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四維航業股份有限公司 Shih Wei Navigation Co., Ltd.

四維航業股份有限公司 Shih Wei Navigation Co., Ltd. Stock Code:5608. 2008 Market Outlook. Global Fleet Development. Source: SSY. Supply and demand growth rate. Source: IBT. Bulk Carrier Market is still bullish in 2008. Spot rate for each type of bulker.

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四維航業股份有限公司 Shih Wei Navigation Co., Ltd.

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  1. 四維航業股份有限公司Shih Wei Navigation Co., Ltd. Stock Code:5608

  2. 2008 Market Outlook

  3. Global Fleet Development Source: SSY

  4. Supply and demand growth rate Source: IBT Bulk Carrier Market is still bullish in 2008

  5. Spot rate for each type of bulker Dry bulk rates rebound from their end-January 2008 with BDI gaining 53% (from 5, 615 to 8,600 )within just 1.5 months Even each type faced its great slump at the end of 2007; however, our coaster rates are not directly affected

  6. Company Organization Market Capitalization: NTD3.37 billion

  7. Diversified and Young fleet • By Feb 29th, total 31vessels consisting with Coaster, Handy, Supramax and Panamax are under the management of SW. • The company is now rated as the most diversified bulk shipping company with a young fleet (average age of 6 years). A 50-Vessel-fleet will be formed by 2012. • Panamax 2 • Supramax1 • Handy6 • Logger 10 • Tween Decker(General Cargo)12

  8. Diversified and Young Fleet

  9. Future New Force: 2008-2012 Delivered One after Another

  10. Second Hand Vessels are very expensive now Source: Maersk Broker SW group has many cheap and good-quality vessels

  11. Market Value is Much Higher than Book Value

  12. 2007 Revenue Percentage

  13. On Charter and Spot Trading / TCT Percentage Spot Trading/TCT 30% On Charter 70%

  14. Types of our on-order book Future Delivery of Handies Accounts for 50% of New Buildings

  15. 2008 New Time Charter Daily Hire for each type of vessel has 15%-50% Growth

  16. 2008 New Building Vessels (until Feb 20th, 2008)

  17. 2008 New Buildings on Order (Fixed on Long Term Charter)

  18. Daily Cost of Each Type of Vessel (including depreciation)

  19. Fleet Operation and Management Quality Control: ISM, ISPS management Panamax, Handy: Long Term Charter Tween Decker, Logger: Spot Trading/TCT/ 1 year charter All vessels are built by Japanese yards. We have good ability for negotiating better prices. Japanese built vessels are known as excellent quality. Long Term Charter for European / Japanese charterers / worldwide trading Short Term Charter for Japanese Charterers； Spot Trading/TCTin Asia Sell old vessels at the right time and good prices . Purchase new and good vessels constantly for replacement

  20. Business Strategy • For Flexible and Aggressive Freight Revenue, Spot Trading Focuses on Wood Pulp and Log Markets in Asia. Gross Margins are 20%-30% and 40% to 50% Respectively. • For Stable Hire Revenue, 30% of vessels on spot trading/TCT in Asia and 70% of vessels on long term charter trading worldwide.

  21. Historical Revenue and Net Income (Billion NTD) 2007 unaudited consolidated revenue=3.4 billion NTD 2007 unaudited consolidated net income=1.97 billion NTD 2007 unaudited EPS=6.01 Unit: billion NTD

  22. 2007 Historical EPS and Dividend We are planning to pay more dividends than last year

  23. Historical Consolidated ROA and ROE 2007 ROA&ROE are not yet disclosed until March 31th

  24. Perspective • Focus on Shipping – what we are good at! • Confident of being able to Continue Our Success Story for a Century Ahead. • Become One of the Most Niche Shipping Companies in Asia, and First Choice for Customers, Employees and Investors Worldwide.

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