer Discounts 2016 2017 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr (7.3%)(7.1%) (5.6%) (7.5%) (8.1%) (8.1%) (8.3%) (5.5%) (6.9%) (6.6%)(6.1%) (7.0%) (6.9%) (7.5%) (7.1%) (9.1%) Secondary Share Followon FiletoOffer Discounts 2016 2017 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr (3.3%) (4.1%)(4.3%) (4.2%) (4.7%) (6.5%) (3.7%)(3.9%) (4.9%) (4.5%) (5.4%) (5.9%) (3.6%) (4.6%) (4.3%)(4.5%) 0% 20% 40% 60% 80% 100% Source: Dealogic. Excludes transactions less than $20.0 million. 15

Debt Market Update 16

$Millions $Billions $Millions Debt Market Overview g New Bank Loan Syndications Last Twelve Months High Yield Debt Issuance Last Twelve Weeks $120.0 $100.0 $95.4 120 100 $20,000 $18,000 $16,000 $17,325 30 25 $80.0 $60.0 $40.0 $20.0 $75.0 $61.5 $43.6 $46.0 $38.6 $39.7 $33.4 $22.2 $68.1 $68.0 $40.3 80 60 40 20 Number of Deals $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $8,450 $5,745 $4,000 $10,425 $2,815 $1,755 $5,500 $7,800 $4,185 $7,380 $6,530 20 15 10 5 Number of Deals Bank Deals Deals Weekly Issuance Deals High Yield Mutual Fund Flows Last Twelve Weeks $3,000 $2,375 $2,000 $1,000 $413 $442 $158 $726 $736 ($1,000) ($2,000) ($3,000) ($887) ($532) ($240) ($2,100) ($249) ($4,000) ($5,000) ($6,000) ($7,000) ($5,680) Source: Standard & Poor s LCD, Jefferies Leveraged Finance Group. 17

Spread YTW Debt Market Overview (Cont d) Bank Loan Secondary Spreads Last Twelve Months L + 750 L + 500 L + 250 High Yield Broad Market Index Last Twelve Months 9.00% 8.00% 7.00% 6.00% 5.00% All BB/B BB B 4.00% 3.00% 4/16 5/16 7/16 9/16 10/16 12/16 2/17 3/17 B BB Market Metrics This Week Last Week One Year Ago 3 Month LIBOR 1.16% 1.15% 0.63% Prime 4.00% 4.00% 3.50% 5 year Treasuries 1.92% 1.92% 1.14% 30 year Treasuries 3.01% 3.01% 2.51% Source: Standard & Poor s LCD, Jefferies Leveraged Finance Group. 18

Maritime Bonds Price YTW STW Maturity Ratings Outstanding ($mm) CMA CGM 8.750% Sr Nts due '18 102.456 4.79% 4.91% 12/15/2018 B3 / CCC+ 300 7.750% Sr Nts due '21 100.975 7.35% 7.35% 1/15/2021 B3 / CCC+ 550 Eletson Holdings Inc. 9.625% Secured due '22 84.750 14.12% 12.19% 1/15/2022 B2 / B+ $ 300 Global Ship Lease 10% Sr Notes due '19 99.250 10.43% 9.13% 4/1/2019 / B $ 393 Great Lakes Dredge & Dock 7.375% Sr Sub Nts due '19 99.000 7.97% 6.67% 2/1/2019 Caa1 / B $ 275 Gulfmark Offshore 6.375% Sr Nts due '22 52.250 23.35% 0.00% 3/15/2022 Ca / CCC $ 430 Hornbeck Offshore Services 5.875% Sr Nts due '20 65.000 22.71% 20.26% 4/1/2020 Caa3 / CCC $ 375 5% Sr Nts due '21 63.250 18.72% 17.55% 3/1/2021 Caa3 / CCC $ 450 Navios Maritime Acquisition 8.125% Sr Nts due '21 87.250 11.80% 10.10% 11/15/2021 B2 / B+ $ 670 Navios Maritime Holdings 8.125% Sr Nts due '19 90.000 14.48% 13.88% 2/15/2019 Ca / CCC $ 350 7.375% Sr Sec Nts due '22 86.625 11.06% 9.47% 1/15/2022 Caa2 / B $ 650 Navios South American Logistics 7.25% Sr Nts due '22 98.750 7.55% 5.87% 5/1/2022 B3 / B $ 375 Overseas Shipholding Group 8.125% Sr Nts due '18 104.250 3.61% 2.21% 3/30/2018 Caa1 / B $ 119 Royal Caribbean Lines 5.25% Sr Nts due '22 108.500 3.56% 1.63% 11/15/2022 Ba1 / BB+ $ 650 Stena International 5.75% Sr Sec Nts due '24 89.625 7.72% 5.51% 3/1/2024 Ba3 / BB $ 350 Teekay Corporation 8.5% Sr Nts due '20 99.750 8.59% 7.29% 1/15/2020 Caa1 / B+ $ 593 Ultrapetrol Limited 8.875% Sr Sec due '21 17.500 72.83% 0.00% 6/15/2021 Caa3 / NR $ Source: CapitalIQ and Bloomberg. 19

Maritime Retail / Preferred Securities Amount Yield at Strip Yield Strip Yield Delta Since Dirty Price Issue Date Issuer ($M) Offer 7Apr 7Apr Offer 7Apr % of Par Bonds 05/20/15 DIANA SHIPPING INC 55.0 8.500% 8.660% 8.660% 0.160% 25.00 99.996% 09/11/14 SCORPIO BULKERS INC 65.0 7.500% 7.668% 7.668% 0.168% 24.53 98.120% 10/28/14 SCORPIO TANKERS INC 51.8 7.500% 7.432% 7.432% 0.068% 25.24 100.960% 05/07/14 SCORPIO TANKERS INC 50.0 6.750% 7.098% 7.098% 0.348% 24.08 96.307% 03/27/14 SEASPAN CORP 345.0 6.375% 6.433% 6.433% 0.058% 25.19 100.760% 10/30/14 STAR BULK CARRIERS CORP 50.0 8.000% 8.133% 8.133% 0.133% 24.95 99.800% Preferred 07/26/13 BOX SHIPS INC 14.0 9.000% 12.434% 12.434% 3.434% $2.17 8.680% 05/06/15 COSTAMARE INC 100.0 8.750% 9.252% 9.252% 0.502% $24.18 96.720% 01/13/14 COSTAMARE INC 100.0 8.500% 9.109% 9.109% 0.609% $23.96 95.854% 07/30/13 COSTAMARE INC 50.0 7.625% 8.437% 8.437% 0.812% $23.44 93.760% 02/10/14 DIANA SHIPPING INC 65.0 8.875% 10.060% 10.060% 1.185% $22.69 90.760% 07/13/15 DYNAGAS LNG PARTNERS LP 75.0 9.000% 8.826% 8.826% 0.174% $25.87 103.480% 03/30/15 GASLOG LTD 115.0 8.750% 8.556% 8.556% 0.194% $25.62 102.461% 08/13/14 GLOBAL SHIP LEASE INC 35.0 8.750% 10.699% 10.699% 1.949% $20.66 82.640% 06/30/14 NAVIOS MARITIME HOLDINGS 120.0 8.625% 12.577% 12.577% 3.952% $17.30 69.200% 01/21/14 NAVIOS MARITIME HOLDINGS 50.0 8.750% 12.598% 12.598% 3.848% $17.62 70.480% 06/23/14 SAFE BULKERS INC 80.0 8.000% 9.964% 9.964% 1.964% $19.74 78.963% 04/30/14 SAFE BULKERS INC 57.5 8.000% 10.256% 10.256% 2.256% $19.86 79.440% 08/04/16 SEASPAN CORP 225.0 7.875% 9.424% 9.424% 1.549% $21.40 85.600% 06/09/16 SEASPAN CORP 115.0 8.200% 9.491% 9.491% 1.291% $22.01 88.040% 02/06/14 SEASPAN CORP 135.0 8.250% 9.389% 9.389% 1.139% $22.39 89.560% 12/06/12 SEASPAN CORPORATION 127.6 7.950% 9.275% 9.275% 1.325% $21.85 87.400% 09/28/16 TEEKAY LNG PARTNERS 125.0 9.000% 8.975% 8.975% 0.025% $25.10 100.400% 04/13/15 TEEKAY OFFSHORE PARTNERS 125.0 8.500% 9.516% 9.516% 1.016% $22.73 90.920% 04/23/13 TEEKAY OFFSHORE PARTNERS 150.0 7.250% 8.936% 8.936% 1.686% $20.73 82.920% 04/22/15 TSAKOS ENERGY NAVIGATION 85.0 8.750% 8.890% 8.890% 0.140% $24.90 99.600% 09/26/13 TSAKOS ENERGY NAVIGATION 50.0 8.875% 8.732% 8.732% 0.143% $25.88 103.520% 05/02/13 TSAKOS ENERGY NAVIGATION 50.0 8.000% 7.937% 7.937% 0.063% $25.61 102.440% Source: Bloomberg. 20