MPC Container Ships ASA — Investor Presentation 2018

Aug 31, 2018

H1 2018 – Earnings Presentation

DISCLAIMER

THIS PRESENTATION (THE "PRESENTATION") HAS BEEN PREPARED BY MPC CONTAINER SHIPS ASA (THE "COMPANY") FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES DESCRIBED HEREIN.

TO THE BEST KNOWLEDGE OF THE COMPANY, ITS OFFICERS AND DIRECTORS, THE INFORMATION CONTAINED IN THIS PRESENTATION IS IN ALL MATERIAL RESPECT IN ACCORDANCE WITH THE FACTS AS OF THE DATE HEREOF AND CONTAINS NO MATERIAL OMISSIONS LIKELY TO AFFECT ITS IMPORTANCE. PLEASE NOTE THAT NO REPRESENTATION OR WARRANTY (EXPRESS OR IMPLIED) IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON, ANY FORWARD-LOOKING STATEMENTS, INCLUDING PROJECTIONS, ESTIMATES, TARGETS AND OPINIONS, CONTAINED HEREIN. TO THE EXTENT PERMITTED BY LAW, THE COMPANY, ITS PARENT OR SUBSIDIARY UNDERTAKINGS AND ANY SUCH PERSON'S OFFICERS, DIRECTORS, OR EMPLOYEES DISCLAIM ALL LIABILITY WHATSOEVER ARISING DIRECTLY OR INDIRECTLY FROM THE USE OF THIS PRESENTATION.

THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS RELATING TO THE BUSINESS, FINANCIAL PERFORMANCE AND RESULTS OF THE COMPANY AND/OR THE INDUSTRY IN WHICH IT OPERATES. FORWARD-LOOKING STATEMENTS CONCERN FUTURE CIRCUMSTANCES, NOT HISTORICAL FACTS AND ARE SOMETIMES IDENTIFIED BY THE WORDS "BELIEVES", EXPECTS", "PREDICTS", "INTENDS", "PROJECTS", "PLANS", "ESTIMATES", "AIMS", "FORESEES", "ANTICIPATES", "TARGETS", AND SIMILAR EXPRESSIONS. THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION (INCLUDING ASSUMPTIONS, OPINIONS AND VIEWS OF THE COMPANY OR OPINIONS CITED FROM THIRD PARTY SOURCES) ARE SUBJECT TO RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM ANY ANTICIPATED DEVELOPMENT. NONE OF THE COMPANY, ANY OF ITS PARENT OR SUBSIDIARY UNDERTAKINGS OR ANY SUCH PERSON'S OFFICERS, DIRECTORS, OR EMPLOYEES PROVIDES ANY ASSURANCE THAT THE ASSUMPTIONS UNDERLYING SUCH FORWARD-LOOKING STATEMENTS ARE FREE FROM ERRORS, NOR DOES ANY OF THEM ACCEPT ANY RESPONSIBILITY FOR THE FUTURE ACCURACY OF THE OPINIONS EXPRESSED IN THIS PRESENTATION OR THE ACTUAL OCCURRENCE OF THE FORECASTED DEVELOPMENTS DESCRIBED HEREIN.

THE PRESENTATION CONTAINS INFORMATION OBTAINED FROM THIRD PARTIES. SUCH INFORMATION HAS BEEN ACCURATELY REPRODUCED AND, AS FAR AS THE COMPANY IS AWARE AND ABLE TO ASCERTAIN FROM THE INFORMATION PUBLISHED BY THAT THIRD PARTY, NO FACTS HAVE BEEN OMITTED THAT WOULD RENDER THE REPRODUCED INFORMATION TO BE INACCURATE OR MISLEADING IN ANY MATERIAL RESPECT.

AN INVESTMENT IN THE COMPANY INVOLVES RISK. SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE PREDICTED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, BUT NOT LIMITED TO, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY'S BUSINESS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS AND, MORE GENERALLY, ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, THE ACTUAL RESULTS OF THE COMPANY MAY VARY MATERIALLY FROM THOSE FORECASTED IN THIS PRESENTATION.

BY ATTENDING OR RECEIVING THIS PRESENTATION RECIPIENTS ACKNOWLEDGE THAT THEY WILL BE SOLELY RESPONSIBLE FOR THEIR OWN ASSESSMENT OF THE COMPANY AND THAT THEY WILL CONDUCT THEIR OWN ANALYSIS AND BE SOLELY RESPONSIBLE FOR FORMING THEIR OWN VIEW OF THE POTENTIAL FUTURE PERFORMANCE OF THE COMPANY AND ITS BUSINESS.

THE DISTRIBUTION OF THIS PRESENTATION MAY, IN CERTAIN JURISDICTIONS, BE RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS PRESENTATION ARE REQUIRED TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS. NO ACTION HAS BEEN TAKEN OR WILL BE TAKEN IN ANY JURISDICTION BY THE COMPANY THAT WOULD PERMIT THE POSSESSION OR DISTRIBUTION OF ANY DOCUMENTS OR ANY AMENDMENT OR SUPPLEMENT THERETO (INCLUDING BUT NOT LIMITED TO THIS PRESENTATION) IN ANY COUNTRY OR JURISDICTION WHERE SPECIFIC ACTION FOR THAT PURPOSE IS REQUIRED.

IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS PRESENTATION IS STRICTLY CONFIDENTIAL AND MAY ONLY BE DISTRIBUTED TO "QUALIFIED INSTITUTIONAL BUYERS", AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "US SECURITIES ACT"), OR "QIBS". THE RECIPIENT OF THIS PRESENTATION IS PROHIBITED FROM COPYING, REPRODUCING OR REDISTRIBUTING THE PRESENTATION. THE SHARES OF THE COMPANY HAVE NOT AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR ANY STATE SECURITIES LAW AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IS AVAILABLE. ACCORDINGLY, ANY OFFER OR SALE OF SHARES IN THE COMPANY WILL ONLY BE MADE (I) TO PERSONS LOCATED IN THE UNITED STATES, ITS TERRITORIES OR POSSESSIONS THAT ARE QIBS IN TRANSACTIONS MEETING THE REQUIREMENTS OF RULE 144A UNDER THE U.S. SECURITIES ACT AND (II) OUTSIDE THE UNITED STATES IN "OFFSHORE TRANSACTIONS" IN ACCORDANCE WITH REGULATIONS S OF THE U.S. SECURITIES ACT. NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION, NOR ANY OTHER U.S. AUTHORITY, HAS APPROVED THIS PRESENTATION.

THIS PRESENTATION IS BEING COMMUNICATED IN THE UNITED KINGDOM TO PERSONS WHO HAVE PROFESSIONAL EXPERIENCE, KNOWLEDGE AND EXPERTISE IN MATTERS RELATING TO INVESTMENTS AND WHO ARE "INVESTMENT PROFESSIONALS" FOR THE PURPOSES OF ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 AND ONLY IN CIRCUMSTANCES WHERE, IN ACCORDANCE WITH SECTION 86(1) OF THE FINANCIAL AND SERVICES MARKETS ACT 2000 ("FSMA"), THE REQUIREMENT TO PROVIDE AN APPROVED PROSPECTUS IN ACCORDANCE WITH THE REQUIREMENT UNDER SECTION 85 FSMA DOES NOT APPLY.

THE CONTENTS OF THIS PRESENTATION SHALL NOT BE CONSTRUED AS LEGAL, BUSINESS, OR TAX ADVICE. RECIPIENTS MUST CONDUCT THEIR OWN INDEPENDENT ANALYSIS AND APPRAISAL OF THE COMPANY AND THE SHARES AND OF THE DATA CONTAINED OR REFERRED TO HEREIN AND IN OTHER DISCLOSED INFORMATION, AND RISKS RELATED TO AN INVESTMENT, AND THEY MUST RELY SOLELY ON THEIR OWN JUDGEMENT AND THAT OF THEIR QUALIFIED ADVISORS IN EVALUATING THE COMPANY AND THE COMPANY'S BUSINESS STRATEGY.

THIS PRESENTATION REFLECTS THE CONDITIONS AND VIEWS AS OF THE DATE SET OUT ON THE FRONT PAGE OF THE PRESENTATION. THE INFORMATION CONTAINED HEREIN IS SUBJECT TO CHANGE, COMPLETION, OR AMENDMENT WITHOUT NOTICE. IN FURNISHING THIS PRESENTATION, THE COMPANY UNDERTAKE NO OBLIGATION TO PROVIDE THE RECIPIENTS WITH ACCESS TO ANY ADDITIONAL INFORMATION.

THIS PRESENTATION SHALL BE GOVERNED BY NORWEGIAN LAW. ANY DISPUTE ARISING IN RESPECT OF THIS PRESENTATION IS SUBJECT TO THE EXCLUSIVE JURISDICTION OF THE NORWEGIAN COURTS WITH THE OSLO CITY COURT AS LEGAL VENUE.

HIGHLIGHTS Q2 2018

Q2 FINANCIAL PERFORMANCE

• Revenue of USD 46.9m (Q1 USD 28.3m)
• EBITDA of USD 13.3m (Q1 USD 8.0m)
• Net profit of USD 1.8m (Q1 USD 0.5m)
• Operating cash flow of USD 7.6m (Q1 USD 4.8m)

STRONG BALANCE SHEET

• Total Assets of USD 721m (31 Mar 2018 USD 628m)
• Cash of USD 107m (31 Mar 2018 USD 75m)
• Moderate leverage of 34%
• Equity ratio of 64%

Q2 OPERATIONAL PERFORMANCE

• Fleet utilization of 92%¹
• 15 new or extended time charters fixtures²
• Average TCE of USD 9,841 per day (Q1 USD 9,352)
• Average EBITDA of USD 2,665 per day and vessel (Q1 USD 2,449)

FLEET GROWTH

• 4 vessels acquired in Q2 and 1 vessel acquired post balance sheet date, increasing fleet acquired to 69 vessels
• 7 vessels taken over in Q2 and 1 vessel taken over post balance sheet date, increasing operational fleet to 67 vessels
• Largest feeder container owner globally³

CAPITAL MARKETS & FINANCING

• Full listing on the Main Board of Oslo Stock Exchange
• USD 47m in equity raised at issue price of NOK 54
• USD 51m in bank financing drawn for a 10 vessel portfolio
• Coverage increased to 6 analyst

CONTAINER MARKET

• Idle container capacity at 2% of existing fleet
• Trade frictions causing concerns, but supply and demand fundamentals suggesting further improvements, especially for feeders
• Ship owners preparing for IMO 2020 regulations

BALANCE SHEET

PROFIT AND LOSS

BALANCE SHEET 30 JUNE 2018

	31/03/2018	30/06/2018
Assets	627.9	720.8
Non-current Assets	540.8	599.4
Current assets	87.1	121.5
Thereof Cash and cash equivalents	75.5	106.7
Equity and liabilities	627.9	720.8
Equity	415.7	458.8
Non-current Liabilities	199.5	246.3
Current Liabilities	12.7	15.7
Equity ratio	66.2%	63.6%
Leverage ratio	31.8%	34.2%

PROFIT AND LOSS Q2/H1 2018

		H1 2018	Q2 2018	Q1 2018
Operating revenues		75.2	46.9	28.3
Gross Profit		24.4	14.9	9.51
EBITDA		21.2	13.3	8.01
Operating result (EBIT)		9.0	6.0	3.01
Profit/Loss before tax (EBT)		2.4	1.9	0.5
Profit/Loss for the period		2.3	1.8	0.5
Avg. number of vessels		45.4	54.7	36.1
Ownership days		8,223	4,976	3,247
Trading days		7,452	4,494	2,958
Utilization2		94%	92%	96%
Time charter revenue	USD per trading day	9,647	9,841	9,352
EBITDA	USD per ownership day	2,580	2,665	2,449
OPEX	"	5,070	5,238	4,810
EPS (diluted)	USD	0.030	0.022	0.007

CASH FLOW

CASH FLOW Q1/Q2 2018

69 VESSELS ACQUIRED AT SIGNIFICANT DISCOUNT TO NEWBUILDING PARITY

NEWBUILDING PARITY DYNAMICS

FLEET OVERVIEW

FLEET COMPOSITION – BY TEU CLUSTER

CHARTER COVERAGE BY COUNTERPARTY¹

FLEET COMPOSITION – BY TRADE

CHARTER COVERAGE BY REGION¹

DEVELOPMENT OF CHARTER RATES AND OPEX

¹Time Charter Equivalent (TCE):

Time charter revenue divided by trading days during a reporting period. Trading days are ownership days net of commercial and technical off-hire days, including dry dockings and initial repairs.

²Operating expenses (OPEX):

OPEX as per consolidated figures.

³Fully consolidated

DEVELOPMENT OF SUPPLY AND DEMAND

SUPPLY AND DEMAND BALANCE IN CONTAINER SHIPPING

COMMENTS ON 2018 COMMENTS ON 2019

• Overall solid container trade growth based on strong world economy, without significant impact from trade frictions so far
• Supply growth peaking in 2018 due to deliveries of very large container vessels, slowdown of supply and demand rebalancing in 2018
• Liner profitability weakened on mainlane trades due to introduction of larger vessels, higher bunker prices and higher charter rates

• Feeder market still with best fundamentals in the container industry due to higher demand growth and lower supply growth than total market and limited cascading

• Continuous solid trade growth based on healthy world economic growth, impacts from trade frictions uncertain

• Significant slowdown of fleet growth due to historically low orderbook
• Liner profitability expected to improve based on fundamentals
• Feeder market still with best fundamentals in the container industry due to higher demand growth and lower supply growth than total market and limited cascading

SUPPLY AND DEMAND FUNDAMENTALS FAVOURABLE IN THE FEEDER MARKET

DEMAND: TRADE DEVELOPMENT SUPPLY: FLEET DEVELOPMENT

FOCUS ON FEEDERS

• Feeder vessels mainly deployed in intraregional trades with above average trade growth expectations
• Feeder vessels with below average supply growth due to limited ordering activity in recent years and ageing fleet
• Feeder vessels largely protected from cascading due to physical and commercials restrictions in intra-regional container trades

MAIN RISKS

• Trade frictions potentially impacting Transpacific and Transatlantic trade volumes and potential further escalation a risk to global economic growth forecasts
• Potential knock-on effects of trade frictions to intra-regional trades currently hard to predict due to complex supply chains
• Idle fleet has increased in Q2 2018 due to summer slowdown and reshuffling of trades/vessels due to liner consolidation

OUTLOOK

• Summer period and heavy deliveries have caused a short-term slowdown of the recovery
• Supply and demand fundamentals suggest further market improvements for the container market in general and especially for feeders
• Absorption of idle fleet required for further improvements for tonnage providers

STRONG MARKET POSITION IN THE FEEDER CONTAINER SEGMENT

OWNERS OF FEEDER CONTAINER VESSELS

Operating owner
Non-Operating owner

Rank	Managing Owner	On-The-Water Ships	Total Fleet Size (TEU)
1	MPCC	69	135 819
2	MSC	62	124 118
3	Maersk	62	122 684
4	Wan Hai Lines	59	98 595
5	PIL	71	98 250
6	Peter Dohle	46	90 457
7	Lomar Shipping	44	86 127
8	Borealis Maritime	35	82 143
9	Evergreen Marine	38	66 682
10	CMA CGM	35	65 001
11	Schulte Group	22	47 158
12	Costamare Shipping	18	33 080
13	Seaspan Corporation	12	30 416
14	Nippon Yusen Kaisha	11	29 886
15	Yang Ming Marine	16	28 230
16	Shoei Kisen Kaisha	16	26 609
17	Technomar Shipping	12	25 568
18	Danaos Shipping	11	25 088
19	China Merchants	21	24 644
20	NSC Schiffahrt	8	21 844

TRENDS & CHALLENGES

• Consolidation in the container liner industry
• New regulations IMO 2020
• Digitalization backlog putting pressure on liners' capex resources
• New accounting standard for leases IFRS 16
• Protectionist tendencies & implications for world trade flows

OPPORTUNITIES

• Growing the company in a phase where many market players are still burdened with legacy issues
• Establishment of a leading container tonnage provider with attractive and flexible financing possibilities
• Additional value to be generated from scale and platform ideas
• Benefitting from economies of scale
• Strategic partnerships with charterers to tackle industry challenges, e.g. off-balance sheet solutions and capex requirements

MPCC is the largest non-operating owner of feeder container ships globally

HIGH UPSIDE IN EARNINGS POTENTIAL

UPSIDE POTENTIAL IN RATES Newbuilding party rate 6,855 13,900 15-year avg rate 6,855 12,300 Q2 2018 TCE 6,855 9,841 TCE Normalized CBE¹ USD per day USD million p.a.

UPSIDE POTENTIAL (FULLY DELIVERED & ANNUALIZED)²

IMO 2020 GLOBAL SULPHUR CAP – REGULATION & COMPLIANCE

WHAT IS THE GLOBAL SULPHUR CAP?

• Under the new IMO MARPOL regulation, the sulphur content of any bunker fuel used shall not exceed 0.5% on and after 1/1/20.
• The relevant compliance options are:
• Using Low Sulphur Fuel Oil (LSFO, max. 0.5% SOx) or Marine Gas Oil (MGO)
• Using High Sulphur Fuel Oil (HSFO, 3.5% SOx) in conjunction with a scrubber
• Using Alternative fuels e.g. LNG LPG Methanol

HOW WILL MPCC COMPLY WITH THE GLOBAL SULPHUR CAP?

• The majority of the MPCC fleet will burn LSFO as it is the most obvious solution due to size, bunker consumption, trading profile and drydock position.
• For selected vessels the management is in on-going discussions with its liner customers about strategic employment options which involve scrubber retrofits to capture the savings benefit between the different products.
• At this point, a balanced approach is expected to be implemented

WHY?

• The MPCC fleet is able to burn compliant low sulphur fuels, at this point unavailability of these fuels is no major concern and operational efforts related to these fuels are manageable.
• The landscape has changed in recent months: Oil prices have gone up, scrubber technology improved and the scrubber adaption has accelerated. While the fuel consumption for larger ships is considerably higher and scrubber installation seems more compelling for these ships, it appears that on a selective basis also feeders ships equipped with scrubbers should be able to earn a significant extra premium in 2020 and a few years onwards.
• With more and more scrubber installations it appears justified that the availability of HSFO will be secured in all major bunker ports and we currently expect that scrubbers could present a substantial competitive advantage if one is able to arrange profit-sharing models or charter contracts in which substantial parts of the bunker savings are passed on to MPCC.

MPC CONTAINER SHIPS ASA – OUTLOOK

OUTLOOK

MPCC Vision: "Create the market leading container feeder company positioned to get maximum interest from the capital markets and offer unique and flexible service to its customers"

GROWTH

• Explore further asset acquisitions
• M&A / ship-for-share opportunities under evaluation
• Softening charter markets expected to provide interesting opportunities

OPERATIONS

• Implement measures to advance operational efficiency
• Further extent charter coverage and execute portfolio chartering strategy
• Continuous focus on IMO2020 compliance

CORPORATE

• Appointment of Chief Financial Officer as of 1 September 2018
• Capital market roll-out measures to improve trading volumes
• Maintain moderate leverage
• Stick to clear capital allocation strategy

YIELD

• Industry low cash break-even and moderate leverage profile
• Current market rates well above cash break-even with significant upside potential
• Strong dividend potential

APPENDIX

SHARE INFORMATION

0 100 000 200 000 300 000 400 000 500 000 600 000 700 000 800 000 900 000 1 000 000 42 44 46 48 50 52 54 56 58 Number of shares traded Share price (NOK) NOK Shares

SHARE PRICE AND VALUATION

05/2017 06/2017 07/2017 08/2017 09/2017 10/2017 11/2017 12/2017 01/2018 02/2018 03/2018 04/2018 05/2018 06/2018 07/2018

		Ticker	MPCC
		Segment	Oslo Stock Exchange
		ISIN	NO0010791353 NOK 84,253,000 50.00 NOKbn 4.213 (USDm 504) 37,000 shares
	K C O	Trading currency
TRADING INFORMATION	T S C	Shares outstanding
	C P M	Price (28. August 2018)
		Market cap. 28 August 2018
		Average trading volume (30-day)

	Ticker	MPCBV01
D	Segment	Oslo Stock Exchange
N O B	ISIN	NO0010805872
C C P	Trading currency	USD
M	Bonds outstanding	200m
	Price (28 August 2018)	USD 102.25

MARKET UPDATE

IDLE FLEET (IN % OF EXISTING FLEET)

TC RATES (IN USD/DAY)

SECONDHAND ASSET VALUES (IN USDM)

EVEN MORE FAVOURABLE SUPPLY/DEMAND DYNAMICS FOR THE FEEDER SEGMENT

LIMITED ORDERING OF FEEDER TONNAGE AGEING FEEDER CONTAINER FLEET

FEEDER TONNAGE CONCENTRATED IN INTRA-REGIONAL TRADES

Trade deployment of feeder tonnage (1-3k TEU)

• 67% of feeder tonnage deployed in intra-regional trades
• Intra-regional trades have high entry barriers for larger tonnage due to port restrictions, frequency requirements, inflexibility and commercial constraints
• Charter market recovery to be expected in segments best protected by cascading, e.g. regional feeder trades
• Intra-regional trades have outperformed other trading regions since 2011 and are projected to continue doing so, e.g. Intra-Asia with highest growth projections over the next 2 years (CAGR > 6%)

DEVELOPING A MARKET LEADING CONTAINER FEEDER COMPANY

VESSEL ACQUISITIONS & CAPITAL MARKET ACTIVITIES

FLEET EMPLOYMENT 1,000 – 1,999 TEU

VESSEL EMPLOYMENT DETAILS

No.	Vessel	Stake	Cluster	Charterer	Rate (\$pd)	Q3 '18	Q4 '18	Q1 '19	Q2 '19	Q3 '19
1	AS LAURETTA	100%	1000 gls	SITC	8.000
2	AS LEONA	100%	1000 gls	ASL	8.800
3	AS LAETITIA	100%	1000 grd	CMA CGM	7.950
4	AS LAGUNA	100%	1000 grd	Unimed ex UFS	6.500
5	AS FENJA	100%	1300 gls	COSCO	9.250
6	AS FATIMA	100%	1300 gls	Pool	8.360
7	AS FIONA	100%	1300 gls	Wan Hai Lines	8.900
8	AS FLORA1	100%	1300 gls	Pool	8.360
9	AS FLORIANA	100%	1300 gls	Pool	8.360
10	AS FRIDA	100%	1300 gls	Wan Hai Lines	9.000
11	AS FREYA	100%	1300 grd	Simatech	9.500
12	AS FABIANA	100%	1300 grd	Pool	8.585
13	AS FABRIZIA	100%	1300 grd	Pool	8.585
14	AS FAUSTINA	100%	1300 grd	Pool	8.585
15	AS FEDERICA	100%	1300 grd	Pool	8.585
16	AS FELICIA	100%	1300 grd	Pool	8.585
17	AS FILIPPA	100%	1300 grd	Pool	8.585
18	AS FIORELLA	100%	1300 grd	Pool	8.585
19	AS FLORETTA	100%	1300 grd	Pool	8.585
20	AS FORTUNA	100%	1300 grd	Pool	8.585
21	AS FRANZISKA	100%	1300 grd	Pool	8.585
22	AS RAFAELA	100%	1500 gls	Wan Hai Lines	10.500
23	AS RAGNA	100%	1500 gls	Pool	8.408
24	AS RICCARDA	100%	1500 gls	Pool	8.408
25	AS ROMINA	100%	1500 gls	Pool	8.408
26	AS ROSALIA	100%	1500 gls	Pool	8.408
27	AS ROBERTA1	100%	1500 gls	Pool	8.408
28	AS SABRINA	100%	1700 grd	Maersk Line	14.430
29	AS SAMANTA	100%	1700 grd	Maersk Line	14.430
30	AS CARELIA	100%	1700 grd	Hapag-Lloyd	9.300
31	AS CYPRIA	100%	1700 grd	CMA CGM	9.400
32	AS SARA	100%	1700 grd	Maersk Line	14.430
33	AS SAVANNA	100%	1700 grd	Maersk Line	14.430
34	AS SERENA	100%	1700 grd	MCC	9.650
35	AS SOPHIA	100%	1700 grd	MCC	9.650
36	AS SERAFINA	100%	1700 grd	Maersk Line	14.430
37	AS SUSANNA	100%	1700 grd	Maersk Line	14.430
38	AS SVENJA	100%	1700 grd	Maersk Line	14.430
39	AS SELINA2	100%	1700 grd

Note: Pool rate shown for vessels employed in pool Vessels currently under repair Vessel to be taken-over in Q3 2018 charter-free

FLEET EMPLOYMENT 2,000 – 2,800 TEU

VESSEL EMPLOYMENT DETAILS

No.	Vessel	Stake	Cluster	Charterer	Rate (\$pd)	Q3 '18	Q4 '18	Q1 '19	Q2 '19	Q3 '19
40	AS ANGELINA	100%	2200 grd	Seaboard	7.600
41	AS PAULINE	100%	2500 gls	CMA CGM	10.500		12.250
42	AS PENELOPE	100%	2500 gls	Maersk Line	11.250
43	AS PAOLA1	100%	2500 grd	CMA CGM	8.800
44	AS PALATIA	100%	2500 grd	COSCO	10.450
45	AS PATRIA	100%	2500 grd	Seaboard	11.200
46	AS PAULINA	100%	2500 grd	CMA CGM	12.000
47	AS PETRONIA	100%	2500 grd	CMA CGM	9.750
48	AS CALIFORNIA	100%	2800 gls	Maersk Line	11.950
49	AS CLARA	100%	2800 gls	Hapag-Lloyd	8.950
50	AS CLARITA	100%	2800 gls	ZISS	11.500
51	AS CLEMENTINA	100%	2800 gls	Yang Ming	12.250
52	AS COLUMBIA	100%	2800 gls	Sinokor	11.600
53	AS CONSTANTINA	100%	2800 gls	Heung-A	9.250
54	SEVILLIA	100%	2800 gls	COSCO	9.650
55	SICILIA	100%	2800 gls	TS Lines	10.700
56	AS CAMELLIA	100%	2800 gls	CMA CGM	10.500
57	AS CAROLINA	100%	2800 gls
58	AS CARLOTTA	100%	2800 grd	Maersk Line	10.500		10.850
59	AS CHRISTIANA	100%	2800 grd	Maersk Line	10.500
60	AS PALINA	80%	2500 grd	CMA CGM	12.250
61	AS PETRA	80%	2500 grd	Maersk Line	12.350
62	AS PETULIA	50%	2500 grd	Seaboard	11.400
63	AS CARINTHIA	50%	2800 gls	Wan Hai Lines	10.500
64	CARDONIA	50%	2800 gls	Milaha	9.000
65	CARPATHIA	50%	2800 gls	Milaha	9.000
66	CIMBRIA	50%	2800 gls	OOCL	9.100
67	CORDELIA	50%	2800 gls	Evergreen			10.750
68	AS CLEOPATRA	50%	2800 grd	MSC	10.650
69	AS PATRICIA	50%	2800 grd	SITC	8.500

Gross blended TC rate (total fleet): USD 10,194 per day