DATE 1Yr 2Yr 3Yr 5Yr DATE 1Yr

6/3/2015 43,000 42,500 39,500 42,500 09-12-2015 49,500

5/27/2015 42,500 40,000 39,500 42,500 02-12-2015 45,000
5/20/2015 42,500 40,000 39,500 42,500 25-11-2015 43,000
5/13/2015 41,000 40,000 40,000 42,500 18-11-2015 45,500
5/6/2015 41,000 40,000 40,000 42,500 11-11-2015 47,500
4/29/2015 40,000 39,000 40,000 42,500 04-11-2015 47,500
4/22/2015 40,000 39,000 40,000 42,500 28-102015 48,500
4/15/2015 39,000 39,000 40,000 42,000 21-10-2015 49,000
4/8/2015 39,000 39,000 40,000 42,500 14-10-2015 49,000
4/1/2015 39,000 39,000 40,000 42,500 07-10-2015 48,000
3/25/2015 39,000 39,000 40,000 43,000 30-09-2015 49,950
3/18/2015 38,000 39,000 40,000 43,000 24-09-2015 50,000
3/11/2015 38,500 39,000 39,000 41,000 16-09-2015 43000
3/4/2015 38,500 39,000 39,000 42,500 09-09-2015 44,000
2/25/2015 39,000 39,000 39,000 38,000 02-09-2015 43,000
2/18/2015 40,500 40,000 39,000 38,000 26-08-2015 44,500
2/11/2015 44,500 42,500 40,000 40,000 19-08-2015 47,000
12-08-2015 48,500
RS Platuo Data 310,000 05-08-2015 50,000

TC Rate
per DWT
Date TC/Day in $ 29-07-2015 50,000
Jan to April 42,800 0.1381 15-07-2015 49,000
2014 26,400 0.0852 08-07-2015 49,000
2013 19,200 0.0619 01-07-2015 50,000
2012 19,900 0.0642 24-06-2015 46,000
2011 24,300 0.0784 17-06-2015 43,000
10-06-2015 43,000
2Yr 3Yr 5Yr
42,500 39,000 36,000
41,500 38,500 36,000
40,000 38,000 36,000
42,000 38,000 36,000
42,000 40,000 39,500
42,000 40,000 39,500
42,500 42,500 39,500
44,500 42,500 38,500
44,500 42,500 38,500
44,500 43,000 38,500
47,500 42,500 40,000
45,500 42,500 40,000
41750 40000 39000
42,000 40,000 38,000
42,000 41,000 38,500
24,500 40,500 38,750
43,000 41,000 39,500
44,500 42,000 40,000
45,000 42,500 40,000

45,000 42,500 40,000

45,000 42,500 39,500
44,000 42,500 41,500
45,000 43,000 41,500
43,500 42,000 41,000
42,500 39,500 40,000
42,500 39,500 42,500
DATE 1Yr 2Yr 3Yr 5Yr
DATE 1Yr 2Yr
09-12-2015 34500 32750
02-12-2015 34500 32750
25-11-2015 34000 32750
18-11-2015 34000 32750
11-11-2015 34250 33000
04-11-2015 34250 33000
6/3/2015 31,500 31,000 29,500 28,000 28-10-2015 34750 34000
5/27/2015 31,500 31,000 29,500 28,000 21-10-2015 34750 34000
5/20/2015 31,500 31,000 29,500 28,000 14-10-2015 34000 33000
5/13/2015 31,500 31,000 29,500 28,000 07-10-2015 35000 34000
5/6/2015 32,500 31,000 29,500 28,000 30-09-2015 34500 34000
4/29/2015 31,750 31,500 31,500 29,000 23-09-2015 24500 34000
4/22/2015 31,750 31,500 31,500 29,000 16-09-2015 33500 32000
4/15/2015 31,750 31,000 31,500 28,750 09-09-2015 34000 33000
4/8/2015 31,750 31,500 31,500 28,750 02-09-2015 34000 33000
4/1/2015 32,000 32,000 31,500 28,750 26-08-2015 34000 33500
3/25/2015 32,000 30,000 31,500 30,500 19-08-2015 47000 43000
3/18/2015 32,000 30,000 31,500 31,500 12-08-2015 34500 33500
3/11/2015 31,000 30,000 30,500 31,000 05-08-2015 35000 33500
3/4/2015 31,000 30,000 30,500 33,000 29-07-2015 35000 33500
2/25/2015 29,500 29,000 29,500 31,500 15-07-2015 34500 33000
2/18/2015 29,000 29,000 29,000 30,000 08-07-2015 345000 33000
2/11/2015 30,000 29,000 29,000 30,000 01-07-2015 34500 33000
24-06-2015 34500 33000
RS Platuo Data 160,000 17-06-2015 34000 31750
TC Rate
per DWT
Date TC/Day in $ 10-06-2015 43000 42500
Jan to April 32,000 0.200
2014 21200 0.133
2013 16000 0.100
2012 16200 0.101
2011 19600 0.123
3Yr 5Yr
30000 28500
30000 28500
30000 28500
30000 28500
30000 28500
30000 28500
31500 30000
33500 30000
33500 29500
33500 29500
32500 28500
32500 28500
30000 28000
31000 28000
31500 28000
31500 28500
41000 39500
32500 30000
32500 30000
32500 30000
32000 29000
32000 29000
32000 29000
32000 29000
30000 28000

39500 42500
DATE 1Yr 2Yr 3Yr 5Yr
6/3/2015 23,000 24,000 21,500 21,000 DATE 1Yr
5/27/2015 23,000 23,000 21,500 21,000 09-12-2015 29000
5/20/2015 23,000 23,000 21,500 21,000 02-12-2015 29000
5/13/2015 23,000 23,000 21,500 21,500 25-11-2015 28750
5/6/2015 23,000 23,000 21,500 21,500 18-11-2015 28750
4/29/2015 23,000 23,000 22,250 21,500 11-11-2015 28000
4/22/2015 23,000 23,000 22,500 21,500 04-11-2015 27750
4/15/2015 22,750 22,750 22,250 21,000 28-10-2015 27750
4/8/2015 22,750 22,750 22,250 22,000 21-10-2015 27750
4/1/2015 23,000 22,750 21,500 22,000 14-10-2015 28000
3/25/2015 23,000 23,250 23,750 24,000 07-10-2015 27500
3/18/2015 23,000 23,250 23,750 24,000 30-09-2015 27750
3/11/2015 22,250 22,600 22,000 23,500 23-09-2015 26850
3/4/2015 22,250 22,600 22,000 23,500 16-09-2015 26850
2/25/2015 22,000 22,500 21,750 22,250 09-09-2015 26850
2/18/2015 22,000 22,500 22,500 23,500 02-09-2015 26850
2/11/2015 21,500 22,250 22,500 23,000 26-08-2015 27250
19-08-2015 27500
RS Platuo Data 120,000 12-08-2015 27000

TC Rate
per DWT
Date TC/Day in $ 05-08-2015 27000
Jan to April 15500 0.129167 29-07-2015 27000
2014 16300 0.135833 15-07-2015 26000
2013 13600 0.113333 08-07-2015 26000
2012 13300 0.110833 01-07-2015 26000
2011 14600 0.121667 24-06-2015 25500
17-06-2015 24000
10-06-2015 24500
2Yr 3Yr 5Yr
27750 26750 25500
27750 26750 25500
27750 26500 25500
27750 26500 25500
27000 26500 25500
27000 26250 25500
27000 26250 25500
27000 26500 27000
27000 26500 24500
27500 33500 29500
27000 26000 24500
24250 24250 23000
24750 24250 23000
25000 24000 23000
25500 24000 23000
26250 24250 23000
26500 25000 23500
26500 26250 24000

26500 26500 24000

26500 26500 24000
24500 25500 24000
24500 25500 24000
24500 25500 24000
24500 24500 23000
23500 22000 21000
24000 21500 21000
 TC Rate per day per DWT in $ Cost per day per DWT in $ Net Revenue per day per DW
Date VLCC Suezmax Aframax Date VLCC Suezmax Date
Jan to April 0.1381 0.2000 0.1292 Jan to April Jan to April
2014 0.0852 0.1325 0.1358 2014 0.0329 0.0586 2014
2013 0.0619 0.1000 0.1133 2013 0.0334 0.0579 2013
2012 0.0642 0.1013 0.1108 2012 0.0348 0.0605 2012
2011 0.0784 0.1225 0.1217 2011 2011

0.561039

0.576758
0.574721
et Revenue per day per DWT in $ VLCC Suezmax
VLCC Suezmax
69.03% 30.97% Newbuild 96500000 65000000
0.0523 0.0739 64.27% 35.73% DWT 310000 160000
0.0285 0.0421 61.94% 38.06% 311.2903 406.25
0.0294 0.0407 63.40% 36.60%
63.99% 36.01% 76.63%

0.707527 Operating Cost 10194 9378 10350

Operating
0.677908 Cost/DWT 0.032884 0.058613 0.033387
0.722058 0.0523 0.1414 0.0285
 9262

0.057888
0.0421