Presentation to NAMEPA: Winds of Change in Shipping Shipping Cycles - - PowerPoint PPT Presentation

Jefferies LLC

Member SIPC

Presentation to NAMEPA: Winds of Change in Shipping

Shipping Cycles and U.S. Equity Capital Markets

February 19, 2014 / Confidential

Jefferies LLC February 2014 /

“That Was Then”

(2009)

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Jefferies LLC February 2014 /

“This Is Now”

(NAMEPA 2014)

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Jefferies LLC February 2014 /

Crude and Product Tankers 2003 – 2014 YTD Spot Rates

($ per day) VLCC Suezmax MR Aframax Crude Product

• $50,000

$0 $50,000 $100,000 $150,000 $200,000 $250,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 $0 $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Average 49,655 $ High 204,361 Low (1,452) Current 43,947 Average 39,860 $ High 140,516 Low 1,308 Current 9,681 Average 17,888 $ High 42,099 Low 5,174 Current 9,833 Average 28,518 $ High 87,863 Low 2,262 Current 12,275

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Jefferies LLC February 2014 /

Tanker Asset Values and Orderbook

($ millions) 20-Yr Quarterly 5-Yr Old VLCC Prices Crude Tanker Orderbook as % of Fleet Product Tanker Orderbook as % of Fleet 20-Yr Quarterly 5-Yr MR Prices Crude Product

10.6% 19.1%

$- $40 $80 $120 $160 $200 1993-Q3 1994-Q2 1995-Q1 1995-Q4 1996-Q3 1997-Q2 1998-Q1 1998-Q4 1999-Q3 2000-Q2 2001-Q1 2001-Q4 2002-Q3 2003-Q2 2004-Q1 2004-Q4 2005-Q3 2006-Q2 2007-Q1 2007-Q4 2008-Q3 2009-Q2 2010-Q1 2010-Q4 2011-Q3 2012-Q2 2013-Q1 2013-Q4 $- $10 $20 $30 $40 $50 1993-Q3 1994-Q2 1995-Q1 1995-Q4 1996-Q3 1997-Q2 1998-Q1 1998-Q4 1999-Q3 2000-Q2 2001-Q1 2001-Q4 2002-Q3 2003-Q2 2004-Q1 2004-Q4 2005-Q3 2006-Q2 2007-Q1 2007-Q4 2008-Q3 2009-Q2 2010-Q1 2010-Q4 2011-Q3 2012-Q2 2013-Q1 2013-Q4 Average 25.0 $ High 47.0 Low 15.5 Current 25.0 Average 76.4 $ High 163.0 Low 45.0 Current 60.0

• 10.0%

20.0% 30.0% 40.0% 50.0% 60.0%

• 20

40 60 80 100 120 140 160 Orderbook (Million Dwt) Orderbook as % of Fleet

• 10.0%

20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

• 10

20 30 40 50 60 Orderbook (Million Dwt) Orderbook as % of Fleet 8

Jefferies LLC February 2014 /

Drybulk and Containerships 2003 – 2013 YTD Spot Rates

($ per day) Capesize Panamax Panamax Containership (1) Handysize (2) Drybulk Containership

$0 $50,000 $100,000 $150,000 $200,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 $0 $20,000 $40,000 $60,000 $80,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 $0 $10,000 $20,000 $30,000 $40,000 $50,000 2006 2007 2008 2009 2010 2011 2012 2013

(1) 3500 teu Panamax containership historic 6-12 month TC rate from Clarksons. (2) Data from Clarksons available from 2006.

Average 47,982 $ High 188,643 Low 1,758 Current 8,279 Average 16,553 $ High 46,341 Low 4,112 Current 9,676 Average 22,370 $ High 74,099 Low 2,278 Current 7,242 Average 20,820 $ High 44,000 Low 5,450 Current 7,250

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Jefferies LLC February 2014 /

Dry Asset Values and Orderbook

($ millions) 20-Yr Quarterly 5-Yr Old Capesize Prices Drybulk Orderbook as % of Fleet Containership Orderbook as % of Fleet 20-Yr Quarterly 5-Yr Old Containership Prices (1)

(1) Historic prices for 3200/3600 teu 5-year old Panamax containerships, Data is from Clarksons and is only available from Q4 2006.

Drybulk Containership

21.0% 22.2%

$- $10 $20 $30 $40 $50 $60 $70 $80 1993-Q3 1994-Q2 1995-Q1 1995-Q4 1996-Q3 1997-Q2 1998-Q1 1998-Q4 1999-Q3 2000-Q2 2001-Q1 2001-Q4 2002-Q3 2003-Q2 2004-Q1 2004-Q4 2005-Q3 2006-Q2 2007-Q1 2007-Q4 2008-Q3 2009-Q2 2010-Q1 2010-Q4 2011-Q3 2012-Q2 2013-Q1 2013-Q4 Average 37.5 $ High 153.0 Low 25.7 Current 44.0 $- $10 $20 $30 $40 $50 $60 $70 Average 37.9 $ High 65.3 Low 17.0 Current 17.0

• 10.0%

20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0%

• 50

100 150 200 250 300 350 Orderbook (Million Dwt) Orderbook as % of Fleet

• 10.0%

20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

• 1,000

2,000 3,000 4,000 5,000 6,000 7,000 8,000 Orderbook (Thousand TEU) Orderbook as % of Fleet 10

Jefferies LLC February 2014 /

Historical Annual Price Movement in Maritime Sectors

• 50.1%
• 54.7%
• 14.2%

47.2%

• 60.0%
• 50.0%
• 40.0%
• 30.0%
• 20.0%
• 10.0%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Drybulk Tanker Container Gas

• 28.2%
• 10.9%

1.6%

• 2.4%
• 60.0%
• 50.0%
• 40.0%
• 30.0%
• 20.0%
• 10.0%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Drybulk Tanker Container Gas 110.1% 41.5% 33.0% 27.2%

• 100.0%
• 90.0%
• 80.0%
• 70.0%
• 60.0%
• 50.0%
• 40.0%
• 30.0%
• 20.0%
• 10.0%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 110.0% 120.0% 130.0% Drybulk Tanker Container Gas

2011 FY 2012 FY 2013 FY

Note: The drybulk index includes BALT, DSX, DRYS, EGLE, ESEA, FREE, GNK, GLBS, GPRT, HCL, NM, NMM, PRGN, SB, SHIP and SBLK for all years. EXM is included in the drybulk index for 2011 and 2012. SALT and VLCCF are included in 2013 and 2014. The tanker index includes CPLP, DHT, FRO, NNA, NAT, STNG, TK, TNK and TNP for all years. The tanker index also includes OSG, ONAV and VLCCF for 2011 and 2012, GMR for 2011 and ASC for 2013 and 2014. The container index includes TEU, CMRE, DAC, DCIX, GSL and SSW for all years. HRZL is also included in the container index for 2011. The gas index includes EXMAR, GLOG, GLNG, GMLP, HLNG, GASS and TGP for all years. NVGS is also included in the gas index for 2013 and 2014. Source: Capital IQ.

• 5.5%

1.1% 7.8% 2.7%

• 40.0%
• 30.0%
• 20.0%
• 10.0%

0.0% 10.0% 20.0% 30.0% 40.0% Drybulk Tanker Container Gas

2014 YTD

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Jefferies LLC February 2014 /

2 4 6 8 10 12 14 Mar-2010 Apr-2010 May-2010 Jun-2010 Jul-2010 Aug-2010 Sep-2010 Oct-2010 Nov-2010 Dec-2010 Jan-2011 Feb-2011 Mar-2011 Apr-2011 May-2011 Jun-2011 Jul-2011 Aug-2011 Sep-2011 Oct-2011 Nov-2011 Dec-2011 Jan-2012 Feb-2012 Mar-2012 Apr-2012 May-2012 Jun-2012 Jul-2012 Aug-2012 Sep-2012 Oct-2012 Nov-2012 Dec-2012 Jan-2013 Feb-2013 Mar-2013 Apr-2013 May-2013 Jun-2013 Jul-2013 Aug-2013 Sep-2013 Oct-2013 Nov-2013 Dec-2013 Jan-2014

Scorpio Tankers

USD

Scorpio Tankers (NYSE: STNG) Historic Price Movement

Cyclical Industry Creates Various Buying Opportunities – Product

IPO $162.5m 3/31/2010 Follow-On $44.8m 11/16/2010 Follow-On $63.0m 5/13/2011 Follow-On $38.5m 12/1/2011 Follow-On $27.0m 4/13/2012 Follow-On $132.0m 12/5/2012 Follow-On $230.0m 1/30/2013 Follow-On $235.0m 3/13/2013 Follow-On $300.0m 5/8/2013 Follow-On $190.0m 7/31/2013 Investment in Dorian LPG 10/28/2013

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Jefferies LLC February 2014 /

2 4 6 8 10 12 14 16 Mar-2010 Apr-2010 May-2010 Jun-2010 Jul-2010 Aug-2010 Sep-2010 Oct-2010 Nov-2010 Dec-2010 Jan-2011 Feb-2011 Mar-2011 Apr-2011 May-2011 Jun-2011 Jul-2011 Aug-2011 Sep-2011 Oct-2011 Nov-2011 Dec-2011 Jan-2012 Feb-2012 Mar-2012 Apr-2012 May-2012 Jun-2012 Jul-2012 Aug-2012 Sep-2012 Oct-2012 Nov-2012 Dec-2012 Jan-2013 Feb-2013 Mar-2013 Apr-2013 May-2013 Jun-2013 Jul-2013 Aug-2013 Sep-2013 Oct-2013 Nov-2013 Dec-2013 Jan-2014 Feb-2014

Baltic Trading

USD

Cyclical Industry Creates Various Buying Opportunities – Drybulk

Baltic Trading Limited (NYSE: BALT) Historic Price Movement

Follow-On $63.5 9/20/2013 Follow-On $23.1m 5/22/2013

“THE NEXT?”

Follow-On $58.2 11/13/2013

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Jefferies LLC February 2014 /

U.S. Equity Market Overview

Source: Dealogic. CapitalIQ. Bloomberg. (1) 2014E based on S&P 500 consensus price target estimate of 1,956 vs. closing price on 12/31/13. (2) Equity fund flows exclude ETFs.

Global Equities Have Started 2014 Down After 2013 Returns Strong Inflows Into Equities(2) Street Predicting Modest Upside To Stocks In 2014(1)

• 20%
• 10%

0% 10% 20% 30% 40% 50% 60% Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan

Volatility Remains Low

0.0 10.0 20.0 30.0 40.0 50.0 60.0 01/11 06/11 11/11 04/12 09/12 02/13 07/13 12/13 VIX Index Peak VIX: 48.0% Current VIX: 13.6% 19.1% 6.8% 38.2% 30.1% 0% 10% 20% 30% 40% 50% Offer-to-Current IPOs FOs

New Issues Are Producing Outsized Returns

5.1% 19.0% 19.4% 43.4% Last 8 Weeks LTM

IPOs FOs Offer-to-Current %

S&P 500: +28.9% Dow Jones: +23.3% EuroSTOXX: +22.4% MSCI EM: (9.3)% Russell 2000: +35.3% Nikkei 225: +33.9% Hang Seng: (2.7%)

($11.4) ($51.9) $37.8 $12.7 ($60) ($50) ($40) ($30) ($20) ($10) $0 $10 $20 $30 $40 $50 2011 2012 2013 2014 Mutual Fund Flows - Equity ex ETF ($bn)

7% (2%) 34% 20% 31% 27% 20% (10%) (13%) (23%) 26% 9% 3% 14% 4% (38%) 23% 13% (0%) 13% 30% 6% (40%) (30%) (20%) (10%) 0% 10% 20% 30% 40% +1,033.5 +237% +538.5 +61% +945.1 +105%

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Jefferies LLC February 2014 /

Growth Sectors Leading Issuance

19 20 22 28 28 49 68 Consumer Real Estate Energy Finance Industrials TMT Healthcare

Most Active IPO Market Since 2000

$104.3 $46.2 $27.1 $18.2 $51.5 $38.1 $46.8 $53.2 $26.8 $27.0 $44.0 $40.7 $46.7 $60.3 $7.6 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Issuance ($bn)

# 408 86 76 77 233 193 201 214 30 60 155 126 131 216 36

U.S. IPO Market Overview – Summary of Issuance

Source: Dealogic. Excludes transactions less than $20.0 million, BCC/SPACs and re-IPOs.

Favorable IPO Pricing Environment for Issuers

Below Within Above

Average Aftermarket Performance

LTM IPO Issuance (# of Offerings) GM FB

Most constructive IPO market in the past decade

Visa LTM Offer-to-Current % 44.6% 3.7% 31.6% 24.0% 20.9% 59.5% 64.2% Consumer Real Estate Energy Finance Industrials TMT Healthcare Number of Volume Average Aftermarket Performance Month Offerings ($bn) Pricing vs. Filing Range T+1 T+30 Current February 2014 19 1.9 6.9%

• 11.9%

January 2014 17 5.8 24.1% 7.9% 27.8% December 2013 12 5.9 26.3% 36.1% 53.8% November 2013 25 6.3 15.2% 33.8% 58.3% October 2013 31 12.7 26.6% 38.5% 42.2% September 2013 22 3.9 25.2% 32.4% 48.1% August 2013 15 4.1 18.1% 26.3% 29.4% July 2013 21 4.2 14.7% 15.9% 27.0% June 2013 18 4.1 20.4% 40.1% 48.4% May 2013 27 6.5 10.3% 16.3% 85.5% April 2013 13 4.0 11.1% 19.3% 30.7% March 2013 12 2.4 11.4% 15.1% 29.0% LTM 234 $62.0 17.9% 27.5% 43.4%

28% 25% 31% 30% 33% 19% 33% 23% 29% 32% 17% 41% 26% 50% 50% 46% 59% 56% 52% 53% 45% 35% 48% 58% 41% 68% 21% 25% 23% 11% 11% 29% 13% 32% 35% 20% 25% 18% 5%

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Jefferies LLC February 2014 /

Maritime Industry Overview

Sectors and Markets Overview Sector Investor Sentiment Shipping Market Key Drivers Main Public Comps (U.S.) Notable Investors in the Space 2012-2013 (U.S) Equity Issuance

Crude Tankers Nov 2013-Present Revived interest behind sustained higher rates VLCCs, Suez and Aframax all have spiked and settled in to profitable rates

• China import
• Ton-mile growth
• Potential for U.S.

export TK, FRO, NAT, TNK, TNP, DHT, SFL, EURN Oaktree, Apollo, WL Ross, York Incremental $500 million for Euronav Maersk acquisition LPG Scarcity of pure play names Rates at record highs

• U.S. shale gas
• U.S. producing

cheaper feedstock GASS, NVGS WL Ross, JCP $377.2 million Product Tankers Heavily invested, saw first growth shipping IPO in 3 years (ASC) Stable, eco-spec designs command premium rates

• U.S. shale oil
• Market / refining

dislocation STNG, NNA, CPLP, ASC, TNP Legatum, Wilbur Ross, Barclays, Oaktree, Greenbriar $1,702.1 million Drybulk Market over performance YTD, influx of new issues Brief recovery, but a lot of legacy troubled balance sheets

• China’s steady

growth

• Orderbook falling off

GNK, DSX, BALT, DRYS, SB, NM, NMM, PRGN, SBLK Oaktree, Kelso, Riverstone, Robertson, WL Ross $744.3 million Chemical Tankers Below the radar, derivative of U.S. shale revolution On the recovery

• U.S. producing

cheaper feedstock ASC Greenbriar, Oaktree $140.0 million LNG Stable after 2 years

• f heavy investment

Strong with visible growth for 2014+

• U.S. shale gas
• Japan’s shift to non-

nuclear energy TGP, GLNG, GMLP, GLOG, TNP, DLNG Soros $959.9 million Jones Act Tankers Scarcity of public names has pushed KEX to all time highs Strongest in the last several years

• U.S. shale oil
• U.S. product

exports at all time high KEX, OSG Blackstone, Cerberus, Platinum Nil (But strong activity in in M&A, debt refinances, dividend recapitalizations) Containership Very selective towards names with track record, long-term charters and dividend capacity Weak with rates and values at historic lows, but no visible catalyst for recovery

• Weak U.S. / Europe

demand for finished goods

• Oversupply

SSW, CMRE, DAC, GSL Carlyle, Oaktree $311.7 million Crude Tankers Jan-Nov 2013 Negative due to weak demand and high- profile restructurings; contrarian views developing? Extremely weak, below opex rates

• U.S. shale oil
• Weak energy

demand growth in developed countries

• Refinery dislocation

TK, FRO, NAT, TNK, TNP, DHT, SFL, EURN Oaktree, Apollo, WL Ross, York $353.9 million

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Jefferies LLC February 2014 /

Historical Shipping IPO Valuation Metrics

Source: Company Filings, Marine Money , Bloomberg and Jefferies Investment Banking. NA: Not Available. (1) The Company’s dividend policy at IPO was to distribute 50% of Net Income.

At IPO Current Company Ticker Sector IPO Date IPO Price Price/NAV TEV/ EBITDA Dividend Yield TEV/ 2014E EBITDA TEV/ 2015E EBITDA 2015E Dividend Yield DryShips DRYS Drybulk 2/3/2005 $18.00 180% 4.1x 4.5% 7.6x 6.2x NM Diana Shipping DSX Drybulk 3/17/2005 $17.00 137% 8.0x 12.6% 19.9x 10.0x 0.2% Eagle Bulk Shipping EGLE Drybulk 6/23/2005 $14.00 180% 7.4x 13.5% 12.6x 8.9x 0.0% Genco Shipping & Trading GNK Drybulk 7/22/2005 $21.00 114% 4.6x 9.8% 10.9x 7.9x 0.0% Seaspan SSW Container 8/9/2005 $21.00 70% 12.0x 8.1% 11.3x 9.8x 6.4% Stealthgas GASS Gas 10/6/2005 $14.50 97% 5.6x 5.2% 7.6x 6.0x NM Goldenport Holdings GPRT LN Container 3/31/2006 £2.35 120% 4.3x 8.4% 9.5x 7.8x NM Omega Navigation ONAV Tanker 4/6/2006 $17.00 132% 9.2x 11.8% NA NA NA Danaos DAC Container 10/5/2006 $21.00 90% 10.4x 8.4% 9.6x 9.5x 0.0% Capital Product Partners CPLP Tanker 3/29/2007 $21.50 137% 8.3x 7.0% 12.2x 11.8x 9.3% OceanFreight OCNF Drybulk 4/25/2007 $19.00 120% 8.0x 8.0% NA NA NA Globus Maritime GLBS US Drybulk 6/1/2007 £3.00 125% 6.6x 7.2% 8.8x NA NM Paragon Shipping PRGN Drybulk 8/10/2007 $16.00 147% 7.7x 10.9% 9.3x 5.2x NM Navios Maritime Partners NMM Drybulk 11/12/2007 $20.00 130% 10.5x 7.0% 10.3x 10.5x 10.1% Hellenic Carriers(1) HCL LN Drybulk 11/30/2007 £2.12 92% 6.9x NA 10.5x 8.1x NM Teekay Tankers TNK Tanker 12/12/2007 $19.50 112% 6.0x 13.7% 12.4x 9.1x 3.1% Safe Bulkers SB Drybulk 5/28/2008 $19.00 110% 6.9x 10.0% 10.9x 8.4x 2.6% Baltic Trading Limited BALT Drybulk 3/9/2010 $14.00 108% 6.3x 12.1% 11.4x 7.2x 7.4% Crude Carriers CRU Tanker 3/11/2010 $19.00 109% 11.2x 8.6% NA NA NA Scorpio Tankers STNG Tanker 3/30/2010 $13.00 112% 11.7x 0.0% 12.5x 5.6x 4.4% Golar LNG Partners GMLP Gas 4/7/2011 $22.50 NA 10.5x 6.8% 10.2x 9.4x 7.2% Box Ships TEU Container 4/14/2011 $12.00 107% 9.7x 9.5% 6.7x 7.0x 7.0% GasLog GLOG US Gas 3/29/2012 $14.00 NA 8.2x 3.1% 9.7x 7.9x 2.6% KNOT Offshore Partners KNOP Tanker 4/9/2013 $21.00 NA 11.7x 7.1% NA NA NA Ardmore Shipping ASC Tanker 7/31/2013 $14.00 113% 7.1x 2.9% 13.4x 5.7x 2.7% Dynagas LNG Partners DLNG Gas 11/12/2013 $18.00 NA 11.3x 8.1% 11.9x 8.8x 7.5% Navigator Holdings NVGS Gas 11/20/2013 $19.00 NA 8.8x 0.0% 15.7x 10.7x NM Scorpio Bulkers SALT Drybulk 12/11/2013 $9.75 114% 3.8x 0.0% NM 6.3x NM Median - Universe 113% 8.0x 8.1% 10.9x 8.0x 3.1% Mean - Universe 120% 8.1x 7.6% 11.1x 8.2x 4.4% Mean - Tanker 119% 9.3x 7.3% 12.6x 8.0x 4.9% Mean - Drybulk 130% 6.7x 8.7% 11.2x 7.9x 3.4% Mean - Container 97% 9.1x 8.6% 9.3x 8.5x 4.5% Mean - Gas 97% 8.9x 4.6% 11.0x 8.6x 5.8% 17

Jefferies LLC February 2014 /

• Only full service global investment bank with a dedicated shipping group
• Experienced 182 person sales force with long-standing investor relationships provides with best ability to convey any story
• Highly respected research team with an established shipping platform covering nearly 40 publicly traded shipping names
• Consistently top ranked in trading support post-transaction for equity offerings in which Jefferies is a bookrunner
• Investor confidence in Jefferies remains unrivaled due to its long-standing commitment to the maritime industry and

successful execution of a wide variety of equity, equity-linked and debt transactions for maritime clients

• The U.S. equity markets remain robust and open to new issuers, while investors have shown renewed interest in shipping
• Investor interest began with product tankers and has evolved to dry bulk, LPG and most recently crude
• IPO market has been strong over the last twelve months

− Market strength has helped tighten average IPO discount back into historic levels

• Investors have shown heightened interest in certain maritime sectors with solid underlying fundamentals and upside

potential

─ Product tanker sector has been one of the most active maritime sectors ─ Scorpio has raised over $1 billion since December 2012 on a pure growth story ─ LPG, evidenced by Navigator Gas, became the next sector to come into investor favor, in part as shale oil/gas

beneficiary

─ Upturn in drybulk shipping has allowed a number of existing issuers, such as Baltic and Paragon to tap the equity

follow-on markets, while IPOs are rumored to be in the works

─ Chemical tankers, previously little known to U.S. investors may be one of the next hot sectors, in part also due to shale ─ Crude tankers, “left for dead” not long ago are now the hottest segment of interest – IPOs will depend on sustainability

• f rate recovery

Conclusion

Investors Are Increasingly Focusing on Maritime Issuers Jefferies Capabilities Introduction

• Over the last twelve months there have been approximately 230 IPOs valued at $61.6 billion raised in the U.S. capital

markets, marking 2013 as the most active IPO market since 2000

• New equity issues have produced outsized returns in the last twelve months with IPOs and follow-on offerings averaging

37.5% and 14.7% from offer to current

• In the last twelve months, there have been 5 initial public offerings and 29 follow-on offerings in U.S. capital markets by

shipping companies at an average issuance of $134.5 million per offering

U.S. Equity Markets

18