A detailed review of the marine shipping industry.

1. Investor’s Health Weekly For June 8, 2009
• Special Feature
•Maritime Transportation: Where Are We In
The Cycle?
•Presented By Bruce Zaro, Chief Technical
Strategist, Delta Global Shipping Index
• Vital Signs
• Coming This Week

2. Maritime Transportation
• Where are we in the cycle?
• Boom, bust
• Supply, demand
2 year performance DJIA vs DAC, GMR, EGLE

3. Maritime Transportation: Current Demand
• China: Canary in a coal mine?
• Government stimulus
• Exports vs. consumption
• Re-stocking or true demand?

4. Maritime Transportation
• Supply of ships
• Current order book
• Total vessels
• Deliveries
• This year
• Outer years
Please note that due to the lack of new
newbuilding orders in most of the above sectors,
the prices are estimates.

5. Maritime Transportation
• Important Sector Indicators
• Dry Bulk Order Book
• Capesize
• Panamax
• Handymax
• Handysize

6. Maritime Transportation
• Effect of shipping crisis on shipbuilding contracts
• Lehman failure
• Buyer default
• Seller default

7. Maritime Transportation: Indicators And Trends
• Dividend Cycle
• Cash flow
• Liquidity
Tanker Rates

8. Maritime Transportation: Indicators And Trends
• Dividend Cycle
• Cash flow
• Liquidity
Dry Market Rates

9. Maritime Transportation: Indicators And Trends
• Ship asset prices
• Second hand market
• Availability of
financing
Second hand values

10. Maritime Transportation: Baltic Dry Index
BALTIC DRY EXCHANGE RATES
CHANGE
THIS WEEK LAST WEEK CHANGE %
Baltic Dry Index 3809 3494 315 9,02% • Plunge in 2008
Baltic Capesize 6812 6125 687 11,22%
Baltic Panamax 3252 2900 352 12,14%
• Rebound in 2009
Baltic Supramax 1832 1831 1 0,05% • Sustainable?
Baltic Handysize 880 864 16 1,85%

11. Maritime Transportation: Segments
• Dry Bulk
• Tanker
• Container
• Chemicals

12. Maritime Transportation: Delta Global
Shipping Index TOP FUND HOLDINGS
as of 6/5/09
• 30 largest global shipping companies NAME
NAVIOS MARITIME HOLDINGS
SYMBOL
NM
WEIGHTING
5.84 %
SHIP FINANCE INTERNATIONAL SFL 4.92 %
LTD
• Licensed to Claymore NEPTUNE ORIENT LINES LTD NOL 4.76 %
COSCO CORP SINGAPORE LTD COS 4.70 %
COMPAGNIE MARITIME BELGE CMB 4.36 %
• ETF symbol SEA
Holding subject to change on a daily basis.

13. Maritime Transportation: Delta Global
Shipping Index TOP FUND COUNTRY WEIGHTINGS
as of 3/31/09
COUNTRY WEIGHTING
• 30 largest global shipping companies United States 15.30 %
Bermuda 13.47 %
• Licensed to Claymore Japan 12.94 %
Greece 12.64 %
• ETF symbol SEA Belgium 9.39 %
Holding subject to change on a daily basis.

14. U.S. Highlights
• Steepened yield curve
• Recovery indicator

15. Coming This Week
• Germany: industrial production
• Canada: trade balance
• Japan: GDP

16. Thank you for your participation
Information, estimates and opinions contained in this report were obtained from sources we believe to be reliable, but are not guaranteed as to accuracy or completeness. This report has been prepared for
informational purposes and is not a solicitation or an offer to buy or sell any security. It does not purport to be a complete description or analysis of the securities, companies, markets or developments
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