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SEXTANT CONSULTANCY LTD

SEXTANT CONSULTANCY LTD. Sextant Consultancy was established in 2005 – based in London Kevin Harding has 30 years experience in the shipping industry – both in the container and specialised reefer segments In co-operation with Drewry Shipping, Sextant issues 2 annual reports:

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SEXTANT CONSULTANCY LTD

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  1. SEXTANT CONSULTANCY LTD Sextant Consultancy was established in 2005 – based in London Kevin Harding has 30 years experience in the shipping industry – both in the container and specialised reefer segments In co-operation with Drewry Shipping, Sextant issues 2 annual reports: - “Reefer/Freezer Fleet Profile” published in February each year - “Reefer Shipping Market Review and Forecast” published in October each year For further information, please contact Kevin Harding: Tel: +44 777 555 77 66 E Mail: sextant@f2s.com www.sextant.uk.com

  2. The Future of the World Specialised Reefer Fleet • History • Current Status • Reefer Container Vessels • Cargo Flows • The Future

  3. Specialised Reefer Fleet DevelopmentJan 1999 to Jan 2008(100,000 cu. ft. + vessels) Source: Sextant Consultancy Ltd

  4. Specialised Reefer Fleet Today(vessels greater than 100,000 cu. ft.) • As at October 2008, there are 774 specialised reefer (non-freezer) vessels above 100,000 cu. ft. Source: Sextant Consultancy Ltd

  5. The Container Vessel Fleet • As at mid 2008 there were in excess of 4,500 container vessels • The average size of these container vessels is 2,500 teu of which approximately 325 teu is available for reefer cargo • The reefer capacity of the existing container vessel fleet is equivalent to 1,473 million cubic feet • The current under-deck capacity of the existing specialised reefer fleet (vessels above 100,000 cu. ft.) is 265 million cubic feet

  6. New Buildings(as at mid 2008) Source: Sextant Consultancy Ltd

  7. Age Profile: Specialised Reefer Fleet(age as at January 2008) Source: Sextant Consultancy Ltd

  8. Specialised Reefer Scrapping(vessels greater than 100,000 cubic feet) Source: Sextant Consultancy Ltd

  9. Forecast Specialised Reefer fleet(vessels greater than 100,000 cubic feet) Source: Sextant Consultancy Ltd

  10. Estimated Seaborne Perishable Reefer Trade2000 to 2015 Source: Sextant Consultancy Ltd

  11. Modal Split in 2007 • In 2007, the estimated modal split was: Specialised Reefer: 46.0% (35.5 million tonnes) Reefer Containers: 54.0% (41.7 million tonnes)

  12. Estimated Future Modal Split • There is insufficient specialised reefer capacity to continue to lift current percentage market shares and current cargo volumes: 2007 Capacity = 803 vessels Total Cargo = 77.2 million tonnes Specialised Reefer Cargo = 35.5 million tonnes = 46.0% 2010 Capacity = 747 vessels Total Cargo = 86.5 million tonnes Specialised Reefer Cargo = 35.0 million tonnes = 40.3% 2015 Capacity = 642 vessels Total Cargo = 108.8 million tonnes Specialised Reefer Cargo = 32.0 million tonnes = 29.3%

  13. Forecast Modal SplitSpecialised Reefer versus Reefer Container Source: Sextant Consultancy Ltd

  14. SUMMARY • The specialised reefer industry will be around for decades to come BUT: • There will be a reducing number of specialised reefer vessels • Specialised reefer vessels’ percentage market share will continue to reduce • Specialised reefer vessels’ cargo tonnage will now start to reduce • Pressure on specialised reefer rates is likely to continue to be high and can only be affected by matters outside the direct control of the specialised reefer industry itself: • Reefer container industry • Climatic conditions • Global economy • Carbon footprint

  15. SEXTANT CONSULTANCY LTD PUBLISHED THIS MONTH: “Reefer Shipping Market Review and Forecast - 2009” For further information, please contact Kevin Harding: Tel: +44 777 555 77 66 E Mail: sextant@f2s.com www.sextant.uk.com

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