Weekly Dry Bulk Data Week 45, 2014 Average Time Charter Rates The Matrix: Illustrative 1, 2, 3, 5, and 10 year period rates for Ultramax and Kamsarmax tonnage USD/Day Nov ’14 Ultramax 61,000 dwt 1 year 10,750 2 year 11,000 Chng +/- Jan ‘15 0 n/a -250 11,000 Chng +/- Chng +/- Jan ‘16 -250 2014 High Low n/a 15,000 10,750 n/a 14,500 11,000 Source: Baltic Exchange USD/day Handy Supra Panamax Cape Nov. 7 6,629 9,209 9,480 26,759 Baltic Daily Forward Assessment USD/day Source: Baltic Exchange Handy TC Supra 5TC Panamax 4TC Cape 4TC 3 year 11,250 -250 11,250 -250 12,500 0 14,500 11,250 5 year 12,000 -250 12,000 -250 12,750 0 14,250 12,000 Nov 7,000 9,269 9,500 24,180 13,000 0 13,000 0 13,000 0 14,000 13,000 Dec 7,150 9,779 9,350 20,690 15,250 8,750 Q1 15 6,696 8,735 8,308 12,297 10 year Kamsarmax 82,000 dwt 1 year 10,000 0 n/a 2 year 10,250 -250 10,250 -250 3 year 10,750 -250 10,750 -250 5 year 12,000 0 12,000 0 10 year 13,000 0 13,000 0 n/a 15,000 10,000 Q2 15 7,650 9,042 9,342 13,510 13,000 0 14,500 10,750 Q3 15 7,238 8,917 8,292 15,320 13,250 0 14,500 12,000 0 Q4 15 7,963 9,425 9,458 19,080 13,500 14,500 13,000 Cal 15 7,387 9,030 8,850 15,052 Cal 16 7,913 9,220 9,050 15,040 Cal 17 8,063 9,492 9,217 15,210 n/a Illustrative rates estimated basis Nov. 7 with Pacific delivery. Vessel prices (million USD) Handysize 35,000 dwt Supramax 56,000 dwt Kamsarmax 82,000 dwt Capesize 180,000 dwt 5 year NB 5 year NB* 5 year NB 5 year NB 17-19 22-24 21-23 27-29 20-22 29-31 44-46 53-55 5 year: Japanese built. NB: Chinese built vessel for 2016 delivery “->” indicates direction compared to last week *Based on Chinese built 64,000 dwt Market drivers Iron ore export to China out of Port Hedland, Australia hit a record level in October at 31.7 million tons. That is a 26 percent increase compared to same month last year and a 35 percent increase when comparing year to date. The port is important for the dry bulk market as more than a third of total Chinese iron ore imports is shipped through this port. Period fixtures (1 year and longer) Vessel transactions (representative) 'Ogna' 2008 75,754 dwt dely Ennore 08/12 Nov 11/13 months trading redel worldwide USD 9,000 daily. New building Golden Union declared their option for 2 x 180,000 dwt at Hyundai Heavy at USD 56.5 mill. Coal exports out of port Waratah coal terminal, Australia, declined 1 million tons to 8.9 million tons in October resulting in 92.1 million tons being exported so far in 2014. Yet, this is a two percent increase over last year. The volume shipped to China has increased around 6.7 million tons compared to October last year, which is primarily a result of reduced Indonesian coal export. Second hand M/V Medi Sentosa (83,000 dwt blt '08 Sanoyas) sold at USD 19.7 mill. to Magna Marine. M/V Darya Bhakti (56,000 dwt blt '05 Mitsui) sold at USD 16.8 mill. to undisclosed Buyers. M/V Birch 1 (24,000 dwt blt '95 Saiki) sold at low USD 5 mill. to undisclosed Buyers. The Bank of Japan surprised markets on 31 October by announcing a significant increase in its quantitative easing policy. The policy triggered a fall of around 3% in the value of the Yen against the US dollar, a positive sign for Japanese exports - including the ship yard industry. Business confidence in the U.S.A, measured by the Purchasing Managers Index, increased to 59 percent in October from 56.6 percent in September. The New Orders Index registered 65.8 percent, an increase of 5.8 percentage points from September, indicating growth in new orders for the 17th consecutive month. This report is based on our knowledge of relevant market conditions. Our estimates are made on the basis of this knowledge, but other circumstances, or new circumstances, as well as general uncertainty could cause the market to develop differently. We take general reservation for misprints. © All rights reserved. No part of this publication may be reproduced in any material form (including photocopying or storing it in any medium by electronic means) without the written permission of the copyright owner. Likewise, any quoting is prohibited without the written permission of the copyright owner.