Naftika Chronika December 2009

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(REVERSE POWER, OVERCURRENT RELEASE) SIMULATION BREAKERS

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TANKERS

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..38

TSAKOS ENERGY NAVIGATION (TEN) (NYSE: TNP) . 1993 MIF Ltd (MaritimeInvestment Fund Limited). . 35 . . . 2001 2002 (NYSE), . 47 5. , 27 ( VLCC aframax) 24 (product carriers) 1 (LNG). 5 , 3 aframax 2 suezmax. , 52 5,6 . . H TEN 78%

2009 54% 2010.

2 2009 $88,6 .

$146,64 . 2008. 1 2009

$18,77 . $69,21 - 2008.

$0,85 , - 2008 $1,75 $1,725 2007.

1 2009 $194,74 .

$262,31 . 2008. 1 2009 $43,23

. $134,34 . (- $34,57 ., -

) 2008. 237.700 -

$16,59. $3,9 .

CAPITAL PRODUCT PARTNERS LP (NASDAQ: CPLP) . - 2005 Nasdaq 2007. - 18 , 17 (producttankers) suezmax. - - bareboat. -: BP Shipping Ltd, Morgan Stanley Capital GroupInc., Overseas Shipholding Group, ShellInternational Trading & Shipping Co. -

TEN( Yahoo Finance 19/11/2009)

36,91.

30,00%

39,00%

$611,80 .

TANKERS

..39

- , . , - - / (loan to valuecovenant) 72,5% 80%. - . - 2 0,75% 1,10% 1,35% 1,45% .

3 2009 3 2009 $7,1

. $15,65 . 2008.

$30,5 . - $36,03 . 2008.

$0,41 .

9 2009 9 2009 $24,76

. $35,00 . - 9 2008.

$94,07 . - $95,29 . 9 2008.

TOP SHIPS (NASDAQ: TOPS) . Nasdaq 2004 124,4 . . Top Tankers Inc. 2007 - Top Ships. - 8 ( handymax) 5 . ,

, - . 2010, , 2011. 2009 $407,3 .

3 2009 3 2009

$329.000 $41,46 . - 2008.

$25,15 . $71,09 . 2008.

9 2009 9 2009 $14,25 .

$17,21 . 9 2008.

$83,58 . - $220,42 . 9 2008.

OMEGA NAVIGATIONENTERPRISES INC. (NASDAQ: ONAV) 2005 . , . - NASDAQ - 2006. 8 - -

512.358 dwt. 2007, Hyundai Mipo 5 - 37.000 . 4 ' - 2010 2011.

PRODUCT PARTNERS ( Yahoo Finance 19/11/2009)

24,82 .

27%

10%

$190,15 .

TOP SHIPS ( Yahoo Finance 26/11/2009)

27,84 .

16,00%

27,00%

$28,95 .

OMEGA ( Yahoo Finance 26/11/2009)

16,17 .

28,00%

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$ 62,08 .

, 2008 (resale) 2 - 47.000 . 2009, - 2010.

2 2009 $16,7 . -

$19,29 . 2008.

1 2009 $1 . $8 . 2008.

1 2009 $35,4 .

$38,15 . 2008. 1 2009 $4,7

. $10,2 . 2008.

AEGEAN MARINE PETROLNETWORK INC. (NYSE: W) , . -, NYSE 2006.

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, aframax - 92.000 - panamax 68.000 . 2 Qingdao Hyundai Shipyard , . $50 -., $340 .

3 2009 3 2009 $14,1

. $9,5 . - 2008.

$736,1 . - $950,6 . 2008.

9 2009 9 2009 $34,8

. $26,8 . - 9 2008.

$1.644,00 . $2.223,00 . 9 2008.

..40

AEGEAN ( Yahoo Finance 26/11/2009)

42,17 .

59,00%

$ 1,10 .

TANKERS

..42

,

-, , . - - - . , , , - , Ida, - BDTI 12,2% BCTI 4,5% .

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Chartering Cardiff Marine Inc.

TANKERS

.. 43

Suezmaxes, - -, 40% WS82,5/85 (TCE $33.500 ) WS95(TCE $43.000 ), , - .

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TANKERS

..44

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T CEO Top Ships Inc.

.. 45

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.. 46

T Euronav Ship Management (Hellas) Ltd

.. 47

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TANKERS

..48

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..68

LPG - 09

'09 , - ' , - . (, -, LPG , - , - .), handy's - ( - 2,5% 8.250 cbm), mid-size LGCs , VLGCs, (. 1)., : handy's ( 2,5%

8.250 cbm)

3,5% 7% MGCs 2% VLGCs, - : -

handy - -

mid-size LGCs - VLGCs.

'09 - 2009 , -

1

12 Month 31 '09 31 '09 Market

Time Charter Monthly Daily Monthly Daily Changes

Rates T/C Rates T/C Rates T/C Rates T/C Rates

3.200 cbm S/R $275.000 $9.046 $275.000 $9.046 Steady

8.250 cbm (Eth) $560.000 $18.421 $545.000 $17.928 Softer

15.000 cbm S/R $565.000 $18.585 $545.000 $17.927 Softer

24.000 cbm $550.000 $18.092 $525.000 $17.270 Softer

28.000 cbm $575.000 $18.914 $530.000 $17.434 Softer

30.000 cbm $600.000 $19.737 $560.000 $18.421 Softer

35.000 cbm $610.000 $20.066 $575.000 $18.914 Softer

54.000 cbm $380.000 $12.500 $380.000 $12.500 Steady

57.000 cbm $615.000 $20.230 $600.000 $19.737 Softer

78.000 cbm $445.000 $14.638 $455.000 $14.967 Firmer

T Stealth Maritime Corp. S.A.

.. 69

, ., - handy's, - LPGs , LGCs (54.000 cbm), - (. 2). , : 2% handy's 1% 10% MGCs 2,5% LGCs 5,5% VLGCs.

'09 - LPGs, handy's (3.200 cbm) MGC's (24.000 28.000 cbm). (. - 3): 3% 7% MGCs 4% VLGCs,

2

12 Month 31 '09 30 '09 Market



3.200 cbm S/R $275.000 $9.046 $270.000 $8.881 Softer

8.250 cbm (Eth) $545.000 $17.928 $535.000 $17.599 Softer

15.000 cbm S/R $545.000 $17.927 $535.000 $17.599 Softer

24.000 cbm $525.000 $17.270 $520.000 $17.105 Softer

28.000 cbm $530.000 $17.434 $540.000 $17.763 Firmer

30.000 cbm $560.000 $18.421 $595.000 $19.572 Firmer

35.000 cbm $575.000 $18.914 $630.000 $20.724 Firmer

54.000 cbm $380.000 $12.500 $374.832 $12.330 Softer

57.000 cbm $600.000 $19.737 $625.000 $20.559 Firmer

78.000 cbm $455.000 $14.967 $480.000 $15.789 Firmer

3

12 Month 30 '09 31 '09 Market



3.200 cbm S/R $270.000 $8.881 $270.000 $8.881 Steady

8.250 cbm (Eth) $535.000 $17.599 $530.000 $17.434 Softer

15.000 cbm S/R $535.000 $17.599 $525.000 $17.270 Softer

24.000 cbm $520.000 $17.105 $520.000 $17.105 Steady

28.000 cbm $540.000 $17.763 $540.000 $17.763 Steady

30.000 cbm $595.000 $19.572 $590.000 $19.408 Softer

35.000 cbm $630.000 $20.724 $620.000 $20.395 Softer

54.000 cbm $374.832 $12.330 $349.845 $11.508 Softer

57.000 cbm $625.000 $20.559 $605.000 $19.901 Softer

78.000 cbm $480.000 $15.789 $475.000 $15.625 Softer

4

NEW-BUILDING Vessels Contracted

ACTIVITY 2006 2007 2008 2009

LPG Carriers 90 75 58 1

..70

: -

( MED NWE) (-

MED NWE) handy's

LGC's - mid-size - VLGCs.

-, - - , - (. 4). , 2009 , Order-book 13,9% ( ), LPG DWT,

Order-book 13,7% DWT (. 4), - - - (2006, 2007 2008).

4 A

..72

T . Country Manager, RINA Hellas

21

(natural gas) . . 19 20 , 21 , .

- - 50% 2030.

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.. 73

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..74

- (floating storage and regasification units, fsru)

(regasification vessels) (offshore mooring platforms)

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..76

2009 . Lloyd's List 21 2008 : U.S.Source Of Officer. , , , . , - , : .. are exceptionally well, trained and well educated.

, , , - , - .

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.. 77

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And what is more, they seem increasinglyanxious and happy to sail under foreign flags.

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..78

Managing Director PRIME MARITIME INC.

, Supramax , . 1.000 Cape, $ 60.000 $ 50.000.

( 2009)

. , , 28.000 dwt, - 2001, 3 - 5 $13.750, - $ 1.500 .

, , - - - . .

..79

Major Steel fabrication onboard alltypes of vessels

Specialized in repairs of LPGcarriers

Major fabrication workshopservices

Major mechanical worksonboard

Mechanical workshopservices

Turbo chargers Piping Automation Hydraulic Services Generators

/ Motor Rewinding Crude Oil Wash

/ Butterworth Testing Tank Facility Diesel Engine repairs and

engine performance analysis Riding Crew Teams Spare Parts

ENTIRE RANGE OF FACILITIES TO CATER TO YOUR REQUIREMENTS

AL JADAF SHIP DOCKING YARD, SHED NO. 147, P.O. BOX 6849 DUBAI - UNITED ARAB EMIRATES

TEL: 00 9714 3241762 / FAX: 00 9714 3241567

E-MAIL: [email protected] / WEBSITE: www.adamshiprepairs.com

Adams Ship Repairs

Date Name Built Dwt Quantity Type Charterer Delivery Redel Load Discharge Rate FIX_PERIOD

10/11/2009 SG Prosperity 1996 211.201 0 TCT CNR CHINA CHINA W AUSTRALIA CHINA 66.000

23/11/2009 Maritime Bagui 2006 76.453 TCT OLDENDORFF MOBILE EREGELI USGF EREGELI 37.000

25/11/2009 Alabanda 1995 74.044 0 TCT LOUIS DREYFUS Cape Passero SINGAPORE BLACK SEA SINGAPORE 48.000

-JAPAN -JAPAN

5/11/2009 Triton Bulker 2009 56.000 0 TCT KOMROWSKI GIBRALTAR ATLANTIC ATLANTIC 24.000

BULK SHIPPING

9/11/2009 Furness London 2006 53.472 0 TCT CARGILL NIGERIA SOUTH AFRICA BRAZIL SOUTH AFRICA 21.000

25/11/2009 Gulf Ahmadi 1989 47.980 0 PERIOD NORDIC WC UK ATLANTIC ATLANTIC 21.000 3-5 Months

BULK CARRIERS

12/11/2009 Global Ocean 1997 41.800 0 PERIOD NORDEN WC ITALY WORLD WIDE WORLD WIDE WORLD WIDE 16.750 12 Months

6/11/2009 Arcadia 1995 41.455 0 TCT WHIMSTAR PORT KLANG CHINA INDONESIA CHINA 15.500

11/11/2009 Taxiarhis P. 1985 39.013 0 TCT ENERGY EC MEXICO MED USGF MED 22.000

12/11/2009 Seaglass II 2008 29.100 0 TCT CNR MATARANI SINGAPORE SINGAPORE 21.000

-JAPAN -JAPAN

T , - Standard Chartered, -

- , / 1,58 1,60, . BRIC , .

- 3,5% 2,8%, N. Roubini, -, 2%.

, - 2010 BRIC .., .

, , StuttgartBank, / 1,37 30/9/2010, , - , - , risk aversion -

. , , .

, - 2010 - 1,37 - 1,60, , , - - BRIC , .. , .

() , - - , , () () .

- , - - , .. -

16,7 11,5 , 10,1% - 466.000, -.

- , .

, , , , , 2003, - .

, -, -, - (.. , ..), , , - -13,8% -26,4% , - 50% 35%, 12 . 8 .

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..80

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. Finance & ResearchGeorge Moundreas

Company S.A.

10 ..

- 16% 3,9% , - - , .

- , - ( ) - , .

- , panamax, on subjects, - kamsarmax, - . - - , . panamax , - . caper Grand Fortune, 150.877 DWT (1994,Sanoyas), Vale $ 30 ., - , - $ 28 . , - Princess Susana, 152.259DWT (1986, Hyundai) $ 13 .

onsubjects panamax Fortune Ocean Fortune Princess, 76.800 DWT (2006/2007,Sasebo) $ 37 . 38,76 . - - Ocean Lyra, 75.656 DWT(2006, Sanoyas) $ 32,5 .

- 1 rmCharlotte, 76.886 DWT (2005, Tsuneishi) - $ 35 . last done Torm Rotna,

75.971 DWT (2001, Tsuneishi) $ 29,2 . Gertrud Salamon, Willi Salamon Maria Salamon, 74.000 DWT (2000/2000/2001,Imabari) en bloc Vogemann $ 82 .

GlobalChallenger, 73.218 DWT (1996, Samsung) $ 24,7 ., Artaki, 66.865 DWT (1984,Taiwan) $ 5,95 . Alkaios,66.234 DWT (1985, Namura) $ 6 .

Consul Poppe,68.591 DWT (1995, Sasebo) $ 22 . -, kamsarmax resale 82.500 DWT (2010,China) Bottiglieri $ 37,8 .

handymax New Eminence, 45.830DWT (1994, Koyo) $ 17,3 ., Ocean World, 33.261 DWT (2009, OrientShipyard) $ 25,5 ., last done, - 3x36.000 DWT (2010/2011, HyundaiMipo) $ 90 . en bloc. H - supra Furness Timika,52.508 DWT (2001, Kurushima) $ 23,5 . .

VLCC's , - , Vale,

3 VLCC's.

single hulls Phoenix Star,Libra Star Al Bali Star, 291.000 DWT(1993/1993/1994, Mitsubishi) $ 20 . .

, - - aframax Nisos,107.500 DWT (2009, Tsuneishi) Hong Kong $ 52,5 .

2x104.900 DWT (2009,Sumitomo) $ 50 ., , -, 4 MatterhornSpirit Rainier Spirit $57 . .

, productSeto Eagle, 47.040 DWT (2004, Onomichi) $ 20 . plus, - product Esmeralda, 31.543DWT (1981, Korea S.B.) $ 3,5 .

VLGas Carrier Althea Gas, 82.000 cbm (2003,Kawasaki) Stolt Nielsen $ 53 ., - - , .

- , - 562.000 DWT - . bulkers 152.000 DWT, - contain-ers/. 120.000 DWT. , - cement carrierGlen Vine, 48.369 DWT (1981, Italy) $335/ldt, crude oil Braveheart, 94.988DWT (1992, Japan) $353/ldt IMO II/III Aquidneck, 40.554 DWT(1981, Japan) $ 360/ldt, .

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SEAaT Tsakos Energy Navigation M

SEAaT,

, Tsakos Energy Navigation (TEN). , SEAaT (Shipping Emissions Abate-ment and Trading) 2002, , - , - . John Aitken, SEAaT,

TEN SEAaT, TEN - SEAaT - - ., - , , - SEAaT .

..84

DryShips

panamax 75,76 . . , DryShips. , 76.635dwt, 2007, - , 2006. 2010. - DryShips.

Diana Shipping

Diana Shipping - - 2009 - 28,7 -. ., 57,6 -. . . - 58,2. ., 87,4 . . 2008. 93,9 . ., 167,5 . . 2009, 180,7 . . 253,1 . . - . Diana Shipping . , , , - , , - . 20 , , - 2010.

Seanergy Maritime

K 14 . . 33,3 . . - Seanergy Maritime. 22,4 70,7. . 9 42.127, - 30.052 .

30 318,7 . - 246,63 . 31/12 2008. 64 .. - , - 15.500 26.000 -, - . 2010 - 2011, 2012 25.000 23.000.

..86

- Genmar, . 300 . 12%. 2017. - - .

Alpha Sigma

T capesize Houston, 177.000 dwt, - Alpha Sigma Shipping, - bulk carriers panamax, 2010.

Eagle Bulk

512.000 23,22 . - Eagle Bulk, - . - 41,55 . 51,55 . 9 31,1 . 52,47 . - 80,6 . , - 836,72 . . .

Navios

21% Navios Maritime Partners -, . 9, 17,5% 23,3 . . - 11,5% , 23,7 ., 25% 9, 67 . - 25.779 , 9 26.801 . 24.437.

Tsakos Energy Navigation (TEN) - 2,11. 40,98 . , 2008. 82,78 . 124,35 . , - 21.116 33.732 2008.

45,34 .. 346,69 . . - - , - , , - .

-, 22 2009, New Times Shipbuilding Co./NewCentury Shipbuilding Corp. - O K. aframax, 114.000 dwt , suezmax, 163.000 dwt , : United Fortitude, UnitedGrace, United Honor, United Dynamic,United Emblem United Ideal. -, -, Helka Boehme, , . O , . - , - , , , . , . , -

New Times Shipbuilding Co./New CenturyShipbuilding Corp., - 2007 panamax ,73.635 dwt , United Ambassador,United Banner United Carrier. - , - . 2010 , Marine Management Services M.C., .

K

- . , - .. . .. , , - .

. .

Safe Bulkers

43,5%, 22,1 . -, 41 , Safe Bulkers , - - . - 36,9 . , - 30% - 2008. 29,3 . 45,3 . .

..88

Danaos

K 16,4 . . 0,30 2009 52,3 . . 0,95 . - - Danaos . , 79,8 . 9 234,2 . . EBITDA 51,2 . . - 146,9 . 9. - 2009. - , - 6.500 . 5,8%, -, .

Excel Maritime

T ExcelMaritime Carriers 2009 47,2% , 61,9 . 79 , 118 . . - 66,4 . - Quintana Maritime, Excel . , 24,7%, 174 . , 21,912 , 33.806 . , , 90,9. 89,4 . . 69% 2009 54% 2010. , 258. , 276 . .

..90

- 180 - . , , .. - , - : . - , .

, . 1 - 7 , 26 2009, , -, - , , , , . . - . , - (.. 574), - .

3 4 Super Post Panamax. , 28 . , - , . 40 , - 65 60 , - 22 . - 18 . , - .

Super Post Panamax , - RMG , - . , 1 . TEU, - 2010.

..92

..94

Louis Cruises Louis Majesty Norwegian CruiseLines, - , Norwegian Majesty -. ' , - Louis Cruises. Louis Majesty - , , . Louis - Star Cruises 2008 - - . 4 2009, Louis Majesty - Louis Cruises - , -, . Louis Majesty 1992, 1999 53,3 -

, 34 - , 207,20 . - , -. 731 LouisMajesty , , DVD 1.790 . : , , - , - Spa & -, , , -

, , Jacuzzi, , Duty Free Cruise Value, -, nternet corner. Louis Cruises, LouisMajesty 4 , . , , , - , , Aquamarine, 2010 , . . Aquamarine - , . , , - LouisCruises.

Louis, . - , : Louis Cruises , - . Aquamarine - . , - 1.200 , .

- New York College - Francois Vellas. , - - New York College, . - , - .

Louis Cruises Louis Majesty Aquamarine

..96

- - . - New York College - -, , . , . , -, , , , , .

Richards Hogg Lindley , , - . , Richards Hogg Lindley , , - , - . James Greene, Richards Hogg Lindley , : - Richards Hogg Lindley . - , , - . , , - .

9th International Maritime Conference

Navigator 2009 , -, . , , -

- - . . - ,Managing Director Navigator S.A., - , , -, - -

- . , Capt. , Navigator S.A., - . - . , Immediate Past President BIMCO, -, President Hellenic Shipbrokers Association Managing Director Megachart Inc., N , Principal Tsavliris Group . , Arbitrator. , - WISTA Hellas , WISTA(Women International Shipping & Trading Association) , 29 . -1 . 2010.

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Naftika Chronika December 2009

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