1. Weathering The Perfect Storm
Magnus Fyhr

2. Jefferies Tanker Index

3. What’s In Store For 2005? Strong Global Economic Growth
Global Oil Demand Growing At 2%+
Stricter Regulations Against Single Hulls
Increasing Competition For Shipyard Capacity
Investor Concerns Center On Rate Volatility & Orderbook
Risk/Reward Remains Attractive

4. Jefferies Charter Rate Assumptions
VLCC Charter Rates ( E)
Suezmax Charter Rates ( E)
Aframax Charter Rates ( E)
MR Product Charter Rates ( E)

5. The “Rodney Dangerfield” of the Energy Sector …
Low P/E’s reflect volatility
Capital intensive with historically poor returns
Fragmented industry
Tanker shares have historically been valued on NAV

6. … Is Finally Getting Some Respect
Shipping stocks showing up on investor radar screens
Trading volumes increasing
Increasing number of publicly traded shipping companies
Group market cap now above $20 billion

7. Yield Stocks Are Trading At Premium

8. Asset Values Are Firming Despite Volatility
VLCC Sale Prices ( )
EBITDA Payback On VLCC Newbuild
VLCC 1 Yr. T/C Rates ( )
VLCC Spot Charter Rates ( )