Weekly Highlight Freight Market : Mixed FFA Market : Mixed Supply Market : Mixed Freight Market 케이프선은모든항로에서약세를보이며특히신규수요가부진한대서양수역에서운임시장하락주도 파나막스선은양대수역에

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Highlight 2 SnP Market 12 Freight Market 3 Demolition Market 13 Fixture 5

1 FROM INFORMATION PROVIDER TO MARKET INNOVATOR! March 9 th 2018 MEIC DRYBULK WEEKLY REPORT Contents Volume 287 Weekly Highlight 2 SnP Market 12 Freight Market 3 Demolition Market 13 Fixture 5 Bunker Market & Weekly News 14 FFA Market 8 Port Congestion 15 Commodity Market 9 MEIC Panelist 16 Newbuilding Market 11

2 Weekly Highlight Freight Market : Mixed FFA Market : Mixed Supply Market : Mixed Freight Market 케이프선은모든항로에서약세를보이며특히신규수요가부진한대서양수역에서운임시장하락주도 파나막스선은양대수역에서활봘한성약체결을보이며모든항로에서상승 수프라막스 / 핸디선은양대수역에서다수의신규수요가유입되며모든항로에서상승 Commodity Market 2월 4째주기준중국철광석가격은톤당 USD79.13로전주대비소폭상승 2월 4째주기준호주연료탄가격은톤당 USD104.91불로전주대비 USD4.30 하락한반면, 원료탄은소폭상승 3월 7일기준시카고상품거래소내곡물가격은상승세를보였으며특히소맥이가장큰폭으로상승 Supply Market 신조선시장에서옵션포함 4척발주되었으며신조선가는선형별로등락이엇갈림 중고선시장은총 24척거래되는등활발한모습을보이며중고선가는대부분의선형에서상승 해체선시장은금주 1척매각되었으며해체선가는방글라데시, 인도중심으로상승 Freight Rate by Types < 운임지표 > 구분 2017.Avg 2018.Feb 02-Mar 09-Mar +/- Capesize 17,669 15,733 15,232 14,207 1,025 Panamax 10,548 11,719 13,131 14, Supramax 9,753 10,769 11,702 12, Handy 8,060 8,651 9,715 10, Average 11,508 11,718 12,445 12, ( 단위 : USD/day) < 원자재가격동향 > 단위 : USD/Ton 구분 2018.Jan 3 rd week Feb 4 th week Feb +/- Iron Ore N.China 62% Steam Coal Newcastle Coking Coal Australia(FOB) Soybean , , Wheat Corn * 곡물은 22-Feb, 07-Mar 기준가격이며단위는 US /bu임 < 선가동향 > 구분 2017.Avg 01-Mar 08-Mar +/- Capesize (180K) NB Panamax (77K) Supramax (58K) Handy (33K) Capesize 5Y nd Panamax 5Y Hand Supramax 5Y Handy 5Y ( 단위 : Mil USD) (USD/Day) 2

수요가시장을지지하며대부분의항로에서상승 대서양수역은남미곡물수요가다수유입되며 T.

3 Freight Market Capesize Market Cape VC Rate Trend (USD/Ton) 태평양수역은서호주-극동철광석운임이신규수요유입으로주후반반등하였으나전주수준에는회복실패 대서양수역은 T.A R/V와 F/Haul 항로모두신규수요유입둔화와그에따른성약활동부진으로하락 다음주케이프선시장은태평양수역은트레이더들에의한신규수요유입으로상승세가예상되나대서양수역은하락세가지속될전망 Panamax Market Panamax TC Rate Trend (USD/Day) 태평양수역은곡물과석탄등신규수요유입과 Period 수요가시장을지지하며대부분의항로에서상승 대서양수역은남미곡물수요가다수유입되며 T.A R/V와 F/Haul 항로모두상승 다음주파나막스선운임시장은석탄수요둔화가능성에도불구하고곡물수요유입으로상승세지속전망 Supramax Market Supramax TC Rate Trend (USD/Day) 태평양수역은인도네시아석탄등동남아시아를중심으로신규수요가꾸준히유입되며주중상승세지속 대서양수역은 US Gulf 지역에서는선주들의호가가강세를유지했으나전주상승을주도했던흑해와남미는강보합 다음주수프라막스선운임시장은 Period 수요와마이너화물신규수요유입으로상승전망 Handy Market Handy TC Rate Trend (USD/Day) 태평양수역은중동-인도항로와동남아-극동에서마이너화물신규수요유입으로비교적큰폭으로상승 대서양수역은 US Gulf와 T.A R/V 항로를중심으로선주들이호가인상에나서며상승 다음주핸디선운임시장은최근단기급상승에대한반발로조정발생이예상되나소폭에그칠전망 3

4 Freight Market Capesize VC & TC Rate (USD/Ton for MC1-5, USD/Day for MC6-9) Code Route Description 2016.AVG 2017.AVG 2018 YTD 2018.Feb (A) (B) (C) +/- (C-B) +/- (C-A) MC1 160,000MT Saldanha Bay-Qingdao MC2 160,000MT W.Australia-Qingdao MC3 150,000MT R.Bay-Qingdao MC4 130,000MT Newcastle-Zhoushan MC5 160,000MT Tubarao-Qingdao MC6 PRC/Japan-Brazil-PRC/Japan 7,156 14,321 13,062 13,281 11,813 13,150 12, MC7 PRC/Japan-E.Australia-PRC/Japan 7,018 14,802 12,420 13,232 12,938 13,038 13, MC8 A.R.A/Gib-Bolivar-A.R.A/Gib 7,689 15,705 15,748 12,307 11,100 11,078 8,813 2,265 2,287 MC9 A.R.A/Gib-USEC/Canada-PRC/Japan 13,933 25,849 26,496 24,114 21,925 23,663 22,563 1, TC Average(180,000DWT) 8,949 17,669 16,932 15,733 14,444 15,232 14,207 1, Panamax TC Rate (USD/Day) Code Route Description 2016.AVG 2017.AVG 2018 YTD 2018.Feb (A) (B) (C) +/- (C-B) +/- (C-A) MP1 S.PRC-Indonesia-S.PRC 4,964 9,163 10,250 9,810 10,683 11,475 12,525 1,050 1,842 MP2 F.EAST-Australia-E.C India 5,307 9,298 10,500 10,062 10,720 11,370 12,680 1,310 1,960 MP3 PRC-NOPAC or Australia-PRC 5,259 9,311 10,495 10,053 10,967 11,633 12,742 1,109 1,775 MP4 S'pore-ECSA-F.EAST 5,787 10,586 12,326 12,257 11,120 13,140 13, ,630 MP5 Busan-CIS-N.PRC 5,151 9,424 10,957 10,570 11,020 12,080 12, ,970 MP6 Passing Gib-USG-F.EAST 9,702 15,785 18,382 17,899 15,220 19,120 19, ,500 MP7 Passing Gib-USG-Skaw/Passero 6,466 10,272 12,027 11,381 10,770 13,100 13, ,910 TC Average(74,000DWT) 6,091 10,548 12,134 11,719 11,500 13,131 14, ,512 Supramax TC Rate (USD/Day) Code Route Description 2016.AVG 2017.AVG 2018 YTD 2018.Feb (A) (B) (C) +/- (C-B) +/- (C-A) MS1 PRC-NOPAC or Australia-PRC 5,265 7,816 8,284 8,325 7,994 9,208 9, ,968 MS2 USG-S'pore/Japan 11,488 18,401 21,918 21,082 18,270 21,780 22, ,200 MS3 CJK via Indonesia/Phil - PRC (Nickel Ore) 5,287 8,443 8,666 8,660 8,292 9,825 10,950 1,125 2,658 MS4 S'pore/Japan-USG 1,819 2,563 2,443 2,336 2,730 2,590 3, MS5 S.PRC-Indonesia-EC.India 5,700 8,776 9,190 9,061 9,164 10,719 11,873 1,154 2,709 MS6 S.PRC-Indoneisa-PRC 4,961 8,226 8,651 8,543 8,679 10,050 11,169 1,119 2,490 MS7 USG-Skaw/Passero 8,310 14,048 18,059 17,378 15,150 17,740 18, ,030 TC Average(58,000DWT) 6,119 9,753 11,030 10,769 10,040 11,702 12, ,486 Handy TC Rate (USD/Day) Code Route Description 2016.AVG 2017.AVG 2018 YTD 2018.Feb (A) (B) (C) +/- (C-B) +/- (C-A) MH1 F.EAST-SE Asia 5,185 6,994 7,206 6,892 6,823 8,129 8, ,024 MH2 PG/WC India-F.EAST 4,410 8,954 10,612 10,533 7,600 11,410 12,440 1,030 4,840 MH3 S.PRC/SE Asia-F.EAST 4,265 7,223 7,693 7,505 7,233 8,457 9,481 1,024 2,248 MH4 Busan-CIS-F.EAST 4,827 7,063 7,558 7,202 6,730 8,780 9, ,890 MH5 Skaw/Passero-USG-Skaw/Passero 6,283 10,066 11,246 11,126 9,880 11,800 12, ,400 TC Average(33,000DWT) 4,994 8,060 8,863 8,651 7,653 9,715 10, ,881 4

5 Freight Market Fixture Capesize Fixture - VC Capesize Fixture - TC Iron ore Route Fixtures W.Australia-F.East Brazil-F.East Total 2018.Feb / Major Shippers Fixtures Rio Tinto BHP Billiton FMG Vale Total 2018.Feb /

6 Freight Market-Fixture Panamax Fixture - VC Panamax Fixture - TC Panamax Fixtures by Major Routes Indonesia R.V E.Australia R.V ECSA-F.EAST Total 2018.Feb / Period Fixtures 4-7M 11-14M Other Total 2018.Feb /

Freight Market-Fixture Supramax/Handy Fixture - VC 금주해당사항없음 Supramax/Handy Fixture - TC Supramax/Handy Fixtures by Region Ultramax VS Supramax Fixtures Pacific R.V Atlantic R.

7 Freight Market-Fixture Supramax/Handy Fixture - VC 금주해당사항없음 Supramax/Handy Fixture - TC Supramax/Handy Fixtures by Region Ultramax VS Supramax Fixtures Pacific R.V Atlantic R.V F/HAUL Total 2018.Feb / ~63K 55~58K Total 2018.Feb /

FFA Market Freight Forward Curve (in USD) Cape 5TC and Cape/Pmx Differential (USD/Day) 30,000 Cape Pmax Supra Handy 25,000 20,000 15,000 10,000 5,000 2018-Mar 2018-Sep 2019-Mar 2019-Sep 2020-Mar

8 FFA Market Freight Forward Curve (in USD) Cape 5TC and Cape/Pmx Differential (USD/Day) 30,000 Cape Pmax Supra Handy 25,000 20,000 15,000 10,000 5, Mar 2018-Sep 2019-Mar 2019-Sep 2020-Mar 2020-Sep 2021-Mar 2021-Sep ( 자료 : SSY) Capesize 180K 5TC (in USD) Period Bid Offer 01-Mar 08-Mar +/- 01-Mar 08-Mar +/- MAR18 15,050 12,750 2,300 15,200 13,000 2,200 APR18 17,750 15,750 2,000 17,900 16,000 1,900 MAY18 17,900 17, ,150 17, Q ,850 16,750 1,100 18,050 16,950 1,100 Q ,400 18, ,600 18, Q ,600 23, ,800 23, Cal 19 17,750 17, ,850 17, Cal 20 16,550 16, ,700 16, Panamax 4TC (in USD) Period Bid Offer 01-Mar 08-Mar +/- 01-Mar 08-Mar +/- MAR18 12,500 13, ,600 13, APR18 13,900 14, ,000 14, MAY18 13,950 13,950-14,100 14, Q ,750 13, ,850 14, Q ,750 13, ,850 13, Q ,850 13, ,000 14,000 - Cal 19 12,350 12, ,500 12, Cal 20 11,350 11, ,500 11, Supramax 6TC (in USD) Handy 6TC (in USD) Period Bid Offer 01-Mar 08-Mar +/- 01-Mar 08-Mar +/- MAR18 12,100 11, ,250 12, APR18 12,850 12, ,100 12, MAY18 12,800 12, ,000 12, Q ,900 12, ,000 12, Q ,300 12, ,400 12, Q ,050 12, ,250 12, Cal 19 11,800 11, ,950 11, Cal 20 11,050 10, ,200 11, Period Bid Offer 01-Mar 08-Mar +/- 01-Mar 08-Mar +/- MAR18 9,150 9, ,350 9, APR18 9,850 9, ,100 10,100 - MAY18 9,750 9,750-10,000 10,000 - Q2 18 9,700 9, ,900 9, Q3 18 9,500 9,500-9,750 9, Q4 18 9,750 9,750-9,950 9,950 - Cal 19 9,150 9, ,350 9, Cal 20 9,100 9, ,350 9, Capesize C5 Route( 서호주 - 극동, in USD) Panamax 3A Route(T/P R.V, in USD) Bid Offer Period 01-Mar 08-Mar +/- 01-Mar 08-Mar +/- MAR APR MAY Q Q Bid Offer Period 01-Mar 08-Mar +/- 01-Mar 08-Mar +/- MAR18 12,100 13,250 1,150 12,500 13,750 1,250 APR18 13,000 13, ,450 13, MAY18 12,900 13, ,350 13, Q ,750 13, ,200 13, Q ,700 12, ,100 12,

9 Commodity Spot Price Iron Ore Price Date/Type Unit: USD/Ton N.China 62% N.China 65% N.China 58% China 66% CFR CFR CFR Domestic Dec Jan M-o-M rd Week Feb th Week Feb / Steam Coal Price Date/Type Unit: USD/Ton A.R.A Richards Bay Newcastle Kalimantan WC India CIF FOB FOB FOB CFR Dec Jan M-o-M rd Week Feb th Week Feb / Coking Coal Price Date/Type Unit: USD/Ton Australia China India FOB CFR CFR Dec Jan M-o-M rd Week Feb th Week Feb / Grain Price Grain Spot Price (Chicago Mercantile Exchange, US /bu) Unit: US /bu, 1,000 tons The U.S Grain Export Volume (,000 tons) Date Soybeans Wheat Corn 22-Feb 1, Mar 1, / Type Soybeans Wheat Corn Total Jan 5, , , , Feb 1, , Feb , Feb , , Mar , , /

10 Commodity - Futures Iron Ore Futures Type 01-Mar 08-Mar (B-A) Bid Offer Mid (A) Bid Offer Mid (B) +/- Mar Apr May Jun Q Q Q Cal Cal Cal Steam Coal Futures Unit: USD/Ton Type Newcastle Richards Bay Rotterdam 22-Feb 08-Mar 22-Feb 08-Mar 22-Feb 08-Mar Mar Apr May Jun Jul Aug Sep Oct Nov Grain FFA Price-CBOT,US /bu Soybean Wheat Corn Del Date Mar Mar / Del Date Mar Mar / Del Date Mar Mar /

11 Newbuilding Market Newbuilding Price (Mil USD) TYPE /- High 2018 Low 2018 CAPE 180K PMAX 82K K SMAX 64K K HANDY 33K Newbuilding Contract DWT Delivery Shipbuilder Buyer No. Price(Mil. USD)/Ship 325, Qingdao Beihai Shipbuilding H.I China KMARIN S.Korea 2-82, Yangzijiang Shipbuilding China LMZ Shipping Greece 1-82, Yangzijiang Shipbuilding China Ocean Longevity Hong Kong 1 - Order Book Year Handy Supra Pmax Cape Total No. DWT(Mil) No. DWT(Mil) No. DWT(Mil) No. DWT(Mil) No. DWT(Mil) Total Fleet Changes Mar No. DWT(Mil) No. DWT(Mil) No. DWT(Mil) Delivery (A) Cape Pmax Supra Handy Demolition (B) Cape Pmax Supra Handy Net Change (A-B) End Year 10, , , Cape 1, , , Pmax 2, , , Supra 3, , , Handy 3, , , Changes (DWT, %) 2.4% 3.0% 0.63% 11

12 Sale & Purchase Market Secondhand Price (Mil USD) TYPE /- High 2018 Low 2018 CAPE (180K) PMAX (77K) SMAX (58K) HANDY (33K) Resale Y Y Resale Y Y Resale Y Y Resale Y Y Y Old Price (Mil. USD) 10Y Old Price (Mil USD) Secondhand Record Name DWT Built Shipbuilder Buyer Price(Mil USD)/Ship New Dalian 180, Dalian Shipbuilding China Rosco Maple 179, Sasebo Japan Unknown Chinese China Rosco Poplar 82, Oshima Japan Unknown Chinese China Rosco Litchi 82, Tsuneishi Zhoushan China Unknown Chinese China Rosco Palm 82, Tsuneishi Zhoushan China Unknown Chinese China Rosco Sandalwood 76, Sasebo Japan Unknown Chinese China Rosco Cypress 76, Sasebo Japan Unknown Chinese China Rosco Plum 76, Sasebo Japan Unknown Chinese China Rosco Ginkgo 76, Sasebo Japan Unknown Chinese China Rosco Lemon 75, Sanoyas Japan Unknown Chinese China Rosco Olive 75, Sasebo Japan Unknown Chinese China Rosco Banyan 75, Sasebo Japan Unknown Chinese China Agenor 82, Jiangsu Eastern China New Yangtze Navigation China Archon 82, Jiangsu Eastern China Zhejiang Hongxin Shipping China Sea Ace 81, Longxue China - Greece Eleftheria 76, Hyundai Heavy Ind S.Korea - China 9.40 Jiangsu Hongqiang HQ109 64, Jiangsu Hongqiang China Eddie Steamship Taiwan BW Durum 61, Dalian COSCO KHI China Navigare Denmark Polestar 53, Imabari Japan Pingtan Minghui China 9.30 Interlink Sagacity 38, Taizhou Kouan China Ocean Yield ASA Norway Interlink Dignity 38, Huatai Heavy Ind China Ocean Yield ASA Norway Interlink Priority 38, Taizhou Kouan China Ocean Yield ASA Norway Interlink Amenity 38, Huatai Heavy Ind China Ocean Yield ASA Norway Interlink Levity 37, Huatai Heavy Ind China Ocean Yield ASA Norway

Demolition Market Demolition TYPE 2016 2017 2018 YTD 2018 Mar No. DWT(Mil) No. DWT(Mil) No. DWT(Mil) No. DWT(Mil) CAPE 76 12.99 76 12.99 5 0.74 0 0.00 PMAX 111 7.98 111 7.98 1 0.08 0 0.00 SMAX 95 4.

13 Demolition Market Demolition TYPE YTD 2018 Mar No. DWT(Mil) No. DWT(Mil) No. DWT(Mil) No. DWT(Mil) CAPE PMAX SMAX HANDY Total Demolition Record Name DWT Built Shipbuilder Seller LDT Price (USD/LDT) Balkar Trust 41, Varna Bulgaria Sarioglu Denizcilik Turkey 9, Pakistan Buyer Scrap Price (USD/LDT) / High 2018 Low Bangladesh India Pakistan China Demolition by Size (Mil DWT) Demolition Price Trend (USD/LDT) 13

14 Bunker Market and Weekly News IFO Price Trend USD/Ton IFO380 BUSAN ROTTERDAM SINGAPORE HOUSTON FUJAIRAH HONGKONG GIBRALTAR BUSAN ROTTERDAM SINGAPORE HOUSTON FUJAIRAH HONGKONG GIBRALTAR IFO Mar Mar / MGO Price Trend USD/Ton MGO BUSAN ROTTERDAM SINGAPORE HOUSTON FUJAIRAH HONGKONG GIBRALTAR Mar Mar / Crude FFA Market USD/BBL WTI BRENT DUBAI Spot 02-Mar Mar Mar Mar Mar /-( 전주대비 ) IFO380 vs IFO180 vs MGO (USD/Ton) IFO380 vs WTI (USD/Ton) Weekly News < 홍콩 Pacific Basin, 저유황벙커선택 > Pacific Basin사는 2020년 IMO Sox 규제도입을앞두고스크러버대신저유황벙커를선택함 연료가격및가용성, 폐수관리, 잠재적전환기간등에관한불확실성이스크러버투자결정에리스크요인이라밝힘 < 덴마크 DFDS, 디지털화투자확대 > 덴마크선주사 DFDS사가최근자사디지털화에대규모투자를단행할예정임 동사는최근온라인예약시스템개발을완료했으며, 올해 2분기에는 Customer Experience Management(CEM) 플랫폼을런칭할계획임 < 중국, 1-2월대두수입량증가 > 중국의 2월대두수입량은구정연휴영향으로전년동월대비 2.2% 감소한 542만톤을기록함 한편, 사료용수요의견조한증가세와대두가공마진개선으로 1-2월대두수입량은전년동기대비 5.4% 증가한 1,390만톤을기록함 < 덴마크, 자국선대확장계획 > 덴마크선주협회에따르면국가정부차원으로자국선주들의선박수를 10% 늘릴계획이라고밝힘 아울러이계획은덴마크선박등록비폐지, 원양항해인력실수령급여인상등의혜택을함께시행하여해운업계의적극적인지원을독려할예정임 14

15 MEIC Weekly Commodity Report Port Congestion Statistics Port Congestion Average Delay Days Date/Country Australia China India Indonesia Brazil S.Africa Average Feb Feb Mar / Number of Vessels Waiting at Ports (C=Cape, P=Pmx) Date/Country World (C) Brazil (C) China (C) S.Africa (C) Australia (C) Australia (P) Feb Feb Mar / Number of vessels due at Australian Ports within next 14 days Date/Type Cape Panamax Supramax Handy Feb Feb Mar / Coal Congestion Days Loading Ports Country Australia Indonesia Date/Ports Dalrymple Newcastle Muara Gladstone Hay Point Port Kembla Taboneo Bay (Koorang) Pantai Samarinda Adang Bay Feb Feb Mar / Coal Congestion Days Discharge Ports Country China India Date/Ports Xingang Xingang Paradip Rizhao Zhanjiang Ennore Mormugoa (Coke) (Coal) (Thermal) Tuticorin Feb Feb Mar / Iron Ore Congestion Days Loading Ports Country Australia India Brazil Date/Ports Dampier Geraldton Port Hedland Port Kembla Port Walcott Vizag Guaiba Island PDM (Pier 3, N) PDM (Pier 3, S) Tubarao (N. Pier 1) Tubarao (Pier 1, S) Feb Feb Mar / Iron Ore Congestion Days Discharge Ports Country China Ports Belun Xingang Qingdao Caofeidan (Ningbo) (Tianjin) Rizhao Lanshan Lianyungang Bayuquan Zhangjiang Feb Feb Mar /

MEIC Freight Panelist ILDO CHARTERING CORP. JANGSOO SHIPPING CO., LTD. Rm2230, gwanghwamun officia bldg, #163, jongno-gu, seoul, Korea E: ops@insshipping.

BASIM CHARTERING CORP. 1307, doosan we ve pavilion 81 sambong-ro, jongno-gu, seoul, Korea E: dry@daesangship.

, LTD 13F, donghwa bldg, 58-7, seosomun-dong, jung-gu, seoul, Korea E: ace@acechartering.

16 MEIC Freight Panelist ILDO CHARTERING CORP. JANGSOO SHIPPING CO., LTD. Rm2230, gwanghwamun officia bldg, #163, jongno-gu, seoul, Korea E: TEL: AREA: P mx 503, gwacheon officetel, 1-14 byeoryang-dong, gwacheon-city, Korea E: shipping@jangintl.co.kr TEL: AREA: Cape, P mx DAESANG SHIPPING CO., LTD. BASIM CHARTERING CORP. 1307, doosan we ve pavilion 81 sambong-ro, jongno-gu, seoul, Korea E: dry@daesangship.com TEL: AREA: Cape Rm1004 samryung bldg, 50-2 seosomun-dong, jung-gu, seoul, Korea E: cape@basimchart.com TEL: AREA: Cape ACE CHARTERING CORP. ARA SHIPPING CO., LTD 13F, donghwa bldg, 58-7, seosomun-dong, jung-gu, seoul, Korea E: ace@acechartering.com TEL: AREA: P mx 13F, donghwa bldg, 58-7, seosomun-dong, jung-gu, seoul, Korea E: chartering@araship.com TEL: AREA: S mx, HS KAYA SHIPPING CO., LTD MARS CO., LTD. Rm302, koreanre bldg, 80, soosong-dong, jongno-gu, seoul, Korea E: handy@kayasel.co.kr TEL: AREA: S mx, HS Room 2227, gwanghwamun officia bldg., #163, sinmunno 1-Ga, jongno-gu, seoul , Korea E: handy@mars7.co.kr TEL: AREA: S mx, HS INTERLINK OCEAN ROBIN SHIPPING HOLDING CORP. Room 1827, kwanghwamun officia bldg, 163, shinmunno 1-ga, jongno-gu, seoul, Korea E: interlink@interlinksea.co.kr TEL: AREA: P mx Rm , mansion b, chao wai soho, no.6/yi,chao wai st, chao yang district, beijing, China E: hdy@oceanrobin.cn TEL: AREA: Cape, P mx, S mx, HS MARITIME SHIPBROKERS CO., LTD GREATWALL INTERNATIONAL MARINE LTD. 43 thai cc tower, 35 th fl., south sathorn road yannawa, sathorn bangkok Thailand E: fix@mshipbrokers.com TEL: (27) AREA: S mx, HS Room 617, block a, chengjian plaza, no.18, beitaipingzhuang road, haidian district, beijing, China E: broking@gwshipping.net TEL: AREA: S mx MERCHANT SHIP BROKERS WONSILD Room 809, kun tai international mansion bldg 1, yi no.12, chaowai street, chaoyang district, beijing , China E: chartering@merchantship.com.cn TEL: AREA: P mx, S mx F guangdong finance building, connaught road west, Hong Kong E: dry@wonsild.com TEL: AREA: P mx, S mx 16

MEIC Freight Panelist FLASHIP PTE LTD M.I.T CHARTERING & AGENCE CO., LTD. 8 eu tong sen street, #15-87, the central, Singapore 059818 E: cape@ildochtrg.co.kr TEL: 65-6225-7302 AREA: Cape 10F, no.

65, sung teh road, taipei 110, Taiwan E: dry@max-bridge.com.

17 MEIC Freight Panelist FLASHIP PTE LTD M.I.T CHARTERING & AGENCE CO., LTD. 8 eu tong sen street, #15-87, the central, Singapore E: cape@ildochtrg.co.kr TEL: AREA: Cape 10F, no.100, section 3, minsheng east road, taipei, Taiwan R.O.C. E: handysupra@mittpe.com.tw TEL: AREA: P mx, S mx MAX-BRIDGE CO., LTD. GOOD TURN TRANSPORTATION LTD. 10F-4, no. 65, sung teh road, taipei 110, Taiwan E: dry@max-bridge.com.tw TEL: AREA: P mx, S mx 10th floor, no. 34, nanking E. road, section 1 taipei, Taiwan, R.O.C E: ct@goodturn.com.tw TEL: AREA: S mx SATELLITE SHIPBROKERS HOWE ROBINSON PARTNERS, SHANGHAI 23 rd F, athenee tower, 63 wireless road, lumpini, pathumwan, bangkok, Thailand E: Fix@satelliteship.com TEL: AREA: P mx, S mx, HS Room , shanghai times square, 93 huai hai zhong road, shanghai , China E: hrs.hdy@howerobinson.com TEL: AREA: HS 17

MEIC S&P Panelist GYRO MARITIME CO., LTD JANGSOO S&P INC.

kr TEL: 82-2-723-2363 AREA: Newbuilding, S&P 3F, mirae city bldg.

kr TEL: 82-41-553-0489 AREA: Newbuilding, S&P FIDES CORPORATION HANBADA CORPORATION Rm No.

kr TEL: 82-02-723-6253 AREA: Newbuilding, S&P Rm803, koreanre bldg, 80 soosong-dong, jongno-gu, seoul, Korea E:

, LTD 8F, kcci bldg, 45, namdaemunno 4-ga, jung-gu, seoul, Korea E: Project@iHanwon.

seoul, Korea E: snp@stlkorea.com TEL: 82-70-7771-6411 AREA: Newbuilding, S&P Room 418 Qianjiang Tower, No.

com TEL: 86-21-5133-6298 AREA: Newbuilding, S&P MAXMART SHIPPING & TRADING CO., LTD CLICK MARITIME LIMITED 16F-2, no.

tw TEL: 82-70-7771-6411 AREA: Newbuilding, S&P 20/F. world-wide house, no.

18 MEIC S&P Panelist GYRO MARITIME CO., LTD JANGSOO S&P INC. Rm1132, gwanghwamun officia bldg, #163, jongno-gu, seoul, Korea E: TEL: AREA: Newbuilding, S&P 3F, mirae city bldg. 725, buldang-dong, cheonan-city, chungnam, Korea E: TEL: AREA: Newbuilding, S&P FIDES CORPORATION HANBADA CORPORATION Rm No. 1224, 92(official), saemunan-ro, jongno-gu, seoul 03186, Korea E: TEL: AREA: Newbuilding, S&P Rm803, koreanre bldg, 80 soosong-dong, jongno-gu, seoul, Korea E: TEL: AREA: Newbuilding HANWON MARITIME CO., LTD KIMS MARITIME CO., LTD 8F, kcci bldg, 45, namdaemunno 4-ga, jung-gu, seoul, Korea E: TEL: AREA: S&P , brown stone seoul,355, jungnim-dong, jung-gu, seoul, Korea E: TEL: AREA: S&P STL GLOBAL HAIDELY SHIPPING , lotte castle president, 109, mapo-daero, mapo-gu, seoul, Korea E: TEL: AREA: Newbuilding, S&P Room 418 Qianjiang Tower, No.971 Dongfang Road, Shanghai , P.R.China E: TEL: AREA: Newbuilding, S&P MAXMART SHIPPING & TRADING CO., LTD CLICK MARITIME LIMITED 16F-2, no.77, sec.2, dun hua s. rd., daan district., Taipei 10682, Taiwan E: TEL: AREA: Newbuilding, S&P 20/F. world-wide house, no.19 des voeux road, central, Hong Kong E: TEL: AREA: Newbuilding, S&P HIT MARINE COMPANY LTD. STAR ASIA SHIPBROKING PTE LTD. Room 1102, park center, no.1088 fangdian road, shanghai, China E: TEL: AREA: Newbuilding, S&P 10, anson road, #12-02, international plaza, Singapore E: TEL: AREA: S&P WIRANA SHIPPING CORPORATION RESHAMWALA SHIPBROKERS 20 collyer quay, #09-02 tung centre, Singapore E: TEL: AREA: S&P 7-A pil court,111 maharshi karve road, churchgate, mumbai , India E: chartering@reshamwalashipbrokers.com TEL: AREA: Newbuilding, S&P 18

MEIC S&P Panelist ALLIANCE TANKER CHARTERING PIONEER SHIPBROKERS (VIETNAM) 11 collyer quay #07-05 the arcade,

vn TEL: 84-3-3781-7289 AREA: SnP GMS- SOUTH KOREA HARVEST SHIPBROKERS PTE. LTD.

19 MEIC S&P Panelist ALLIANCE TANKER CHARTERING PIONEER SHIPBROKERS (VIETNAM) 11 collyer quay #07-05 the arcade, Singapore E: TEL: (65) AREA: Newbuilding, S&P pioneer house, no.32 ngan long villas, nguyen huu tho st. phuoc kien ward, nha be dist, ho chi minh, Vietnam E: TEL: AREA: SnP GMS- SOUTH KOREA HARVEST SHIPBROKERS PTE. LTD. CEO Suite #37, 15th fl, kyobo building, 1 jongro, jongro-gu, seoul, Korea E: snp@gmsinc.net TEL: AREA: Demolition Room 2602, Merchants Tower, No. 161 Lujiazui East Road, Pudong, Shanghai, , China E: snp@harvest-ship.com TEL: AREA: Newbuilding, SnP 19

FY2005 LIG

FY2005 LIG www.lig.co.kr FY2005 LIG 2005 LIG 7-44 "Profitable Growth" 14.5% 3 3,849 0.6%p 14.8% 3 355 306 7,300 5 3,691 2006 4 CI 2 "Profitable Growth 15.2% 2 1,000 VISION LIG LIG Leading Company 482006331