MPC Container Ships ASA

Regulatory Filings • Mar 31, 2022

Market & Company Update

31st March 2022

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.

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 OF THE COMPANY, 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.

Market & Company Update CONTENT

1. Market & Company Update

2. Appendix

ADDITIONAL CHARTER BACKLOG ENHANCES LONG-TERM EARNINGS VISIBILITY

Consequent implementation of chartering strategy on existing fleet:

Five additional charter fixtures, including four multi-year charter fixtures at strong rates and periods on 2022 and 2023 forward positions increasing contracted revenue by ~ USD 220m (1), (2) .

Extraordinary opportunity executed: 2 x 5.500 TEU Eco-Design:

Full de-risking of newbuild during heavily front-loaded charter. No impact on distribution capacity in 2022 and 2023. Positive impact on earnings visibility and distribution capacity 2024.

MPCC value strategy:

Emphasis: Returning capital to investors and execution of distribution plan. Maintain high balance sheet flexibility. Selective pursuit of attractive opportunities whilst mitigating residual value risk.

Contracted Revenue (7) of USD ~2.0bn & Projected secured EBITDA (4) of ~ USD 1.5bn

(1) Please refer to the appendix for further details on the chartering situation.

(2) Since the Q4 Earnings Call which has been the last market update conducted on the 24 February 2022.

(3) Contracted from 1st of January 2022 (year-to-date) for MPCC consolidated fleet

(4) Proforma EBITDA calculation starting 1st of January 2022 based on actual operating CBE of USD 6,701 per day and 95% utilization. Cost base for JV vessels also factoring in depreciation and finance cost, in total USD 8,721/day. Projected secured EBITDA also factor in gains of USD 40 million (based on the estimated net sales proceeds of USD 71 million from the sales of AS Palatia, including the two JV vessels AS Petulia and AS Patricia). AS Petulia and AS Palatia have already been handed over to the buyers and AS Patricia is expected to be handed over in Q2 2022. The gains from the JV vessels are included with the 50% MPCC share.

(7) Contracted from 1st of January 2022 (year-to-date) for MPCC consolidated fleet including JV fleet (USD 176m)

TRANSACTION SUMMARY

2 X 5,500 TEU ECO- DESIGN CONTAINER VESSEL (1)

• Price: USD 72.2m per vessel (2)
• Yard: HJ Shipbuilding & Construction (3)
• Delivery Dates: January and February 2024
• Features:
  • − Ready to be converted for a carbon neutral operation based on green methanol
  • − Superior effective trading capacity at significantly lower bunker cost per dwt-nm
  • − Deliveries until early 2024 with secured charters to smooth transition from secured charter coverage on second-hand fleet into the newbuilding portfolio, providing long-term valuation potential.
  • − Steel Value at USD 450 per LWT: USD ~10m per vessel
  • − 7 years extended Dry Dock

CHARTER

• Charterer: ZIM Integrated Shipping Services Ltd.
• Hire: Year 1&2: USD 70k pd, Year 3: USD 45k pd, Year 4-7: USD ~21.5k pd
• Front-loaded cash flow: ~70% of charter revenues in the initial 3 years.
• Period: 7 years

5

• Contracted Revenue of USD 177.7m and projected secured EBITDA backlog of USD 137.5m
• 1) Subject to customary procedures, e.g. receipt of refundment guarantee.
• 2) USD 75.0 million including supervision, start-up costs, working capital and other project related costs. Yard installment scheme: 10/10/10/10/60.
• 3) The yard was renamed from Hanjin Heavy Industries & Construction to HJ Shipbuilding & Construction by its new owners a consortium led by the Dongbu Corporation

Market & Company Update CONTENT

1. Market & Company Update

2. Appendix

Appendix

FLEET EMPLOYMENT OVERVIEW

No.	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Mar 22	Apr 22	May 22	Jun 22	Jul 22	Aug 22	Sep 22	Oct 22	Nov 22	Dec 22	Jan 23	Feb 23	Mar 23	Min / Max
1	AS PATRICIA	2500 grd	Maersk Line / Sold(1)	15,280														Mar-22 / Mar-22
2	AS SERAFINA	1700 grd	Shanghai Jin Jiang	29,500														May-22 / Jul-22
3	AS ALEXANDRIA	2000 gls	Feedertech	14,000		GFS -		77,000 / DD(2)										Aug-22 / Aug-22
4	AS RAFAELA	1400 gls	New Golden Sea Shipping/ COSCO	18,500						DD(2)								Jul-22 / Sep-22
5	AS EMMA	4200 gls	Maersk Line	13,500														Apr-22 / Nov-22
6	AS FLORA	1200 gls	China United Lines	16,900														Sep-22 / Nov-22
7	AS CALIFORNIA	2800 gls	Sealand Maersk Asia	18,000													DD(2)	Jul-22 / Nov-22
8	AS CARINTHIA(3)	2800 gls	RCL	24,750													DD(2)	Mar-23 / Mar-23
9	AS LAETITIA	1000 grd	King Ocean	9,250				DD(2)										Feb-23 / Apr-23
10	AS CYPRIA	2800 gls	ONE	18,400														Feb-23 / May-23
11	STADT DRESDEN	2800 gls	Diamond Line (COSCO)	24,750														Mar-23 / Jun-23
12	AS FRANZISKA	1300 grd	Sealand Europe A/S	18,000														May-23 / Jul-23
13	AS CAMELLIA	2800 gls	Maersk Line	24,550														Apr-23 / Aug-23
14	AS ROSALIA	1500 gls	COSCO	17,000														Jun-23 / Aug-23
15	AS PENELOPE	2500 gls	New Golden Sea Shipping/ COSCO	26,500														May-23 / Aug-23
16	AS ROMINA	1500 gls	APL / CMA CGM	22,000														Jun-23 / Aug-23
17	AS FATIMA	1300 gls	Diamond Line (COSCO)	18,900														Jul-23 / Sep-23
18	AS ROBERTA	1400 gls	BTL	24,000														Sep-23 / Nov-23
19	AS PETRA	2500 HR grd	Seaboard	28,800(4,5)														Feb-24 / Mar-24
20	AS PAULINE	2500 gls	Seaboard	25,500														Feb-24 / Mar-24
21	AS SAVANNA	1700 grd	Seaboard	22,400(4,5)														Apr-24 / May-24
22	AS PAULINA	2500 HR grd	MSC	26,750														Mar-24 / May-24
23	AS SABRINA	1700 grd	Seaboard	22,400(4,5)														Jun-24 / Jul-24
24	AS ANITA	2000 gls	Diamond Line (COSCO)	29,350														Jul-24 / Jul-24
25	AS ALVA	2000 grd	Feedertech	29,000							DD(2)							May-24 / Jul-24
						Min. period			Max. period

(1) Sold: To be handed-over in Q2 2022

(2) Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments

(3) Vessel of Bluewater joint venture

(4) Contracted base rate; besides base rate the charter also includes a savings sharing mechanism in favour of MPCC

(5) Considering an original charter duration until Q4 2022 at Index linked rates with a ceiling of USD 11,750 for 1,700 TEU and USD 13,000 for 2,500 TEU, the early extension imply 12 months forward rates of about USD 29,100 for 1,700 TEU for a blended 19-20 month period per vessel and about USD 41,100 for 2,500 TEU for a 15 - 16 month period.

Appendix

FLEET EMPLOYMENT OVERVIEW

No.	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Mar 22	Apr 22	May 22	Jun 22	Jul 22	Aug 22	Sep 22	Oct 22	Nov 22	Dec 22	Jan 23	Feb 23	Mar 23	Min / Max
26	AS FILIPPA	1300 grd	CMA CGM	18,250				DD(1)										Jun-24 / Jul-24
27	AS CLARITA	2800 gls	Oman Shipping Lines	26,975														Jun-24 / Aug-24
28	AS RAGNA	1500 gls	ZISS	30,000														Jun-24 / Aug-24
29	AS SICILIA	1700 grd	Feedertech	30,000		DD(1)												Jul-24 / Sep-24
30	AS SAMANTA	1700 grd	Seaboard	22,400(3,4)														Aug-24 / Sep-24
31	AS SERENA	1700 grd	Shanghai Jin Jiang	60,000	DD(1)					15,000								Jul-24 / Sep-24
32	AS CHRISTIANA	2800 grd	CMA CGM	32,400														Jul-24 / Sep-24
33	AS PAOLA	2500 grd	CMA CGM	28,900														Aug-24 / Oct-24
34	AS CONSTANTINA	2800 gls	COSCO	39,900			DD(1)											Sep-24 / Oct-24
35	AS FABRIZIA	1300 grd	King Ocean	26,000											DD(1)			Sep-24 / Oct-24
36	AS CARELIA	2800 gls	Hapag-Lloyd	33,000														Aug-24 / Nov-24
37	AS FIORELLA	1300 grd	COSCO	25,950			DD(1)											Oct-24 / Nov-24
38	AS CLEOPATRA(2) 2800 grd		Hapag-Lloyd	33,500														Aug-24 / Nov-24
39	AS SVENJA	1700 grd	CMA CGM	29,995														Oct-24 / Dez-24
40	AS COLUMBIA	2800 gls	Sea Consortium	85,000										15,500				Oct-24 / Dez-24
41	AS CLEMENTINA	2800 gls	Feedertech	35,500														Oct-24 / Dez-24
42	AS PAMELA	2500 grd	New Golden Sea Shipping/ COSCO	37,500														Nov-24 / Jan-25
43	AS SELINA	1700 grd	Maersk Line	29,500														Nov-24 / Jan-25
44	AS FENJA	1200 gls	New Golden Sea Shipping/ COSCO	13,450		On subs	-	27,000										Nov-24 / Jan-25
45	AS FLORETTA	1300 grd	Crowley	26,500														Nov-24 / Feb-25
46	AS SARA	1700 grd	Maersk Line	35,000														Feb-25 / Apr-25
47	AS FLORIANA	1300 gls	CFS	27,750					DD(1)									Feb-25 / Apr-25
48	AS FREYA	1300 grd	Maersk Line	28,000														Feb-25 / Apr-25
49	AS SUSANNA	1700 grd	ONE	39,990														Mar-25 / May-25
50	AS NORA	3500 grd	CMA CGM	40,000	DD(1)													Apr-25 / Jun-25
						Min. period			Max. period			On subs

(1) Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments

(2) Vessel of Bluewater joint venture

(3) Contracted base rate; besides base rate the charter also includes a savings sharing mechanism in favour of MPCC

(4) Considering an original charter duration until Q4 2022 at Index linked rates with a ceiling of USD 11,750 for 1,700 TEU and USD 13,000 for 2,500 TEU, the early extension imply 12 months forward rates of about USD 29,100 for 1,700 TEU for a blended 19-20 month period per vessel and about USD 41,100 for 2,500 TEU for a 15 - 16 month period.

Appendix

FLEET EMPLOYMENT OVERVIEW

No.	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Mar 22	Apr 22	May 22	Jun 22	Jul 22	Aug 22	Sep 22	Oct 22	Nov 22	Dec 22	Jan 23	Feb 23	Mar 23	Min / Max
51	SEVILLIA	1700 grd	Positioning				DD(1) / Samudera	–	65,000(4)									Apr-25 / Jun-25
52	CARPATHIA(2)	2800 gls	Wan Hai Lines	16,000					The Pasha	Group –	42,000							May-25 / Jun-25
53	AS FABIANA	1300 grd	Maersk Line	12,350				Undisclosed - 29,500										May-25 / Jul-25
54	NORDSPRING	3500 gls	Hapag-Lloyd	18,500						DD(1) The Pasha		Group –	61,000					Jul-25 / Aug-25
55	AS ANGELINA	2000 grd	Maersk Line	21,000							DD(1) / Undisclosed	–	36,500					Aug-25 / Oct-25
56	CARDONIA(2)	2800 gls	ZISS	35,050														Jul-25 / Oct-25
57	AS PIA	2500 grd	Maersk Line	18,300					Undisclosed - 45,750									Aug-25 / Oct-25
58	AS CARLOTTA	2800 grd	The Pasha Group	70,000							42,000							Sep-25 / Oct-25
59	AS SOPHIA	1700 grd	Sealand Maersk Asia	33,000					Undisclosed				- 38,000					Sep-25 / Nov-25
60	AS PALINA	2500 HR grd	Maersk Line	11,000(3)								Undisclosed -	45,750					Oct-25 / Dez-25
61	CIMBRIA(2)	2800 gls	GSL / ZISS	35,175						DD(1)								Oct-25 / Jan-26
62	AS PETRONIA	2500 HR grd	Maersk Line	11,000(3)									Undisclosed	- 45,750				Nov-25 / Jan-26
63	AS FELICIA	1300 grd	ZISS	11,500			Extension -	28,000(4)										Mar-26 / May-26
64	AS PATRIA	2500 grd	Hapag-Lloyd	14,500			40,000 Undisclosed				–	70,000(5)						Feb-26 / Jun-26
65	AS CAROLINA	2800 gls	GSL / ZISS	17,750			41,000(6) Extension -											Nov-26 / Jan-27
66	AS CASPRIA	2800 gls	ZISS	23,500			Extension -	40,700(6)							DD(1)			Mar-27 / May-27
67	SN00278	5500 gls	Vessel to be delivered in January 2024(6)		ZIM –												avg. Rate of USD 39,000 (first two years USD 70,000, the third year USD 45,000 and for
68	SN00279	5500 gls	Vessel to be delivered in February 2024(6)									the remaining four years USD 21,565)

Min. period Max. period

On subs

(1) Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments

(2) Vessel of Bluewater joint venture

9

(3) Contracted base rate; besides base rate the charter also includes a savings sharing mechanism in favour of MPCC

(4) first 5 days at USD 1, next year at USD 65,000, thereafter one year at USD 40,000 and then USD 15,000 for the remaining period

(5) first year at USD 70,000, next year at USD 55,000, thereafter one year at USD 25,000 and then USD 15,500 for the remaining period

(6) the extensions imply forward rates of about USD 44,730 for a 48-50 months period for AS Caspria, about USD 44,700 for a 48-50 months period for AS Carolina and USD 28,000 for a 36-38 months period for AS Felicia

(7) Fixed on subs for delivery ex shipyard