SUPRAMAX RSA C TRANSPORT MARITIME S.A.M. Headquartered in Monaco - PowerPoint PPT Presentation

SUPRAMAX RSA

C TRANSPORT MARITIME S.A.M. ๏ 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 2 2

C TRANSPORT MARITIME S.A.M. ๏ The Company directly operates over 115 vessels, ranging from Supramax to Newcastlemax bulk carriers, and over 180 vessels when including Capesize Chartering Ltd. (“CCL”). ๏ Manager of Supramax up to Capesize Revenue Sharing Agreements (RSAs) ๏ Co-manager of CCL (>85 vessels) ๏ Technical manager for 40 bulk carriers 3 3

PRINCIPAL ACTIVITIES ๏ Commercial (Chartering, S & P, FFA) ๏ Operations ๏ Technical ๏ Risk Management & Research ๏ Insurance ๏ Logistics 4 4

“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 Radziwill CEO 5 5

OUR POOLS ๏ Over 15 years of managing dry cargo pools ๏ Today there are about 180 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) 6 *including vessels in CCL but not double counting CTM managed ships

SUPRAMAX RSA ๏ The Supramax Revenue Sharing Number of vessels in the RSA 65 59 56 Agreement was created in 2013 with 5 31 20 members and 6 vessels ๏ Presently, the RSA counts 17 members 16 6 2013 2014 2015 2016 2017 2018 2019 and 65 vessels ๏ Our members include: traditional Number of members in the RSA 18 17 shipowners, publicly listed companies, 15 14 commodity traders & financial 9 7 investment platforms 5 7 2013 2014 2015 2016 2017 2018 2019

RSA MEMBERS Castleton Commodities Carras Ltd Bocimar Bulk Trading Chandris D’Amico Dry DryLog CBC Eastern Pacific Shipping Golden Ocean Ionic J.P. Morgan GMIF GoodBulk 8 M-Maritime Nautical Bulk Holding S’Hail Sonoma Shamrock

HOW THE RSA WORKS Income generated from the pool vessels are distributed to the members according to the revenue earning capabilities of their vessels Outstanding performance ๏ Vessels are assessed on tradability and performances (dwt, Steady Global income cubic capacity, service and eco speed & consumption, draft, etc) reach and a Revenue Sharing Key is established ๏ Vessel performances are monitored Low fees ๏ Working capital of $400,000 (in bunkers and cash) is required to Risk Flexibility management cover the day-to-day expenses of the vessel (bunkering, port agent fees etc) and is returned to the member when the vessel exits 9

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 7%. 10 10

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 11 11

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. 12 12

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 13 13

GLOBAL REACH Our multi-basin strategy ensures our vessels are spread out globally 14 14

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 15 15

The RSA has weekly , monthly and quarterly reporting as well as physical meetings that take place twice a year. 16 16

RSA STRENGTHS IN NUMBERS Biggest Supramax pool in the 169 counterparties market 2 Years average vessel 425 fixtures concluded duration despite very flexible entry and exit requirements 35 fixtures concluded per 15% of vessels have been in month in 2018 - 91% on time for 5 years or more charter 22 mn tonnes carried 17 *All figures are based on calendar year 2018

RSA STRENGTHS IN NUMBERS NUMBER OF FIXTURES TYPE OF CARGO LOADED ON RSA VESSELS IN 2018 VOLUMES CARRIED ON RSA VESSELS (MILLION TONNES) * ’Other’ includes cement, sugar, mineral concentrates, scrap, sand, alumina etc 18 ‘Agricultural products’ include grains and oilseeds.

THE SUPRAMAX RSA FLEET Vessel Name Built Size (dwt) Vessel Name Built Size (dwt) Vessel Name Built Size (dwt) 2019 63,800 Bulk Guatemala 2013 61,446 ST George 2011 57,959 MSXT Artemis Nautical Georgia 2017 63,800 Bulk Atacama 2014 61,384 Sage Symphony 2012 57,949 Nautical Madison 2018 63,800 CMB Chikako 2014 61,299 Bulk Uruguay 2011 57,937 Nautical Runa 2015 63,577 Loch Ness 2016 61,272 Bulk Ecuador 2011 57,937 Nautical Lucia 2016 63,567 Red Cosmos 2015 61,263 Bulk Colombia 2011 57,937 Nautical Loredana 2015 63,556 Red Azalea 2015 61,229 Bulk Peru 2011 57,937 Nautical Elisabeth 2015 63,536 FJ Star 2016 61,225 Serene Jessica 2010 57,275 Nautical Hilary 2015 63,530 Aquaprosper 2015 61,208 Nautical Amethyst 2011 56,889 Nautical Sif 2015 63,530 Divinegate 2019 61,143 SFL Yukon 2010 56,869 Nautical Marie 2015 63,523 Victoria T 2017 61,000 SFL Sara 2010 56,869 CMB Rubens 2018 63,514 Ionic Unicorn 2016 60,425 CS Sonoma 2010 56,697 Sage Sanaga 2013 63,500 Golden Cathrine 2015 60,263 Sea Star 2014 56,591 Nautical Alice 2016 63,500 Golden Cecilie 2015 60,263 Ionic Spirit 2010 56,119 Nautical Anne 2016 63,500 Red Sakura 2017 60,245 Loch Crinan 2013 56,108 Great Fortune 2015 63,497 Areti.GR 2017 60,243 Bulk Phoenix 2013 56,088 Daimongate 2017 63,496 ST Pinot 2013 59,949 Ionic Storm 2005 56,032 Nautical Jennifer 2015 63,495 Josco Changzhou 2011 58,764 Medi Paestum 2009 55,614 Great Rainbow 2015 63,464 Bulk Costa Rica 2012 58,758 Aquakula 2007 55,300 Bulk Paraguay 2016 63,461 Bulk Patagonia 2012 58,723 Bridgegate 2010 53,477 Bulk Bolivia 2016 63,374 Britain Bay 2012 58,709 Medi Bangkok 2006 53,466 Sage Amazon 2012 63,301 Golden Hawk 2015 58,068 S'Hail Al Doha 2002 52,455 19 Red Orchid 2015 61,645 ST Paul 2010 57,982 Devongate 2014 61,517 Bulk Honduras 2012 57,959

7 Rue du Gabian, Gildo Pastor Center 98000 Monaco +377 97 98 59 00 www.ctmmc.com 20