1. STAR Reefers Presentation November 23 2004

2. Presentation 23 November Reefer Market Caracteristics Reefer Market Caracteristics Commodities in specialised reefers over 300,000 cbft Bananas Decidious Citrus South north lanes Sesonal business Low value High Volum Low draft Small vessels Loading in ports with limited infrastructure Vessels have Cranes The Forgotten Segment

3. Presentation 23 November Conventional reefer landscape Source: Drewry

4. Presentation 23 November Trade patterns (Banana trade) Source: UN

5. Presentation 23 November 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

6. Presentation 23 November Conventional reefer landscape MAJOR REEFER OPERATORS (Post split) Source: Drewry Source: Star

7. Presentation 23 November 2004 With 2nd Peak in May and a Strong Summer and Fall Market

8. Presentation 23 November 2004 With 2nd Peak in May and a Strong Summer and Fall Market

9. Presentation 23 November Are Rates Returning to 1997 Levels? Are Rates Returning to 1997 Levels?

10. Presentation 23 November Factors influencing demand Consumer expenditures and general economic conditions A Theoretical Approach A B C GDP per capita Consumption pr. capita 0 2 4 6 8 10 12 14 Russia 1930 Saudi Arabia 6870 Germany 25280 USA 25820 Other E. Eur. 2355 Other W. Eur. 1) 25927 Other EU 19755 A)Low income, basic need coverage B)Rising income changing spending (eating) habit. Economy in focus by multinationals (Distribution network/promotion). C)Consumption reaches top point. Rising income triggers substitution to more sophisticated fruits

11. Presentation 23 November Strategic matrix – Reefers vs containers REEFERS SOUTH – NORTH LANE SPEED ADVANTAGE PORT TO PORT LOW DRAFT GEAR HIGH AVERAGE AGE QUALITY PAYS NO ORDER BOOK HIGH VOLUME – LOW VALUE BANANA TRADE CHANGE OF BANANA REGIME 06 WEAK SERVICE & CHAIN MANAGEMENT CONTAINERS EAST – WEST LANE SPEED IMPROVEMENTS TO COME TERMINAL TO TERMINAL / DOOR TO DOOR DRAFT LIMITATIONS NO GEAR LOW AVERAGE AGE ESTABLISHED QUALITY HIGH ORDER BOOK IN 3000 TEU RANGE LOW VOLUME – HIGH VALUE NO BANANA TRADE EXCEPT FOR BRAZIL/USWC NO IMPACT TO THE CONTAINER STRONGER LOGISTICAL BASE

12. Presentation 23 November Net Scrapping Continues in a Strong Market... Net Scrapping Continues in a Strong Market......but most of it is the older frozen vessels. Source Orion Shipping

13. Presentation 23 November Reefer Age Distribution Fleet over 300 000 cbft 231 mill. cbft. Reefer Age Distribution Fleet over 300 000 cbft 231 mill. cbft. 39% of fleet is over 20 years and almost no newbuildings

14. Presentation 23 November 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.

15. Presentation 23 November. STAR Core Fleet

16. Presentation 23 November Reefer Age Distribution of Fleet over 300 000 cbft (231 mill) Age >25 20-25 20-15 15-10 10-5 >5 # Ship Star Owned/BB -1 5 12 4 - # Ships Star Chartered - - 1 9 2 2

17. Presentation 23 November STAR Reefers Highlights in 3Q EPS $ 0.48 against $ -0.32 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

18. Presentation 23 November. Profit & Loss Account

19. Presentation 23 November. Balance Sheet

20. Presentation 23 November STAR Reefers Recent Developments Time Charters for 2 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 containerintake Low bunker consumption 10 year duration of charters STAR secruing modern long term tonnage as a leading quality reefer operator