SUPRAMAX RSA

2

๏ Headquartered in Monaco and founded in 2004

๏One of the largest shipmanagement companies globally

๏ Employs over 85 people from 13 different nationalities

๏ Lloyd’s List ‘Dry Bulk Operator of the Year’ 2017

C TRANSPORT MARITIME S.A.M.

2

3

๏ The Company directly operates over 115 vessels, ranging from

Supramax to Newcastlemax bulk carriers, and over 200 vessels when

including Capesize Chartering Ltd. (“CCL”).

๏Manager of Supramax up to Capesize Revenue Sharing Agreements

(RSAs)

๏Co-manager of CCL (>100 vessels)

๏Technical manager for 40 bulk carriers

C TRANSPORT MARITIME S.A.M.

3

4

๏Commercial (Chartering, S & P, FFA)

๏Operations

๏Technical

๏Risk Management & Research

๏Insurance

๏Logistics

PRINCIPAL ACTIVITIES

4

5

“What we are trying to do here is eliminate fragmentation among the supramax-owning community so we can provide a more efficient service as well as minimise all of our costs”

John Michael RadziwillCEO

5

OUR POOLS

๏Over 15 years of managing dry cargo pools

๏Today there are about 200 vessels in our

pools*, all of which are operated on the spot

market

๏Pool stay ranges from a few months to a few

years depending on each member’s portfolio

composition, employment strategy and

outlook on the market

๏Accounts are managed by CTM and

externally audited annually (Deloitte)

*including vessels in CCL but not double counting CTM managed ships6

SUPRAMAX RSA

๏The Supramax Revenue Sharing

Agreement was created in 2013 with 5

members and 6 vessels

๏Presently, the RSA counts 18 members

and 73 vessels

๏Our members include: traditional

shipowners, publicly listed companies,

commodity traders & financial

investment platforms

7

RSA MEMBERS

8

J.P. Morgan GMIF

Bocimar Carras Ltd Castleton Commodities CBC

DryLog

Golden Ocean Ionic Nautical Bulk Holding

S’Hail Shamrock Sonoma

Chandris Eastern Pacific ShippingD’Amico Dry

M/Maritime

Wah Kwong

Stone Shipping

Stone Shipping

HOW THE RSA WORKS

Income generated from the pool vessels are distributed to the members according to the revenue earning capabilities of their vessels

๏ Vessels are assessed on tradability and performances (dwt,

cubic capacity, service and eco speed & consumption, draft, etc)

and a Revenue Sharing Key is established

๏ Vessel performances are monitored

๏ Working capital of $400,000 (in bunkers and cash) is required to

cover the day-to-day expenses of the vessel (bunkering, port

agent fees etc) and is returned to the member when the vessel

exits

Steady income

Low fees

Global reach

Flexibility

Outstanding

performance

Risk

management

9

10

Delivering great results is at the

top of our agenda and our

performance is testament to this.

Over the past 12 months, the

Supramax RSA has outperformed

the market by 8%.

10

11Note: Until 2015 BSI 52 Index is used for comparisons; from 2016 BSI 58 is used. Results shown above are for a BSI-type vessel.All figures are net and adjusted to a 100 point ‘index’ type vessel

CTM ALMOST ALWAYS OUTPERFORMS THE BALTIC SUPRAMAX INDEX…

SUPRAMAX RSA PERFORMANCE VS. BSI ($/DAY)

11

12

…AND ITS PEERS

๏ Higher performance and lower cost structure give the CTM Supramax RSA an advantage over similar-type pools

๏ In 2018, the Supramax RSA performed 5% above the index and around 8% above its peers

SUPRAMAX PEER PERFORMANCES IN 2018

$ PER DAY

12

13

LOW FEES

No daily administration fees - only a

1.25% commission on revenues

No hidden fees or other costs

No withdrawal fees or penalties

Transparent cost structure

13

14

FLEXIBILITY

✓ Entry and exit into the RSA is very easy; only

two weeks notice for a vessel to enter and

maximum three months notice to exit

✓ No minimum duration

✓ Tailored to owners’ concerns and needs.

Charter-party negotiations work off the

owner’s charter-party, otherwise the pool’s

charter-party can be used

14

15

STEADY INCOME

The RSA gives out a fixed income

Income is based on a pre-agreed FFA

budget set at the beginning of the year.

Income is adjusted quarterly to match

actual results

15

16

GLOBAL REACH

Our multi-basin strategy

ensures our vessels are

spread out globally

16

17

RISK MANAGEMENT

✓ Dedicated, highly sophisticated in-

house risk management department

with an excellent track record

✓ Counterparty assessment prior to

fixing a vessel determines whether

fixture goes ahead or not

✓ Tailored maritime lien insurance

17

18

The RSA has weekly, monthly

and quarterly reporting as

well as physical meetingsthat take place twice a year.

18

RSA STRENGTHS IN NUMBERS

466 fixtures concluded

23.4 mn tonnes carried159 counterparties

2.5 Years average vessel duration despite very flexible entry and exit requirements

16% of vessels have been in for 5 years or more

Biggest Supramax pool in the market

39 fixtures concluded per month on average - 90% on time charter

19

2019 figures :

RSA STRENGTHS IN NUMBERSNUMBER OF FIXTURES

VOLUMES CARRIED ON RSA VESSELS

(MILLION TONNES)

TYPE OF CARGO LOADED ON

RSA VESSELS IN 2019

20*’Other’ includes sulphur, scrap, alumina, copper, sand etc

‘Agricultural products’ include grains and oilseeds.

THE SUPRAMAX RSA FLEET

21

Vessel Name Built Size (dwt) Vessel Name Built Size (dwt) Vessel Name Built Size (dwt)

Nautical Georgia 2017 63,800 Armonia.GR 2016 61,250 Bulk Honduras 2012 57,959

Nautical Runa 2015 63,577 La Tonda 2015 61,241 ST George 2011 57,959

Nautical Lucia 2016 63,567 Red Azalea 2015 61,229 Sage Symphony 2012 57,949

Nautical Loredana 2015 63,556 FJ Star 2016 61,225 Bulk Uruguay 2011 57,937

Nautical Hilary 2015 63,530 Olympia.GR 2017 61,222 Bulk Ecuador 2011 57,937

CMB Rubens 2018 63,514 Aquaprosper 2015 61,208 Bulk Colombia 2011 57,937

Sage Sanaga 2013 63,500 Divinegate 2019 61,143 Bulk Peru 2011 57,937

Nautical Alice 2016 63,500 FJ Viola 2020 61,000 Medi Yokohama 2014 57,905

Nautical Anne 2016 63,500 Victoria T 2017 61,000 Medi Manila 2014 57,903

Oslo Venture 2015 63,500 Ionic Unicorn 2016 60,425 Serene Jessica 2010 57,275

Daimongate 2017 63,496 Atalanti.GR 2019 60,400 Serene Juniper 2011 57,185

Nautical Madison 2018 63,436 Golden Cathrine 2015 60,263 SFL Yukon 2010 56,869

Bulk Bolivia 2016 63,374 Golden Cecilie 2015 60,263 SFL Sara 2010 56,869

Sage Amazon 2012 63,301 Red Sakura 2017 60,245 CS Sonoma 2010 56,697

All Star Atlas 2014 63,250 Areti.GR 2017 60,243 Sea Star 2014 56,591

CMB Jordaens 2019 63,000 ST Pinot 2013 59,949 Ionic Spirit 2010 56,119

Red Orchid 2015 61,645 African Jacana 2012 58,800 Loch Crinan 2013 56,108

Amis Wisdom I 2010 61,600 Bulk Costa Rica 2012 58,758 Bulk Phoenix 2013 56,088

Devongate 2014 61,517 Medi Segesta 2009 58,730 Ionic Storm 2005 56,032

Amis Brave 2014 61,467 Bulk Patagonia 2012 58,723 Aquitania 2006 55,916

Bulk Guatemala 2013 61,446 Amis Orchid 2012 58,120 Medi Paestum 2009 55,614

Bulk Atacama 2014 61,384 Medi Hakata 2014 58,078 Bridgegate 2010 53,477

CMB Chikako 2014 61,299 Golden Hawk 2015 58,068 Medi Bangkok 2006 53,466

Red Cosmos 2015 61,263 ST Paul 2010 57,982 S'hail Al Ruwais 2001 52,817

S'hail Al Doha 2002 52,455

22

7 Rue du Gabian,Gildo Pastor Center98000 Monaco+377 97 98 59 00www.ctmmc.com