Shipping Weekly. Week 34, Joakim Hannisdahl Equity analyst

Transcription

1 Shipping Weekly Week 34, 214 Jan Andreas Næss Equity analyst no Jonathan Staubo Equity analyst Joakim Hannisdahl Equity analyst IMPORTANT / DISCLAIMER: This presentation is prepared by Fearnley Securities, an Astrup Fearnley company. For relevant definitions, methods, risks, disclosures on potential conflicts of interests etc. and disclaimers (including U.S. specific disclaimers) please see All research reports and investment recommendations should be reviewed in conjunction with the information therein.

2 Last Week s News Company News 1 Knightsbridge (BUY, TP USD 17.5): Reported adjusted EBITDA of USD 4.7m vs FS est of USD 5.6m and consensus of USD 6.7m. Opex was in line, but reported average TCE rates were below expectations. Adjusted net profit of USD.6m was still marginally above FS est due to lower depreciation (affected delivery schedule) and lower finance costs. As expected, the company declared a dividend of USD.2 for 2q14, indicating direct run rate yield of 6.9%. The company delivers on excellent cost control with reported cash breakeven of USD 13,/day. On a fully delivered basis, a cash breakeven below USD 15,/day is targeted. With its fuel-efficient fleet, VLCCF is well positioned to benefit from a freight-rate recovery in the Capesize market. On our current estimates based on a moderate recovery, we see sustainable dividend potential in the range of USD /day from 216. DS Norden (BUY, TP DKK 257): Reported EBITDA of USD -7.4m in 2q14, which compares to FS est of USD -12.3m and consensus of USD -1.4m. Adjusted net income came in at USD -3.8m vs. FS est of USD -31.9m and consensus of USD -35m. The company cuts its 214 EBITDA guidance to USD -6-m. This compares to previous guidance of USD -4-6m. The guidance for Dry Cargo is reduced to USD -6-(3)m from USD -5-m previously, while the guidance for tankers is taken down to USD 15-45m from USD 2-7m previously. Management still believes in a stronger second half for dry bulk, but not to the same extent as previously expressed. Following the reduced guidance we will make some downward revisions in our estimates for the year. We maintain our positive view on Norden with a strong balance sheet and attractive valuation. GasLog (ACCUMULATE, TP USD 25, under review): Announced that it had agreed to sell the Methane Jane Elizabeth and Methane Rita Andrea, two 145,cbm LNG carriers built in 26, to GasLog Partners. The vessels have 5.5 and 6 year TCs attached, which will contribute an estimated USD 34.5m of EBITDA annually to GLOP. The aggregate purchase price for the vessels is USD 328m. This implies a dropdown multiple of 9.5x EBITDA. GasLog Partners intends to finance this transaction with a combination of equity and the assumption of the existing credit facilities for these vessels. For the second quarter of 214, we estimate EBITDA for GLOG of USD 43.9m, and net income of USD 7.8m. This compares to consensus of USD 43.9m and USD 9.7m. Pacific Basin (BUY, HKD 6.2): Based on the company s updated balance as at end 2q14, we arrive at a new NAV for the company of HKD 5.1 per share. We maintain that PB at a discount to NAV constitutes an attractive investment in quality dry bulk exposure. 2

3 Last Week s News Company News 2 Concordia (BUY, TP SEK 18): 2q14 results were lower than expected, with an EBITDA (adj.) of SEK 6m vs our SEK 17m forecast. The Suezmax achieved an average rate of USD 17,2/day vs our USD 15,972 forecast, while the spot-traded P-MAX LR1s saw USD 1,522 on average vs FS est of USD 11,996. Short term triggers for the company include fleet growth and TCs for its P-MAXes. Belships (BUY, TP NOK 9): Reported 2q14 results slightly above expectations with EBITDA of USD 1.8m vs. FSest of USD 1.5m, and net income of USD.4m vs FSest of USD.1m. The better than expected results were largely due to lower than expected operating expenses. We maintain that BEL is well positioned with above market level TCs and a modern fleet including NBs. Western Bulk: Reported a net TC margin of USD -658/day for July, a very weak month, although similar to company guidance of USD -65/day for July when 2q14 results was presented. WBULK has consistently underperformed market expectations since its IPO last year, and we believe it may take some time (proof) to restore market confidence in the dry bulk charter-margin business. However, in an expected volatile dry bulk market recovery, we believe WBULK could return an average net TC margin in the range of USD 1,2 1,5/day, which in our view supports a share price above IPO price of NOK 12/share. We believe the July/August results will be the weakest results for a while, and expect WBULK to deliver stronger results through the rest of the year. Nordic American Tankers: Delivered better than expected 2q14 results, with EBITDA of USD 4.1m vs FS est of USD 1.6m and consensus at USD 6.1m. Adjusted net income of USD -18.8m compares with FS est of USD -2.1m and consensus at USD -15.4m. The average reported TCE rate of USD 12,1/day was marginally below our estimate of USD 12,496/day. We calculate average daily opex of USD 8,523 for the quarter vs our forecast of USD 9,. A cash dividend of USD.12/share was announced on July 25, in addition to a dividend-in-kind of shares in NAO with a value of about USD.16 per NAT share. Scorpio Group: Privately owned Scorpio Group is said to have ordered three ~19,2 TEUs at Samsung, with 216-delivery. The vessels could cost around USD 153m each, and the deal could potentially include 3 optional vessels. Up to 15 year BB charters with MSC are said to have been secured. 3

4 Last Week s News Market News Crude tankers: Good activity and a firming sentiment for VLCCs through last week. The position list is significantly tighter than normal at this time of the year, and we expect volatility to remain high going forward, with risk remaining on the upside as we approach a seasonally stronger crude tanker market. Suez and Afra rates have been trending down due to a decrease in volumes following recently. We believe rates could come down a bit further before activity is again expected to increase later this month. Dry Bulk: Good activity for all segments throughout last week, with solid increases in rates. Capesize sentiment remains firm upon strong activity in Australia, and expectations of stronger activity ex Brazil. For Panamax and Supramaxes, activity in the Atlantic remains high, while activity in the East is flat to slowly strengthening. LPG: A few vessels experienced weather delays in the Far East, prompting charterers to approach the spot market for alternatives. This might slow the recent downturn in the Baltic VLGC index in the short term. However, vessel availability for early September loadings is ample. LNG: Another week with decent activity in the LNG fixture market. According to Fearnley LNG, rates are a bit all over the place pending ship type, location and period. Rate indications remain relatively flat across the board, with the expectation of modern DFDE carriers, where rates are showing a firming trend. Container: The SCFI fell last week, by 4.3% to 1,121. Rates on the Asia-Europe trade fell by USD 143/TEU or 1.7% from the week before. A General Rate Increase came into effect on this lane at the beginning of August, after which rates have fallen significantly. More than the initial increase of USD 252/TEU has now been lost (USD -257/TEU). Asia-US West Coast rates fell to 2,19/FEU compared to last week s 2,189/FEU. A GRI came into effect here too in the beginning of August, which has held up quite well. The CCFI (spot + contracts) fell by.2% w-o-w and now stands at 1,11. 4

5 Segment Rate Outlook Sector Demand Supply Order - Book Company Company Comments (6-12 m) Rec. (6-12m) (6-12m) TOP BUY TOP SELL CRUDE TANKER MARKET BUY 3% % 13% FRO212 DHT Slowly recovering rates as tonne-mile demand improves Low fleet growth and limited new orders Financing risk for some companies Reduced US imports should be more than balanced by longer term long haul trade going FE PRODUCT MARKET ACCUMU LATE 5% 4-5% 18% Ardmore NNA FRO212 CPLP Torm Improved tonne-mile demand from new ME and Asian refineries Western refinery shut-downs to increase product imports US exports increasing Fairly low orderbook Significant MR ordering CHEMICAL MARKET ACCUMU LATE 4-5% 2-5% 11% SNI ECHEM Low, but improving utilization Limited orderbook remaining Companies with high financial gearing still vulnerable due to weak CF DRY BULK MARKET BUY 6-7% 4-5% 24% GOGL VLCCF DNORD CONTAINER Selective 5-6% 5-6% 17% OOIL CAR CARRIER MARKET ACCUMU LATE 4% 3-5% 12% WWASA LNG Selective 5% 7% 35% LPG BUY 12% 6% 41% GLNG HLNG DORIAN BW LPG NVGS China Cosco CSCL HMM Cosco MOL Supply growth slowing Despite weak steel production growth in China, iron ore imports are growing Chinese coal import Risks: Charterparty, covenant risk, cash/liquidity risk for some players, new ordering for 216/217. Hidden Supply in fleet speed Weak spot rates, however more balanced market toward 215/216 Favorable risk reward in shares Weak demand growth High supply growth next two years Risks: Improvement in Western economic growth Strong auto demand growth More backhaul cargoes Limited fleet growth Strong, disciplined operators Risks: Bunker prices, slow recovery for H&H/mining equipment Huge US export potential in the latter part of this decade Speculative newbuildings delivered in 214/15. Risks: LNG project delays, arbitrage opportunities, gas co s shipping involvement, lack of non-fta approvals US LPG exports increasing rapidly Largest demand growth in FE => Increased sailing distances Limited fleet growth in 214 Risks: Over-ordering of tonnage, export terminal delays

6 Tanker Sector Recommendations TANKERS Ticker Target Upside / Share price Share Mcap Liquidity Float Recommendations Bloomberg (local) Downside (local) (currency) (USDm) ($m pd) % Ardmore Shipping Corp ASC US % 13.1 USD % Concordia Maritime CCORB SS % 14.8 SEK % d'amico Intl. Shipping DIS IM.7 63 %.4 EUR % DHT Holdings DHT US % 7.2 USD % Euronav EURN BB % 9.1 EUR 1, % Frontline FRO NO % 16.8 NOK % Frontline 212 FRNT NS % 43. NOK 1, % Hafnia Tankers HAFNIA NS n/a n/a 57. NOK 444. n/a Navig8 Crude BLUE NS n/a n/a 83. NOK % Navig8 Product Tankers EIGHT NS % 67. NOK % Navios Mar. Acquisition NNA US % 3.4 USD % Nordic American Tankers NAT US n/a n/a 9. USD % Scorpio Tankers STNG US % 9.6 USD 1, % Ship Finance Intl. SFL US % 19.1 USD 1, % Tanker Investments Ltd TIL NO n/a n/a 69.8 NOK % Teekay Corp TK US n/a n/a 56.4 USD 3, % Teekay Tankers TNK US 4.2 % 4.2 USD % Torm TORM DC %.6 DKK % Tsakos Energy Nav. TNP US % 6.9 USD % Median 31 % % 6

7 Tanker Sector Valuation Matrix TANKERS Share price Share price Mcap NAV/share P/NAV EV/GAV EV/EBITDA adj. P/E adj. P/B Dividend yield Overview pricing Ticker (local) (currency) (USDm) (local) (1/5) (2/6) 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e Ardmore Shipping Corp ASC US 13.6 USD x 8.4x 5.7x nm 1.3x 6.5x.7x.7x.7x 3.1 % 3.1 % 3.1 % Concordia Maritime CCORB SS SEK x 8.9x 6.2x nm 11.7x 4.9x.5x.5x.5x. %. % 1.2 % d'amico Intl. Shipping DIS IM.43 EUR x 6.x 4.9x nm 5.7x 3.4x.7x.6x.5x. %. %. % DHT Holdings DHT US 7.23 USD x 8.7x 5.9x nm 24.x 8.5x 1.x 1.x.9x 1.1 % 1.1 % 1.1 % Euronav EURN BB 9.5 EUR 1, x 7.9x 5.5x nm 14.4x 6.9x 1.x.9x.8x. %. %. % Frontline FRO NO 16.8 NOK x 9.7x 4.8x nm nm 4.7x nm nm nm. %. %. % Frontline 212 FRNT NS 43. NOK 1, x 15.1x 1.5x 38.2x 7.5x 5.x 1.6x 1.4x 1.1x 2.9 % 2.9 % 5.7 % Hafnia Tankers HAFNIA NS 57. NOK x 7.1x 5.4x nm 7.6x 5.9x.9x.8x.7x. %. %. % Navig8 Crude BLUE NS 83. NOK nm nm 13.x nm nm 9.3x 2.x 2.x 1.6x. %. %. % Navig8 Product Tankers EIGHT NS 67. NOK nm 44.2x 9.7x nm 44.7x 5.1x 1.1x 1.1x.9x. %. %. % Navios Mar. Acquisition NNA US 3.37 USD x 8.2x 6.2x 44.4x 6.9x 4.6x 1.1x 1.x.9x 5.9 % 5.9 % 5.9 % Nordic American Tankers NAT US 8.98 USD x 1.2x 7.4x nm nm 42.2x.9x.9x 1.x 7.9 % 7.3 % 7.3 % Scorpio Tankers STNG US 9.64 USD 1, x 11.6x 9.2x nm 14.x 9.5x 1.3x 1.3x 1.3x 3.9 % 5.6 % 7.3 % Ship Finance Intl. SFL US USD 1, x 16.3x 2.9x 3.3x 25.4x nm 1.6x 1.7x 2.x 8.2 % 8.2 % 8.2 % Tanker Investments Ltd TIL NO NOK x 8.3x 5.3x 46.5x 9.3x 6.3x 1.x.9x.8x. %. %. % Teekay Corp TK US USD 3, x 11.3x 1.7x 33.x 17.2x 14.9x 4.5x 5.3x 6.x 2.2 % 2.2 % 2.2 % Teekay Tankers TNK US 4.22 USD x 8.x 5.1x 16.9x 6.1x 3.3x 1.2x 1.x.8x 2.8 % 2.8 % 2.8 % Torm TORM DC.61 DKK x 6.6x 7.5x nm 1.6x 5.x nm nm nm. %. %. % Tsakos Energy Nav. TNP US 6.92 USD x 7.1x 5.4x 8.8x 5.1x 2.9x.4x.4x.4x 2.9 % 2.9 % 2.9 % Median x 8.6x 6.2x 33.x 9.8x 5.5x 1.x 1.x.9x.8% 1.1% 2.2% TANKERS Rep. curncy Mcap EV Net liab. Capex NAV GAV EBITDA Net income Net debt EPS Estimates millions (1) (1+3+4=2) (3) (4) (6-3-4=5) (6) 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e Ardmore Shipping Corp USD Concordia Maritime SEK 74 2,21 1, ,486 2, ,585 1,686 1, d'amico Intl. Shipping USD DHT Holdings USD , Euronav USD 1,625 3, ,322 1,316 2, ,628 1,47 1, Frontline USD 26 1, Frontline 212 USD 1,733 2, ,38 3, Hafnia Tankers USD , Navig8 Crude USD 476 1, , , Navig8 Product Tankers USD 345 1, , , , Navios Mar. Acquisition USD 537 1,912 1, , ,27 1, Scorpio Tankers USD 1,916 3, ,191 1,449 3, ,348 1,66 1, Ship Finance Intl. USD 1,782 4,942 2, , ,332 2,275 2, Tanker Investments Ltd USD Teekay Corp USD 3,99 5,638 1, ,629 3, ,94 1, ,664 6,57 6, Teekay Tankers USD 357 1, , Torm USD 78 1,659 1, , ,634 1,486 1, Tsakos Energy Nav. USD 494 2,264 1, , ,88 1,112 1, Average 851 2, , ,46 1,19 1,

8 Tanker Sector Earnings Expectations TANKERS EBITDA FS estimates EBITDA consensus EBITDA difference EPS FS estimates EPS consensus EPS Difference FS est vs. Consensus Currency 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e Ardmore Shipping Corp USD % -1 % % % 1 % 68 % Concordia Maritime SEK % 7 % 1 % % 43 % 3 % d'amico Intl. Shipping USD % 6 % 27 % % 77 % 95 % DHT Holdings USD % 1 % 19 % % -14 % 11 % Euronav USD % % 11 % % 47 % 47 % Frontline USD % % 36 % % 3 % 131 % Frontline 212 USD % -3 % % % 55 % 28 % Hafnia Tankers USD n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Navig8 Crude USD 4 99 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Navig8 Product Tankers USD n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Navios Mar. Acquisition USD % -1 % % % 14 % 4 % Nordic American Tankers USD % -13 % -14 % % nm -59 % Scorpio Tankers USD % -4 % % % -24 % % Ship Finance Intl. USD % -11 % -33 % % -56 % -9 % Tanker Investments Ltd USD n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Teekay Corp USD 978 1,94 1, ,4 1,22 15 % 5 % -1 % % 123 % 95 % Teekay Tankers USD % 14 % 53 % %.56 1 % Torm USD % % % % -2 % 9 % Tsakos Energy Nav. USD % 1 % 9 % % 84 % 126 % 2 Consensus EBITDA index 214 FRO-NO NAT-US TNK-US 16 Consensus EBITDA Index 215 FRO-NO NAT-US TNK-US

9 Tanker Sector Historical Rates and Rate Assumptions Crude Tanker Segment Size range Unit E 215E 216E 1q14E 2q14E 3q14E 4q14E VLCC CRUDE 2,+ DWT 17,2 2,44 14,75 23,193 35, 41,793 29,373 13,4 22,5 27,5 Suezmax CRUDE 12-2, DWT 19,6 17,738 15,835 21,81 27, 31,16 31,41 14,2 18,9 23,1 Aframax CRUDE 8-12, DWT 13,6 14,885 13,169 2,7 21,5 26,212 29,31 15,5 17,1 2,9 Product Tanker Segment Size range Unit E 215E 216E 1q14E 2q14E 3q14E 4q14E LR2 PRODUCT 8-12, DWT 1,4 12,634 13,494 14,865 21,5 26,848 1, 14, 16,92 18,54 LR1 PRODUCT 6-8, DWT 7,7 13,16 12,23 13,873 2, 22,191 11, 11, 15,98 17,51 MR PRODUCT 4-6, DWT 7,6 12,565 14,846 13,1 19,5 2,5 1,5 9, 15,51 16,995 SR PRODUCT 3-4, DWT 12,8 11,864 12,278 14,22 18,525 17,546 16, 1, 14,735 16,145 1, Crude tanker rates 45, Product tanker rates 9, 8, 7, 6, a y / d 5, S D U 4, 3, 2, 1, VLCC Suezmax Aframax 4, 35, 3, a y 25, / d S D 2, U 15, 1, 5, LR2 LR1 MR SR 9

10 Tanker Sector USDm Ship Values Type Segment Size range Unit NB '14 resale 5 yr old 1 yr old 15 yr old Scrap VLCC CRUDE 2,+ DWT Suezmax CRUDE 12-2, DWT Aframax CRUDE 8-12, DWT Type Segment Size range Unit NB '14 resale 5 yr old 1 yr old 15 yr old Scrap LR2 PRODUCT 8-12, DWT LR1 PRODUCT 6-8, DWT MR PRODUCT 4-6, DWT SR PRODUCT 3-4, DWT NB SH NB DH 5-year 1-year Scrap VLCC values 12% 1% 8% 6% VLCC Values vs. NB price 6 4% 4 2 2% % 5-year 1-year 1

11 Tanker Sector Share Price Performance Share price performance last week Share price since high/low last 12 months TANKERS %+/- from last week TANKERS %+/- from 52w High/Low FRO 22 % Euronav -17 % 129 % DHT 11 % DHT -16 % 81 % Euronav 9 % TK Tankers -17 % 69 % Tsakos 6 % Tsakos -18 % 53 % FRO % TK Corp -1 % 52 % SFL 4 % FRO -51 % 37 % TK Tankers 3 % SFL -1 % 28 % NAT 3 % NAT -28 % 2 % TK Corp 3 % Scorpio1 % Scorpio FRO % 12 % -18 % 8 % % 52 week high % 52 week low % 5 % 1 % 15 % 2 % 25 % -1 % -5 % % 5 % 1 % 15 % 11

12 Tanker Sector Crude Tanker Market Drivers CRUDE TANKERS Theme Country Measure F. Latest Last 1 period 1 year Absolute change % change m trend report date figure ago ago p/p y/y p/p y/y Absolute % YoY p/p y/y Tonne-miles US tonne-miles Demand US billion M 3.apr %.7% -5 % 3 % Japan tonne-miles Demand Japan billion M 31.mar (7.1) 11.% (7.4%) 8 % % China tonne-miles Demand China billion M 31.mar (6.6) 4.% (4.1%) 9 % 8 % S. Korea tonne-miles Demand S. Korea billion M 3.jun (1.9) (6.1) (3.5%) (1.5%) -2 % -2 % Total tonne-miles Demand Total billion M 31.mar (8.8) 7.% (2.%) 3 % 4 % Crude Production OPEC-12 production Oil production OPEC mbpd M 31.jul (.1) (.7) (.3%) (2.3%) % -2 % Saudi-Arabia Production Oil production Saudi-Ara mbpd M 31.jul %.2% 2 % 2 % US Crude Oil Prod. Oil production US mbpd M 31.jul % 11.9% 3 % 14 % Inventories US Crude Oil Stocks ex. SPR Inventory US mb W 9.aug % 1.8% -2 % % US Gasoline Stocks Inventory US mb W 9.aug (1.2) (9.7) (.5%) (4.4%) -1 % -4 % US Destillate Stocks Inventory US mb W 9.aug (2.4) (6.) (1.9%) (4.7%) 7 % -2 % Crude Import US Crude Oil Imports, excl. SPR Oil Imports US mbpd M 31.jul (.4) 6.6% (5.2%) 3 % -3 % China Crude Oil Imports Oil Imports China mbpd M 31.jul (.6) 2.1% (9.%) -2 % 1 % South Korea Crude Oil Imports Oil Imports S. Korea mbpd M 3.jun (.1).9% (5.2%) -5 % -3 % Japan Crude Oil Imports Oil Imports Japan mbpd M 3.jun (.4) (.3) (1.8%) (8.1%) -16 % -5 % India Crude Oil Imports Oil Imports India mbpd M 3.jun % 12.3% 3 % % Ship rates VLCC MEG-Japan 1m Rates AG-Japan USD/day W 9.aug.14 18,56 2,784 2,193 (2,224) 16,366 (1.7%) 746.2% -12 % % Suezmax WAF-USG Rates WAF-USG USD/day W 16.aug.14 13,14 17,542 17,84 (4,528) (4,7) (25.8%) (23.8%) 115 % 87 % Other oil market data Brent Cont./Backward. (3-1m) Commodities Global USD/bl W 16.aug (1.94) (.2) 2.93 (2.%) (151.%) -76 % -84 % NYMEX cracking margins Commodities US USD/bl W 16.aug (1.5) (.5) (7.1%) (2.4%) -12 % -9 % Refinery utilization Commodities US % W 9.aug % 92.4% 89.4% -.8% 2.2% (.9%) 2.5% 3 % 1 % Crude Oil Floating storage Storage Global mb W 9.aug (6.6) 24.2 (5.1%) 24.6% 11 % 14 % Fleet overview Crude Tanker Fleet in Service Fleet Global DWT mill W 16.aug %.5% % % Crude Orderbook % of Fleet Orderbook Global % of fleet W 16.aug % 12.7% 1.2% -.1% 2.5% 12.7% 1.2% % 23 % Crude Fleet avg. Speed Index Speed Global Index W 16.aug (.2).5% (2.8%) -2 % -3 % 12

13 Tanker Sector Product Tanker Market Drivers PRODUCT TANKER MARKET Theme Country Measure F. Latest Last 1 period 1 year Absolute change % change m trend report date figure ago ago p/p y/y p/p y/y Absolute % YoY p/p y/y Product Exports & Imports US Petroleum consumption Consumption US m bpd W 9.aug (.5).7-2.5% 3.9% 3 % % US Product Exports Exports US mb/month M 3.nov (3.4) 13.4 (2.9%) 13.2% 3 % 16 % US Product Imports Imports US mb/month M 31.mai (3.) 8.7% (4.3%) 16 % -6 % US Gasoline consumption Consumption US m bpd W 9.aug (.4) (.3) -4.7% -2.9% 3 % % China Product Imp. & Exp. Import & Export China mb/month M 31.jul (3.2) (8.1) (9.5%) (21.%) -1 % -26 % S. Korea Product Imp. & Exp. Import & Export S. Korea mb/month M 3.jun (3.8) (2.4) (5.8%) (3.8%) -7 % -2 % Japan Product Imp. & Exp. Import & Export Japan mb/month M 3.jun (1.2).6% (3.7%) -14 % -8 % Inventories US Crude Oil Stocks ex. SPR Inventory US mb W 9.aug ,19 365,618 36,49 1,41 6,529.4% 1.8% -2 % % US Gasoline Stocks Inventory US mb W 9.aug , , ,43 (1,16) (9,741) (.5%) (4.4%) -1 % -4 % US Destillate Stocks Inventory US mb W 9.aug ,52 124, ,482 (2,421) (5,98) (1.9%) (4.7%) 7 % -2 % Fleet overview Product Tanker Fleet in Service Fleet Global DWT mill W 16.aug (.1) (.9) (.2%) (1.7%) -1 % -1 % Product Orderbook % of Fleet Orderbook Global % of fleet W 16.aug % 14.9% 12.3%.% 2.6% 14.9% 12.3% % 3 % Prod. Fleet avg. Speed Index Speed Global Index W 16.aug (.3) 1.2% (4.3%) % -8 % Ship rates LR2 AG-Far East Rates AG-FE USD/day W 16.aug.14 23,253 22,932 5, , % 361.9% 9 % 133 % LR1 AG-Far East Rates AG-FE USD/day W 16.aug.14 15,175 16,333 8,57 (1,158) 6,65 (7.1%) 77.1% 18 % 4 % MR Med-USG Rates Med-USG WS W 16.aug (2) 2.4% (16.%) -2 % -25 % Other data DOE refinery Utilization Refinery US % W 9.aug % 92.4% 89.4% -.8% 2.2% 92.4% 89.4% 3 % 1 % 13

14 Dry Bulk Sector Recommendations DRY BULK Ticker Target Upside / Share price Share Mcap Liquidity Float Recommendations Bloomberg (local) Downside (local) (currency) (USDm) ($m pd) % DS Norden DNORD DC % DKK 1, % Diana Shipping DSX US % 1.7 USD % Eagle Bulk Carriers EGLE US % 1.5 USD % Golden Ocean GOGL NO % 11.1 NOK % Navios Maritime Holdings NM US % 8.8 USD % Navios Mar. Partners NMM US n/a n/a 2.1 USD 1, % Pacific Basin 2343 HK % 4.8 HKD 1, % Jinhui Shipping JIN NO % 19.1 NOK % Knightsbridge VLCCF US % 12.7 USD 1, % Scorpio Bulkers SALT US % 7.8 USD 1, % Star Bulk Carriers Corp. SBLK US % 12.7 USD 1, % Belships BEL NO % 5.5 NOK % Baltic Trading BALT US % 5.8 USD % China COSCO 1919 HK % 3.6 HKD 1, % CMB CMB BB % 17.8 EUR % Dryships DRYS US % 3.2 USD 1, % Excel Maritime EXM US n/a n/a.1 USD 6 n/a n/a Genco Shipping GNK US %.8 USD nm.45 #N/A Average 17 % 838 #N/A 14

15 Dry Bulk Sector Valuation Matrix DRY BULK Share price Share price Mcap NAV/share P/NAV EV/GAV EV/EBITDA adj. P/E adj. P/B Dividend yield Overview pricing Ticker (local) (currency) (USDm) (local) (1/5) (2/6) 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e DS Norden DNORD DC DKK 1, x 4.3x 4.2x nm 8.8x 9.1x.9x.8x.8x. % 2.9 % 2.8 % Diana Shipping DSX US 1.69 USD x 7.7x 5.4x nm 17.x 9.9x.7x.7x.6x. %. %. % Eagle Bulk Carriers EGLE US 1.49 USD x 6.4x 5.8x nm nm nm.1x.1x.1x. %. %. % Golden Ocean GOGL NO NOK x 8.8x 8.6x nm 1.6x 9.8x 1.4x 1.4x 1.6x 8.3 % 13.8 % 16.6 % Navios Maritime Holdings NM US 8.84 USD x 9.9x 9.1x nm nm nm.9x 1.x 1.x 2.7 % 2.7 % 2.7 % Navios Mar. Partners NMM US 2.6 USD 1, x FALSE 8.3x 35.3x FALSE FALSE 2.3x FALSE FALSE 8.8 % 8.8 % 8.8 % Pacific Basin 2343 HK 4.76 HKD 1, x 6.9x 5.6x nm 9.6x 6.5x.9x.9x.8x.3 % 5.2 % 7.7 % Jinhui Shipping JIN NO 19.1 NOK x 3.8x 3.2x nm 7.9x 8.3x.3x.3x.3x. %. %. % Knightsbridge VLCCF US USD 1, x 12.x 8.x nm 1.1x 8.7x 3.5x 4.3x 3.7x 6.3 % 6.3 % 7.9 % Scorpio Bulkers SALT US 7.84 USD 1, nm 17.9x 7.1x nm 14.6x 4.4x 1.x 1.x 1.x. % 6.9 % 22.9 % Star Bulk Carriers Corp. SBLK US USD 1, x 9.x 5.7x 32.x 6.6x 4.1x 1.1x.9x.7x. %. %. % Belships BEL NO 5.46 NOK x 1.3x 7.4x 23.4x 11.3x 7.3x.6x.6x.5x. %. %. % Baltic Trading* BALT US 5.84 USD x 9.9x 8.9x n/a 19.9x n/a.9x.9x.9x 1.7 % 4.4 % 6.2 % China COSCO* 1919 HK 3.57 HKD 1, x 1.6x nm nm 57.3x 18.7x 1.3x 1.3x 1.1x. %. %.3 % CMB* CMB BB EUR x nm nm 12.5x nm nm.8x n/a nm 5.7 % 5.7 % Dryships* DRYS US 3.2 USD 1, x 5.6x 5.5x 97.9x 8.1x nm.4x.4x.4x. %. % 2.1 % Excel Maritime* EXM US.7 USD nm nm nm nm nm nm nm nm nm nm nm nm Genco Shipping* GNK US.79 USD nm nm nm nm nm nm nm nm nm nm nm n/a Median x 8.9x 6.4x 32.x 1.4x 8.5x.9x.9x.8x.% 2.8% 2.7% * Consensus numbers DRY BULK Rep. curncy Mcap EV Net liab. Capex NAV GAV EBITDA Net income Net debt EPS Estimates millions (1) (1+3+4=2) (3) (4) (6-3-4=5) (6) 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e DS Norden USD 1,35 1, ,554 1, Diana Shipping USD 886 1, ,56 1, Eagle Bulk Carriers USD 25 1,145 1, , , Golden Ocean USD 88 1, , Navios Maritime Holdings USD 98 2,215 1, , ,385 1,35 1, Navios Mar. Partners USD 1,454 1, , FALSE FALSE FALSE FALSE FALSE Pacific Basin USD 1,189 2, ,273 2, Jinhui Shipping USD Knightsbridge USD 1,46 2, ,225 1,7 2, , Scorpio Bulkers USD 1,46 3, ,257 1,2 3, ,95 1, Star Bulk Carriers Corp. USD 1,54 2, , , ,155 1, Belships USD Baltic Trading* USD China COSCO* CNY 9,213 72,311 47,429 15,669-5,373 57,725 3,967 7,945 9,91-1, ,31 47,338 5,815 5, CMB* EUR 623 2,672 1, , FALSE na na.4.6 FALSE Dryships* USD 1,456 5,758 3, ,962 6, ,147 1, ,973 5,98 4, Excel Maritime* USD 6 1,111 1, FALSE FALSE FALSE Genco Shipping* USD nm nm 1, , FALSE FALSE 1,425 1,354 1, FALSE Average** 815 1, , * Consensus numbers, ** USD only 15

16 Dry Bulk Sector Earnings Expectations DRY BULK EBITDA FS estimates EBITDA consensus EBITDA difference EPS FS estimates EPS consensus EPS Difference FS est vs. Consensus Currency 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e DS Norden USD % 31 % 8 % % 37 % 27 % Diana Shipping USD % 2 % 9 % % 38 % 11 % Eagle Bulk Carriers USD % 1 % % % 21 % n/a Golden Ocean USD % 12 % -2 % % 32 % 3 % Navios Maritime Holdings USD % -23 % -28 % nm -95 % Navios Mar. Partners USD 154 FALSE % -1 % -3 %.57 FALSE FALSE % -1 % -1 % Pacific Basin USD % 12 % 12 % % 6 % 58 % Jinhui Shipping USD % -4 % n/a % -1 % n/a Knightsbridge USD % % -3 % % 1 % -22 % Scorpio Bulkers USD n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Star Bulk Carriers Corp. USD n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Belships USD n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Average % -7 % -1 % % 15 % -12 % Consensus EBITDA index 214 Consensus EBITDA Index GOGL-NO DNORD-DK 2343-HK 14 GOGL-NO DNORD-DK 2343-HK

17 Dry Bulk Sector Historical Rates and Rate Assumptions Dry bulk Segment Size range Unit E 215E 216E 1q14E 2q14E 3q14E 4q14E Capesize DRY BULK 17-2, DWT 15,3 8,297 14,5 17,91 27,5 27,5 18,341 13,7 18, 21,6 Panamax DRY BULK 65-8, DWT 14, 5,274 8,346 11,768 18, 18, 12,273 7,5 12,6 14,7 Supramax DRY BULK 5-65, DWT 14,3 11,62 1,468 1,56 16,2 16,2 7,671 1, 11,34 13,23 Handymax DRY BULK 39-5, DWT 12,8 7,676 9,9 1,346 15,4 15,4 8,982 9, 1,8 12,6 Handysize DRY BULK 2-38, DWT 11,6 7,853 8,4 9,546 13,1 13,1 1,293 8, 9,18 1,71 12, 11, 1, 9, 8, a y 7, / d 6, S D U 5, 4, 3, 2, 1, Dry bulk spot rates Capesize Panamax Supramax 17

18 Dry Bulk Sector Ship Values Type Segment Size range Unit NB '14 resale 5 yr old 1 yr old 15 yr old Scrap Capesize DRY BULK 17-2, DWT Panamax DRY BULK 65-8, DWT Supramax DRY BULK 5-65, DWT Handymax DRY BULK 39-5, DWT Handysize DRY BULK 2-38, DWT Dry Bulk Second-hand prices, 5-year old vessels 5-year value as % of NB price 18% Capesize 16% Panamax 14% 12% 1% 8% 6% 4% 2% % Capesize 5 yr Handymax 5 yr Panamax 5 yr Cape scrap value 18

19 Dry Bulk Sector Share Price Performance Share price performance last week Share price since high/low last 12 months Eagle Bulk Jinhui GOGL Safe Baltic VLCCF Navios DRYS Norden Diana Pacific Basin Mitsui OSK NYK CMB China COSCO China Sh. Dev. NMM U-Ming Daiichi C.K. Inui Korea Line DRY BULK %+/- from last week 24 % 22 % 19 % 15 % 13 % 12 % 12 % 11 % 11 % 9 % 8 % 7 % 7 % 7 % 7 % 4 % 3 % 3 % 3 % -3 % 33 % -1 % % 1 % 2 % 3 % 4 % VLCCF DRYS Jinhui Safe China Sh. Dev. GOGL Navios Eagle Bulk NMM Baltic Korea Line Diana China COSCO Norden Pacific Basin Mitsui OSK CMB NYK Inui U-Ming Daiichi C.K. Dry BULK %+/- from 52w High/Low -22 % -36 % -38 % -27 % -11 % -29 % -27 % -83 % -1 % -26 % -55 % -23 % 35 % 21 % -18 % 2 % -37 % 13 % -16 % 12 % -22 % 12 % -22 % 1 % -131 % % -26 % 1 % -13 % 9 % -29 % 6 % 76 % 71 % 59 % 58 % 56 % 55 % 55 % 46 % 45 % 4 % % 52 week high % 52 week low -1 % -5 % % 5 % 1 % 19

20 Dry Bulk Sector Dry Bulk Market Drivers DRY BULK Theme Country Measure F. Latest Last 1 period 1 year Absolute change % change m trend report date figure ago ago p/p y/y p/p y/y Absolute % YoY p/p y/y Key Economic Data Chinese I.P. Ind. Prod. China % YoY M 31.jul.14 9.% 9.2% 9.7% -.2% -.7% 9.2% 9.7% -1 % -3 % China Manufacturing PMI PMI China Index, sa M 31.jul % 2.8% 2 % 2 % China Bus Cycle Signals Business condition China Index M 3.jun (4.) (9.4) (4.7%) (1.4%) 1 % -5 % China CEMAC Leading Economic I Leading indicator China Index M 3.jun %.2% % % China Real Estate Climate Index Housing market China Index M 31.jul (.) (2.6) (.%) (2.6%) -2 % -2 % Beijing 2. hand House Prices Housing prices China % YoY M 3.jun % 7.4% 14.1% -2.7% -9.4% 7.4% 14.1% -52 % -41 % Chinese electricity production Other macro China KWh bn M 31.jul % 5.3% 11 % 7 % India I.P. Ind. Prod. India % YoY M 3.jun % 5.% -1.8% -1.6% 5.2% 5.% (1.8%) N/A N/A Steel Trade Data China Crude steel prod. Steel market China mill tons M 3.jun (1.1) 4.6 (1.6%) 7.2% 4 % 5 % China Apparent Steel Demand Steel market China mill tons M 3.jun (.2) 2.9 (.4%) 4.8% 2 % 2 % China Steel Rebar (25mm) Price Commodity Prices China USD/ton W 16.aug (3.) (76.) (.6%) (13.%) -4 % -9 % Iron Ore Trade Data China Iron Ore imports Iron Ore Trade China mill tons M 31.jul % 12.8% 7 % 15 % China Iron Ore imp., Brazil Iron Ore Trade China mill tons M 3.jun (.) 4.3 (.2%) 52.6% -6 % 21 % China Iron Ore imp., Australia Iron Ore Trade China mill tons M 3.jun % 31.9% 17 % 35 % China Iron Ore Port Inventories Iron Ore Trade China mill tons M 31.jul (.1) 3.4 (.9%) 47.4% 4 % 49 % Brazil Iron Ore Exp. Iron Ore Trade Brazil mill tons M 31.jul % 5.% 27 % 1 % Vale Total Shipments Shipments Global DWT mill W 19.jul % 5.6% 3 % -3 % China Iron Ore Imp. Price (Qing.) Commodity Prices China USD/ton W 9.aug (42.).% (28.2%) -15 % -25 % Coal Trade Data Chinese Coal Imports Coal market China mill tons M 31.jul (2.) (5.6) (8.1%) (19.6%) -4 % -3 % China Coal Imports Australia Coal market China mill tons M 3.jun (.1) 2.9 (1.4%) 58.4% 8 % 35 % China Coal Imports South Afr. Coal market China mill tons M 3.jun (.6) (.9) ####### (1.%) -61 % -5 % Australia Coal Export Coal market Australia mill tons M 3.jun %.9% 5 % 6 % Newcastle 1m Coal Futures Commodity Prices Australia USD/ton W 16.aug (.3) (8.5) (.4%) (1.7%) -4 % -12 % Grain Trade Data China soy bean imports Grain market China mill tons M 3.jun (.5) 7.% (7.8%) 23 % 18 % Brazil soy bean exports Grain market Brazil mill tons M 3.jun (.4).8 (4.6%) 1.6% 141 % 7 % Other Bulk Trade Data Brazil Sugar, Paper & Wood Other Commodities Brazil mill tons M 3.jun (.3) 5.% (9.2%) -3 % -8 % Fleet overview Dry Bulk Fleet in Service Fleet Global DWT mill W 16.aug % 6.3% 1 % 6 % Dry Bulk Orderbook % of Fleet Orderbook Global % of fleet W 16.aug % 22.2% 17.4%.3% 5.1% 22.2% 17.4% 4 % 28 % Dry Bulk Fleet avg. Speed Index Speed Global Index W 16.aug (.1) (.2) (1.5%) (2.8%) -2 % -3 % Newcastle Shipm. waiting time Fleet Australia Days/ship W 16.aug (2.5) 15.7% (43.1%) -2 % -51 % Rate Indexes Baltic Dry Index Rates Global Index W 16.aug.14 1, , (87) 3.6% (7.9%) -27 % -17 % Capesize Baltic index Rates Global Index W 3.mai.14 1,829 1,696 1, % 36.1% -24 % 67 % Panamax Baltic index Rates Global Index W 16.aug (12) 28.7% (13.%) -33 % -35 % Supramax Baltic index Rates Global Index W 16.aug (39) 9.1% (4.3%) -26 % -19 % Forward rates Capesize TC forward 1 month Rates Global USD/day W 9.aug.14 14,8 14,75 13, % 5.9% -28 % 35 % Capesize TC forward 1 year Rates Global USD/day W 9.aug.14 18,375 17,95 14, , % 27.2% -17 % 54 % 2

21 Container Sector Recommendations CONTAINER Ticker Target Upside / Share price Share Mcap Liquidity Float Recommendations Bloomberg (local) Downside (local) (currency) (USDm) ($m pd) % Maersk MAERSKB DC 14,194 7 % 13,3 DKK 52, % CSCL 2866 HK % 2.3 HKD 3, % K-Line 917 JP n/a n/a 231. JPY 2, % Mitsui OSK 914 JP n/a n/a 377. JPY 4, % Neptune Orient Lines NOL SP.8-17 % 1. SGD 1, % NYK 911 JP n/a n/a 297. JPY 4, % Orient Overseas 316 HK 6. 3 % 46.2 HKD 3, % Seaspan Corp SSW US % 22.9 USD 1, % Danaos Corp DAC US n/a n/a 5.6 USD % Costamare Inc CMRE US n/a n/a 23.5 USD 1, % Diana Containerships DCIX US n/a n/a 2.7 USD % Evergreen 263 TT n/a n/a 17.2 TWD 1, % Hanjin Shipping KS 7,. 15 % 6,8. KRW 1, % HMM 112 KS 8,. -32 % 11,8. KRW 1, % Wan Hai Lines 2615 TT n/a n/a 16.1 TWD 1, % Yang Ming Marine 269 TT na na 12.6 TWD 1, % Average -1 % 7,7 7 % 21

22 Container Sector Valuation Matrix CONTAINER Share price Share price Mcap NAV/share P/NAV EV/GAV EV/EBITDA adj. P/E adj. P/B Dividend yield Overview pricing Ticker (local) (currency) (USDm) (local) (1/5) (2/6) 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e Maersk MAERSKB DC 13,3. DKK 52,468 14, x 5.2x 4.4x 14.2x 13.1x 11.9x 1.3x 1.2x 1.1x 2.3 % 2.4 % 2.4 % CSCL 2866 HK 2.27 HKD 3,422 n/a n/a n/a 12.4x 6.3x nm 37.1x 7.4x nm.8x.7x.8x. %. %. % K-Line* 917 JP 231. JPY 2,12 n/a n/a n/a 6.x 5.x 1.4x 11.1x 8.x 2.2x.5x.5x.4x 2.2 % 2.8 % 3.7 % Mitsui OSK* 914 JP 377. JPY 4,443 n/a n/a n/a 9.7x 8.8x 4.x 8.5x 7.3x 3.3x.6x.6x.5x 1.6 % 1.9 % 2.3 % Neptune Orient Lines NOL SP.96 SGD 1, x 12.3x 8.x nm nm 9.9x 1.1x 1.1x 1.x.1 %. %. % NYK* 911 JP 297. JPY 4,934 n/a n/a n/a 8.x 7.1x 3.9x 12.3x 8.6x 4.5x.7x.6x.6x 1.9 % 2.4 % 3. % Orient Overseas 316 HK HKD 3, x 6.9x 4.4x 14.3x 7.6x 4.8x.8x.7x.7x 1.7 % 3.3 % 5.2 % Seaspan Corp SSW US USD 1,497 n/a n/a n/a 12.2x 11.2x 1.2x nm 17.5x 14.1x 1.1x 1.5x 1.4x 4.4 % 4.4 % 4.4 % Danaos Corp* DAC US 5.61 USD 615 n/a n/a n/a 8.8x 8.2x n/a 11.9x 6.x nm.9x.8x nm. %. %. % Costamare Inc* CMRE US USD 1,755 n/a n/a n/a 1.3x 1.x 8.5x 14.x 14.x #DIV/! 2.2x 2.1x 2.x 4.8 % 4.9 % 5.1 % Diana Containerships* DCIX US 2.74 USD 96 n/a n/a n/a 2.8x 1.x n/a 44.9x nm nm.6x.8x.8x 4.7 % 1.8 % Evergreen* 263 TT TWD 1,988 n/a n/a n/a 15.7x 12.7x n/a nm 252.5x nm 1.1x 1.1x nm. %.8 %.7 % Hanjin Shipping* KS 6,8. KRW 1,46 n/a n/a n/a 19.x 14.1x 1.4x nm nm nm 1.7x 1.9x 1.8x. %. %.2 % HMM* 112 KS 11,8. KRW 1,956 n/a n/a n/a 31.1x 16.6x n/a nm nm nm 5.7x 9.5x nm. %. %. % Wan Hai Lines* 2615 TT 16.1 TWD 1,191 n/a n/a n/a 6.4x 5.3x n/a #DIV/! #DIV/! nm 1.x #N/A nm 4.3 % 4.3 % 4.4 % Yang Ming Marine* 269 TT TWD 1,18 n/a n/a n/a 18.1x 12.4x n/a nm 76.8x nm 1.2x 1.2x nm.2 % 1.4 % 1.8 % Average 5, x 9.5x 6.1x #DIV/! #DIV/! #DIV/! 1.3x #N/A 1.x 1.8 % 1.9 % 2.2 % * Consensus numbers, ** USD only CONTAINER Rep. curncy Mcap EV Net liab. Capex NAV GAV EBITDA Net income Net debt EPS Estimates millions (1) (1+3+4=2) (3) (4) (6-3-4=5) (6) 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e Maersk USD 52,468 86,896 2,82 13,68 56,22 9,63 11,864 12,612 13,389 3,76 4,1 4,47 11,671 7, CSCL CNY 21,34 37,33 11,753 4,515 8,933 25,22 3,14 5, ,849-2,342 17,21 12,62 13, K-Line JPY 216,997 81, , , , , Mitsui OSK JPY 45,632 1,75,988 1,118, , ,419 1,695, Neptune Orient Lines USD 1,996 6,87 4, ,619 6, ,179 3,973 3, NYK JPY 53,798 2,21,542 1,62, ,39 67,73 2,35, , Orient Overseas USD 3,726 6,181 1, ,68 6, , ,949 1,739 1, Seaspan Corp USD 1,497 5,855 4, , ,698 3,724 3, Danaos Corp* USD 615 3,659 3,44 FALSE n/a n/a ,44 2,869 2, Costamare Inc* USD 1,755 4,175 1, n/a n/a FALSE 1,77 1,667 1, Diana Containerships* USD n/a n/a FALSE Evergreen* TWD 1,988 3, n/a n/a 6,67 8,721 14, ,35 27,991 48,37 53, Hanjin Shipping* KRW 1,46 1,468 7 n/a n/a ,828 6,265 6,99-2,421-1,16 35 HMM* KRW 1,956 1,962 5 n/a n/a ,622 5,922 5,365-1, Wan Hai Lines* TWD 1,191 1, n/a n/a 7,542 8,37 9,589 FALSE FALSE FALSE 7,9 7,378 7, Yang Ming Marine* TWD 1,18 3,666 2, n/a n/a 6,295 9,16 14,16-3, ,797 64,369 7,168 67, Average** 8,879 16,269 5,186 2,571 15,426 26,939 1,992 2,173 2, ,129 3,777 3,112 1, * Consensus numbers, ** USD only 22

23 Container Sector Earnings Expectations CONTAINER EBITDA FS estimates EBITDA consensus EBITDA difference EPS FS estimates EPS consensus EPS Difference FS est vs. Consensus Currency 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e 214e 215e 216e Maersk USD 11,864 12,612 13,389 12,49 13,827 14,625-4 % -9 % -8 % % -18 % -2 % CSCL CNY 3,14 5,462-1,458 2,384 3, % 129 % -1 % % 36 % -261 % K-Line* JPY % 51 % n/a % 333 % n/a Mitsui OSK* JPY % 42 % n/a % 13 % n/a Neptune Orient Lines USD % -5 % -2 % % -1 % 9 % NYK* JPY % 5 % n/a % 77 % n/a Orient Overseas USD , % 9 % 28 % % 51 % 75 % Seaspan Corp USD % -5 % -19 % % 1 % -12 % Average 2,13 2,572 2,56 1,969 2,312 2,62 17 % 33 % -2 % % 98 % -42 % 12 Consensus EBITDA index HK N3-SG 2866-HK 12 Consensus EBITDA Index HK N3-SG 2866-HK

24 Container Sector Share Price Performance Share price performance last week Share price since high/low last 12 months LINERS %+/- from last week LINERS %+/- from 52w High/Low HMM Box Ships OOCL K-Line CSCL Maersk Hanjin TUI AG Wan Hai Diana Containerships Yang Ming Costamare Evergreen Seaspan GSL NOL CSAV Danaos -5 % -8 % 15 % 13 % 13 % 1 % 7 % 5 % 5 % 5 % 5 % 4 % 4 % 4 % 2 % 2 % 2 % 1 % Danaos Costamare OOCL Maersk HMM CSCL TUI AG Box Ships Seaspan CSAV Diana Containerships Wan Hai K-Line Hanjin GSL Evergreen Yang Ming NOL -28 % 53 % -6 % 48 % -5 % 44 % -9 % 39 % -57 % 38 % -4 % 32 % -23 % 27 % -69 % 22 % -9 % 18 % -3 % 17 % -39 % 15 % % % -17 % 14 % -41 % 11 % -4 % 9 % -117 % % 52 week high -145 % %% % 52 week low -1 % -5 % % 5 % 1 % 15 % 2 % -1 % -5 % % 5 % 1 % 24

25 Port & Terminal Sector Share Price Performance Share price performance last week Share price since high/low last 12 months PORTS/TERMINALS %+/- from last week PORTS/TERMINALS %+/- from 52w High/Low Dalian Port 5 % Dalian Port % 52 week high -7 % 47 % Hutchison Port Holdings Hamburger Hafen 3 % 4 % DP World Ltd. Hutchison Port Holdings % 52 week low -7 % 38 % -11 % 17 % Vopak China Merchants 2 % 3 % China Merchants Holdings Hamburger Hafen -13 % 14 % -111 % % DP World Ltd. % Vopak -27 % 4 % COSCO Pacific 2 % COSCO Pacific -6 % 25 % % 1 % 2 % 3 % 4 % 5 % -1%-8% -6% -4% -2% % 2% 4% 6% 25

26 Container Sector E Jan-7 May-7 Sep-7 Jan-8 May-8 Sep-8 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 1q7 2q7 3q7 4q7 1q8 2q8 3q8 4q8 1q9 2q9 3q9 4q9 1q1 2q1 3q1 4q1 1q11 2q11 3q11 4q11 1q12 2q12 3q12 4q12 1q13 2q13 3q13 4q13 1q14 Historical Rates and EBIT Margins 1,6 1,5 1,4 1,3 1,2 1,1 1, SCFI (spot) vs. CCFI (spot+contracts) YTD Shanghai Containerized Freight Index China Containerized Freight Index 2% 15% 1% 5% % -5% -1% -15% -2% Container EBIT margin Maersk, NOL and OOIL vs. market Min / Max Average Maersk Line NOL OOIL 2% Container EBIT margin % QoQ CCFI vs. EBIT margins 15% 1% 5% % -5% -1% 3% 2% 1% % y =.5296x -.51 R² = % -2% Min / Max Average -1% -2% -2% -1% % 1% 2% 3% 26

27 Container Sector Fleet Overview: Major Operators and Vessel Owners 2 largest liner operators Ow n TC-in Total Sailing Fleet Orderbook % of sailing fleet % fleet Name Ticker # ships TEUs # ships TEUs # ships TEUs Avg. TEU Avg. age* # ships TEUs Avg. TEU Ow n TC-in Orderb. >8k TEU APM-Maersk MAERSKB DC 249 1, , ,729 4, ,849 56% 44% 8% 58% Mediterranean Shg Co not listed 193 1, , ,478 5, ,219 43% 57% 18% 56% CMA CGM Group not listed , ,593 3, ,514 34% 66% 23% 66% Evergreen Line 263 TT , ,514 59% 41% 27% 45% COSCO Container L HK , ,64 59% 41% 8% 44% Hapag-Lloyd TUI1 GR** , #DIV/! 56% 44% % 6% CSCL 2866 HK , ,439 72% 28% 18% 66% Hanjin Shipping KS , ,674 43% 57% 1% 77% APL NOL SP , #DIV/! 66% 34% % 63% MOL 914 JP , ,239 36% 64% 2% 24% OOCL 316 HK , ,888 69% 31% 7% 73% NYK Line 911 JP , , 59% 41% 22% 34% Hamburg Süd Group not listed , ,41 51% 49% 24% 35% Yang Ming Marine Transp269 TT , ,48 55% 45% 54% 39% Hyundai M.M. 112 KS , ,451 38% 62% 19% % K Line 917 JP , ,87 35% 65% 19% 5% PIL (Pacific Int. Line) not listed , ,889 69% 31% 12% 49% Zim ILCO IT** , #DIV/! 4% 6% % 54% UASC not listed , n/a 64% 36% 85% 8% CSAV Group VAPORES CI , ,3 35% 65% 27% 76% * Owned ships, ** part of non-shipping conglomerates 2 largest vessel ow ners Ow n TC-in Total Sailing Fleet Orderbook % of total fleet % fleet Name Ticker # ships TEUs # ships TEUs # ships TEUs Avg. TEU Avg. age* # ships TEUs Avg. TEU Ow n TC-in Orderb. >8k TEU Reederei C.-P. Offen not listed na na , #DIV/! 1% na % 64% Blue Star Holding not listed na na , na 1% na % 47% Seaspan Corp. SWW US na na , ,765 1% na 95% 75% Peter Dohle Schiff. not listed na na , ,552 1% na 12% 27% Danaos Shpg. DAC US na na , na 1% na % 52% Zodiac Maritime Agy. not listed na na , ,697 1% na 83% 57% NVA Norddeutsche not listed na na , na 1% na % 3% NSB Niederelbe not listed na na , na 1% na % 26% Costamare Shipping not listed na na , ,269 1% na 45% 59% Rickmers Reederei CMRE US na na , ,4 1% na 18% 3% Shoei Kisen K.K. not listed na na , na 1% na 38% 34% Schulte Group not listed na na , ,96 1% na 14% 22% Technomar Shpg. Inc. not listed na na , na 1% na 11% % NSC Schiffahrt not listed na na , na 1% na 32% 25% Hansa Treuhand not listed na na , na 1% na 25% % Thomas Schulte not listed 29 9 na na , ,413 1% na 8% % Hermann Buss not listed na na , na 1% na % % Leonhardt & Blumberg not listed na na , ,646 1% na 5% % Gebab not listed na na , na 1% na % % Kaisho Shipping Co. not listed na na , na 1% na % % 27