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Past Week Newbuildings Numerous Despite Uncertainties

Maritime Activity Reports, Inc.

May 18, 2012

Nearly 30 contracts have been placed at various yards in the past week

Clarkson Hellas believes that the under laying problems of oversupply of tonnage, over capacity at yards and lack of funding are still very real threats to the longer term recovery of the shipbuilding market and as such one week of positive news sadly does not mean that the corner has been turned towards a full recovery!

In terms of reported business, IHI in Japan have announced an order for two 310k dwt VLCC's for their domestic Clients JX Group though their two subsidiary companies JX Tanker Co. Ltd and JX Shipping Co. Ltd, both ships reportedly for delivery from the Kure facility in 2015.

Also in tankers, Seatankers Management Co. Ltd have placed an order at Longxue for four + two 42 M beam LRII's at a price understood to be at USD 42 Mill per Vessel, delivery of these tankers will be from the 4Q 2013 onwards. Finally in the Tanker sector, there has been an order from DSM Maritime of Australia for four small product tankers at the Vietnamese Yard Seong Thu Shipyard, these Vessels will delivery in the latter part of next year.

In dry there has been a volume order from the Chinese player Shenhua Zonghai Shipping with an order for eight 76k dwt Panamax bulkers, with six of these coming from Jiangnan Shipyard and the final two from Shanhaiguan and whilst the order was placed in RMB, it is understood to equate to a USD equivalent of something around USD 28 Mill per Vessel. These Ships will deliver from October 2013 onwards.

Sasebo in Japan are also understood to have taken orders for a trio of their 75,000 dwt panamax design from Wisdom Marine Lines of Taiwan. Whilst it the value of this order is not known yet, we understand they will deliver from July 2013 onwards.

Finally in dry Clients of National Commodities Operations, Greece are reported to have placed a BBHP order for five SDARI 64k dwt Ultramaxes at Jiangsu Sainty Shipyard for delivery from October 2013.

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