25 May – 1 June, 2012

Container Market – Weekly Report Chartering Market Charter activity was slightly reduced compared to last week. Actual transactions for the full month of may was however similar to what was seen during the same period last year and year-to-date the amount of fixtures concluded exceeds the same period in 2011 by more than 20%. For the larger tonnage Evergreen appeared this week as the active taker with an extension of a widebeam Asian controlled 4,700 TEU unit for 12 months as well as a 5,000 TEU panamax for 10-12 months charter. Cosco managed to secure a 6,500 TEU unit basis a delivery end of June but for a roundvoyage only. There seems to be uncovered demand for 5,000 TEU plus tonnage and with limited supply rates could improve further. With a number of 3,500-4,250 TEU requirements withdrawn the short term outlook appears mixed. A craned 3,400 TEU vessel was reported fixed to European operators at levels in the low USD 12,000 for 10-12 months which would represent an increase of 20% compared to a sister vessel fixed in March. Activity for tonnage between 2,000 and 3,000 TEU decreased this week though a few craned 2,500 TEU vessels were under negotiation. A couple of 2,700-2,8000 TEU vessels were fixed short term in Asia but also later on failed on subject. The craned 2,100 TEU Conti Seattle was fixed for 50-70 days at levels around USD 7,000 daily or similar to what was done last week. In the segment between 1,300 and 2,000 TEU we noticed a few 1,740 TEU Wenchong built vessels being extended by CMA CGM for periods of 9-12 months at levels in the very high USD 6's and ML paying USD 7,000 in the Caribbean for a 1-2 months extension of the 1713 TEU Ocean Emerald. Feeders between 900-1,299 saw increasing activity and slightly improved rates. Evergreen paid USD 9,800 daily for 5 months European trade on a 1,221 TEU ice classed vessel or about 15% more compared to her last fixture in March. A standard cv 1100 managed to improve levels to USD 5,900 daily for 8 months trading in the Mediterranean and STX were in Asia linked to the 1054 TEU Mare Doricum for 6 months trading at USD 5,000 daily. Below 900 TEU activity was slightly up compared to last week especially in the Atlantic with improved volumes being handled in northern Europe.

Fixtures Reported This Week NORTHERN PIONEER - FLAG LIB - BLT 1994 – 42,086 DWT 3,538 TEU - 2471/HOM - 250 PLUGS CELLULAR - GEARLESS - 22.5/97.5 10DAYS - EUROPEAN - HAPAG-LLOYD – 8,000 USD/DAY CONTI SEATTLE - FLAG LIB - BLT 1997 – 28,370 DWT 2,113 TEU - 1514/HOM - 144 PLUGS CELLULAR - GEARED - 20.0/51.0 50DAYS - TC WAFR - DELMAS – 6,950 USD/DAY HANSA FLENSBURG - FLAG LIB - BLT 2000 – 23,992 DWT 1,740 TEU - 1295/HOM - 296 PLUGS CELLULAR - GEARED - 20.5/58.0 9MNTHS - EXT MED - CMA CGM – 6,800 USD/DAY HANSA FREYBURG - FLAG LIB - BLT 2003 – 23,508 DWT 1,740 TEU - 1330/HOM - 296 PLUGS CELLULAR - GEARED - 20.5/58 9MNTHS - MED - CMA CGM – 6,850 USD/DAY OCEAN EMERALD - FLAG LIB - BLT 2008 – 22,314 DWT 1,713 TEU - 1259/HOM - 377 PLUGS CELLULAR - GEARED - 20.0/61.2 20/6MONTHS DAYS - CARIBS - MAERSK LINE – 7,000 USD/DAY RIJNBORG - FLAG NTH - BLT 2007 – 16,450 DWT 1,712 TEU - 1050/HOM - 220 PLUGS CELLULAR - GEARLESS - 20.0/50 3MNTHS - OPTED UKC - MAERSK LINE – 8,000 USD/DAY NORTHERN HAPPINESS - FLAG LIB - BLT 1994 – 22,273 DWT 1,709 TEU - 1184/HOM - 270 PLUGS CELLULAR - GEARED - 19.0/45.0 2MNTHS - MED - CMA CGM – 6,500 USD/DAY H FYN - FLAG GEU - BLT 2003 – 20,367 DWT 1,581 TEU - 1062/HOM - 288 PLUGS CELLULAR - GEARED - 20.0/55.0 9MNTHS - MED - CMA CGM – 6,250 USD/DAY INDEPENDENT VENTURE - FLAG LIB - BLT 1993 – 20,480 DWT 1,468 TEU - 1034/HOM - 140 PLUGS CELLULAR - GEARLESS - 18/47.1 50DAYS - MED-WAFR - MITSUI OSK LIN – 6,100 USD/DAY AKERDIJK - FLAG LIB - BLT 2011 – 20,200 DWT 1,436 TEU - 1054/HOM - 431 PLUGS CELLULAR - GEARLESS - 19.0/49.5 20DAYS - NEA - KMTC – 6,600 USD/DAY ALEXANDER B - FLAG ABB - BLT 2006 – 18,530 DWT 1,221 TEU - 930/HOM - 305 PLUGS CELLULAR - GEARLESS - 19.3/43.0 5MNTHS - EUROPEAN - EVERGREEN – 9,900 USD/DAY STADT BREMERHAVEN - FLAG MAI - BLT 2006 – 13,710 DWT 1,118 TEU - 713/HOM - 233 PLUGS CELLULAR - GEARED - 19.3/38.0 8MNTHS - MED - CMA CGM – 5,900 USD/DAY Continued on page 3.

Maersk Broker Time Charter Rate Index, Week 22

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

Jan-

96

Jan-

97

Jan-

98

Jan-

99

Jan-

00

Jan-

01

Jan-

02

Jan-

03

Jan-

04

Jan-

05

Jan-

06

Jan-

07

Jan-

08

Jan-

09

Jan-

10

Jan-

11

Jan-

12

Mae

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Bro

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Con

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ndex

June:* 444 May: 421 (*4 weeks Moving Average –The index is calculated on June 1st)

Average Container T/C Rates

Size 2011 YTD 2012 4 Weeks MA Trend 200-399 $4.545 $3.209 $3.209

400-649 $4.710 $4.129 $3.938 650-899 $6.139 $4.714 $5.226

900-1,299 $8.249 $5.703 $6.060 1,300-1,999 $10.055 $6.640 $6.750 2,000-2,999 $12.862 $7.016 $7.069 3,000-3,949 $14.702 $8.247 $8.877 3,950-5,199 $19.732 $9.607 $12.920

25 May – 1 June, 2012

Sale & Purchase Newbuilding

While most talks last week was about the sale of two further 5,800 TEU's by CMA CGM, this week has indeed been significantly more quiet. This week most talk has been about newbuildings, with order for 1100 TEU's and more talks on who are believed to be the buyers of two 5,400 TEU's from OOCL with charter back. Two smaller container vessels of 5-600 TEU has changed hands, both at prices similar to last done. This size was seeing activity, but prices in the segment is still subdued. For vessels around 1000 TEU, there seems to have been a slight change of sentiment to the more positive side, with a number of vessels seeing interest, from buyers both Europe and Asia. Finally Klingenberg obtained possession of the 05 Built CV1100 Ulrike F, from a bank controlled auction.

Overall the newbuilding market is still in a slow moving state with a generally low activity. However, as earlier reported, some interest is emerging as the prices remain at a benign level for buyers. This week it was confirmed that Yangzijiang have signed a contract for 2+2+2 x 1,100 TEU vessels with Lomar at a price of around USD 18 mill. per vessel. These vessels will have gear and start delivery in the first quarter of 2014. This order marks Lomar's second newbuilding order this year as the same Owner two months ago signed a contract for 2+2+2 x 2,200 TEU vessels at Wenchong. Wenchong are also being linked to a rumour of yet another contract of an undisclosed number of 2,200 TEU vessels for a Greek Owner at an alleged price of USD 26 mill, which is in line with what Lomar paid. In Japan two of the major yards, Imabari Shipbuiling and Mitsubishi Heavy Industries, have entered into a strategic cooperation agreement for designing eco friendly container vessels, which the said yards hope will make them more competitive in the export market.

Source: Maersk Broker *based on Korean built vessel for 2014 delivery **based on Chinese built vessel for 2014 delivery

Estimated Newbuilding Prices (USD Million)

1,800 2,800 4,800 6,600 9,200 13,000

27-29* 36-38* 47-50* 60-63* 89-91* 115-120*

23-25** 34-36** 44-46** 59-61** 86-88** n.a.

Price Development Since Last Week * * * * * *

** ** ** ** ** n.a.

Market Developments and Drivers

USA: The US economy expanded less than previously reported in the first quarter of 2012. GDP climbed at 1.9% annual rate from January to

March, revised down from the previous estimate of 2.2%. Consumer spending on retail goods and cars kept the economy going, as the saving rate sank to 3.6%, the lowest rate since 2007.

China: China’s factory output weakened as the manufacturing sector slowed in May. The purchasing managers index (PMI) grew at the weakest pace in six months, decreasing to 50.4 in May from 53.3 in April. It’s the weakest reading since December, though the index usually has a seasonal decline in May. A reading above 50 indicates an expansion. Japan and China begin direct currency trading this week, in the first move by the Chinese central bank to allow another major currency to be traded directly against the Yuan. Trading will begin on China’s interbank foreign exchange market 1 June, in a move to internationalise the Yuan. Previously, the USD has been used as intermediate currency

Europe: The Euro-area unemployment rate reached a record-high level of 11% in April and March. Spain had the highest jobless rate, of 24.3% in

April, up from 24.1% in March. Germany’s unemployment rate was 5.4%, down from 5.5% in March. Meanwhile, Euro-area economic confidence fell in May to the lowest level in 2.5 years, as an index of executive and consumer sentiment fell to 90.6 from 92.9 in April. On the production side, the purchasing managers index (PMI) fell for the Euro-zone to a three year low 45.1 in May. A reading below 50 signals contraction. The Euro-area inflation rate fell more than forecast in May, to the slowest pace since February 2011. In the 17-nation area it fell to 2.4%, down from 2.6% in April. Core inflation rate, which excludes volatile costs such as energy, stood at 1.6% in April. Korea: South Korea’s current account surplus fell in April to a surplus of USD 1.8 bill, compared to a revised USD 2.97 bill. surplus in March. For May, South Korea reported a trade surplus of USD 2.4 bill. Overseas sales fell 0.4% in May year-on-year, after a 4.8% decline in April, the fourth monthly decline this year. Exports were USD 47.2 bill. in May, declining 0.4% year-on-year, while imports slowed 1.2% year-on-year to USD 44.8 bill. In the first 20 days of May, shipments to South Korea’s top export market China fell 10.4% year-on-year and shipments to European Union declined 16.4% year-on-year.

India: India’s exports rose in April, increasing 3.2% year-on-year to USD 24.5 bill while imports grew 3.8% year-on-year to USD 37.9 bill. That left the trade deficit standing at USD 13.5 bill. in April. India’s GDP growth fell in the first quarter this year, led by a poor manufacturing sector. GDP growth was 5.3% in January-March this year, compared to 9.2% growth in the same period last year. Growth last quarter, in October-December 2011, was 6.1%. Infrastructure output grew 2.2% in April compared to a year earlier.

Estimated Second Hand Prices - 10 yrs old (USD Million)

1,100 1,700 2,700 4,500

6-7 12-13 20-21 29-30

Price Development Since Last Week

Source: Maersk Broker

25 May – 1 June, 2012

From Page 1 SVENDBORG STRAIT - FLAG GER - BLT 2011 – 14,500 DWT 1,085 TEU - 730/HOM - 250 PLUGS GEARLESS - 19,0/36,5 3MNTHS - D/C - TS LINES – 6,400 USD/DAY STADT BERLIN - FLAG ABB - BLT 1998 – 12,850 DWT 1,076 TEU - 650/HOM - 160 PLUGS CELLULAR - GEARED - 20.0/42.0 2MNTHS - INTERASIA - YANG MING – 5,475 USD/DAY MARE DORICUM - FLAG GEU - BLT 1995 – 12,380 DWT 1,054 TEU - 666/HOM - 113 PLUGS CELLULAR - GEARLESS - 17.5/30.5 6MNTHS - EXT SEA - STX PAN OCEAN – 5,000 USD/DAY PAC ARIES - FLAG SNG - BLT 2002 – 16,794 DWT 1,040 TEU - 858/HOM - 200 PLUGS CELLULAR - GEARED - 19.5/51.5 35DAYS - INTERASIA - CHINA NAVIGATI – 6,800 USD/DAY STEFAN SIBUM - FLAG ABB - BLT 2008 – 13,172 DWT 1,036 TEU - 740/HOM - 250 PLUGS GEARLESS - 18.5/36 3MNTHS - EUROPEAN - SCA TRANSFORES – 6,500 EUR/DAY ANNAMARIE - FLAG ABB - BLT 2003 – 8,720 DWT 822 TEU - 507/HOM - 150 PLUGS CELLULAR - GEARLESS - 18.5/36.5 3MNTHS - SEA CONSORTIUM – 4,800 USD/DAY MANGAN - FLAG LIB - BLT 2005 – 8,494 DWT 707 TEU - 425/HOM - 175 PLUGS CELLULAR - GEARLESS - 17.5/28 6MNTHS - D/C - HEUNGA – 4,250 USD/DAY ICE CRYSTAL - FLAG ABB - BLT 2008 – 8,040 DWT 679 TEU - 410/HOM - 120 PLUGS CELLULAR - GEARLESS - 17/26 14DAYS - EUROPEAN - TEAM LINES – 3,150 EUR/DAY BF MARYAM - FLAG CYP - BLT 1993 – 5,335 DWT 509 TEU - 282/HOM - 50 PLUGS CELLULAR - GEARLESS - 15.5/17.5 1MNTHS - MED - SEA CONSORTIUM – 2,250 EUR/DAY CORONA - FLAG CYP - BLT 1998 – 5,184 DWT 374 TEU - 222/HOM - 50 PLUGS NONCELLULAR - GEARED - 15.5/16 3MNTHS - CARIBS - DALHART – 4,850 USD/DAY The above report is based on our best knowledge of relevant market conditions and all fixtures reported are without guarantee but stated in good faith.

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.