SUEZ CANAL REBATES (Summary) As of December, 2018

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SUEZ CANAL REBATES (Summary) As of December, 2018 1

INDEX 1. Dry bulk vessels from/to South Africa to/from Mediterranean. 3 2. Dry bulk vessels from/to Australia to/from North West Europe. 4 3. Containerships from East Coast of America to South and South East Asia 5 4. VLCC from Arabian Gulf heading to American Gulf or Caribbean zone after discharging part cargo at SUMED pipeline 6 5. Crude Oil tankers from US Gulf, Caribbean and Latin America heading to Asian ports 7 2

Dry bulk vessels from/to South Africa to/from Mediterranean. Valid till 31-Dec-2019 (SCA Suppl. Letter of 13-Dec-2018) KADMAR Circular 72/2018 Laden or ballast Dry Bulk vessels coming from (or heading to) Republic of South Africa ports shall be granted the following rebate percentages: (1) 40% in case the vessel is heading to (or coming from) Iskenderun port (Turkey) or its western ports till Marmaris port (Turkey). (2) 50% in case the vessel is heading to (or coming from) northern and western ports of Marmaris port (including Black Sea ports) till Gibraltar port. (SCA Circular No. 3/2017, Periodical of Jan-2018) 3

Dry bulk vessels from/to Australia to/from North West Europe. Valid till 31-Dec-2019 (SCA Suppl. Letter of 13-Dec-2018) KADMAR Circular 73/2018 Laden or ballast Dry Bulk vessels coming from (or heading to) ports of South West, South and East Australia starting from the port of Geraldton in South West Australia and ends at the port of Cairns East heading to (or coming from) the North West Europe ports starting from the port of Cadiz and what s North of it shall be granted a 75% rebate of normal Suez Canal transit tolls. (SCA Circular No. 2/2017, Periodical of Jan-2018) 4

Containerships from East Coast of America to South and South East Asia. Valid till 30-Jun-2019 (SCA Suppl. Letter of 13-Dec-2018) KADMAR Circular 74/2018 (1) Containerships coming from Norfolk and its northern ports heading to Port Kelang and its eastern ports shall be granted a reduction of 45%. (2) Containerships coming from ports south of Norfolk heading to: a) Port Kelang and its eastern ports shall be granted a reduction of 65%. b) Colombo and its eastern ports located just up to Port Kelang shall be granted a reduction of 55%. (SCA Circular No. 2/2016, Periodical of Jul-2016) 5

VLCC from Arabian Gulf heading to American Gulf or Caribbean zone after discharging part cargo at SUMED pipeline. Valid till 31-Dec-2019 (SCA Suppl. Letter of 17-Dec-2018) KADMAR Circular 76/2018 VLCC (more than 250,000 DWT) coming from Arabian Gulf and heading to American Gulf or the Caribbean on their round trip to transit the Suez Canal after discharging part of their cargo in SUMED pipeline: (1) Any VLCC coming from South is to pay a lumpsum of USD 155,000 (including charges of tugs, charges for arrival after limit time and charges for booking in the convoy). (2) A VLCC is to pay a lumpsum of USD 180,000 on her return ballast trip from North (including charges of tugs, charges for arrival after limit time and charges for booking in the convoy). (SCA Circular No. 3/2016, Periodical of Jan-2018) 6

Crude Oil tankers from US Gulf, Caribbean and Latin America heading to Asian ports. Valid till 31-Dec-2019 (SCA Suppl. Letter of 18-Dec-2018) KADMAR Circular 77/2018 (1) Crude Oil tankers (laden or in ballast) coming from (or heading to) to US Gulf, Caribbean area heading to (or coming from): a) Ports West of Indian subcontinent (starting from Karachi till Cochin) shall be granted a reduction of 50% of the Suez Canal normal tolls. b) Ports located East of Cochin shall be granted a reduction of 75% of the Suez Canal normal tolls. (2) Crude Oil tankers (laden or in ballast) coming from (or heading to) to ports of Latin America starting from Colombia (San Andres Island Lat. 12 34 40 N) and its southern ports heading to (or coming from) the Asian Ports starting from Karachi port and its eastern ports shall be granted a reduction of 75% of Suez Canal normal tolls. (SCA Circular No. 1/2018, Periodical of Jan-2018) 7