Strong Refinery Runs and Shrinking Orderbook Yielding High Dividends

May 4, 2016 Ardmore Shipping Corporation Strong Refinery Runs and Shrinking Orderbook Yielding High Dividends MORGAN STANLEY & CO. LLC Fotis Giannakoulis Fotis.Giannakoulis@morganstanley.com Sherif Elmaghrabi Sherif.Elmaghrabi@morganstanley.com +1 212 7613026 +1 212 7618192 Industry View InLine Stock Rating Overweight Price Target $11.50 ASC reported strong 1Q results, in line with estimates. Attractive refining margins and a shrinking orderbook set the stage for product tanker rates to strengthen, paving the way to a high dividend. At the same time, the company has excess cash for growth or buybacks as the stock trades below NAV. ASC reports strong 1Q results. ASC reported EPS of $0.26, in line with consensus' $0.27 (MSe $0.23). Average net daily revenue rose 2% QoQ to $16.5kpd, in line with out forecast. EBITDA of $18.8m (+10% QoQ) was in line with consensus' of $18.9m (MSe $18.4m). ASC's declared a 1Q16 dividend of $0.16, an 23% increase vs 4Q, offering a 7.1% annualized yield. (See: Exhibit 3) 3 Modest leverage and strong liquidity position provide room for accretive growth or buybacks. During 1Q, ASC completed the refinancing of all of its debt with three new facilities totaling $427m, including $45m available commitments to finance future acquisitions. The facilities extend ASC's debt maturities to 2022 and reduce the interest cost by ~90bp to L+250bp. At the end of 1Q, ASC had cash of $47m, which after the completion of the sale of its two small chemical tankers for $38.5m and the repayment of the $26m capital leases will bring the company's cash to $60m and its liquidity to over $100m. That would be sufficient to fund at least two more vessel acquisitions without new equity or buyback stock as it trades below its $11.5/sh NAV. Since the end of 2015, ASC has bought back 366,347 shares at an average price of $8.20 under its $20m share repurchase program. We estimate ASC's current net debt at ~55% of its fleet value and the company's cash breakeven rate at $14kpd. Positive market outlook, but rising oil prices increase uncertainty. Product tanker rates have modestly declined in 2016 with MR rates averaging $16kpd YTD while the current spot is now at $14kpd vs ~$2122kpd the same time last year. Part of the weakness in spot rates can be attributed to higher refinery turnarounds compared to last year, as well as the recent rise in oil prices coupled with above average product stocks. Nevertheless, refinery margins remain highly profitable especially among the complex US and Asian refineries, suggesting a continuing strength in runs and oil flows for refined products. At the same time, the product tanker orderbook has declined to 6.6% of the fleet, the lowest level in 16 years, and fleet growth is expected to moderate considerably after 2Q. Attractively valued at discount to NAV with generous dividend yield. With refinery output increasing as a result of strong margins and the Ardmore Shipping Corporation ( ASC.N, ASC US ) Maritime Industries / United States of America Stock Rating Overweight Industry View InLine Price target $11.50 Shr price, close (May 4, 2016) $9.04 Mkt cap, curr (mm) $234 52Week Range $15.057.13 Fiscal Year Ending 12/15 12/16e 12/17e 12/18e ModelWare EPS ($) 1.23 0.97 0.92 0.90 Prior ModelWare EPS 0.98 0.94 0.91 ($) P/E 10.4 9.3 9.8 10.0 Consensus EPS ($) 1.29 1.28 1.42 1.25 Div yld (%) 5.0 6.5 6.1 6.0 Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare framework = Consensus data is provided by Thomson Reuters Estimates e = Morgan Stanley Research estimates QUARTERLY MODELWARE EPS ($) 2016e 2016e 2017e 2017e Quarter 2015 Prior Current Prior Current Q1 0.20 0.26a 0.23 0.22 Q2 0.30 0.26 0.23 0.24 0.23 Q3 0.52 0.25 0.24 0.24 0.23 Q4 0.21 0.24 0.24 0.24 0.23 e = Morgan Stanley Research estimates, a = Actual Company reported data Exhibit 1: Results vs. Estimates ($ million) Source: Company Data, Thomson Reuters, Morgan Stanley Research Exhibit 2: Reported Rates vs. Estimates ($ kpd) Actual MSe % Δ MR EcoDesign 18.0 16.8 7% MR EcoMod 17.8 16.9 5% Morgan Prod/Chem Stanley EcoDesign does (25k37k and Dwt) seeks to 17.4 do business 15.5 with 12% companies Prod/Chem EcoMod covered (17k29k in Morgan Dwt) Stanley 12.5 Research. 12.3 As a 2% result, investors Average TCE should Spot Rates be aware that the 17.1firm may 16.0 have a conflict 7% of Average interest Net Daily that Revenue could affect the objectivity 16.5 of 16.5 Morgan 1% Stanley Research. Investors should consider Morgan Source: Stanley Company Research Data, Morgan as only Stanley a single Research factor in making their investment decision. For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report. 1

orderbook in decline, ASC looks highly attractive trading at 20% discount to its $11.5/sh NAV. At the same time we expect its dividend to remain relatively in line with the prior two quarters offering a ~6% yield based on our $18kpd MR rate assumption. ASC reported that it has already fixed 22% of its MR days at $18.5kpd and 39% of its chemical tanker days at $12.5kpd. We forecast 2Q16 EPS and dividend of $0.23 and $0.14 and for the full year at $0.94 EPS and $0.52 dividend. However, our estimates do not assume the use of the company's excess liquidity for the acquisition of additional vessels, which could add another $0.20 to our base case EPS. Ardmore Shipping Corporation May 4, 2016 2

RiskReward Snapshot: Ardmore Shipping (ASC, Overweight, PT $11.5) RiskReward View: Product Tanker Rates and Values Driving Valuation Source: Thomson Reuters, Morgan Stanley Research Price Target $11.5 Bull $15 DPS: ~$1.45 Yield at 9.5% MR rates at $22kpd Base $11.5 1yr fwd EV/Fleet Value: ~105% MR rates at $18kpd in 2016/17 MR 5yr old: ~$26m 1yr fwd NAV: $11.5/sh Bear $6 20% drop in ship values NAV $7/sh P/NAV: 90% Derived from our base case. Global trade in refined product strengthens significantly as oil demand rises benefiting from low oil prices and better macro. Refinery margins are highly profitable driving runs higher, while capacity additions in Middle East and Asia increased flows to Europe and Australia. ASC acquires two additional secondhand vessels. MR2 vessels earn $22kpd, allowing ASC to generate $90m of operating cash flow and ~ $2.40 EPS. ASC distributes 60% of its EPS and market sees a ~$1.45 dividend. Global refinery margins remain profitable, maintaining strong runs and flows of products. Increase in refinery capacity in Asia and the Middle East, coupled with growing demand from Latin America and weakening output in Europe, result in mwith tonmile expansion from refinery shutdowns and low runs in Australia, West Africa and Europe. Product contango is beneficial, reducing vessel supply. MR2 rates average $18kpd in both 2016 and 2017. ASC pays a dividend of ~$0.60, based on its 60% payout policy of earnings. Vessel values moderate, with a 5year old MR being sold for ~$26m. Investors value ASC at a slight premium to its 1year forward EV/Fleet Value, which is a slight discount to peers due to its smaller size and limited liquidity of the stock. High newbuilding deliveries in 2016 and a softer freight rate environment drive asset values 20% below our base case. As ASC earnings turn negative NAV falls to $7/sh and the stock trades at a discount to its NAV. Investment Thesis Stock trades at a discount to its current NAV of ~$11.5/sh. Strategy of paying out 60% of earnings promises high dividends with upside potential. Strong market outlook for product tankers as refinery margins are profitable, global refinery capacity expands and orderbook is low. Low oil prices and strong refinery margins drive refinery runs and expansion in product tanker trade. New export oriented refineries in Middle East and Asia are expected to drive further growth in trade. MR orderbook has shrunk to the lowest level since 2000 and vessel deliveries are expected to decline after 1H2016. Key Value Drivers Tonmile expansion through growing dislocation of refining capacity. ASC has a highspec fuel efficient pro forma fleet of 22 product/chemical tanker fleet, with all vessels currently on the water. Strong liquidity position and capacity to buy at least two more ships without new equity. Management with strong record of accomplishment in shipping and operating in capital markets. What's in the Price Dividend is expected at $0.500.60, offering ~6% yield, based on $18kpd MR rates. Market expects vessel values to decline driving NAV lower. Potential Catalysts Strong global refinery margins and low oil prices drive trading activity for oil products higher and tanker rates increase further, driving dividend higher. Strong refinery runs drive product tanker rates higher. Further accretive acquisitions. Downside Risks Rising oil prices and weak demand reduce refinery margins and trading activity. Low shipyard utilization and pressure from other 3

shipping sectors drive vessel values lower and trigger another round of newbuilding orders. Stock remains illiquid causing it to trade at a discount to NAV. 4

1Q16 Earnings Comparison Exhibit 3: Earnings Comparison Source: Company Data, Morgan Stanley Research 5

NAV Analysis Exhibit 4: ASC Fleet Value & NAV Calculation Source: Company Data, Morgan Stanley Research Exhibit 5: NAV sensitivity to vessel values Exhibit 6: Forwardlooking NAV Source: Company Data, Morgan Stanley Research Source: Company Data, Morgan Stanley Research 6

Earnings Sensitivity Exhibit 7: Spot MR Product Tanker Rates Exhibit 8: MR product tanker rates (average 6 main routes) Source: Clarksons, Morgan Stanley Research Exhibit 9: EBITDA Sensitivity Source: Clarksons Exhibit 10: EPS & Dividend Sensitivity to MR Rates Source: Company Data, Morgan Stanley Research MR EPS Dividend Dividend Rates /share Yield Eco $kpd 1 12.25 12.0 $0.11 $0.06 0.7% 13.25 13.0 $0.25 $0.15 1.7% 14.25 14.0 $0.39 $0.24 2.6% 15.25 15.0 $0.54 $0.32 3.6% 16.25 16.0 $0.68 $0.41 4.5% 17.25 17.0 $0.82 $0.49 5.5% 18.25 18.0 $0.97 $0.58 6.4% 19.25 19.0 $1.11 $0.67 7.4% 20.25 20.0 $1.26 $0.75 8.3% 21.25 21.0 $1.40 $0.84 9.3% 22.25 22.0 $1.54 $0.93 10.2% 23.25 23.0 $1.69 $1.01 11.2% 24.25 24.0 $1.83 $1.10 12.2% 25.25 25.0 $1.97 $1.18 13.1% Source: Company Data, Morgans Stanley Research Exhibit 11: Spot MR Product Tanker Rates vs ASC Daily Revenue Exhibit 12: EPS Sensitivity EPS $5.00 $4.00 $3.00 $2.00 $1.00 $(0.23) $ $0.39 $(0.81) $0.11 $(1.00) $0.35 $0.68 $0.92 $0.97 2016 2017 $1.50 $1.26 $2.07 $1.54 $2.65 $1.83 $3.22 $2.12 $3.80 $2.41 $4.37 $2.69 $(2.00) 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 MR2 Rate ($kpd) Source: Company Data, Morgan Stanley Research Source: Clarksons, Company Data, Morgan Stanley Research 7

Market Fundamentals Refining Margins & Capacity Exhibit 13: US Gulf Cracking Refining Margin Exhibit 14: US Gulf LLS Simple Refining Margin $14 $/bbl $12 $10 $8 $6 $4 $2 $0 $2 $4 $6 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2015 2014 5Y Avg Exhibit 15: NW Europe Brent Cracking Refining Margin $9 $/bbl $8 $7 $6 $5 $4 $3 $2 $1 $0 $1 $2 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2015 2014 5Y Avg Exhibit 16: NW Europe Brent Simple Refining Margin $14 $12 $10 $8 $6 $4 $2 $/bbl $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2015 2014 5Y Avg Exhibit 17: Singapore Dubai Cracking Refining Margin $6 $4 $2 $0 $2 $4 $6 $8 $10 $/bbl $12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2015 2014 5Y Avg Exhibit 18: Singapore ARL Simple Refining Margin $12 $/bbl $10 $8 $6 $4 $2 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2015 2014 5Y Avg $6 $/bbl $4 $2 $0 $2 $4 $6 $8 $10 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2015 2014 5Y Avg 8

Exhibit 19: Quarterly Average US Gulf Brent Cracking Refining Margin vs MR Rates Exhibit 20: Quarterly Average US Gulf Simple Refining Margin vs MR Rates Ardmore Shipping Corporation May 4, 2016 $35 $30 $25 $20 $15 $10 $5 $ MR Spot Rates ($kpd) USGBrent Cracking ($/bbl) 4Q05 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 14.0 12.0 10.0 8.0 6.0 4.0 2.0 (2.0) (4.0) $35 $30 $25 $20 $15 $10 $5 $ MR Spot Rates ($kpd) USGLLS Simple($/bbl) 4Q05 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 8.0 6.0 4.0 2.0 (2.0) (4.0) (6.0) (8.0) Exhibit 21: Quarterly Average NW Europe Brent Cracking Refining Margin vs MR Rates Exhibit 22: Quarterly Average NW Europe Brent Cracking Refining Margin vs MR Rates $35 MR Spot Rates ($kpd) $30 $25 $20 $15 $10 $5 $ NWEBrent Cracking ($/bbl) 4Q05 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 Exhibit 23: Quarterly Average Singapore Dubai Cracking Refining Margin vs MR Rates 12.0 10.0 8.0 6.0 4.0 2.0 $35 MR Spot Rates ($kpd) $30 $25 $20 $15 $10 $5 $ NWEBrent Cracking ($/bbl) 4Q05 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 Exhibit 24: Quarterly Average Singapore ARL Simple Refining Margin vs MR Rates 12.0 10.0 8.0 6.0 4.0 2.0 $35 MR Spot Rates ($kpd) $30 $25 $20 $15 $10 $5 $ SingaporeDubai Cracking ($/bbl) 4Q05 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 12.0 10.0 8.0 6.0 4.0 2.0 $35 $30 $25 $20 $15 $10 $5 $ SingaporeARL Hydroskimming($/bbl) MR Spot Rates ($kpd) 4Q05 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 4.0 2.0 (2.0) (4.0) (6.0) (8.0) Exhibit 25: Global Refinery Turnarounds (mbpd) Exhibit 26: Global Refinery Capacity Refinery Capacity 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Middle East 8.0 8.2 8.3 8.4 8.5 9.1 9.4 9.9 10.3 10.4 Latin America 7.2 7.2 7.2 7.1 6.5 6.5 6.7 6.8 6.9 7.0 Africa 3.1 3.0 3.2 3.2 3.4 3.5 3.6 3.6 3.6 3.6 FSU 8.8 8.8 8.9 8.9 8.9 9.2 9.6 9.6 9.7 9.7 China 9.1 9.9 10.7 11.3 12.4 13.9 14.7 14.7 15.1 15.3 Japan 4.9 4.8 4.8 4.7 4.6 4.6 4.1 3.9 3.7 3.5 Korea 2.9 2.9 3.0 3.0 3.1 3.1 3.1 3.3 3.3 3.4 India 3.1 4.6 4.7 4.8 5.3 5.3 5.3 5.3 5.6 5.8 Other Asia ex India 5.9 6.1 5.9 6.0 5.9 6.0 6.0 6.1 6.1 6.3 OECD Asia Oceania 1.1 1.1 1.1 1.2 1.1 1.1 1.0 0.9 0.9 0.9 Asia & Oceania 27.0 29.4 30.2 30.9 32.4 33.9 34.3 34.2 34.6 35.3 OECD Europe 15.5 15.5 15.3 15.3 15.1 14.6 14.3 14.1 14.0 13.9 Non OECD Europe 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 Europe 16.6 16.6 16.4 16.4 16.1 15.7 15.4 15.1 15.1 14.9 OECD Americas 24.1 24.1 24.1 24.2 23.5 23.7 23.6 23.8 24.2 24.4 Global Refinery Capacity 94.9 97.3 98.3 99.1 99.3 101.5 102.6 103.0 104.2 105.3 YoY change 2.2 2.5 1.0 0.9 0.2 2.2 1.0 0.5 1.2 1.1 Source: Morgan Stanley Commodities Research Source: Morgan Stanley Research 9

Chartering Activity Exhibit 27: Reported Clean Handysize Tanker Spot Charters out of Mediterranean & Black Sea (Last 4 weeks) Exhibit 28: Reported Clean Handysize Tanker Spot Charters out of India (Last 4 weeks) Ardmore Shipping Corporation May 4, 2016 Source: Clarksons, Morgan Stanley Research Exhibit 29: Reported Clean Handysize Tanker Spot Charters out of Northern Europe (Last 4 weeks) Source: Clarksons, Morgan Stanley Research Exhibit 30: Reported Clean Handysize Tanker Spot Charters out of Middle East (Last 4 weeks) Source: Clarksons, Morgan Stanley Research Exhibit 31: Reported Clean Handysize Tanker Spot Charters out of the Far East (Last 4 weeks) Source: Clarksons, Morgan Stanley Research Exhibit 32: Reported Clean Handysize Tanker Spot Charters out of the US Gulf (Last 4 weeks) Source: Clarksons, Morgan Stanley Research Source: Clarksons, Morgan Stanley Research 10

Product Tanker Supply Ardmore Shipping Corporation May 4, 2016 Exhibit 33: MR Fleet Growth 200 150 100 50 0 50 100 150 200 # of vessels Net Fleet Growth 12.0% 11.1% 10.0% 7.6% 7.8% 112 136 8.0% 163 157 (39) (57) (48) (54) (150) 106 72 78 55 101 112 (34) (28) (32) (30) (26) 3.3% 5.2% 6.0% 78 35 (23) (20) 65 10 14 (17) (17) 3.9% 4.5% 3.4% 2.2% 1.1% 8.0% 6.0% 4.0% 2.0% 0.0% 1.5% 2.0% 4.0% 06 07 08 09 10 11 12 13 14 15 16E 17E 18E Scheduled deliveries Additions Scrapping Slippage/New Orders Growth Source: Clarksons, Morgan Stanley Research Estimates Exhibit 34: MR Fleet Age Profile Exhibit 35: Scheduled MR Deliveries Source: Clarksons 1115 years 1620 years >20 years 610 years 05 years Actual Scheduled 45 40 35 MR1 MR2 30 25 20 15 10 5 0 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 Source: Clarksons 11

Exhibit 36: Product Tanker Fleet Supply Ardmore Shipping Corporation May 4, 2016 in # of ships 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E 2017E 2018E YTD 2016 Contracting LR2(80110k dwt) LR1(6080k dwt) 10 12 2 2 6 7 59 12 27 12 16 12 16 13 17 14 19 MR2(4560k dwt) 12 35 51 167 34 52 54 57 60 3 MR1(2545k dwt) 5 8 6 1 1 1 1 1 1 Total MR(2560k dwt) 17 43 57 168 35 53 55 58 61 3 Small(1025k dwt) 5 41 15 17 4 8 8 8 8 3 Total # of ships Capacity(DWT million) 44 2.9 88 2.7 85 4.1 244 17.0 78 6.9 89 6.9 91 7.0 96 7.4 102 7.8 6 0.2 Actual & LR2(80110k dwt) 12 15 13 30 41 28 13 19 7 12 27 33 32 14 13 Projected LR1(6080k dwt) 28 28 41 41 36 28 26 13 9 4 2 17 33 17 4 Deliveries MR2(4560k dwt) 59 62 91 118 122 90 55 44 72 81 98 75 58 28 30 MR1(2545k dwt) 41 50 45 45 35 16 17 11 6 20 14 15 17 6 5 Total MR(2560k dwt) 100 112 136 163 157 106 72 55 78 101 112 90 75 34 35 Small(1025k dwt) 8 12 19 14 10 12 5 6 3 0 2 6 2 1 Total # of ships Capacity(DWT million) 148 7.9 167 8.8 209 10.9 248 14.0 244 14.7 174 10.4 116 6.8 93 5.7 97 5.3 117 6.5 141 8.6 142 9.3 146 9.8 67 4.5 53 3.4 Scrapping LR2(80110k dwt) 1 3 5 4 15 4 4 4 4 4 5 LR1(6080k dwt) 2 1 5 2 6 1 4 3 3 2 2 2 2 1 MR2(4560k dwt) 10 10 13 7 14 13 5 8 4 4 4 5 5 5 1 MR1(2545k dwt) 21 21 29 15 29 27 29 20 28 26 22 15 12 12 7 Total MR(2560k dwt) 31 31 42 22 43 40 34 28 32 30 26 20 17 17 8 Small(1025k dwt) 9 13 15 9 15 13 10 9 7 6 5 4 3 3 1 Total # of ships Capacity(DWT million) 40 1.4 47 1.6 58 1.9 36 1.3 63 2.3 64 4.0 49 1.8 56 3.0 46 1.9 43 1.8 37 1.6 30 1.4 26 1.3 27 1.3 10 0.4 Orderbook LR2(80110k dwt) LR1(6080k dwt) 52 101 105 123 125 130 98 109 59 86 43 75 27 36 14 28 66 37 64 84 49 75 62 79 43 63 43 65 64 61 MR2(4560k dwt) 33 40 135 88 89 118 117 149 135 MR1(2545k dwt) 78 73 68 49 36 22 6 1 30 Total MR(2560k dwt) 111 113 203 137 125 140 123 150 165 Small(1025k dwt) 97 107 133 15 19 17 19 25 11 Total # of ships Capacity(DWT million) 153 30.1 228 46.3 255 50.3 207 42.7 145 29.9 118 23.1 271 15.0 262 14.3 439 24.4 300 24.8 268 25.4 298 23.1 248 20.7 283 24.0 301 19.8 Yearend Fleet LR2(80110k dwt) (in # of ships) LR1(6080k dwt) 127 142 140 167 151 206 181 239 214 268 234 289 243 311 245 317 248 323 256 324 258 325 287 340 315 371 324 386 284 323 MR2(4560k dwt) 458 507 579 678 781 801 851 887 955 1,032 1,126 1,196 1,249 1,272 1,155 MR1(2545k dwt) 683 707 714 730 730 666 654 645 623 617 609 609 614 608 607 Total MR(2560k dwt) 1,141 1,214 1,293 1,408 1,511 1,467 1,505 1,532 1,578 1,649 1,735 1,805 1,863 1,880 1,762 Small(1025k dwt) 270 269 273 278 273 272 267 264 260 254 249 247 250 249 249 Total # of ships 1,680 1,790 1,923 2,106 2,266 2,262 2,326 2,358 2,409 2,483 2,567 2,679 2,799 2,839 2,618 Yearend LR2(80110k dwt) 12.7 14.2 15.4 18.7 22.4 24.8 25.8 26.4 26.8 27.7 28.0 31.3 34.5 35.6 30.8 capacity LR1(6080k dwt) 10.0 11.8 14.7 17.2 19.4 21.0 22.7 23.2 23.6 23.7 23.8 24.9 27.2 28.4 23.7 (in DWT million) MR(2560k dwt) 46.4 49.9 53.8 59.8 64.6 63.6 65.7 67.2 69.8 73.4 77.9 81.4 84.1 85.0 79.2 Small(1025k dwt) 3.4 3.5 3.6 3.7 4.1 4.1 4.0 3.9 3.9 3.7 3.7 3.6 3.8 3.8 3.7 Total Capacity 72.4 79.4 87.6 99.4 110.5 113.5 118.2 120.6 124.0 128.6 133.3 141.2 149.6 152.8 137.4 Capacity growth LR2(80110k dwt) 11.6% 11.5% 8.8% 21.4% 20.0% 10.4% 4.4% 2.0% 1.6% 3.6% 1.1% 11.7% 10.2% 3.1% 9.8% LR1(6080k dwt) 23.7% 18.6% 24.5% 16.8% 12.8% 8.2% 7.9% 2.2% 2.0% 0.4% 0.4% 4.8% 9.3% 4.2% 0.4% MR(2560k dwt) 6.6% 7.6% 7.8% 11.1% 8.0% 1.5% 3.3% 2.2% 3.9% 5.2% 6.0% 4.5% 3.4% 1.1% 1.7% Small(1025k dwt) 0.5% 2.7% 3.8% 3.3% 10.5% 1.0% 2.1% 2.0% 2.0% 2.8% 2.0% 0.8% 3.4% 1.2% 0.1% Total Capacity growth 9.2% 9.6% 10.3% 13.5% 11.2% 2.7% 4.2% 2.0% 2.8% 3.7% 3.7% 5.9% 5.9% 2.1% 3.0% Source: Clarksons, Morgan Stanley Research Estimates 12

Pro Forma Financials Exhibit 37: Ardmore Shipping Income Statement Source: Company Data, Morgan Stanley Research estimates 13

Exhibit 38: Ardmore Shipping Cash Flow Statement Source: Company Data, Morgan Stanley Research estimates 14

Exhibit 39: Ardmore Shipping Balance Sheet Source: Company Data, Morgan Stanley Research estimate 15

Disclosure Section The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley & Co. LLC, and/or Morgan Stanley C.T.V.M. S.A., and/or Morgan Stanley Mexico, Casa de Bolsa, S.A. de C.V., and/or Morgan Stanley Canada Limited. As used in this disclosure section, "Morgan Stanley" includes Morgan Stanley & Co. LLC, Morgan Stanley C.T.V.M. S.A., Morgan Stanley Mexico, Casa de Bolsa, S.A. de C.V., Morgan Stanley Canada Limited and their affiliates as necessary. For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/researchdisclosures, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY, 10036 USA. For valuation methodology and risks associated with any recommendation, rating or price target referenced in this research report, please contact the Client Support Team as follows: US/Canada +1 800 3032495; Hong Kong +852 28485999; Latin America +1 718 7545444 (U.S.); London +44 (0)2074258169; Singapore +65 68346860; Sydney +61 (0)297701505; Tokyo +81 (0)368369000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA. Analyst Certification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Fotis Giannakoulis. Unless otherwise stated, the individuals listed on the cover page of this report are research analysts. Global Research Conflict Management Policy Morgan Stanley Research has been published in accordance with our conflict management policy, which is available at www.morganstanley.com/institutional/research/conflictpolicies. Important US Regulatory Disclosures on Subject Companies As of April 29, 2016, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: Ardmore Shipping Corporation, Costamare Inc, DHT Holdings Inc, Dynagas LNG Partners, Euronav NV, GasLog Partners LP, Golar LNG Limited, Golar LNG Partners LP, Nordic American Tanker Shipping Ltd., Ship Finance International Ltd, Teekay Corporation, Teekay LNG Partners LP. Within the last 12 months, Morgan Stanley managed or comanaged a public offering (or 144A offering) of securities of Ardmore Shipping Corporation, Costamare Inc, GasLog Ltd, GasLog Partners LP. Within the last 12 months, Morgan Stanley has received compensation for investment banking services from Ardmore Shipping Corporation, Costamare Inc, Dynagas LNG Partners, Frontline Ltd, GasLog Ltd, GasLog Partners LP. In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from Ardmore Shipping Corporation, Costamare Inc, Diana Shipping Inc., Euronav NV, Frontline Ltd, GasLog Ltd, Genco Shipping & Trading Ltd, Golar LNG Limited, Golar LNG Partners LP, Golden Ocean Group Ltd, Nordic American Tanker Shipping Ltd., Safe Bulkers, Scorpio Tankers Inc., Ship Finance International Ltd, Star Bulk Carriers Corp, Teekay Corporation, Teekay LNG Partners LP, Teekay Offshore Partners LP, Teekay Tankers Ltd., Tsakos Energy Navigation LTD. Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from Frontline Ltd, Teekay Corporation. Within the last 12 months, Morgan Stanley has provided or is providing investment banking services to, or has an investment banking client relationship with, the following company: Ardmore Shipping Corporation, Costamare Inc, Diana Shipping Inc., Euronav NV, Frontline Ltd, GasLog Ltd, GasLog Partners LP, Genco Shipping & Trading Ltd, Golar LNG Limited, Golar LNG Partners LP, Golden Ocean Group Ltd, Nordic American Tanker Shipping Ltd., Safe Bulkers, Scorpio Tankers Inc., Ship Finance International Ltd, Star Bulk Carriers Corp, Teekay Corporation, Teekay LNG Partners LP, Teekay Offshore Partners LP, Teekay Tankers Ltd., Tsakos Energy Navigation LTD. Within the last 12 months, Morgan Stanley has either provided or is providing noninvestment banking, securitiesrelated services to and/or in the past has entered into an agreement to provide services or has a client relationship with the following company: Diana Shipping Inc., Euronav NV, Frontline Ltd, Safe Bulkers, Teekay Corporation, Tsakos Energy Navigation LTD. An employee, director or consultant of Morgan Stanley is a director of Costamare Inc. This person is not a research analyst or a member of a research analyst's household. Morgan Stanley & Co. LLC makes a market in the securities of Ardmore Shipping Corporation, Costamare Inc, DHT Holdings Inc, Diana Shipping Inc., Dynagas LNG Partners, Euronav NV, Frontline Ltd, GasLog Ltd, GasLog Partners LP, Gener8 Maritime Inc, Golar LNG Limited, Golar LNG Partners LP, Hoegh LNG Partners LP, Navigator Holdings Ltd, Navios Maritime Partners LP, Nordic American Tanker Shipping Ltd., Scorpio Tankers Inc., Ship Finance International Ltd, Teekay Corporation, Teekay LNG Partners LP, Teekay Offshore Partners LP, Teekay Tankers Ltd., Tsakos Energy Navigation LTD. The equity research analysts or strategists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues. Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research, including market making, providing liquidity, fund management, commercial banking, extension of credit, investment services and investment banking. Morgan Stanley sells to and buys from customers the securities/instruments of companies covered in Morgan Stanley Research on a principal basis. Morgan Stanley may have a position in the debt of the Company or instruments discussed in this report. Morgan Stanley trades or may trade as principal in the debt securities (or in related derivatives) that are the subject of the debt research report. Certain disclosures listed above are also for compliance with applicable regulations in nonus jurisdictions. STOCK RATINGS Morgan Stanley uses a relative rating system using terms such as Overweight, Equalweight, NotRated or Underweight (see definitions below). Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equalweight, NotRated and Underweight are not the equivalent of buy, hold and sell. Investors should carefully read the definitions of all ratings used in Morgan Stanley Research. In addition, since Morgan Stanley Research contains more complete information concerning the analyst's views, investors should carefully read Morgan Stanley Research, in its entirety, and not infer the contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations. Global Stock Ratings Distribution (as of April 30, 2016) The Stock Ratings described below apply to Morgan Stanley's Fundamental Equity Research and do not apply to Debt Research produced by the Firm. For disclosure purposes only (in accordance with NASD and NYSE requirements), we include the category headings of Buy, Hold, and Sell alongside our ratings of Overweight, Equalweight, NotRated and Underweight. Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equalweight, NotRated and Underweight are not the equivalent of buy, hold, and sell but represent recommended relative weightings (see definitions below). To satisfy regulatory requirements, we correspond Overweight, our most positive stock rating, with a buy recommendation; we correspond Equalweight and NotRated to hold and Underweight to sell recommendations, respectively. 16

COVERAGE UNIVERSE INVESTMENT BANKING CLIENTS (IBC) STOCK RATING CATEGORY COUNT % OF TOTAL COUNT % OF TOTAL IBC % OF RATING CATEGORY Overweight/Buy 1202 36% 302 42% 25% Equalweight/Hold 1411 42% 326 45% 23% NotRated/Hold 78 2% 7 1% 9% Underweight/Sell 682 20% 91 13% 13% TOTAL 3,373 726 Data include common stock and ADRs currently assigned ratings. Investment Banking Clients are companies from whom Morgan Stanley received investment banking compensation in the last 12 months. Analyst Stock Ratings Overweight (O). The stock's total return is expected to exceed the average total return of the analyst's industry (or industry team's) coverage universe, on a riskadjusted basis, over the next 1218 months. Equalweight (E). The stock's total return is expected to be in line with the average total return of the analyst's industry (or industry team's) coverage universe, on a riskadjusted basis, over the next 1218 months. NotRated (NR). Currently the analyst does not have adequate conviction about the stock's total return relative to the average total return of the analyst's industry (or industry team's) coverage universe, on a riskadjusted basis, over the next 1218 months. Underweight (U). The stock's total return is expected to be below the average total return of the analyst's industry (or industry team's) coverage universe, on a riskadjusted basis, over the next 1218 months. Unless otherwise specified, the time frame for price targets included in Morgan Stanley Research is 12 to 18 months. Analyst Industry Views Attractive (A): The analyst expects the performance of his or her industry coverage universe over the next 1218 months to be attractive vs. the relevant broad market benchmark, as indicated below. InLine (I): The analyst expects the performance of his or her industry coverage universe over the next 1218 months to be in line with the relevant broad market benchmark, as indicated below. Cautious (C): The analyst views the performance of his or her industry coverage universe over the next 1218 months with caution vs. the relevant broad market benchmark, as indicated below. Benchmarks for each region are as follows: North America S&P 500; Latin America relevant MSCI country index or MSCI Latin America Index; Europe MSCI Europe; Japan TOPIX; Asia relevant MSCI country index or MSCI subregional index or MSCI AC Asia Pacific ex Japan Index. Stock Price, Price Target and Rating History (See Rating Definitions) Important Disclosures for Morgan Stanley Smith Barney LLC Customers 17

Important disclosures regarding the relationship between the companies that are the subject of Morgan Stanley Research and Morgan Stanley Smith Barney LLC or Morgan Stanley or any of their affiliates, are available on the Morgan Stanley Wealth Management disclosure website at www.morganstanley.com/online/researchdisclosures. For Morgan Stanley specific disclosures, you may refer to www.morganstanley.com/researchdisclosures. Each Morgan Stanley Equity Research report is reviewed and approved on behalf of Morgan Stanley Smith Barney LLC. This review and approval is conducted by the same person who reviews the Equity Research report on behalf of Morgan Stanley. This could create a conflict of interest. Other Important Disclosures Morgan Stanley & Co. International PLC and its affiliates have a significant financial interest in the debt securities of Teekay Corporation, Teekay LNG Partners LP. Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of Section 975 of the DoddFrank Wall Street Reform and Consumer Protection Act. Morgan Stanley produces an equity research product called a "Tactical Idea." Views contained in a "Tactical Idea" on a particular stock may be contrary to the recommendations or views expressed in research on the same stock. This may be the result of differing time horizons, methodologies, market events, or other factors. For all research available on a particular stock, please contact your sales representative or go to Matrix at http://www.morganstanley.com/matrix. Morgan Stanley Research is provided to our clients through our proprietary research portal on Matrix and also distributed electronically by Morgan Stanley to clients. Certain, but not all, Morgan Stanley Research products are also made available to clients through thirdparty vendors or redistributed to clients through alternate electronic means as a convenience. For access to all available Morgan Stanley Research, please contact your sales representative or go to Matrix at http://www.morganstanley.com/matrix. Any access and/or use of Morgan Stanley Research is subject to Morgan Stanley's Terms of Use (http://www.morganstanley.com/terms.html). By accessing and/or using Morgan Stanley Research, you are indicating that you have read and agree to be bound by our Terms of Use (http://www.morganstanley.com/terms.html). In addition you consent to Morgan Stanley processing your personal data and using cookies in accordance with our Privacy Policy and our Global Cookies Policy (http://www.morganstanley.com/privacy_pledge.html), including for the purposes of setting your preferences and to collect readership data so that we can deliver better and more personalized service and products to you. To find out more information about how Morgan Stanley processes personal data, how we use cookies and how to reject cookies see our Privacy Policy and our Global Cookies Policy (http://www.morganstanley.com/privacy_pledge.html). If you do not agree to our Terms of Use and/or if you do not wish to provide your consent to Morgan Stanley processing your personal data or using cookies please do not access our research. Morgan Stanley Research does not provide individually tailored investment advice. Morgan Stanley Research has been prepared without regard to the circumstances and objectives of those who receive it. Morgan Stanley recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. The appropriateness of an investment or strategy will depend on an investor's circumstances and objectives. The securities, instruments, or strategies discussed in Morgan Stanley Research may not be suitable for all investors, and certain investors may not be eligible to purchase or participate in some or all of them. Morgan Stanley Research is not an offer to buy or sell or the solicitation of an offer to buy or sell any security/instrument or to participate in any particular trading strategy. The value of and income from your investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities/instruments prices, market indexes, operational or financial conditions of companies or other factors. There may be time limitations on the exercise of options or other rights in securities/instruments transactions. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. If provided, and unless otherwise stated, the closing price on the cover page is that of the primary exchange for the subject company's securities/instruments. The fixed income research analysts, strategists or economists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality, accuracy and value of research, firm profitability or revenues (which include fixed income trading and capital markets profitability or revenues), client feedback and competitive factors. Fixed Income Research analysts', strategists' or economists' compensation is not linked to investment banking or capital markets transactions performed by Morgan Stanley or the profitability or revenues of particular trading desks. The "Important US Regulatory Disclosures on Subject Companies" section in Morgan Stanley Research lists all companies mentioned where Morgan Stanley owns 1% or more of a class of common equity securities of the companies. For all other companies mentioned in Morgan Stanley Research, Morgan Stanley may have an investment of less than 1% in securities/instruments or derivatives of securities/instruments of companies and may trade them in ways different from those discussed in Morgan Stanley Research. Employees of Morgan Stanley not involved in the preparation of Morgan Stanley Research may have investments in securities/instruments or derivatives of securities/instruments of companies mentioned and may trade them in ways different from those discussed in Morgan Stanley Research. Derivatives may be issued by Morgan Stanley or associated persons. With the exception of information regarding Morgan Stanley, Morgan Stanley Research is based on public information. Morgan Stanley makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. We have no obligation to tell you when opinions or information in Morgan Stanley Research change apart from when we intend to discontinue equity research coverage of a subject company. Facts and views presented in Morgan Stanley Research have not been reviewed by, and may not reflect information known to, professionals in other Morgan Stanley business areas, including investment banking personnel. Morgan Stanley Research personnel may participate in company events such as site visits and are generally prohibited from accepting payment by the company of associated expenses unless preapproved by authorized members of Research management. Morgan Stanley may make investment decisions that are inconsistent with the recommendations or views in this report. To our readers in Taiwan: Information on securities/instruments that trade in Taiwan is distributed by Morgan Stanley Taiwan Limited ("MSTL"). Such information is for your reference only. The reader should independently evaluate the investment risks and is solely responsible for their investment decisions. Morgan Stanley Research may not be distributed to the public media or quoted or used by the public media without the express written consent of Morgan Stanley. Information on securities/instruments that do not trade in Taiwan is for informational purposes only and is not to be construed as a recommendation or a solicitation to trade in such securities/instruments. MSTL may not execute transactions for clients in these securities/instruments. To our readers in Hong Kong: Information is distributed in Hong Kong by and on behalf of, and is attributable to, Morgan Stanley Asia Limited as part of its regulated activities in Hong Kong. If you have any queries concerning Morgan Stanley Research, please contact our Hong Kong sales representatives. Morgan Stanley is not incorporated under PRC law and the research in relation to this report is conducted outside the PRC. Morgan Stanley Research does not constitute an offer to sell or the solicitation of an offer to buy any securities in the PRC. PRC investors shall have the relevant qualifications to invest in such securities and shall be responsible for obtaining all relevant approvals, licenses, verifications and/or registrations from the relevant governmental authorities themselves. Neither this report nor any part of it is intended as, or shall constitute, provision of any consultancy or advisory service of securities investment as defined under PRC law. Such information is provided for your reference only. Morgan Stanley Research is disseminated in Brazil by Morgan Stanley C.T.V.M. S.A.; in Mexico by Morgan Stanley México, Casa de Bolsa, S.A. de C.V which is regulated by Comision Nacional Bancaria y de Valores. Paseo de los Tamarindos 90, Torre 1, Col. Bosques de las Lomas Floor 29, 05120 Mexico City; in Japan by Morgan Stanley MUFG Securities Co., Ltd. and, for Commodities related research reports only, Morgan Stanley Capital Group Japan Co., Ltd; in Hong Kong by Morgan Stanley Asia Limited (which accepts responsibility for its contents) and by Bank Morgan Stanley AG, Hong Kong Branch; in Singapore by Morgan Stanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary Authority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research) and by Bank Morgan Stanley AG, Singapore Branch (Registration number T11FC0207F); in Australia to "wholesale clients" within the meaning of the Australian Corporations Act by Morgan Stanley Australia Limited A.B.N. 67 003 734 576, holder of Australian financial services license No. 233742, which accepts responsibility for its contents; in Australia to 18

"wholesale clients" and "retail clients" within the meaning of the Australian Corporations Act by Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financial services license No. 240813, which accepts responsibility for its contents; in Korea by Morgan Stanley & Co International plc, Seoul Branch; in India by Morgan Stanley India Company Private Limited; in Indonesia by PT Morgan Stanley Asia Indonesia; in Canada by Morgan Stanley Canada Limited, which has approved of and takes responsibility for its contents in Canada; in Germany by Morgan Stanley Bank AG, Frankfurt am Main and Morgan Stanley Private Wealth Management Limited, Niederlassung Deutschland, regulated by Bundesanstalt fuer Finanzdienstleistungsaufsicht (BaFin); in Spain by Morgan Stanley, S.V., S.A., a Morgan Stanley group company, which is supervised by the Spanish Securities Markets Commission (CNMV) and states that Morgan Stanley Research has been written and distributed in accordance with the rules of conduct applicable to financial research as established under Spanish regulations; in the US by Morgan Stanley & Co. LLC, which accepts responsibility for its contents. Morgan Stanley & Co. International plc, authorized by the Prudential Regulatory Authority and regulated by the Financial Conduct Authority and the Prudential Regulatory Authority, disseminates in the UK research that it has prepared, and approves solely for the purposes of section 21 of the Financial Services and Markets Act 2000, research which has been prepared by any of its affiliates. RMB Morgan Stanley (Proprietary) Limited is a member of the JSE Limited and regulated by the Financial Services Board in South Africa. RMB Morgan Stanley (Proprietary) Limited is a joint venture owned equally by Morgan Stanley International Holdings Inc. and RMB Investment Advisory (Proprietary) Limited, which is wholly owned by FirstRand Limited. The information in Morgan Stanley Research is being disseminated by Morgan Stanley Saudi Arabia, regulated by the Capital Market Authority in the Kingdom of Saudi Arabia, and is directed at Sophisticated investors only. The information in Morgan Stanley Research is being communicated by Morgan Stanley & Co. International plc (DIFC Branch), regulated by the Dubai Financial Services Authority (the DFSA), and is directed at Professional Clients only, as defined by the DFSA. The financial products or financial services to which this research relates will only be made available to a customer who we are satisfied meets the regulatory criteria to be a Professional Client. The information in Morgan Stanley Research is being communicated by Morgan Stanley & Co. International plc (QFC Branch), regulated by the Qatar Financial Centre Regulatory Authority (the QFCRA), and is directed at business customers and market counterparties only and is not intended for Retail Customers as defined by the QFCRA. As required by the Capital Markets Board of Turkey, investment information, comments and recommendations stated here, are not within the scope of investment advisory activity. Investment advisory service is provided exclusively to persons based on their risk and income preferences by the authorized firms. Comments and recommendations stated here are general in nature. These opinions may not fit to your financial status, risk and return preferences. For this reason, to make an investment decision by relying solely to this information stated here may not bring about outcomes that fit your expectations. The trademarks and service marks contained in Morgan Stanley Research are the property of their respective owners. Thirdparty data providers make no warranties or representations relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages relating to such data. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and S&P. Morgan Stanley Research, or any portion thereof may not be reprinted, sold or redistributed without the written consent of Morgan Stanley. INDUSTRY COVERAGE: Maritime Industries COMPANY (TICKER) RATING (AS OF) PRICE* (05/04/2016) Fotis Giannakoulis Ardmore Shipping Corporation (ASC.N) O (08/26/2013) $9.04 Costamare Inc (CMRE.N) O (02/26/2012) $9.04 DHT Holdings Inc (DHT.N) O (09/14/2015) $5.52 Diana Shipping Inc. (DSX.N) E (02/24/2015) $3.18 Dynagas LNG Partners (DLNG.N) E (12/09/2013) $13.37 Euronav NV (EURN.N) O (02/17/2015) $10.72 Frontline Ltd (FRO.N) E (05/27/2015) $7.58 GasLog Ltd (GLOG.N) E (03/01/2016) $12.22 GasLog Partners LP (GLOP.N) O (06/02/2014) $18.88 Genco Shipping & Trading Ltd (GNK.N) U (12/15/2015) $0.78 Gener8 Maritime Inc (GNRT.N) E (09/14/2015) $7.08 Golar LNG Limited (GLNG.O) O (02/26/2012) $16.27 Golar LNG Partners LP (GMLP.O) E (02/20/2014) $16.39 Golden Ocean Group Ltd (GOGL.O) U (12/15/2015) $0.73 Hoegh LNG Partners LP (HMLP.N) E (09/02/2014) $17.80 Navigator Holdings Ltd (NVGS.N) E (12/16/2013) $14.75 Navios Maritime Partners LP (NMM.N) U (02/04/2016) $1.52 Nordic American Tanker Shipping Ltd. (NAT.N) E (10/29/2012) $15.17 Safe Bulkers (SB.N) E (12/15/2015) $1.02 Scorpio Tankers Inc. (STNG.N) E (08/26/2013) $5.99 Ship Finance International Ltd (SFL.N) E (12/03/2013) $14.66 Star Bulk Carriers Corp (SBLK.O) U (12/15/2015) $0.83 Teekay Corporation (TK.N) E (02/26/2012) $9.89 Teekay LNG Partners LP (TGP.N) E (12/06/2010) $12.95 Teekay Offshore Partners LP (TOO.N) E (04/19/2016) $5.76 Teekay Tankers Ltd. (TNK.N) E (12/05/2014) $3.69 Tsakos Energy Navigation LTD (TNP.N) O (08/20/2014) $5.95 Stock Ratings are subject to change. Please see latest research for each company. * Historical prices are not split adjusted. 2016 Morgan Stanley 19