Investor Presentation July 2014 Forward looking statements Matters - - PowerPoint PPT Presentation

Investor Presentation

July 2014

1

Forward looking statements

Matters discussed in this presentation may constitute forward-looking statements under U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the Company’s current views with respect to future events and financial performance and may include statements concerning plans,

• bjectives, goals, strategies, future events or performance, and underlying assumptions and other statements,

which are other than statements of historical facts. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may

• ccur in the future, including, without limitation, the delivery of vessels, the outlook for tanker shipping rates, general

industry conditions future operating results of the Company’s vessels, capital expenditures , expansion and growth

• pportunities, bank borrowings, financing activities and other such matters, are forward-looking statements.

Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their obligations to us, the strength of the world economies and currencies, general market conditions, including changes in tanker vessel charter hire rates and vessel values, changes in demand for tankers, changes in our vessel operating expenses when the are delivered to us, including dry-docking, crewing and insurance costs, or actions taken by regulatory authorities, ability of customers of our pools to perform their obligations under charter contracts on a timely basis, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. We undertake no obligation to publicly update or revise any forward-looking statement contained in this presentation, whether as a result of new information, future events or

• therwise, except as required by law. In light of the risks, uncertainties and assumptions, the forward looking events

discussed in this presentation might not occur, and our actual results could differ materially from those anticipated in these forward-looking statements.

2

Euronav at a glance

• Large in-the-water crude oil tanker operator (55 modern tankers, $1.6Bn+ Market Cap)
• Vertically integrated operator with no related party transactions, no hidden fees or commissions
• More than 70% of fleet exposed to the spot market allowing for strong cash generation potential
• Strong relationships with high quality charterers
• Management (75 years of combined tanker shipping experience) focus on one company
• Pro forma fleet mix 29 VLCC, 23 Suezmax, 1 ULCC, 2 FSOs
• Current industry themes –

Demand – Increased Ton-Miles Supply – Lowest order book since 2003 Cyclical low in rates and asset values One of the largest independent owners & operators of crude oil tankers in the world

Note: Market data as of Sept 4 2014

Bank debt raised $4,928 M Convertible bond issuance $275 M Bond issuance $235 M Equity issuance $625 M

2003 10 vessels 3.0 mm dwt 2014 55 vessels 13.9mm dwt Proven growth track record with strong access to capital

Fleet

VLCC 29 ULCC 1 Suezmax 23 FSO 2

55 vessels 13.9mm dwt 6.7 year avg. age

3

Agenda

• Industry overview
• Company overview
• Financial overview
• Conclusion

Industry overview

5

20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 60.0 2000 2012 2020 2025 2030 2035 (mb/day)

Source: BP historical figures, IEA World Energy Outlook 2013 forecast figures

• A. Demand shifting to non-OECD

OECD demand Non-OECD demand Non-OECD demand

• vertaking OECD

demand

Global oil demand is growing … … and increasingly moving to non-OECD countries

Source: IEA World Energy Outlook 2013

Future VLCC demand by region over the next two years (2014E-2016E)

0.0 20.0 40.0 60.0 80.0 100.0 120.0 0.0 5.0 10.0 15.0 20.0 25.0 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 (mb/day) (mb/day) Total World (rhs) United States China India European Union

Net estimated additional demand ~ 53 VLCCs (92-39) by 2016 compared to net expected fleet growth of 4 vessels Net estimated demand for VLCCs next two years ~ 53

(20) (7) (12)

(39)

65 17 10

92

(50) (25) 25 50 75 100 Number of vessels US & Canada Europe, Lat Amer & Africa Japan China India SE Asia

6

• B. Far East oil imports driving positive ton-mile demand growth

Ton-mile demand growth, 2009 to 2013

Arabian Gulf 5,500 TM West Africa 9,650 TM South America 11,500 TM

(a) Average ton-miles based on 2013 tons transported to China Source: Drewry, Clarksons

Miles moved per ton transported to China(a)

US Gulf Europe Mid East Asia Mid East-Europe

Refinery expansion in Middle East and Asia Crude traffic generally moving East

Source: Wood-Mackenzie

8,512 8,908 8,803 9,159 9,321 5,000 6,000 7,000 8,000 9,000 10,000 2009 2010 2011 2012 2013 Billions of ton-mile 410 907 551 400 3,040 1,182

• 500

1,000 1,500 2,000 2,500 3,000 3,500

Asia Pacific Middle East Capacity additions (mbd) 2014 2015 2016+ 2014 2015 2016+

7

• B. U.S. shale oil and potential U.S export  A positive for tankers

US crude export applications and approvals (to 25th February 2014 plus estimate) Rising US production reducing crude imports and spurring exports US oil imports

14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Crude supply sources (mb/d) Domestic production Gross imports Exports Applications Approvals Approvals to Canada Approvals ex-Canada 2009 2010 2011 2012 2013 2014 20 40 60 80 100 120 140 No of applications

.

‘000 barrels per day 3000 2500 2000 1500 1000 500 1973 1980 1985 1990 1995 2000 2005 2010 2014

Africa Arabian Gulf

Source: EIA

…and is exporting already – could be 1m bpd by end

• f 2014

USA producing more and more….

Estimates

8

• B. Overall impact is more ton miles
• Indirect benefit – LR2/Aframax will export condensate but positive knock on effect for VLCC, Suezmax
• Heavy crude imports remain intact – Middle East to USA Heavy crude unchanged since 2005 & to remain
• Displacement drives further increase in ton miles – Latam/WAF to USA will now go Latam/WAF to Far East

LATAM to USA 2,500 miles & WAF to USA 5,000 miles LATAM to China 11,500 miles & WAF to China 9,650 miles

9

Net change 45 39 42 45 27 4 6 7 15

• 15
• 17
• 7
• 20
• 7
• 5
• 6
• 11
• 12
• 2%

0% 2% 4% 6% 8% 10%

• 30
• 20
• 10

10 20 30 40 50 2009 2010 2011 2012 2013 2014 2015 2016 30 22 35 25 20

• 1
• 4
• 2

24 7 38 30 10

• 1
• 9

13

• C. Global VLCC and Suezmax fleet supply dynamics

VLCC Suezmax

Note: August 2014 Source: Clarksons

Delivered Forecast Deliveries Scrapped/Removed Removals Scenario % Fleet Growth (RH AXIS)

Orderbook for crude tankers is near historic lows

53 54 62 49 31 6 14 12 35

• 29
• 47
• 24
• 16
• 21
• 3
• 21
• 22
• 18

(2%) (1%) 0% 1% 2% 3% 4% 5% 6% 7% 8%

• 60
• 40
• 20

20 40 60 80 2009 2010 2011 2012 2013 2014 2015 2016

• No. of vessels

World Fleet 1 Jan 2014 = 615 Vessels World Fleet 1 Jan 2014 = 471 Vessels

10

What does A-B-C mean? Two stage rocket – super cycle coming

Structural growth >2016 could mean a further estimated 270 VLCCs are required Stage 1

STRUCTURAL EXPANSION 2016 ++ Crude routes restructured via - Refinery expansion M East & China

• Asian demand and US not importing

CYCLICAL RECOVERY – 2014 – 2016 Negative fleet growth for first time since 2003 drives restricted supply Non-OECD demand drives 2-3m bpd growth

Stage 2

• M East refinery expansion – hard

plans to expand capacity by 4m bpd by 2018 means a decrease in exports from Middle East

• Atlantic Supply – 3-5m bpd –

Russian, US, North Sea, WAF, Brazil Oil into Atlantic as US not importing

• Asian Demand – continues –

end user demand & refinery expansion LIKELY SHIFT Asian refiners NOT getting M East crude ~ 5mbpd Euro refiners not buying NSea/WAF crude ~ 2-3 mbpd Additional Atlantic crude supply (WAF/Brazil) ~ 2mbpd TOTAL SHIFT ~5-8m bpd from M East to Atlantic SENSITIVITIES 1m bpd supplied to Asia from WAF instead of Middle East ~ 17 VLCC 1m bpd additional supplied to Asia from WAF ~ 40 VLCC 1m bpd additional supplied to Asia from Carib ~ 45 VLCC CONCLUSIONS (spread over 3 scenarios) 5m bpd ~ 170 VLCC 8m bpd ~ 270 VLCC

53 54 62 49 31 6 14 12 35

• 29
• 47
• 24
• 16
• 21
• 3
• 18
• 21
• 22
• 60
• 40
• 20

20 40 60 80 2009 2010 2011 2012 2013 2014 2015 2016

• No. of vessels

11

• D. Freight – High volatility & price inelasticity

Source: Clarksons

• 50000

50000 100000 150000 200000 250000 jan/04 jul/04 jan/05 jul/05 jan/06 jul/06 jan/07 jul/07 jan/08 jul/08 jan/09 jul/09 jan/10 jul/10 jan/11 jul/11 jan/12 jul/12 jan/13 jul/13 jan/14 USD/DAY

Daily average tankers freight rate over 10 years

Average VLCC 2000-built Average VLCC 2010-built Average Suezmax 2000-built Average Suezmax 2010-built

Notional Break Even Average TCE 2004-2008 = $71,000 per day

12

• E. Cyclical play

Stock Price Performance(a) vs. VLCC Rates(b) and Asset Values

Strong correlation between asset, VLCC and share prices

(Indexed Rates and Asset Values) (a) Average annual indexed stock price; index includes DHT, EURN, FRO, NAT, TNK and TNP (b) Rates and asset values are period averages Source: Clarksons, Capital IQ (Indexed Stock Price Performance)

0% 100% 200% 300% 400% 500% 0% 50% 100% 150% 200% 250% '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 YTD Spot Rates 1-Year TC Newbuild Price 5-Year Price Stock Price

13

20 40 60 80 100 120 140 160 180

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

(mm USD) Suezmax New Building Prices Suezmax 5 Year Old Secondhand Prices VLCC New Building Prices VLCC 5 Year Old Secondhand Prices

• E. Cyclical play – Asset values

Asset prices have appreciated since H2 2013 but still remain well below long term medians

15 VLCCs acquired

VLCC

($mm) Newbuild 5 Year Old 10 yr avg 115 96 5 yr avg 100 72 1 yr avg 93 61 Current 101 74

Suezmax

($mm) Newbuild 5 Year Old 10 yr avg 71 66 5 yr avg 62 51 1 yr avg 59 43 Current 65 50

4 VLCCs acquired

14

Cyclical play followed by structural expansion

Supply – Lowest Order Book to Fleet Ratio since 1997 Demand – Emerging markets driving expansion Ton-miles – structural changes in refining already driving multiplier effect Cyclical play – just above cycle lows with strong earnings correlation

A B C D E

Volatility – freight cost does not stop crude price moves

Company overview

16

A fully transparent operating platform

• Long established player (started 1989)
• Large in-the-water crude oil tanker operator (Pro forma: 55 modern tankers,

$1.6Bn+ Market Cap)

• Vertically integrated with no related party transactions, no hidden fees or hidden

commissions

• More than 70% of the fleet exposed to the spot market allowing for strong cash

generation

• Strong relationships with high quality charterers
• Management focus on one company & 75 years of combined tanker shipping

experience

A real proxy to play the crude tanker market

17

Long established player

Proven history operating in the crude tanker industry

2014 1989 2000 2004 2005

Acquisition – 15 VLCC Added 5 Suez & 3 VLCC newbuilds April: Merger with 16 Vessels with Tanklog Acquires 4 ULCC vessels from Hellespont in JV Tankers International Pool founded Six double hull VLCCs ordered, initiating Euronav's focus on larger sized and modern vessels Started doing business under the name “Euronav” as a subsidiary of CNN

2005

March: Acquired 4 VLCCs

2005 - 2014 1997 2009

Delivery of FSO Asia and FSO Africa

2008

TI Asia & TI Africa Conversion Acquisition – 4 VLCC

55 vessels 13.9mm dwt

Lists on NYSE Euronext Brussels

18

Spot exposure

Chartering strategy allows Euronav to capitalize on increasing rate environment

Onhire days (Year end 2014) Onhire days (2008)

57% 43% Fixed Spot 26% 74%

Overview of the Tankers International (“TI”) Pool Chartering strategy overview

Source: Company filings; Clarksons

1 1-year timecharter rate 310,000 dwt D/H modern tanker; 2 1-year timecharter rate 150,000 dwt D/H modern tanker

• Chartering strategy seeks to maximize returns through
• ptimal mix of spot and fixed charters
• Euronav has deliberately positioned itself toward more

spot exposure at this stage of the cycle

• Look to opportunistically employ crude carriers as crude

storage units, to take advantage of rates in offshore sector

Reederei “Nord” Oak Maritime (HK) DHT Holdings, Inc Overseas Shipholding Group

• Euronav was a founding member in 2000
• Largest spot market-oriented VLCC pool in which ship
• wners with vessels of similar sizes and quality

participate

• Currently comprised of 36 vessels

Exposure to spot market

19

Strong and strategic relationships with high quality charterers

Many customers been repeatedly served by us for more than 20 years Selected customer relationships

Source: Company filings and website

20

Euronav has consistently outperformed charter indices

20.127 17.668 19.006 Average TCE over 2 years (TI) TI Index 2000 blt. Index 2010 blt. Euronav Index 2000 blt. Index 2010 blt. Average TCE over 2 years (spot) 17,866 15,573 12,403

Our vessels achieve higher average TCE rates in the TI pool or on the spot market

Average TCE over 2 years* (spot) Average TCE over 2 years* (TI)

VLCC Suezmax

Source: Clarksons, Euronav, TI Pool * Two years to April 2014

21

FSO – Offshore market – Opportunistic capability

Floating storage and offloading units (“FSOs”) market overview

• In 2008, Euronav undertook conversions of 2 ULCC into the largest FSOs in the world
• Fixed income Service contract delivering USD 52 million EBITDA annually until 2017
• Life expectancy of Vessel extended to 2027; contract in place until 2017
• Potential for contract extension

Conversion

22

Top 10 players make up <50% of market

NIOC Mitsui O.S.K. Fredriksen Euronav Nippon Angelicoussis SK Shipping Bahri Sinotrans Oman Shipping Rest of market Teekay Corp Dynacom Tankers Nordic American Euronav SCF Fredriksen Tsakos Marmaras Knutsen Princimar Rest of market

Acquisition Strategy – Strategic consolidation at attractive prices

VLCC Suezmax

(a) Pro forma for Maersk acquisition Note: Charts represent total DWT Source: Clarksons

(a) (a)

• We aim to selectively buy and sell vessels at attractive prices to consolidate and strengthen our operating platform
• Focus on cash flow potential and ultimate returns on invested capital in each investment decision

Co-operation via Pools Foster Partnerships Active Consolidation

• Focus on ships/fleets on water NOT

new buildings

• Look to use equity as currency when

accretive opportunities arise

• Engaged in developing alliances and
• ther partner relationships
• Revenue sharing agreements and
• perate fleet for 3rd party
• TI Pool undertaking leadership

role

• Greater membership of Pools

should lead to information flow and better pricing for crude sector

23

Proven track record of acquisitions/disposals

20 40 60 80 100 120 140 160 180

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

MUSD Suezmax D/H 160K DWT 5 Year Old Secondhand Prices VLCC D/H 310K DWT 5 Year old Secondhand Prices Sale of TI Guardian Sale of Savoie Sale of Bourgogne Sale of Namur Sale of Pacific Lagoon Sale of Algarve Sale of Cap Isabella

= Profitable vessel sale = Loss-making vessel sale(a) Vessel acquisition Suezmax 5 Year Old Vessel Prices VLCC 5 Year Old Vessel Prices

4 vessels from Maersk 15 vessels from Maersk Sale of Antarctica Sale of Olympia Sale of Luxembourg Sale of Ardenne Venture

Note: (a) Represents loss in terms of cash

16 vessels from Tanklog merger 4 VLCCs 2 VLCCs

24

Our fleet is enhanced with recent VLCC acquisitions

• In January 2014, we agreed to acquire 15 VLCCs from

Maersk Tankers for $980mm from Maersk Tankers – Average age of ~4 years

• Took delivery of 14 vessels with one vessel coming in

1Q 2015

• Enables Euronav to capitalize on potential near-term

improvements in tanker charter rates

• Attractive investment opportunity to grow revenue and

earnings at bottom of the cycle asset prices

Transaction rationale Acquisition 1 - 15 VLCCs

 

Acquisition 2 - 4 VLCCs Acquisitions are fully financed

• 15 VLCCs - $980mm
• $500mm senior secured credit facility
• $235mm principal amount unsecured bond
• $350mm equity
• 4 VLCCs - $342mm
• $205 mm senior secured credit facility planned
• $125mm equity

  

• In July 2014, we agreed to acquire an additional 4

VLCCs from Maersk Tankers for $342mm

• Three of the four vessels to be delivered in 3Q and 4Q

2014 with last vessel coming in 2Q 2015

 

Financial overview

26

Earnings and dividends track record and well positioned for future

Historical earnings and dividends

Since 2004, Euronav has returned $657 million in dividends and $50 million in share buy back to shareholders

• ut of cumulative net results of $865 million

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Leverage 50% 56% 52% 52% 47% 55% 54% 55% 54% 59% No of Vessels 27 31 28 29 32 35 34 34 36 53 % fleet = spot 31 65 50 59 41 57 47 59 61 Payout ratio 70% 50% 51% 56% 27% N/A 35% N/A N/A N/A

104 303 372 432 344 657 195 260 128 121 138 57 237 209 218 101 402 (18) 20 (96) (119) (90) 176 101 118 65 187 7 7

• 30,000
• 20,000
• 10,000

10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000

• 200
• 100

100 200 300 400 500 600 700 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 ($ / day) ($mm) EBITDA Net profit Dividends Avg VLCC TCE Avg Suezmax TCE

27

Powerful cash generation potential

Pro forma fleet earnings sensitivity

• Breakeven (including debt service)
• c. $29k for VLCC
• c. $22k for Suezmax
• for every $5k average daily rate increase roughly

7 pts on ROCE

• FSO – $52mm EBITDA consistent, high quality

income stream

Pro-forma earnings capability Euronav well positioned

Based on full year contribution of 55 ships

VLCC TCE rates 25,000 40,000 50,000 80,000 Suezmax TCE rates 20,000 35,000 45,000 75,000 EBITDA $m 246 540 736 1324

• 2015 spot days exposure = 19,600 days
• Each $5,000 uplift in rates in VLCC and Suezmax improves EBITDA

and Net Revenue by $98M

28

First half financial highlights

1H 2014 operating environment

• Q1 was first positive earnings quarter since the beginning of the global financial crisis on the back of continued

strong tanker demand, less tanker capacity and a meaningfully higher rate environment

• Q2 was dominated with one of the longest and deepest turnaround seasons for refineries we have seen which

reduced demand for crude oil and resulted in weaker TCE rates

Outlook

• Limited tonnage increase forecasted
• Market is expected to be volatile but if current momentum is maintained into Q3 then the winter (in northern

hemisphere) will get off to a strong start

• Rates in both VLCC and Suezmax categories have improved significantly during June and July
• We believe crude tanker rates will remain strong in the coming months due to positive seasonal demand

factors and improving ton-mile demand fundamentals

29

Strong balance sheet position

Liquidity Capitalization

($mm) Actual

• Dec. 31, 2013

As adjusted June 30, 2014 Cash $74 $274 Secured debt $847 $874 Senior notes $0 $207 Convertible bonds $126 $23 Total debt $1,120 $1,255 Shareholders equity $801 $1,374

Acquisition capex

Remaining VLCC capex New Building capex As of July 23, 2014 $453 $0

We maintain a strong liquidity position post recent acquisitions Key balance sheet movements 2014

• $705m of credit facilities raised* not fully drawn yet
• Conversion of $110mm in convertible bonds into ordinary

shares

• $235mm Bond raised to finance acquisitions
• Equity issuances of $475mm to finance acquisitions

($mm) As of July 23, 2014 Cash $175 Undrawn credit facilities

• Undrawn credit facility

$126

• Undrawn Revolving credit facility

$130

• New undrawn credit facility *

$205 Total liquidity $636

* to be finalised and to be used to finance the 4 VLCCs acquisition announced on 8 July 2014

Conclusion

31

Ability to optimize fleet size and access to financing with $5.7bn of debt and equity issuance since 2013 despite industry headwinds

Experienced, proven management team

363% increase in on-water capacity (dwt)

Bank debt raised $4,928 M Convertible bond issuance $275 M Bond issuance $235 M Equity issuance $625 M

2000 Today

2003 10 vessels 3.0 mm dwt 2014 55 vessels 13.9mm dwt

Paddy Rogers CEO

• BOD/Executive Committee since June 2003
• CEO since 2000
• CFO 1998 - 2000

Hugo De Stoop CFO

• CFO since 2008
• Executive committee since 2006
• Deputy CFO and Head of IR since 2004

Captain Alex Staring COO

• COO since 2005
• Executive committee since 2005
• 25 years maritime experience

Proven growth track record with strong access to capital ExCo: 75 years combined experience

32

Euronav – well positioned for the coming cyclical upswing

A pure play tanker company with a sustainable business model Best in class operating platform Current strategy leverages Euronav to a strong uptick in crude tanker market Re-capitalised balance sheet - positioned to act as industry consolidator Experienced management team with a proven track record of growth

Containers Crude tankers Chemicals Car Carriers Dry Bulk LPG Product Tankers LNG Time

Attractive stage of the cycle

Appendix

34

Tankers International Pool App – providing transparency

Trade – AG = Arabian Gulf USG = US Gulf WAF = West Africa RS = Red Sea FE = Far East UKCM = Europe WS = Worldscale – The New Worldwide Tanker Nominal Freight Scale is a catalogue of theoretical freight rates expressed as USD per ton for most of the conceivable spot voyages in the tanker trade. Laycan - An abbreviation of "layday cancelling date" or "laydays cancelling“ referring to the period of time when the charterer must commence loading the cargo and the cancelling date (being the date after which the charterer may repudiate the charterparty if the vessel has not then arrived at the specified port . This period is typically expressed as two dates, eg laycan 25 March/2 April", meaning that the charterer may not be

• bliged to commence loading earlier than 25 March even if the ship has

arrived at the specified port or place of loading by that date, and that he may cancel the charterparty if the ship has not arrived there by 2 April. TCE – time charter equivalent – TCE revenues which are voyage revenues less voyage expenses serve as an industry standard for measuring fleet revenue and comparing results between geographical regions & competitors. Speed - expressed in knots per hr when ballast and when laden Ballast – laden – port – split between the 3 for a voyage Demurrage – Additional revenue paid to the shipowner on its Voyage Charters for delays experienced in loading and/or unloading cargo that are not deemed to be the responsibility of the shipowner, calculated in accordance with specific Charter terms.

https://itunes.apple.com/gb/app/vlcc-fixtures/id727040139?mt=8 https://play.google.com/store/apps/details?id=com.BoelIT.tifixtures&hl=en

35

Summary of equity capital structure changes 2013-14

Date Description New share capital Number of shares 14-Jul-14 Capital increase of approx. USD 125M USD 142,440,546.45 131,050,666 22-Apr-14 Conversion of convertible bonds USD 130,966,225.15 120,493,858 10-Mar-14 Conversion of convertible bonds USD 130,950,898.60 120,479,757 25-Feb-14 Conversion of convertible bonds USD 130,230,533.54 119,816,994 24-Feb-14 Capital increase of approx. USD 300M USD 130,084,009.11 119,682,186 06-Feb-14 Contribution in kind (PCPs) USD 94,388,158.23 86,840,658 06-Feb-14 Conversion of convertible bonds USD 84,106,746.75 77,381,372 23-Jan-14 Conversion of convertible bonds USD 75,584,091.50 69,540,208 10-Jan-14 Capital increase of approx. USD 50M USD 73,759,155.37 67,861,198 10-Jan-14 Conversion of convertible bonds USD 67,809,865.37 62,387,627 19-Dec-13 Conversion of convertible bonds USD 58,936,522.32 54,223,817 12-Nov-13 Conversion of convertible bonds USD 57,804,387.17 53,182,210

36

VLCC rate calendar

37

Suezmax rate calendar