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STAR Reefers

STAR Reefers. Preliminary Results 2004 3 rd March 2005. Recent Reefer Industry Developments. Market growth expected to exceed 3% p.a. Spot rates for larger ships up 27% in 2004 Fruit majors looking for longer contracts Operators entering medium term charters

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STAR Reefers

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  1. STAR Reefers Preliminary Results 2004 3rd March 2005

  2. Recent Reefer Industry Developments • Market growth expected to exceed 3% p.a. • Spot rates for larger ships up 27% in 2004 • Fruit majors looking for longer contracts • Operators entering medium term charters • Aggressive competition amongst operators • Container lines remain focussed on dry cargo • Competition for quality 2nd hand ships • Scrapping of 25 vessels or 6 million cbft in 2004 • Mature fleet with only 4 newbuilding orders placed in 2004 Star well positioned to take advantage of this period of change Preliminary 2005

  3. Larger Vessel Rates in 2004 Rates for larger vessels up 27% YoY in 2004 Preliminary 2005 Source: Orion Shipping

  4. Smaller Vessel Rates in 2004 Rates for smaller vessels up 13% YoY in 2004 Preliminary 2005 Source: Orion Shipping

  5. Are Rates Returning to 1997 Levels? 12 month rates up approx. 15% entering 2005 Preliminary 2005

  6. Box Ships Busy Earning Good Money in Dry Containers 6 – 12 month TC rates container ships (Source Carl Boch) - text - Preliminary 2005

  7. Age Distribution of Reefer Fleet (over 250 000 cbft) 236 mill. cbft. (548 ships) over 250 000 cbft Preliminary 2005

  8. Net Scrapping continues in a strong market... ...but most of it is the older ”frozen” vessels. Source Orion Shipping Preliminary 2005

  9. Reefer capacity continues to decline... Only 4 orders placed in 2004 Preliminary 2005

  10. STAR Reefers Highlights 2004 • Freight rates up some 17% • STAR fleet values up 35% • Sale of 2 ships generating profit of $ 4.8 million • Contract renewals 2005 at levels up 15+% • Equity infusion at NOK 83 per share • Strenghening balance sheet. • 10 year Time Charters for 2 newbuildings • Acquisition of Regal Star Preliminary 2005

  11. Employment of Star Reefers Fleet 2004. Focus on Customer Relationships Preliminary 2005

  12. Star Reefers Revenue by Goods Carried 2004 Focus on bananas Preliminary 2005

  13. Time Charter for Two Newbuildings • Vessels to be built at Shikoku Yard in Japan • Delivery Q1 2006 and Q4 2006 • Specialised Reefers of 585,000 cbft. • High Speed • High container intake • Low bunker consumption • 10 year duration of charters STAR Reefers is committed to the reefer market long term Preliminary 2005

  14. STAR Core Fleet . Preliminary 2005

  15. Profit & Loss Account . Preliminary 2005

  16. Balance Sheet . Preliminary 2005

  17. Profit & Loss Account . Preliminary 2005

  18. Star Reefers Shareholders February 2005 . Preliminary 2005

  19. Share Price Star Reefers 2004 Shareprice up 75% 12 months Preliminary 2005

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