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Marine Money Week Opportunities in Marine & Energy Equities

Marine Money Week Opportunities in Marine & Energy Equities. New York, 21 June 2001 Thor Jørgen Guttormsen President. History. Established in 1927 Listed as AS Atlantica on Oslo Stock Exchange in 1927 Stock listed on consolidated basis in 1987 Highly diversified until 1990’s

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Marine Money Week Opportunities in Marine & Energy Equities

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  1. Marine Money WeekOpportunities in Marine & Energy Equities New York, 21 June 2001 Thor Jørgen Guttormsen President

  2. History • Established in 1927 • Listed as AS Atlantica on Oslo Stock Exchange in 1927 • Stock listed on consolidated basis in 1987 • Highly diversified until 1990’s • Recent focus on Ro/Ro and LNG (Contract Shipping)

  3. Tank OBO HUAL Open Hatch Höegh Lines W.Africa LPG LNG Cruise 1990 2000 1995 LHC is being positioned for profitable growth 1992 Spun off tankers and OBO into Bona 1992 Sold the West Africa Line 1994 Started acquisition of Cool Carriers 1997 Acquired cape size bulkers against long term contracts 1998 Liner Service sold (delivery 2001) 1999 Acquired 100 % of Unicool (Cool Carriers), closing 2000 2000 Acquired 100% of HUAL 2000 Cool Carriers sold 2001 Gorthon Lines sold Business Restructuring Reefer / Open Hatch Ro/Ro Contract Shipping LNG/Bulk

  4. Combined, Ro/Ro and Contract Shipping account for close to 80% of the business 2000 EBITDA by activity 2000 invested capital by activity

  5. NYK WWL MOSK Volume Fleet HMM K-LINE HUAL 0 5 10 15 20 25 HUAL lifts more cargo relative to its fleet size than any of the other large players Source: Platou/Drewry

  6. An important reason for this is HUAL’s strong position in cross trades and Far East exports HUAL’s market share - Far East and cross trades (EUR/N Am export) 1996-2000 %

  7. Total demand for deep sea Ro/Ro shipments of new vehicles will continue to grow modestly Source: DRI/JAMA

  8. HUAL has a growing share of used cars and high & heavy - cargo that is paying better than new cars • HUAL’s presence in the used cars and high and heavy markets is strong • With a series of recent new- buildings, tailor-made to carry high and heavy cargoes, HUAL is well positioned to grow further in this segment HUAL’s cargo mix 20 % 24 % 27 % 8 % 68 % 53 %

  9. LHC’s fleet of LNG carriers • Höegh Gandria(x) (125 000 m3) on t/c to Pertamina to 2006 • Norman Lady(x) (87 600 m3) on t/c to Enagas to 2012/2019 • Höegh Galleon (87 600 m3) on t/c to Enron to 2017 • Matthew (126 000 m3) on technical management from Cabot LNG (x) 50% joint ownership with Mitsui OSK Lines

  10. The world’s LNG trade is forecast to continue its strong growth mtoe bcm Source: EIA/Cedigaz/Ocean Shpg. Consultants

  11. Balance sheets

  12. Statements of income

  13. Dividend policy and history (1) No dividend due to equity issue(2) No dividend due to 11% temporary tax

  14. Share buy-back programme • 10% of outstanding shares were bought back in 2000/2001, and cancelled at the AGM in April 2001 • New authority was given to buy back an additional 10%

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