FOCUSED. DIVERSIFIED. COMPETENT. TRUSTWORTHY. DVB research video Henriette Brent-Petersen on product & chemical tankers Frankfurt/Main, November 217
Product tanker Earnings Product tanker freight rate Index 5 45 4 35 3 25 2 15 1 5 Handy MR LR1 LR2 Average Earnings Source: Clarksons, DVB Shipping and Offshore Research Page 2
Product tanker Demand Product tankers cargo volume demand distribution by vessel types mn tonnes 14 12 1 8 6 78 44 81 458 85 482 CAGR: 4.2% 93 87 88 495 5 528 98 554 12 576 15 17 595 67 4 2 131 134 142 146 148 157 165 172 178 181 211 23 242 266 281 297 34 315 324 33 21 211 212 213 214 215 216(E) 217(E) 218(E) 219(E) LR2 LR1 MR Small Sources: MSI, Jodi, LloydsList Intelligence and DVB Shipping and Offshore Research Page 3
Product tanker Supply Product tanker fleet growth ' dwt % 16 14 12 1 8 6 4 2-2 -4 27 28 29 21 211 212 213 214 215 216 217e 218e 219e Scrapped: Long Range2 (8,- 12, dwt) Scrapped: Long Range1 (6,- 79,999 dwt) Scheduled Deliveries: Long Range2 (8,- 12, dwt) Scheduled Deliveries: Long Range1 (6,- 79,999 dwt) Delivered: Long Range2 (8,- 12, dwt) Delivered: Long Range1 (6,- 79,999 dwt) Scrapped: Small Tankers (< 1, dwt) Scrapped: Short Range (1,- 29,999 dwt) Scrapped: Medium Range (3,- 59,999 dwt) Scheduled Deliveries: Small Tankers (< 1, dwt) Scheduled Deliveries: Short Range (1,- 29,999 dwt) Scheduled Deliveries: Medium Range (3,- 59,999 dwt) Delivered: Small Tankers (< 1, dwt) Delivered: Short Range (1,- 29,999 dwt) Delivered: Medium Range (3,- 59,999 dwt) Y-O-Y Fleet Growth (right axis) 3% 25% 2% 15% 1% 5% % -5% Source: IHS, Clarksons, DVB Shipping and Offshore Research Page 4
Product tanker Outlook Product tanker supply and demand growth 21 219 Average annual change, % 2% 16% 12% 8% 4% % 21 211 212 213 214 215 216 217(E) 218(E) 219(E) Demand % Supply % Sources: MSI, LloydsList Intelligence and DVB Shipping and Offshore Research Page 5
Trade in chemicals mn tonnes % 35 6% 3 5% 25 2 15 1 4% 3% 2% 5 1% 211 212 213 214 215 216 217E 218E 219E % Organic Chemicals Inorganic Chemicals Edible Oils Other Chemical Cargoes Growth in Trade, RHS Sources: MSI, DVB Shipping and Offshore Research Page 6
Supply side of chemical tankers mn dwt % 6 25% 5 2% 4 15% 3 2 1% 1 5% 211 212 213 214 215 216 217E 218E 219E % Chemical Fleet Orderbook (% of Fleet), RHS Sources: MSI, DVB Shipping and Offshore Research Page 7
Cycle indicator of chemical tankers Indicator 1.35 1,35 1.25 1,25 1.15 1,15 1.5 1,5.95,95.85,85.75,75.65,65 28 29 21 211 212 213 214 215 216 217E 218E 219E Cycle of Chemical Tankers Mid Cycle Sources: MSI, DVB Shipping and Offshore Research Page 8
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