Cargotec Presentation November 17th 2011

7/30/2019 Cargotec Presentation November 17th 2011

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Shipbuilding MarketOverviewCargotec Capital Markets Day,

Helsinki, 17th November 2011.

Steve Gordon,

Clarkson Research Services Limited (CRSL)

The information supplied herewith is believed to be correct but the accuracy thereof is not guaranteed and the Company andits employees cannot accept liability for loss suffered in consequence of reliance on the information provided. Provision of

this data does not obviate the need to make further appropriate enquiries and inspections. The information is for the use ofthe recipient only and is not to be used in any document for the purposes of raising finance without the written permission of

Clarkson Research Services.


2/37

Agenda

1. Market Position, Seaborne Trade, World Fleet

2. Regional Shipbuilding Capacity

3. Ship Type Investment & Outlook

4. Summary


3/37

Market Position: Clarksea Index

Three very differentdecades!

Between the end of May2008 and mid-April 2009,the Index fell from almost$50,000/day to a low of$7,350/day.

2009 & 2010 proved betterthan expected and lowinterest rates helped.

Sentiment now weaker -as of 11th November 2011,$11,142 / day

TheThe ClarkseaClarksea Index (tankers,Index (tankers, bulkersbulkers, containers,, containers,

gas) Source: Clarkson Researchgas) Source: Clarkson Research

ClarkSea Index

0

10

20

30

40

50

60

1980

1983

1986

1989

1992

1995

1998

2001

2004

2007

2010

Sour ce: Clarkson Res earch, Apr il 2011

'000 $/day

The Clarksea Index is an average

weighted index of earnings across

the major sectors of tankers,bulkers, containers and gas

Average 1980s - $9,461/day

Avergae 1990s - $11,924/day

Average 2000s - $21,720/day


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Cycle Position November 2011

This chart shows

average earnings

today for the ship

type, as a % of

the average

earnings during

the last 10 years

-100% -50% 0% 50% 100% 150% 200% 250%

VLCCSuezmaxAframax

Clean Products

CapesizePanamax

HandymaxHandy

Container 3,500 teuContainer 1,700 teu

OffshoreLPGLNG

% deviation from 10 year trend

Tankersdepressed

QuarterlyUpturn but lots

of supply tocome

Gas &Offshore

better

Rates have continued todecline since the summer


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The World Economy - Sea trade cycles generallyfollow cycles in world GNP but not precisely.

World Seaborne Trade & GDP

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

-1.0

%

0.0

%

1.0

%

2.0

%

3.0

%

4.0

%

5.0

%

6.0

%

Source: C larkson Research S ervices. IMF

Trade Growth

World GDP

Growth %

2009

2008

2007

linear

trendline

2010

Seaborne Trade 2011, m.tonnes

Other Dry

27%

Minor Bulks

13%

Major

Bulks

25%

Crude Oil

21%

Oil Products9% Gas

3%

Source: Clarkson Research Services

1990-2008: tradealmost doubledto 8.2bn tonnes that is overone tonne for

every person onthe planet


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Global Seaborne Trade

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

(e)


Major Bulk Minor BulkContainer Trade Crude OilOil Products GasOther

Billion Tonnes

2000-2010 Trade Grow th

1.7%

2.5%

2.9%

4.3%

4.9%

5.3%

5.7%

6.5%

-1.9%

7.9%

8.2%

-3.7%

3.9%

2.7%

-5.0% 0.0% 5.0% 10.0%

Phos.RockOther

CrudeOil

MinorBu

lkGrainLPG

Baux./Alum.

OilProductsCarsCruiseCoalLNG

Container

IronOre

Sour ce: Clark s on Res earch,

Apr il 2011

% Grow th Per

World Seaborne Trade

4%average


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Seaborne Trade Scenarios

0

2

4

6

8

10

12

14

16

18

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

2020


Chinese Imports

World Less China

7% scenario4% scenario

3% scenario

1% scenario

Per iod % p.a.

1951-60 6.3%

1961-70 9.1%

1971-80 3.5%

1981-90 2.3%

1991-00 3.9%

2001-10 3.7%

Billion Tonnes

We expect trade to grow byaround 5% in 2011 but thereare lots of risks given economicdevelopments / uncertainty andthere is a lag on trade data.

For planning purposes, 4%growth in trade over the nextdecade does not seemunreasonable.

Seaborne Trade Outlook


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Age Profile 11% of fleet above 25 years

0

20

40

60

80

100

1971 1981 1991 2001 2011

Million

GTD

eliveries

Relatively few vessels buil t inthe 1980s so l imited

replacement requirement


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World Fleet 1986 - 2012

Growth Rates:

This year the fleet movedpast the billion GT mark

Fleet growth has moved upto 7-8% in recent years and

this is also forecast for 2011and 2012.

This is roughly double longterm trade growth and more

than the 5% trade growthexpected this year.

Graph in GT-4%

-2%

0%

2%

4%

6%

8%

10%

0

200

400

600

800

1000

1200

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012(f)

Source: Clarkson Research, April 2011

World Fleet Development

World Fleet Development

% Growth

Million


10/37

Agenda




4. Summary


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World Shipbuilding & Scenario

0

20

40

60

80

100

1971 1981 1991 2001 2011 2021

MillionGTD

eliverie

The last shipbuilding peak wasin 1975 when output reached 36

million GT 35 year cycle

Market Peak 2010 or 2011?

Surplus

Capacity


12/37

Shipbuilding Output by Country & CGT

0

20

40

60

1996 1998 2000 2002 2004 2006 2008 2010

M

illion

CGT

Deliveries Europe Japan

S. Ko rea Ch in a

Others


13/37

010

20

3040

50

6070

80

90100

1902

1907

1912

1917

1922

1927

1932

1937

1942

1947

1952

1957

1962

1967

1972

1977

1982

1987

1992

1997

2002

2007

%

totals

hipslaunc

he

Korea

Japan

Europe

Britain

Other

Scandinavia

USA China

Shipbuilding Waves of Competition

Source: Maritime Economics (2009)


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China takes the lead..Global Shipbuilding Share (2011 YTD Delivery

in Dwt)

Japan

20%

S. Korea

33%

China

41%

Europe

2%

Others

4%

Global Shipbuilding Share - Delivery

0%

10%

20%

30%

40%

50%

60%

70%

1975

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

2005

2007

2009

201

1YTD


% DWT Deliveries China EuropeJ apan South KoreaOthers


15/37

South Korean success in high value ordersGlobal Shipbuilding Share (2011 YTD

contrac ting in CGT)

S. Kore a

50%

China

32%

Japan

5%

Others

7%

Europe

6%

Global Shipbuilding Share - Contract ing

0%

10%

20%

30%

40%

50%

60%

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2

011YTD


% CGT Deliveries China EuropeJ apan South KoreaOthers


16/37

World Shipbuilding by Country 2010

19.0

16.0

9.7

0.8

0.7

0.6

0.5

0.5

0.4

0.3

3.6

0 5 10 15 20 25

China

S. Korea

Japan

Germany

Italy

Philippines

Norway

TurkeySpain

Netherlands

Others

Mil lion CGT Output 2010

Source: Clarkson Research

223 yards

30 yards

78 yards

What is CGT?CGT is the Gross Tonnage (GT)of the ship weighted to reflect its

work content per GT. For

example the weight for acontainership might be 1.0 andthe weight for a big tanker 0.25)


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World Shipbuilding by Country 2011 YTD

14.7

13.1

7.0

0.40.4

0.2

0.2

0.2

0.2

2.4

0 5 10 15 20 25

China

S. Ko rea

Japan

GermanyItaly

Norway

Turkey

Spain

Netherlands

Others

Mil lion CGT Outpu t in 2011

Source: Clarkson Research

232 yards

31 yards

68yards

What is CGT?CGT is the Gross Tonnage (GT)of the ship weighted to reflect its

work content per GT. For

example the weight for acontainership might be 1.0 andthe weight for a big tanker 0.25)


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World Shipbuilding Production by Country

COUNTRY her Total Output

M CGT M CGT M CGT M CGT M CGT M CGT

China 3.9 10.3 1.7 0.1 3.0 19.0

S. Korea 4.6 3.0 4.8 2.2 1.4 16.0

Japan 2.3 4.7 0.8 0.6 1.3 9.7

Germany 0.0 0.0 0.2 0.0 0.6 0.8

Italy 0.0 0.0 0.0 0.0 0.7 0.7Philippines 0.1 0.3 0.2 0.0 0.0 0.6

Norway 0.0 0.0 0.0 0.0 0.5 0.5

Turkey 0.3 0.0 0.0 0.0 0.1 0.5

Spain 0.0 0.0 0.0 0.0 0.3 0.4

Netherlands 0.0 0.0 0.0 0.0 0.3 0.3All Others 0.4 0.5 0.4 0.0 2.2 3.6

Total 11.6 18.8 8.1 3.0 10.5 52.0

Tankers Bulkers Containers Gas

World Shipbuilding Capacity 2010 - CGT

Indicates market leader for each ship type


19/37

World Shipbuilding Capacity 2011 YTD - CGT

Indicates market leader for each ship type

World Shipbuilding Production by Country

COUNTRY Tanker Bulk Carrier Containership Gas Others Total

China P.R. 2.6 9.3 0.7 0.1 2.1 14.7

South Korea 3.3 3.6 4.2 0.7 1.4 13.1

Japan 1.6 4.2 0.4 0.2 0.6 7.0

Philippines 0.0 0.6 0.0 0.0 0.0 0.6

Italy 0.0 0.0 0.0 0.0 0.4 0.4

Germany 0.0 0.0 0.0 0.0 0.3 0.4

Taiwan 0.0 0.1 0.2 0.0 0.0 0.3

Vietnam 0.0 0.2 0.0 0.0 0.1 0.3

Norway 0.0 0.0 0.0 0.0 0.2 0.2

Turkey 0.1 0.0 0.1 0.0 0.0 0.2

All Others 0.2 0.2 0.1 0.0 1.1 1.6

Total 7.8 18.1 5.6 1.0 6.3 38.8


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Top Builders 2010

COUNTRY BUILDER Bulkers Container Gas Other Tankers Total Cont % tot

1 South Korea Daewoo 217 1,468 606 235 612 3,138 47%

2 South Korea Hyundai H.I. 467 1,304 263 446 488 2,968 44%

3 South Korea Samsung H.I. - 961 998 356 299 2,614 37%

4 South Korea Hyundai Samho 249 408 88 - 539 1,284 32%5 China P.R. J iangnan Changxing 50 377 - - - 427 88%

6 Taiwan CSBC - 325 - - - 325 100%

7 South Korea Hanjin H.I. - 312 81 13 52 459 68%

8 China P.R. J iangsu New YZJ 391 309 - - - 700 44%

9 J apan Mitsubishi H.I. - 289 233 244 - 766 38%

10 Philippines HHIC-Phil. Inc. - 207 - - 52 260 80%

11 China P.R. Guangzhou Wenchon - 207 - 58 - 264 78%12 J apan Koyo Dock K.K. 246 190 81 - - 517 37%

13 China P.R. Dalian Shipbuilding 409 168 - - 554 1,131 15%

14 South Korea Sungdong S.B. 709 154 - - 156 1,020 15%

15 J apan Naikai S.B. - 118 - - 17 135 88%

16 China P.R. J iangsu Yangzijiang - 113 - 156 - 269 42%

17 J apan Imabari S.B. 752 101 - 233 44 1,131 9%

18 China P.R. Shanghai S.Y. 248 96 - - - 344 28%

19 J apan I.H.I. 194 95 - - 178 466 20%

20 China P.R. Zhejiang S.B. 33 78 - 15 - 126 62%

2010 Output - 000 CGT


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Top Builders 2011 YTDCOUNTRY BUILDER Bulk Carrier Containership Gas Others Tanker Total Cont % tot

1 South Korea Hyundai H.I. 513 1,173 83 363 641 2774 42%

2 South Korea Samsung H.I. - 1,104 162 294 840 2400 46%

3 South Korea Daewoo 219 742 410 341 153 1866 40%

4 South Korea Hyundai Samho 271 898 - 114 305 1587 57%

5 South Korea Hyundai Mipo 438 21 17 223 493 1192 2%6 South Korea STX Shipbuild. 558 120 34 - 275 987 12%

7 China P.R. Dalian Shipbuilding 346 49 - - 545 941 5%

8 South Korea Sungdong S.B. 660 - - - 128 788 0%

9J apan Imabari S.B. 595 - - 99 - 694 0%

10 China P.R. Shanghai Waigaoqiao 403 - - - 181 583 0%

11 South Korea SPP Shipbuilding 472 - - - 104 575 0%12J apan Oshima S.B. Co. 566 - - - - 566 0%

13 China P.R. J iangsu New YZJ 492 26 - - - 517 5%

14J apan Mitsubishi H.I. - 248 - 174 89 511 49%

15 China P.R. Dayang S.B. 440 - - 47 - 487 0%

16J apan Universal S.B. 352 - - - 133 485 0%

17 China P.R. New Times S.B. 333 - - - 114 447 0%

18J apan Mitsui SB 390 - - - 44 435 0%

19J apan I.H.I. 209 47 - - 177 433 11%

20 China P.R. Hudong Zhonghua 183 90 - 75 51 399 23%

2011 YTD Output - 000 CGT


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Non-Delivery Trends

In recent years around aquarter to a third of expecteddeliveries at the start of theyear have not delivered.

Slippage and Cancellation by Shiptype, 2011

GAS

TANKERS

BULKERS

TOTAL

CONTAINERS

0% 5% 10% 15% 20% 25% 30% 35%

Cancellation Slippage

Unit : Dwt

% Differ ence of Forecas t vs . Actual Deliveries into t he

Global Fleet

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Sour ce: Clark s on Res earch, October 2011


23/37

Investor Behavioura ornvestors 2007 2008 2009 2010 2011* 2007 2008 2009 2010 2011*

Greece 655 257 67 292 118 37.7 21.2 3.0 13.3 11.5 STEADY. 4%Norway 259 104 19 119 67 19.9 10.2 0.5 5.8 7.5 UP BY. 55%Denmark 103 143 14 15 37 4.1 8.6 0.4 0.3 6.7 UP BY. 2222%Germany 667 366 35 75 42 35.2 19.3 1.7 3.0 3.4 UP BY. 35%France 103 38 11 68 27 4.4 1.8 0.1 3.1 0.9 DOWN BY.. -63%Italy 165 102 30 18 13 8.9 6.0 1.1 2.4 0.8 DOWN BY.. -59%

Netherlands 165 99 55 43 28 4.6 2.1 1.0 2.4 0.7 DOWN BY.. -64%Turkey 242 108 12 43 22 9.0 5.0 0.1 1.5 0.7 DOWN BY.. -49%Russia 40 63 28 30 22 1.1 1.6 0.4 1.2 0.6 DOWN BY.. -37%Sweden 7 10 4 14 5 1.1 1.7 0.1 0.5 0.5 UP BY. 20%United Kingdom 79 35 9 26 7 1.7 2.0 0.4 1.0 0.2 DOWN BY.. -75%Monaco 0 3 0 5 5 0.0 0.1 0.0 0.2 0.2 UP BY. 28%Other Europe 246 107 41 58 19 11.0 6.0 1.2 2.1 0.3 DOWN BY.. -81%TOTAL EUROPE 2,731 1,435 325 806 412 138.7 85.7 10.0 36.9 34.2 UP BY. 11%China P.R. 391 273 230 444 136 18.5 13.8 6.9 14.5 4.4 DOWN BY.. -64%Singapore 234 149 91 111 76 6.0 6.2 1.5 4.3 3.2 DOWN BY.. -13%Hong Kong 157 63 32 81 36 6.9 3.0 1.6 2.6 2.5 UP BY. 13%Japan 423 326 84 100 39 24.4 17.8 2.8 3.7 2.3 DOWN BY.. -25%South Korea 253 141 43 89 43 12.8 8.3 2.1 4.2 2.1 DOWN BY.. -41%Taiwan 103 44 12 63 24 8.6 3.1 0.4 3.4 1.4 DOWN BY.. -50%Malaysia 85 61 31 35 24 1.8 0.8 0.5 3.3 0.4 DOWN BY.. -86%India 94 31 18 47 11 3.9 1.6 0.4 1.9 0.3 DOWN BY.. -80%Other Asia 84 60 30 21 17 1.9 1.6 0.3 0.3 0.2 DOWN BY.. -13%

TOTAL ASIA 1,824 1,148 571 991 406 84.9 56.1 16.5 38.4 16.7 DOWN BY.. -48%Israel 49 19 2 21 28 4.5 1.8 0.1 1.2 1.5 UP BY. 49%Saudi Arabia 33 7 3 3 6 1.2 0.4 0.0 0.3 0.4 UP BY. 76%U.A.E. 81 77 51 22 4 2.5 3.6 0.6 0.8 0.2 DOWN BY.. -66%Other Mid. East 37 63 13 10 4 3.5 5.0 0.7 0.3 0.2 DOWN BY.. -24%TOTAL MID. EAST 200 166 69 56 42 11.7 10.7 1.4 2.6 2.3 UP BY. 8%United States 178 61 43 67 53 19.4 6.1 1.8 5.7 14.3 UP BY. 200%Brazil 28 32 30 21 28 1.1 7.4 5.2 1.4 5.3 UP BY. 355%Canada 52 13 5 40 16 4.2 0.2 0.1 1.3 2.1 UP BY. 98%

Other 100 69 56 56 8 4.1 3.6 2.5 2.8 0.2 DOWN BY.. -91%TOTAL OTHER 358 175 134 184 105 28.8 17.4 9.7 11.1 21.8 UP BY. 135%

GLOBAL TOTAL 5,113 2,924 1,099 2,037 965 264.1 169.9 37.5 88.9 75.0 STEADY. 1%

No. of Vessels Investment TrendsThis Year

Value $ billion


24/37

Chinese Owned Fleet & ContractsChinese Owned Fleet & Contracts

0

20

40

60

80

100

Jan-05

Apr-05

Jul-05

Oct-05

Jan-06

Apr-06

Jul-06

Oct-06

Jan-07

Apr-07

Jul-07

Oct-07

Jan-08

Apr-08

Jul-08

Oct-08

Jan-09

Apr-09

Jul-09

Oct-09

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Jul-11

Source: Clarks on Research Services

m. GT

0

1

2

3

4

5

6m. GT

China P.R. Owned Fleet (LHS)

China P.R. Owned Contracts (RHS)

Strong Chinese ownedcontracts before the financialcrisis leads to strong growthrate after financial crisis.

About 9% (in GT) yoy growth

rate pre-financial crisis. Over 20% (in GT) yoy growth

rate post-financial crisis.

Global fleet growth rate consistat about 7% yoyduring the

same period.


25/37

Agenda




4. Summary


26/37

Massive Investment In New Ships1. Between 2003 and 2008 the

industry ordered over $800billion of new ships. 50% ofthe orders were placed in2007/8 when prices were ata peak

2. Majority of investment

related to standard designsand technology

3. In 2011, 40% of investmenthas been offshore relatedand 15% gas.

4. Today, the contract valueof the marine orderbook isover $300 billion andoffshore is nearly $150

billion.

0

2040

60

80

100120

140

160

180

200220

240

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Bill $

Orders

0

20

40

60

80

100

120

New Cape

$MMOthers

ContainerLPG

LNGBulk

TankersNew Cape $MM

Source: Clarkson Research Services Ltd


27/37

Shipbuilding Output by Type & CGT

0

20

40

60

1996 1998 2000 2002 2004 2006 2008 2010

M

illion

CG

T

Deliveries Others

Containership

Bulkercarrier

Tanker


28/37

2010 Activity & 2011 Potential

Tankers,

301, 15%

Gas, 56, 3%

Container,

125, 6%

Others,

374, 19%

Bu lk , 1117,

57%

2010

1,973 1,177 (f)

an ers,

153, 13%

Gas, 82,

7%

Container,

289, 25%

Bu lk, 325,

27%

Others,328, 28%

2011


29/37

2011 . Winners & Losers

We expect the relative shareof orders by sector to changein 2011.

We expected Offshore,Container and Gas to dobetter.

We expect bulkers and tankersto be down year on year.

Overall volumes expected tobe slightly down on 2010.

2011 versus 2010

Bulk

Ferry

Tanker

Offshore

Gas

Container

-100% -50% 0% 50% 100% 150% 200%


30/37

Newbuilding RequirementScenario Relatively low ordering expected in the short

term. Surplus capacity may put pressure on pricing.

Gradual pick up later in the decade but withrelatively more gas, container, ferry, Ro Ro,

PCC and Offshore.

Bulkers remains a volume market but not atthe same levels as the boom.

Counter cyclical ordering possible. New designs and technology provide

marketing opportunities.


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Offshore Oil Production & Forecast

Following a decade ofstagnation, offshore oil is

expected to growstrongly.

Step change in oil priceexpectation and offshore

oil is getting deeper Projection based on over

178 oil fields currentlyunder development

1,125 potentialdevelopment oil fieldsand 1,038 gas fields

0

5

10

15

20

25

30

35

1980

1985

1990

1995

2000

2005

2010

2015

2020

MillionBPD

Caspian B lack Sea West Africa

As ia Pacif ic Sth America

M East & ISC NW Europe

Nth America

Offshore oil production and forecast

forecast

Growth

Stagnation

?

Grow

th


32/37

Offshore Discoveries Getting Deeper

-

500

1,000

1,500

2,000

2,500

3,000

3,500

1940 1950 1960 1970 1980 1990 2000 2010

Water Depth (M)

Shengli , China

3.8 bn bblsSafaniya,

S.Arabia 3.5 bn

bbls

Akal & Cantarel l,

Mexico 6.7 bn bbls

combined

Deepwater Gulf of

Mexico Fields

Brazilian Pre-Salt

Discoveries


33/37

Offshore & Marine Orderbook-Value by Type

Offshore

$137 bn $291 bn

Tankers

12.8%

Gas

5.0%

Container

19.9%

Others

20.1%

Bulk

42.2%

Marine

AHTS

7%

Supply

6%

Survey

3%

Mobile

Offshore

Drilling

46%

Mobile

Production

20%

Logistics

3%

Construct& Platform

13.9%


34/37

Offshore Contracting Forecast Significant Requirement

Long Term Project IntelligenceForecast is based on theprojected construction and start-

up of future offshore fields. Thecontracting forecast is based onthe units required for each of thefields in the projection start-up.

0

100

200

300

400

500

600

700

800

900

1000

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

NoofContractsPlaced

Support

Productionand Logistics

Survey andDevelopment

Project Intelligence Methodology Contracting Forecast

Forecast


35/37

Agenda




4. Summary


36/37

Conclusions We have entered a market trough following a decade of exceptional earnings. The

big three volume sectors tankers, bulkers, containers all face difficult issues.

World trade averages under 4% growth but there is currently shipbuilding capacity togrow the fleet at 7%. Suggests prices may ease back and a return towards boomordering levels is unlikely.

Shipbuilding output is at a record high and marks the peak of a 35 year cycle. Chinatook the shipbuilding crown last year but is having a tough 2011 in contracting terms.

In 2011, Gas, Container and Offshore have been more active. Securing finance at themoment is difficult.

We expect dry bulk to remain a volume newbuild market but for Gas, Ro Ro, Ferryand Offshore to do relatively better over the coming decade

It is a buyers market and yards are being far more flexible with new designs.Solutions that reduce fuel consumption and have a green angle are very attractive.Lower newbuild prices may encourage counter cyclical ordering.

Clarksons Research


37/37

18/11/2011

Disclaimer

The information supplied herewith is believed to be correct but the accuracy thereof is not guaranteed and the Company and itsemployees cannot accept liability for loss suffered in consequence of reliance on the information provided. Provision of this data does notobviate the need to make further appropriate enquiries and inspections. The information is for the use of the recipient only and is not tobe used in any document for the purposes of raising finance without the written permission of Clarkson Research Services.

The statistical and graphical information contained under the heading is drawn from the Clarkson Research Services Limited ("CRSL")database and other sources. CRSL has advised that: (i) some information in CRSL's database is derived from estimates or subjectivejudgments; and (ii) the information in the databases of other maritime data collection agencies may differ from the information in CRSL'sdatabase; and (iii) whilst CRSL has taken reasonable care in the compilation of the statistical and graphical information and believes it tobe accurate and correct, data compilation is subject to limited audit and validation procedures and may accordingly contain errors; and(iv) CRSL, its agents, officers and employees do not accept liability for any loss suffered in consequence of reliance on such information orin any other manner; and (v) the provision of such information does not obviate any need to make appropriate further enquiries; (vi) theprovision of such information is not an endorsement of any commercial policies and/or any conclusions by CRSL; and (vii) shipping is avariable and cyclical business and any forecasting concerning it cannot be very accurate

Cargotec Presentation November 17th 2011

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