1. "A comprehensive outlook on restructuring in the shipping sector"
Milan – 9° of May 2018

2. SHIPPING LOANS PORTFOLIO (Bn. $)
Bank Lending Market.
SHIPPING LOANS PORTFOLIO (Bn. $)
- 4,8%
….sharp Bank Lending retrenchement countered a moderate fleet growth (4%)…….

3. Dry Bulk vessel funded at boom market by 80% LtV
Hyper Cyclicity.
Dry Bulk vessel funded at boom market by 80% LtV

4. Dry Bulk vessel funded at boom market by 50% LtV
Hyper Cyclicity.
Dry Bulk vessel funded at boom market by 50% LtV

5. Funding Needs.

6. Risk Control: LTVs <80% drive LGD <20%
Shipping Risk.
Risk Control: LTVs <80% drive LGD <20%
LOSS GIVEN DEFAULT / EXPOSEURE AT DEFAULT RATIO BY LOAN TO VALUE
LOSS GIVEN DEFAULT / EXPOSEURE RATIO BY YEAR DEFAULT
Source: VSL on Global Credit Data, Shipping Finance LGD Study May 2017

7. 9 years CAGR 62% Chinese Financial Leasing Development.
Chinese Financial Leasing as an Option for Fleet Renewal
9 years CAGR 62%

8. Italian Fleet Features: At a Glance……
High Value added fleet sailing prevalently under Italian flag…
ITALIAN FLEET VS. GREEK FLEET
Source: VSL on Clarkson data

9. Italian Fleet Features: At a Glance……
VALUE FOR GT/UNIT (mln. $)
SAILING UNDER FLAGS
Source: VSL on Clarkson data

10. Italian Lending Market: At a Glance……
ITALIAN OWNED FLEET – GROSS ASSET VALUE (Bn. $)
ITALIAN NPL (included under restructuring)
7,6 bn. $
Source: VSL on Clarkson data

11. Italian Lending Market: At a Glance……
ITALIAN FLEET BREAKDOWN (N. OF SHIPS)
ITALIAN OUTSTANDING LOANS
Source: VSL on Clarkson data

12. Italian NPLs/UTP. ITALIAN BULKER FLEET ITALIAN TANKER FLEET LtV = 189%
Source: VSL on Clarkson data

13. Where are going the NPLs ?
Source: VSL on Clarkson data

14. What's happening on NPLs ?
ITALIAN LOANS FOR SALE IN BILLION US
Source: VSL on Clarkson data