The Investor Relations Experts for Shipping

February 2016

A Global Informational, Promotional& Networking Platform For The Shipping Industry

Shipping Industry Overview

Capital Link ...your link with the Global Investment Community

SHIPPING INDUSTRY

• Institutional shareholders currently investing in shipping companies listed in the US1,200

• Shipping companies currently listed in the US49

• Analysts who follow shipping industry35

• Total Market Cap in the Shipping Industry20.5B

• Held by institutional and retail shareholders13.8B

2

Shipping Industry Overview

Capital Link ...your link with the Global Investment Community

SHIPPING INDUSTRY

3

Shipping & The Capital Markets

Equity, Preferred Stocks, and Bonds

COMMON EQUITY

Number of Companies Market Cap ($) Held by Investors Source

49 20.5B 13.8B Bloomberg

PREFERRED EQUITY

Number of Issues Amount ($m) Source

22 $1,764 Stifel Report

BONDS

Number of Issues Amount Outstanding($m) Source

72 $19,365.70 Stifel Report

Capital Link ...your link with the Global Investment Community

SHIPPING INDUSTRY

4

Institutional Shareholders vs Retail Shareholders

Market Cap ($) Float in ($)

Float Held by

Institutional Investors ($)

Float Held by

Retail Shareholders ($)

20.5B 13.8B 8.7B 5.1B

63%

37%

*As of February 2016

Institutional Investors

Retail Investors

Capital Link ...your link with the Global Investment Community

SHIPPING INDUSTRY

5

0 100 200 300 400 500

Capital Research Global Investors

Neuberger Berman, LLC

WL Ross & Company, L.L.C.

Kayne Anderson Capital Advisors, L.P.

Bank of America Merrill Lynch

Magnetar Capital Partners LP

Goldman Sachs Asset Management

BlackRock Institutional Trust Company, N.A.

Fidelity Management & Research Company

Oaktree Capital Management, L.P.

*As of February 2016

Top 10 Institutional Investors* ($ml)

Capital Link ...your link with the Global Investment Community

SHIPPING INDUSTRY

6

100%

1.37%

0.9%

*As of February 2016

Overall Market

Transportation

Shipping

Ratio of Shipping Industry Market Cap to Transportation and Overall Market

Overall Market Transportation Shipping

Market Cap* ($) 24.3T 332.7B 20.5B

94%

6%Transportation

Shipping

Ratio of Shipping Industry Market Cap to Transportation

Capital Link ...your link with the Global Investment Community

SHIPPING INDUSTRY

Containers Tankers Dry Bulk LPG/LNG Mixed Fleet MLPs*

# of Companies 6 16 14 10 3 10

Market Cap*($ml) $2,691 $9,287 $816 $6,061 $1,464 $4,002

Float ($ml) $986 $7,169 $523 $4,540 $912 $3,366

7

Breakdown by Sectors

*As of February 2016

Drybulk, 4.0%

Tankers,

46.0%

Containers,

13.0%

LNG/LPG,

30.0% Mixed Fleet,

7.0%

MLP, 20.0%

Drybulk

Tankers

Containers

LPG/LNG

Mixed Fleet

MLP

Total Market Cap ($)

Drybulk,

3.8%

Tankers,

52.1%

Containers,

7.2%

LNG/LPG,

33.0%

Mixed Fleet,

6.6%

MLP, 24.5%

Drybulk

Tankers

Containers

LPG/LNG

Mixed Fleet

MLP

Float ($)

* MLPs are included in their own sector

Capital Link ...your link with the Global Investment Community

SHIPPING INDUSTRY

Containers Tankers Dry Bulk LPG/LNG Mixed Fleet MLPs*

# of Companies 6 16 14 10 3 10

Market Cap*($ml) $2,691 $9,287 $816 $6,061 $1,464 $4,002

Float ($ml) $986 $7,169 $523 $4,540 $912 $3,366

Float/Market Cap % 37% 77% 64% 71% 62% 84%

8

Breakdown by Sector

*As of February 2016

Float Percentages ContainersTankers Dry Bulk LPG/LNG Mixed Fleet MLPs*

Float Held by Institutions 31% 67% 47% 86% 99% 71%

Float Held by Retail 69% 33% 53% 14% 1% 29%

* MLPs are included in their own sector

Capital Link ...your link with the Global Investment Community

SHIPPING INDUSTRY

9

Number of Companies ($ml)

US Listed MLPs (including shipping) Total

Market Cap 145 $379,764.50

Shipping MLPs Total Market Cap 10 $4,002

Shipping MLPs Total Float 10 $3,366

MLPs – Looking Ahead

98.9%

1.1%

All US Listed MLPs

Shipping MLPs

Ratio of US Listed MLPs vs Shipping MLPs

*As of February 2016

Capital Link ...your link with the Global Investment Community

SHIPPING INDUSTRY

10

Market Cap vs. Float # of Companies ($ml)

Shipping MLPs Total Market Cap 10 $4,002

Shipping MLPs Total Float 10 $3,366

MLPs

*As of February 2016

16%

84%

Shipping MLPs Total Float

Shipping MLPs Total Market Cap vs. Float

75%

25%

Float held by Institutions vs. Retail

Held by Institutions

Held by Retailer

Float held by Institutions vs. Retail # of Companies ($ml)

Shipping MLPs Float held by Institutions 10 $2,514

Shipping MLPs Float held by Retail 10 $ 853

Capital Link ...your link with the Global Investment Community

SHIPPING INDUSTRY

11

Range # of Companies

> 4M 1

1-4M 8

500k -1M 10

300K-500K 7

< 300K 23

3 – Month Average Daily Trading Volume(Number of Shares Traded)

0

500.000

1.000.000

1.500.000

2.000.000

2.500.000

3.000.000

3.500.000

4.000.000

4.500.000

5.000.000

1 8 10 19 11

Capital Link ...your link with the Global Investment Community

SHIPPING INDUSTRY

Capital Link Maritime Index vs. S&P Index vs. WTI Index

12

WTI Index

S& P Index

Capital Link

Maritime Index

Capital Link ...your link with the Global Investment Community

SHIPPING INDUSTRY

Capital Link Dry Bulk Stock Index vs. Baltic Dry Index

13

Baltic Dry Bulk Index

Capital Link Maritime

Dry Bulk Index

Capital Link ...your link with the Global Investment Community

SHIPPING INDUSTRY

Capital Link Tanker Stock Index vs. Baltic Tanker Index vs. WTI

14

Capital Link Maritime

Tanker Index

Baltic Dirty

Tanker Index

Baltic Clean

Tanker Index

WTI Index