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

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

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 14,012 881 Supramax 9,753 10,769 11,702 12,526 824 Handy 8,060 8,651 9,715 10,534 819 Average 11,508 11,718 12,445 12,820 375 ( 단위 : USD/day) < 원자재가격동향 > 단위 : USD/Ton 구분 2018.Jan 3 rd week Feb 4 th week Feb +/- Iron Ore N.China 62% 75.85 78.40 79.13 0.73 Steam Coal Newcastle 107.36 109.21 104.91 4.30 Coking Coal Australia(FOB) 238.44 232.95 233.20 0.25 Soybean 950.92 1,012.00 1,030.25 18.25 Wheat 426.00 449.75 492.25 42.50 Corn 323.83 345.75 363.75 18.00 * 곡물은 22-Feb, 07-Mar 기준가격이며단위는 US /bu임 < 선가동향 > 구분 2017.Avg 01-Mar 08-Mar +/- Capesize (180K) 42.45 44.01 44.15 0.14 NB Panamax (77K) 23.95 24.98 24.97 0.01 Supramax (58K) 22.15 23.07 23.20 0.13 Handy (33K) 20.23 21.45 21.36 0.09 Capesize 5Y 30.04 32.91 32.94 0.03 2nd Panamax 5Y 17.90 19.72 19.85 0.13 Hand Supramax 5Y 15.30 16.13 16.36 0.23 Handy 5Y 12.79 13.55 13.55 - ( 단위 : Mil USD) (USD/Day) 2

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

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 2017.03.09(A) 2018.03.02(B) 2018.03.09(C) +/- (C-B) +/- (C-A) MC1 160,000MT Saldanha Bay-Qingdao 6.77 11.30 11.98 12.22 10.34 12.41 11.90 0.51 1.56 MC2 160,000MT W.Australia-Qingdao 4.44 6.66 6.49 6.67 6.25 6.51 6.44 0.07 0.19 MC3 150,000MT R.Bay-Qingdao 6.18 10.72 11.39 11.59 9.65 11.81 11.33 0.48 1.68 MC4 130,000MT Newcastle-Zhoushan 6.00 9.37 9.35 9.55 8.94 9.45 9.15 0.30 0.21 MC5 160,000MT Tubarao-Qingdao 8.95 14.98 15.79 16.02 14.24 16.05 15.53 0.52 1.29 MC6 PRC/Japan-Brazil-PRC/Japan 7,156 14,321 13,062 13,281 11,813 13,150 12,450 700 637 MC7 PRC/Japan-E.Australia-PRC/Japan 7,018 14,802 12,420 13,232 12,938 13,038 13,000 38 62 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 1,100 638 TC Average(180,000DWT) 8,949 17,669 16,932 15,733 14,444 15,232 14,207 1,025 237 Panamax TC Rate (USD/Day) Code Route Description 2016.AVG 2017.AVG 2018 YTD 2018.Feb 2017.03.09(A) 2018.03.02(B) 2018.03.09(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 13,750 610 2,630 MP5 Busan-CIS-N.PRC 5,151 9,424 10,957 10,570 11,020 12,080 12,990 910 1,970 MP6 Passing Gib-USG-F.EAST 9,702 15,785 18,382 17,899 15,220 19,120 19,720 600 4,500 MP7 Passing Gib-USG-Skaw/Passero 6,466 10,272 12,027 11,381 10,770 13,100 13,680 580 2,910 TC Average(74,000DWT) 6,091 10,548 12,134 11,719 11,500 13,131 14,012 881 2,512 Supramax TC Rate (USD/Day) Code Route Description 2016.AVG 2017.AVG 2018 YTD 2018.Feb 2017.03.09(A) 2018.03.02(B) 2018.03.09(C) +/- (C-B) +/- (C-A) MS1 PRC-NOPAC or Australia-PRC 5,265 7,816 8,284 8,325 7,994 9,208 9,962 754 1,968 MS2 USG-S'pore/Japan 11,488 18,401 21,918 21,082 18,270 21,780 22,470 690 4,200 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 3,080 490 350 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 18,180 440 3,030 TC Average(58,000DWT) 6,119 9,753 11,030 10,769 10,040 11,702 12,526 824 2,486 Handy TC Rate (USD/Day) Code Route Description 2016.AVG 2017.AVG 2018 YTD 2018.Feb 2017.03.09(A) 2018.03.02(B) 2018.03.09(C) +/- (C-B) +/- (C-A) MH1 F.EAST-SE Asia 5,185 6,994 7,206 6,892 6,823 8,129 8,847 718 2,024 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 9,620 840 2,890 MH5 Skaw/Passero-USG-Skaw/Passero 6,283 10,066 11,246 11,126 9,880 11,800 12,280 480 2,400 TC Average(33,000DWT) 4,994 8,060 8,863 8,651 7,653 9,715 10,534 819 2,881 4

Freight Market Fixture Capesize Fixture - VC Capesize Fixture - TC Iron ore Route Fixtures W.Australia-F.East Brazil-F.East Total 2018.Feb 72 28 100 2018.03.02 18 2 20 2018.03.08 12 6 18 +/- 6 4 2 Major Shippers Fixtures Rio Tinto BHP Billiton FMG Vale Total 2018.Feb 28 18 5 13 64 2018.03.02 9 2 2 1 14 2018.03.08 5 1 0 2 8 +/- 4 1 2 1 6 5

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 23 12 38 73 2018.03.02 12 4 12 28 2018.03.08 1 5 8 14 +/- 11 1 4 14 Period Fixtures 4-7M 11-14M Other Total 2018.Feb 12 3 5 20 2018.03.02 7 2 0 9 2018.03.08 3 3 1 7 +/- 4 1 1 2 6

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 48 25 11 84 2018.03.02 18 5 3 26 2018.03.08 16 5 4 25 +/- 2-1 1 60~63K 55~58K Total 2018.Feb 23 43 66 2018.03.02 10 15 25 2018.03.08 3 12 15 +/- 7 3 10 7

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 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 17,100 800 18,150 17,350 800 Q2 18 17,850 16,750 1,100 18,050 16,950 1,100 Q3 18 19,400 18,750 650 19,600 18,900 700 Q4 18 23,600 23,100 500 23,800 23,400 400 Cal 19 17,750 17,650 100 17,850 17,750 100 Cal 20 16,550 16,400 150 16,700 16,650 50 Panamax 4TC (in USD) Period Bid Offer 01-Mar 08-Mar +/- 01-Mar 08-Mar +/- MAR18 12,500 13,200 700 12,600 13,300 700 APR18 13,900 14,200 300 14,000 14,350 350 MAY18 13,950 13,950-14,100 14,000 100 Q2 18 13,750 13,850 100 13,850 14,000 150 Q3 18 12,750 13,000 250 12,850 13,100 250 Q4 18 13,850 13,900 50 14,000 14,000 - Cal 19 12,350 12,300 50 12,500 12,400 100 Cal 20 11,350 11,200 150 11,500 11,300 200 Supramax 6TC (in USD) Handy 6TC (in USD) Period Bid Offer 01-Mar 08-Mar +/- 01-Mar 08-Mar +/- MAR18 12,100 11,750 350 12,250 12,000 250 APR18 12,850 12,700 150 13,100 12,850 250 MAY18 12,800 12,400 400 13,000 12,600 400 Q2 18 12,900 12,600 300 13,000 12,650 350 Q3 18 12,300 12,050 250 12,400 12,250 150 Q4 18 13,050 12,750 300 13,250 12,950 300 Cal 19 11,800 11,750 50 11,950 11,900 50 Cal 20 11,050 10,900 150 11,200 11,100 100 Period Bid Offer 01-Mar 08-Mar +/- 01-Mar 08-Mar +/- MAR18 9,150 9,200 50 9,350 9,450 100 APR18 9,850 9,800 50 10,100 10,100 - MAY18 9,750 9,750-10,000 10,000 - Q2 18 9,700 9,650 50 9,900 9,750 150 Q3 18 9,500 9,500-9,750 9,700 50 Q4 18 9,750 9,750-9,950 9,950 - Cal 19 9,150 9,200 50 9,350 9,400 50 Cal 20 9,100 9,000 100 9,350 9,200 150 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 +/- MAR18 7.15 6.20 0.95 7.50 6.70 0.80 APR18 7.60 7.10 0.50 8.00 7.60 0.40 MAY18 7.65 7.20 0.45 8.10 7.70 0.40 Q2 18 7.65 7.20 0.45 7.95 7.75 0.20 Q3 18 7.85 7.70 0.15 8.30 8.20 0.10 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 13,500 500 13,450 13,900 450 MAY18 12,900 13,200 300 13,350 13,600 250 Q2 18 12,750 13,000 250 13,200 13,350 150 Q3 18 11,700 12,000 300 12,100 12,400 300 8

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 2017 71.32 87.41 42.40 103.24 Dec 71.88 87.17 41.83 104.30 Jan 75.85 90.63 44.25 108.33 M-o-M 3.98 3.46 2.42 4.03 3 rd Week Feb 78.40 94.96 43.90 107.38 4 th Week Feb 79.13 96.03 44.63 110.36 +/- 0.73 1.07 0.73 2.98 Steam Coal Price Date/Type Unit: USD/Ton A.R.A Richards Bay Newcastle Kalimantan WC India CIF FOB FOB FOB CFR Dec 95.37 78.95 101.02 74.31 83.30 Jan 94.85 81.27 107.36 77.68 86.22 M-o-M 0.52 2.33 6.34 3.37 2.92 3 rd Week Feb 86.82 82.31 109.21 80.03 88.07 4 th Week Feb 80.37 79.58 104.91 79.85 88.58 +/- 6.45 2.73 4.30 0.18 0.51 Coking Coal Price Date/Type Unit: USD/Ton Australia China India FOB CFR CFR 2017 188.58 189.15 200.46 Dec 242.75 219.95 255.92 Jan 238.44 222.67 251.55 M-o-M 4.31 2.72 4.37 3 rd Week Feb 232.95 234.25 245.98 4 th Week Feb 233.20 235.05 246.82 +/- 0.25 0.80 0.84 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 1,012.00 449.75 345.75 07-Mar 1,030.25 492.25 363.75 +/- 18.25 42.50 18.00 Type Soybeans Wheat Corn Total Jan 5,036.88 1,602.58 3,152.93 9,792.39 08-Feb 1,375.11 489.44 864.49 2,729.03 15-Feb 893.79 418.07 852.06 2,163.91 22-Feb 902.00 330.69 1,240.29 2,472.98 01-Mar 997.57 361.42 1,076.78 2,435.77 +/- 95.57 30.72 163.51 72.67 9

Commodity - Futures Iron Ore Futures Type 01-Mar 08-Mar (B-A) Bid Offer Mid (A) Bid Offer Mid (B) +/- Mar-18 76.90 77.10 77.00 72.45 72.65 72.55 4.45 Apr-18 75.80 76.00 75.90 69.80 70.00 69.90 6.00 May-18 74.70 74.90 74.80 69.10 69.30 69.20 5.60 Jun-18 73.70 73.90 73.80 68.50 68.70 68.60 5.20 Q2 18 74.73 74.93 74.83 69.13 69.33 69.23 5.60 Q3 18 72.23 72.43 72.33 67.35 67.55 67.45 4.88 Q4 18 70.03 70.23 70.13 65.50 65.70 65.60 4.53 Cal 19 66.13 66.33 66.23 62.40 62.60 62.50 3.73 Cal 20 61.88 62.08 61.98 58.90 59.10 59.00 2.98 Cal 21 58.98 59.18 59.08 55.90 56.10 56.00 3.08 Steam Coal Futures Unit: USD/Ton Type Newcastle Richards Bay Rotterdam 22-Feb 08-Mar 22-Feb 08-Mar 22-Feb 08-Mar Mar-18 105.65 99.95 94.95 92.40 83.65 81.10 Apr-18 107.55 96.40 98.45 90.95 87.30 81.60 May-18 104.95 94.50 97.80 90.60 87.05 81.65 Jun-18 102.65 92.95 96.90 90.25 86.75 81.65 Jul-18 100.35 92.10 96.00 89.05 86.60 81.95 Aug-18 98.60 91.80 94.60 88.60 86.45 82.20 Sep-18 97.95 91.20 94.10 88.15 86.50 82.05 Oct-18 97.15 90.20 93.45 87.30 86.50 81.60 Nov-18-89.65-86.85-81.45 Grain FFA Price-CBOT,US /bu Soybean Wheat Corn Del Date 2018.05 2018.07 2018.08 2018.09 2018.11 01-Mar 1068.00 1076.50 1073.75 1052.75 1038.00 08-Mar 1064.00 1073.00 1073.50 1057.25 1045.00 +/- 4.00 3.50 0.25 1.75 1.50 Del Date 2018.05 2018.07 2018.09 2018.12 2019.03 01-Mar 515.50 528.50 541.75 559.75 572.50 08-Mar 499.25 515.25 531.75 552.00 565.75 +/- 16.25 13.25 10.00 7.75 6.75 Del Date 2018.05 2018.07 2018.09 2018.12 2019.03 01-Mar 386.25 393.50 398.75 404.75 411.75 08-Mar 393.50 400.50 405.00 410.25 416.75 +/- 7.25 7.00 6.25 5.50 5.00 10

Newbuilding Market Newbuilding Price (Mil USD) TYPE 2015 2016 2017 2018.03.01 2018.03.08 +/- High 2018 Low 2018 CAPE 180K 50.03 43.18 42.45 44.01 44.15 0.14 44.15 43.51 PMAX 82K 27.62 24.42 24.69 25.75 25.72 0.03 25.75 25.37 77K 26.72 23.80 23.95 24.98 24.97 0.01 24.98 24.67 SMAX 64K 25.41 22.77 23.06 24.39 24.4 0.01 24.40 23.86 58K 24.77 22.04 22.15 23.07 23.2 0.13 23.20 22.82 HANDY 33K 21.24 19.42 20.23 21.45 21.36 0.09 21.58 20.93 Newbuilding Contract DWT Delivery Shipbuilder Buyer No. Price(Mil. USD)/Ship 325,000 2020 Qingdao Beihai Shipbuilding H.I China KMARIN S.Korea 2-82,000 2019 Yangzijiang Shipbuilding China LMZ Shipping Greece 1-82,000 2019 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) 2018 92 3.25 88 5.37 76 6.35 50 14.06 306 29.04 2019 44 1.44 52 3.16 83 6.84 62 15.60 241 27.04 2020+ 21 0.69 42 2.58 42 3.44 67 18.27 172 24.98 Total 157 5.38 182 11.11 201 16.63 179 47.93 719 81.05 Fleet Changes 2016 2017 2018.Mar No. DWT(Mil) No. DWT(Mil) No. DWT(Mil) Delivery (A) 563 47.03 456 38.31 68 6.22 Cape 104 19.96 75 15.32 14 3.00 Pmax 114 9.42 109 8.84 12 0.99 Supra 217 13.18 178 10.76 27 1.67 Handy 128 4.47 94 3.39 15 0.55 Demolition (B) 397 28.41 221 14.77 14 1.09 Cape 76 12.99 33 6.38 5 0.74 Pmax 111 7.98 50 3.60 1 0.08 Supra 95 4.26 68 3.13 6 0.26 Handy 115 3.18 70 1.66 2 0.01 Net Change (A-B) 166 18.63 235 23.54 54 5.13 End Year 10,882 796.16 11,117 819.70 11,171 824.82 Cape 1,660 316.38 1,702 325.32 1,711 327.58 Pmax 2,468 197.72 2,527 202.96 2,538 203.87 Supra 3,444 188.26 3,554 195.89 3,575 197.30 Handy 3,310 93.81 3,334 95.53 3,347 96.07 Changes (DWT, %) 2.4% 3.0% 0.63% 11

Sale & Purchase Market Secondhand Price (Mil USD) TYPE 2015 2016 2017 2018.03.01 2018.03.08 +/- High 2018 Low 2018 CAPE (180K) PMAX (77K) SMAX (58K) HANDY (33K) Resale 45.91 35.20 41.13 45.89 45.91 0.02 45.91 44.92 5Y 32.58 23.14 30.04 32.91 32.94 0.03 32.94 32.30 10Y 20.75 13.03 19.54 21.69 21.73 0.04 21.77 19.87 Resale 26.27 21.84 25.02 25.81 25.97 0.16 25.97 25.36 5Y 17.34 12.89 17.90 19.72 19.85 0.13 19.85 18.58 10Y 12.06 7.49 12.04 13.91 13.99 0.08 13.99 13.22 Resale 25.42 19.37 23.46 24.52 24.59 0.07 24.59 24.35 5Y 16.23 11.71 15.30 16.13 16.36 0.23 16.36 16.10 10Y 10.95 7.16 10.83 12.57 12.76 0.19 12.76 11.86 Resale 20.77 16.15 19.11 21.07 21.07-21.07 20.73 5Y 13.57 8.86 12.79 13.55 13.55-13.55 13.16 10Y 9.47 5.99 7.78 9.89 9.93 0.04 9.93 8.76 5Y Old Price (Mil. USD) 10Y Old Price (Mil USD) Secondhand Record Name DWT Built Shipbuilder Buyer Price(Mil USD)/Ship New Dalian 180,371 2010 Dalian Shipbuilding China - - 24.00 Rosco Maple 179,800 2010 Sasebo Japan Unknown Chinese China 30.20 Rosco Poplar 82,300 2008 Oshima Japan Unknown Chinese China 17.80 Rosco Litchi 82,200 2011 Tsuneishi Zhoushan China Unknown Chinese China 18.70 Rosco Palm 82,200 2011 Tsuneishi Zhoushan China Unknown Chinese China 18.70 Rosco Sandalwood 76,800 2004 Sasebo Japan Unknown Chinese China 12.50 Rosco Cypress 76,800 2004 Sasebo Japan Unknown Chinese China 12.50 Rosco Plum 76,800 2004 Sasebo Japan Unknown Chinese China 12.50 Rosco Ginkgo 76,600 2005 Sasebo Japan Unknown Chinese China 13.90 Rosco Lemon 75,700 2002 Sanoyas Japan Unknown Chinese China 10.70 Rosco Olive 75,000 2010 Sasebo Japan Unknown Chinese China 18.70 Rosco Banyan 75,000 2010 Sasebo Japan Unknown Chinese China 18.70 Agenor 82,000 2016 Jiangsu Eastern China New Yangtze Navigation China 13.70 Archon 82,000 2018 Jiangsu Eastern China Zhejiang Hongxin Shipping China 13.10 Sea Ace 81,755 2012 Longxue China - Greece 18.40 Eleftheria 76,099 2001 Hyundai Heavy Ind S.Korea - China 9.40 Jiangsu Hongqiang HQ109 64,000 2018 Jiangsu Hongqiang China Eddie Steamship Taiwan 23.30 BW Durum 61,491 2016 Dalian COSCO KHI China Navigare Denmark 25.00 Polestar 53,500 2006 Imabari Japan Pingtan Minghui China 9.30 Interlink Sagacity 38,700 2015 Taizhou Kouan China Ocean Yield ASA Norway 14.50 Interlink Dignity 38,700 2015 Huatai Heavy Ind China Ocean Yield ASA Norway 15.70 Interlink Priority 38,700 2015 Taizhou Kouan China Ocean Yield ASA Norway 14.50 Interlink Amenity 38,500 2018 Huatai Heavy Ind China Ocean Yield ASA Norway 18.20 Interlink Levity 37,300 2014 Huatai Heavy Ind China Ocean Yield ASA Norway 12.10 12

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 4.26 95 4.26 6 0.26 1 0.04 HANDY 115 3.18 115 3.18 2 0.01 0 0.00 Total 397 28.41 397 28.41 14 1.09 1 0.04 Demolition Record Name DWT Built Shipbuilder Seller LDT Price (USD/LDT) Balkar Trust 41,200 1997 Varna Bulgaria Sarioglu Denizcilik Turkey 9,600 459.0 Pakistan Buyer Scrap Price (USD/LDT) 2015 2016 2017 2018.03.01 2018.03.08 +/- 2018 High 2018 Low Bangladesh 332 262 349 430 450 20 450 410 India 336 258 349 430 440 10 440 420 Pakistan 333 261 353 450 450-450 410 China 169 164 242 210 210-210 210 Demolition by Size (Mil DWT) Demolition Price Trend (USD/LDT) 13

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 IFO180 2016 253 213 232 209 233 241 227 270 236 238 319 242 248 249 2017 350 304 326 298 325 335 323 368 322 349 395 379 345 341 01-Mar 400 347 369 330 375 382 370 420 365 396 400 431 389 395 08-Mar 394 344 366 335 378 383 375 410 362 397 405 437 392 400 +/- 6 3 3 5 3 1 5 10 3 1 5 6 3 5 MGO Price Trend USD/Ton MGO BUSAN ROTTERDAM SINGAPORE HOUSTON FUJAIRAH HONGKONG GIBRALTAR 2016 407 383 395 430 486 406 427 2017 528 472 495 507 568 509 519 01-Mar 635 550 586 575 665 602 620 08-Mar 607 541 586 580 665 595 610 +/- 28 9-5 - 7 10 Crude FFA Market USD/BBL WTI BRENT DUBAI 2018.04 2018.05 2018.05 2018.06 Spot 02-Mar 61.25 61.09 64.37 64.11 60.28 05-Mar 62.57 62.39 65.54 65.30 61.32 06-Mar 62.60 62.45 65.79 65.55 62.04 07-Mar 61.15 61.02 64.34 64.15 61.61 08-Mar 60.12 60.06 63.61 63.44 60.80 +/-( 전주대비 ) 1.13 1.03 0.76 0.67 0.52 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

MEIC Weekly Commodity Report Port Congestion Statistics Port Congestion Average Delay Days Date/Country Australia China India Indonesia Brazil S.Africa Average Feb 4.1 1.8 2.2 4.2 4.1 5.3 2.6 28-Feb 4.0 2.1 2.7 4.2 4.5 5.8 2.7 07-Mar 3.9 2.2 3.2 3.8 4.6 4.5 2.8 +/- 0.1 0.1 0.5 0.4 0.1 1.3 0.1 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 158 32 47 8 64 50 28-Feb 172 42 53 6 64 59 07-Mar 180 41 60 5 63 53 +/- 8 1 7 1 1 6 Number of vessels due at Australian Ports within next 14 days Date/Type Cape Panamax Supramax Handy Feb 115 104 15 1 28-Feb 117 91 15 1 07-Mar 115 94 21 3 +/- 2 3 6 2 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 14.4 14.1 7.1 3.9 1.6 4.6 2.5 20.9 3.8 28-Feb 11.5 14.0 6.5 5.5 5.0 4 4.5 17.5 3.5 07-Mar 11.0 14.0 6.0 3.5 1.0 3.5 4.5 17.5 2.5 +/- 0.5-0.5 2.0 4.0 0.5 - - 1.0 Coal Congestion Days Discharge Ports Country China India Date/Ports Xingang Xingang Paradip Rizhao Zhanjiang Ennore Mormugoa (Coke) (Coal) (Thermal) Tuticorin Feb 2.1 0 1.9 2.5 2.3 0.0 10.0 1.8 28-Feb 2.5 0 0 4 3 0.0 13 0 07-Mar 1.5 0 2 2.5 3.5 0.0 13 0 +/- 1.0-2.0 1.5 0.5 - - - 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 2.1 2.0 4.6 1.0 2.6 4.4 2.0 5.6 5.5 6.3 9.3 28-Feb 2.5 2.0 3.5 1.0 3.0 8.0 2.5 7.5 6.0 7.0 8.5 07-Mar 2.0 2.0 4.5 1.0 4.5 8.5 1.5 7.5 8.5 8.0 8.5 +/- 0.5-1.0-1.5 0.5 1.0-2.5 1.0 - Iron Ore Congestion Days Discharge Ports Country China Ports Belun Xingang Qingdao Caofeidan (Ningbo) (Tianjin) Rizhao Lanshan Lianyungang Bayuquan Zhangjiang Feb 2.0 2.8 4.8 2.1 3.8 2.3 1.9 10.3 2.5 28-Feb 1.5 2.5 5.0 2.0 4.5 4.0 2.0 13.0 4.0 07-Mar 1.5 2.5 2.0 1.5 5.0 4.0 3.0 14.0 2.5 +/- - - 3.0 0.5 0.5-1.0 1.0 1.5 15

MEIC Freight Panelist ILDO CHARTERING CORP. JANGSOO SHIPPING CO., LTD. Rm2230, gwanghwamun officia bldg, #163, jongno-gu, seoul, Korea E: ops@insshipping.com TEL: 82-02-364-3644 AREA: P mx 503, gwacheon officetel, 1-14 byeoryang-dong, gwacheon-city, Korea E: shipping@jangintl.co.kr TEL: 82-02-6245-4300 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: 82-02-6237-1100 AREA: Cape Rm1004 samryung bldg, 50-2 seosomun-dong, jung-gu, seoul, Korea E: cape@basimchart.com TEL: 82-02-3789-7613 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: 82-02-755-2100 AREA: P mx 13F, donghwa bldg, 58-7, seosomun-dong, jung-gu, seoul, Korea E: chartering@araship.com TEL: 82-02-739-7766 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: 82-2-738-9111 AREA: S mx, HS Room 2227, gwanghwamun officia bldg., #163, sinmunno 1-Ga, jongno-gu, seoul 110-999, Korea E: handy@mars7.co.kr TEL: 82-2-736-4755 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: 82-2722-8220 AREA: P mx Rm718-719, mansion b, chao wai soho, no.6/yi,chao wai st, chao yang district, beijing, China E: hdy@oceanrobin.cn TEL: 86-10-5878-4588 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 10120 Thailand E: fix@mshipbrokers.com TEL: 66-2-672-3826(27) AREA: S mx, HS Room 617, block a, chengjian plaza, no.18, beitaipingzhuang road, haidian district, beijing, China E: broking@gwshipping.net TEL: 86-10-8833-2720 AREA: S mx MERCHANT SHIP BROKERS WONSILD Room 809, kun tai international mansion bldg 1, yi no.12, chaowai street, chaoyang district, beijing 100020, China E: chartering@merchantship.com.cn TEL: 86-10-5879-0689 AREA: P mx, S mx 1-2 20F guangdong finance building, 88-91 connaught road west, Hong Kong E: dry@wonsild.com TEL: 852-2548-9899 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.100, section 3, minsheng east road, taipei, Taiwan R.O.C. E: handysupra@mittpe.com.tw TEL: 886-2-2712-5363 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: 886-2-23462077 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: 886-2-2567-0701 AREA: S mx SATELLITE SHIPBROKERS HOWE ROBINSON PARTNERS, SHANGHAI 23 rd F, athenee tower, 63 wireless road, lumpini, pathumwan, bangkok, Thailand 10330 E: Fix@satelliteship.com TEL: 66-2-126-8069 AREA: P mx, S mx, HS Room 1508-10, shanghai times square, 93 huai hai zhong road, shanghai 200021, China E: hrs.hdy@howerobinson.com TEL: 86-2310-0188 AREA: HS 17

MEIC S&P Panelist GYRO MARITIME CO., LTD JANGSOO S&P INC. Rm1132, gwanghwamun officia bldg, #163, jongno-gu, seoul, Korea E: snp@gyromaritime.co.kr TEL: 82-2-723-2363 AREA: Newbuilding, S&P 3F, mirae city bldg. 725, buldang-dong, cheonan-city, chungnam, Korea E: shipping@jangintl.co.kr TEL: 82-41-553-0489 AREA: Newbuilding, S&P FIDES CORPORATION HANBADA CORPORATION Rm No. 1224, 92(official), saemunan-ro, jongno-gu, seoul 03186, Korea E: project@fidescorp.kr TEL: 82-02-723-6253 AREA: Newbuilding, S&P Rm803, koreanre bldg, 80 soosong-dong, jongno-gu, seoul, Korea E: rich@hanbada.kr TEL: 82-2-720-8875 AREA: Newbuilding HANWON MARITIME CO., LTD KIMS MARITIME CO., LTD 8F, kcci bldg, 45, namdaemunno 4-ga, jung-gu, seoul, Korea E: Project@iHanwon.com TEL: 82-2-2176-1101 AREA: S&P 101-2403, brown stone seoul,355, jungnim-dong, jung-gu, seoul, Korea E: snp@kimsmaritime.co.kr TEL: 82-2-732-3237 AREA: S&P STL GLOBAL HAIDELY SHIPPING 101-1401, lotte castle president, 109, mapo-daero, mapo-gu, seoul, Korea E: snp@stlkorea.com TEL: 82-70-7771-6411 AREA: Newbuilding, S&P Room 418 Qianjiang Tower, No.971 Dongfang Road, Shanghai 200122, P.R.China E: ships@haidely.com TEL: 86-21-5133-6298 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: snp@maxmart.com.tw TEL: 82-70-7771-6411 AREA: Newbuilding, S&P 20/F. world-wide house, no.19 des voeux road, central, Hong Kong E: project@clickships.com TEL: 852-2905-1888 AREA: Newbuilding, S&P HIT MARINE COMPANY LTD. STAR ASIA SHIPBROKING PTE LTD. Room 1102, park center, no.1088 fangdian road, shanghai, China E: lisheng@hitco.com.cn TEL: 86-21-5820-3737 AREA: Newbuilding, S&P 10, anson road, #12-02, international plaza, Singapore 079903 E: snp@starasiasg.com TEL: 65-6227-7264 AREA: S&P WIRANA SHIPPING CORPORATION RESHAMWALA SHIPBROKERS 20 collyer quay, #09-02 tung centre, Singapore 049319 E: wirana@wirana.com.sg TEL: 65-6227-0115 AREA: S&P 7-A pil court,111 maharshi karve road, churchgate, mumbai - 400 036, India E: chartering@reshamwalashipbrokers.com TEL: 91-22-6131-7000 AREA: Newbuilding, S&P 18

MEIC S&P Panelist ALLIANCE TANKER CHARTERING PIONEER SHIPBROKERS (VIETNAM) 11 collyer quay #07-05 the arcade, Singapore 049317 E: sandp@alliancetanker.com TEL: (65) 6224-0123 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: chartering@pioneershipbrokers.com.vn TEL: 84-3-3781-7289 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: 82-2-2010-8820 AREA: Demolition Room 2602, Merchants Tower, No. 161 Lujiazui East Road, Pudong, Shanghai, 200120, China E: snp@harvest-ship.com TEL: 86-21-6868-5152 AREA: Newbuilding, SnP 19