1. Presentation of 3Q 2004 November 2 2004
STAR Reefers
Presentation of 3Q 2004
November

2. STAR Reefers Highlights in 3Q
EPS $ 0.48 against $ last year
Freight rates 49 cents in 2Q vs. 39 cents last year
Sale of 2 ships generating profit of $ 4.6 million
Contract renewals 2005 at levels up 15-25%
Strenghening balance sheet
STAR Reefers 3Q 2004

3. Profit & Loss Account .
STAR Reefers 3Q 2004

4. Balance Sheet .
STAR Reefers 3Q 2004

5. 2004 With 2nd Peak in May and a Strong Summer Market
STAR Reefers 3Q 2004

6. Are Rates Returning to 1997 Levels?
STAR Reefers 3Q 2004

7. Net Scrapping Continues in a Strong Market...
...but most of it is the older frozen vessels.
Source Orion Shipping
STAR Reefers 3Q 2004

8. Reefer Age Distribution Fleet over 300 000 cbft 231 mill. cbft.
39% of fleet is over 20 years and almost no newbuildings
STAR Reefers 3Q 2004

9. Box Ships Busy Earning Good Money in Dry Containers
6 – 12 month TC rates container ships (Source Carl Boch)
- text -
STAR Reefers 3Q 2004

10. Recent Reefer Industry Developments
Market growth expected to exceed 2,5% p.a.
Significant increase in spot rates
Customers concerned about availability of tonnage
Fruit major securing tonnage on 3 year contract
Aggressive competition amongst operators
Operators chartering in vessels on medium term (3 – 5 years)
Container lines concentrated on dry cargo
Competition for quality 2nd hand ships
Scrapping continuing in strong market
Old fleet
Almost no new orders
Star well positioned to take advantage of this period of change
STAR Reefers 3Q 2004

11. Star Strategy Objective Strategy
To generate a RoE better than our major competitors
Simplify and improve the management of the Company
Optimise fleet structure
Business risk management
Reduce costs
To evaluate new reefer shipping and terminal opportunities.
STAR Reefers 3Q 2004

12. STAR Core Fleet .
STAR Reefers 3Q 2004

13. Reefer Age Distribution of Fleet over 300 000 cbft (231 mill)
# Ship Star Owned/BB
# Ships Star Chartered
STAR Reefers 3Q 2004