Danish Shipping Statistics November 2016

Danish Shipping Statistics November 216

TABLE OF CONTENTS Page. Recent Developments in Danish Shipping 2 1. Key Figures of the Danish Merchant Fleet 3 2. Size and Composition of the Merchant Fleet Denmark 2.1 Development of the Danish Merchant Fleet 4 2.2 Changes In the Danish Merchant Fleet 4 2.3 Employment Of the Danish Merchant Fleet 4 2.4 The Danish Merchant Fleet By Ship Type 5 2.5 The Danish Merchant Fleet By Size And Age Groups 5 World 2.6 Geographical Distribution Of The World Merchant Fleet 6 2.7 World Merchant Fleet By Flag State 6 2.8 World Merchant Fleet By Owner Domicile 7 2.9 World Merchant Fleet By Main Type And Owner Domicile 7 2.1 World Merchant Fleet By Operator Domicile 8 2.11 World Merchant Fleet By Main Type And Operator Domicile 8 2.12 World Merchant Fleet By Ship Type 9 2.13 Danish Share Of Various Ship Types 9 2.14 The EU Countries' Merchant Fleets / Development of Major European National Fleets 1 2.15 World's 25 Biggest Ship Owners 11 2.16 World's 25 Biggest Ship Operators 11 3. Shipbuilding and Purchasing Denmark 3.1 The Shipping Companies' Newbuilding Programme 12 3.2 The Shipping Companies' Investments For Danish Flag 12 3.3 The Shipping Companies' Yearly Contracting 12 3.4 The Danish Merchant Fleet By Country Of Build 12 World 3.5 The World's Total Newbuilding Orders By Country Of Build 13 3.6 The World's Total Newbuilding Orders By Ship Type 13 3.7 The World's Total Newbuilding Orders By Owner Domicile 13 4. Economic Key Figures 4.1 Danish Shipping's Foreign Currency Earnings 14 4.2 Danish Shipping Exports 15 4.3 Changes to the Global Economy 15 5. Development in Freight Rates 5.1 Charter Rates For Tankers 16 5.2 Charter Rates For Dry Cargo Ships 17 5.3 Charter Rates For Containers 18 6. Danish Maritime Employment Figures 6.1 People Employed in Danish Shipping 19 6.2 People Employed in the Danish Maritime Cluster 19 6.3 Geographical Distribution of People Employed in Blue Denmark 19 6.4 Salaries and Tax Payment in Blue Denmark 19 6.5 Educational Level in Blue Denmark 19 7. World Trade by Sea 7.1 World Trade By Sea - Oil, Bulk And Container - Container capacity 2 7.2 Sea Transport Of Important Bulk Commodities 2 7.3 World Trade Flows 21 7.4 Cargo Traffic In Major Ports 22 7.5 Container Traffic In Major Ports 22 8. Bunker Price 8.1 Development Of Bunker Prices And Crude Oil Price 23 9. Environmental and Transport Cost Figures 9.1 Tank transportation And Incidents Of Tanker Spillage 24 9.2 Energy Efficiency 24 9.3 Future Requirements For SOx And NOx Reduction 24 1. Piracy 1.1 Piracy Off Somalia 25 1.2 Global Piracy 25 Vocabulary 26 Source References And Notes 27 1

Difficult Year for Shipping is Coming to an End Flash Analysis December 216 216 will soon be history, and the year is unlikely to evoke warm memories for the shipping industry in general. The year has seen declining freight rates, weak global growth and global insecurity as a result of new political currents. Shipping, having begun consolidating, is now aiming for a brighter future. After starting the year off with the worst crisis in recent memory, dry bulk and container shipping lines saw their markets stabilize during the summer months. 216 has been a volatile year that saw the lowest level in the Baltic Dry Index ever. The fall affected particularly the very large capsize bulk carriers, which for a time were down to about $5, per day - far below the cost of the operation and depreciation of the ships. Tankers saw significant influx of capacity which, coupled with rising oil prices, meant that freight rates have fallen to their lowest level since before oil prices began to fall in June 214. Oil prices fell from $115 per barrel to $25 per barrel but have since stabilized at around $5 per barrel. On a positive note, Ro-Ro shipping is still going strong and is increasing its transported volumes. export activity. New Normal for Shipping Globally, the number of new buildings on order fell from 6,13 ships in October 215 to 5,476 ships in October 216, which equals a decline of 1.3 pct. This is part of the shipping industry s search for new equilibrium, where both increased scrapping of excess tonnage and restraining from ordering new ships play key roles. Both the number of scrapping and reticence are reinforced in 216. Scrapping has gone from being primarily relevant for bulk carriers to be broadly based in the challenged segments. So far in 216, the scrapping figures have exceeded those of 215 by more than 1.6 million TDW. Meanwhile, the number of new orders for ships has fallen from over 1,8 in 215 to an estimated 5 by the end of the year. Freight rates stabilized in the dry bulk and container after some difficult years. Tanker shipping experiencing declines due to oversupply of vessels. New export figures show declining EU share of Danish shipping activity. The number of new buildings fall as the market is seeking new equilibria. Table: Year 215 vs. 216 New Export Figures for Shipping Export figures for 215 are also published in this issue of Danish Shipping Statistics (p. 14). We observe a redistribution of the shipping companies export revenues, where Europe s and North America s market shares fall relative to last year. This is primarily due to lower growth rates in these regions than in the rest of the world. Europe and North America now account for respectively 27 and 1.3 pct. of Danish companies' Status quo for the Danish flagged merchant fleet The Danish flagged merchant fleet ends 216 where it started, with a small increase in the number of ships and TDW, respectively five ships and 75, TDW whereas the gross tonnage has fallen by some 33, GT. The order book for Danish shipping companies has shrunk in 216 due to ships being delivered whilst not many are being ordered. New buildings on order, globally New orders for ships 215 6.13 1.8 216 5.476 5 Total decrease in pct. 1,3% 72,2% Contact: Rasmus With Economist Mobil: +45 33 48 92 9 rw@shipowners.dk 2

1: Key Figures on the Danish Merchant Fleet Size of the Danish Merchant Fleet Share (GT) of World Merchant Fleet Sailing 1 October 216 Under Danish Flag per 1 October 216 Percent Number of ships 666 Container ships 4.9% TDW (million) 17.3 Passenger ships, ferries 1.15% GT (million) 15.5 General cargo and Ro-Ro.78% Gas tankers.62% Product and chemical vessels 3.44% Oil tankers.5% Other dry bulk.5% Employment of the Danish Merchant Fleet Total 1.25% (Per cent based on GT) 1 October 216 Liner trade 76.3 Tramp 2.5 Tanker trade 21.3 Danish Shipping Companies' Exports Shipping Exports 215 (Billion DKK) 23.9 Danish Shipping Companies' Newbuilding Per cent of total Danish Exports 19.5% Programme 1 October 216 Number of ships 12 Employment in Danish Shipping Companies TDW (million) 6.3 Employment in Danish Shipping Companies, 216 23 497 GT (million) 5.4 Total value (billion DKK) 4 Danish Shipping's Most Important Markets (%) EU 27 North America 1.3 China incl. Hong Kong 15.4 Other Asia 16.4 Danish Operated Merchant Fleet - Mill. DWT 2 4 6 8 1 Danish Flag 17,4 Other Flags 18,4 Chartered Vessels 38,6 Total 74,4 For statistical information, contact Economist Rasmus With, e-mail: rw@shipowners.dk, phone +45 33 48 92 9 *References for tables and figures is located at the back of this publication. 3

2: Size and Composition of the Merchant Fleet Table 2.1: Development of the Danish Merchant Fleet Total Fleet Tanker Fleet Dry Cargo Fleet 1 Jan Vessels GT (1 ) TDW (1 ) Vessels GT (1 ) TDW (1 ) Vessels GT (1 ) TDW (1 ) 26 515 7 984 9 734 91 1 865 3 76 424 6 119 6 658 27 56 8 483 1 363 86 2 16 3 421 42 6 377 6 942 28 499 9 189 1 983 88 2 99 3 374 411 7 9 7 69 29 533 1 137 12 362 12 2 86 4 562 413 7 277 7 8 21 551 1 937 13 545 142 3 62 5 759 49 7 335 7 786 211 58 11 71 14 462 162 3 995 6 26 418 7 76 8 22 212 593 11 388 13 718 17 3 555 5 355 423 7 833 8 363 213 611 11 475 13 831 174 3 442 5 328 437 8 33 8 53 214 631 12 286 14 59 175 3 438 5 322 456 8 848 9 268 215 652 14 532 16 491 17 3 119 4 757 482 11 413 11 734 216 661 15 486 17 267 166 3 181 4 82 495 12 35 12 465 Oct 216 666 15 157 17 341 171 3 221 4 895 495 11 936 12 446 Table 2.2: Changes in the Danish Merchant Fleet Gain Loss Net Gain Year Vessels GT (1 ) TDW (1 ) Vessels GT (1 ) TDW (1 ) Vessels GT (1 ) TDW (1 ) 26 38 1 156 1 38 47 657 752-9 499 628 27 33 1 183 1 322 4 478 75-7 75 617 28 69 1 638 2 355 35 695 98 34 943 1 375 29 52 1 27 1 55 34 233 334 18 8 1 183 21 57 1 92 1 49 28 33 491 29 762 918 211 49 663 851 36 997 1 629 13-334 -778 212 53 392 428 35 35 315 18 87 113 213 37 1 5 1 51 21 123 186 16 882 865 214 46 2 652 2 655 16 42 646 3 2 25 2 9 215 39 1 453 1 598 13 284 486 26 1 169 1 112 216 YTD 19 289 459 8 159 213 11 13 246 Table 2.3: Employment of the Danish Merchant Fleet Liner Trade Tramp Trade Tanker Trade Total 1 Jan GT (1 ) Per cent GT (1 ) Per cent GT (1 ) Per cent GT (1 ) Per cent 27 5 629 66.4 748 8.8 2 16 24.8 8 483 1 28 6 322 68.8 767 8.3 2 1 22.9 9 189 1 29 6 547 64.6 728 7.2 2 86 28.2 1 135 1 21 6 675 61. 66 6. 3 62 32.9 1 937 1 211 7 65 6.4 641 5.5 3 995 34.1 11 71 1 212 7 211 63.3 62 5.4 3 554 31.2 11 385 1 213 7 369 64.2 664 5.8 3 442 3. 11 433 1 214 8 193 66.7 659 5.4 3 438 28. 12 29 1 215 1 56 72.3 97 6.2 3 119 21.5 14 532 1 216 11 567 74.7 739 4.8 3 181 21.9 15 486 1 Oct 216 11 561 76.3 375 2.5 3 221 21.3 15 157 1 1 GT Merchant Fleet Trade Distribution 18. 16. 14. 12. 1. 8. 6. 4. 2. 27 28 29 21 211 212 213 214 215 216 Oct 216 Liner Trade Tramp Trade Tanker Trade 4

Table 2.4: The Danish Merchant Fleet by Ship Type 1 November 214 1 November 215 1 October 216 GT GT GT Vessels Vessels Vessels Vessel Categories (1 ) (1 ) (1 ) Liner Trade Container 17 8 961 115 1 519 118 1 622 Ro-Ro 17 423 2 514 2 52 Passengerships, ferries 82 435 82 445 8 437 Total 26 9 819 217 11 478 218 11 562 Tramp Trade Bulk carriers 8 43 9 385 7 198 Other dry bulk etc. 38 66 32 86 33 86.9 Total 46 496 41 471 4 284 Tanker Trade Oil Tankers 5 12 5 12 5 12 Product tankers 9 2 288 89 2 261 91 2 287 Chemical tankers 7 488 66 474 64 472 LPG Tankers 4 221 1 338 11 358 Total 169 3 99 17 3 175 171 3 221 Specilized Cable layers 4 15 4 11 4 1.576 Standby safety vessels 4 46 41 47 4 45.174 Tugs, supply vessels etc. 182 356 186 359 193 395.48 Total 226 417 231 417 237 451 Fleet total 647 13 832 659 15 541 666 15 518 Table 2.5: The Danish Merchant Fleet by Size and Age Groups, 1 October 216 Age <5 years 5-9 years 1-14 years 15-19 years 2+ years Total Size GT Vessels GT Vessels GT Vessels GT Vessels GT Vessels GT Vessels GT 1-33 5 368 9 1 66 2 476 1 247 63 11 116 17 18 823 3-9 3 398 1 497 1 4 34 4 1 689 26 1 257 5 19 875 5-7 6 72 12 1 938 3 2 692 3 2 332 18 13 56 43 36 224 1-2 2 388 1 1 989 1 1 72 11 17 499 29 41 99 44 65 568 2-1 2 579 3 7 982 11 29 44 25 65 921 4 15 523 3-1 3 676 6 21 219 4 13 178 3 1 45 2 6 632 16 55 155 4-3 13 462 17 8 368 6 27 35 13 53 945 2 8 87 41 183 887 5-5 28 369 27 173 323 8 55 823 8 48 538 1 6 759 49 312 812 8-3 29 94 1 9 98 1 8 939 5 48 859 1-5 59 718 11 128 27 7 81 551 5 66 892 5 59 949 33 396 38 15-2 31 9 5 99 6 2 39 516 12 29 95 21 38 327 2-9 23 2 18 469 484 3 747 547 2 515 35 3 62 526 8 1 997 927 3-12 377 715 1 413 14 22 88 39 2 6 332 4 138 873 5 1 798 324 5-2 3 896 98 21 2 455 555 24 2 42 314 21 1 699 965 86 1 94 814 Total 19 4 635 275 141 3 863 251 133 3 883 512 92 2 487 219 191 645 234 666 15 514 498 GT per cent 29.9 24.9 25. 16. 4.2 1 5

Table 2.6: Geographical Distribution of the World Merchant Fleet 1 July 198 1 January 2 1 October 216 GT (1 ) Per cent GT (1 ) Per cent GT (1 ) Per cent EU-28 136 62 33 126 84 25 226 399 18.2 Other I-Countries 89 68 21 6 19 12 76 387 6.14 Open Registers 17 85 26 212 195 41 6 141 48.25 Eastern Europe 27 565 7 7 974 2 7 525.6 Dyn. Asian Countries 16 858 4 46 792 9 214 681 17.26 Rest of Asia 25 58 6 46 29 9 82 128 6.6 Latin America 12 159 3 9 44 2 7 427.6 Africa 4 885 1 3 928 1 1 114.81 Unknown 2 355 19 92 1.53 Total 419 91 1 515 356 1 1 243 894 1. Geographical Distribution of World Fleet Latin America Africa Unknown Rest of Asia Dyn. Asian Countries Eastern Europe EU-28 Open Registers Other I- Countries EU Share of World Merchant Fleet Per cent 35 3 25 2 15 1 5 1 July 198 1 January 2 1 October 216 Table 2.7: World Merchant Fleet by Flag State 1 October 216 GT TDW TEU GT TDW TEU Rank Flag (1 ) (1 ) (1 ) Per cent Per cent Per cent Vessels 1 Panama 224 535 343 178 3 179 18.5 18.73 14.44 8 38 2 Liberia 135 917 211 853 3 684 1.93 11.56 16.73 3 314 3 Marshall Islands 131 942 21 59 1 231 1.61 11.49 5.59 3 188 4 Hong Kong 16 44 17 883 2 7 8.53 9.33 12.26 2 461 5 Singapore 83 34 123 128 2 119 6.68 6.72 9.63 3 447 6 Malta 67 41 1 543 1 419 5.42 5.49 6.44 2 157 7 Bahamas 61 18 79 52 195 4.91 4.34.89 1 414 8 China 42 722 66 125 567 3.43 3.61 2.57 3 162 9 Greece 41 278 72 648 72 3.32 3.96.33 1 193 1 Japan 23 353 33 296 7 1.88 1.82.32 4 464 11 Cyprus 21 268 33 42 425 1.71 1.82 1.93 99 12 Norway 17 436 2 94 61 1.4 1.14.28 1 485 13 Italy 16 71 16 118 1.29.87.53 1 345 14 Denmark 15 561 17 379 1 17 1.25.95 4.62 687 15 Isle Of Man 15 353 24 639 139 1.23 1.34.63 375 16 UK 14 932 15 628 68 1.2.85 3.9 1 83 17 Indonesia 14 911 19 297 172 1.2 1.5.78 7 631 18 Bermuda 11 478 11 14 22.92.6.1 159 19 Portugal 11 19 14 283 698.89.78 3.17 473 2 South Korea 1 828 15 894 112.87.87.51 1 848 21 USA 1 676 11 794 248.86.64 1.13 3 224 22 India 9 998 16 42 41.8.9.19 1 418 23 Germany 9 552 1 283 748.77.56 3.4 599 24 Malaysia 8 93 1 168 26.65.55.12 1 594 25 Antigua & Barbuda 8 38 1 399 556.65.57 2.52 962 Others 131 338 173 147 1 719 1.56 9.45 7.81 33 241 Total 1 243 894 1 832 371 22 16 1. 1. 1. 89 952 6

Table 2.8: World Merchant Fleet by Group Owner Domicile, 1 October 216 Rank Country GT (1 ) TDW (1 ) Per cent (GT) Vessels 1 Greece 171 274 294 8 13.77 3 978 2 Japan 159 14 239 97 12.79 5 718 3 China 17 824 172 661 8.67 4 232 4 Germany 75 148 1 181 6.4 3 189 5 USA 6 733 67 713 4.88 4 519 6 South Korea 47 444 75 417 3.81 1 96 7 Bermuda 42 342 69 678 3.4 752 8 Singapore 41 333 62 324 3.32 2 776 9 Hong Kong 35 538 51 373 2.86 1 159 1 Norway 35 47 39 962 2.82 2 359 11 UK 3 672 41 221 2.47 1 333 12 Denmark 28 968 35 772 2.33 1 341 13 Taiwan 28 451 44 167 2.29 924 14 Switzerland 2 879 23 66 1.68 494 15 Italy 16 574 19 943 1.33 1 32 16 Monaco 16 44 27 889 1.32 329 17 Turkey 15 337 23 952 1.23 1 636 18 Canada 14 616 22 14 1.18 695 19 Russia 13 284 19 48 1.7 1 856 2 Netherlands 12 874 18 236 1.3 1 783 21 Belgium 12 859 21 315 1.3 45 22 India 12 317 2 337.99 1 295 23 Indonesia 11 78 16 1.95 3 82 24 France 1 626 11 42.85 78 25 Iran 9 384 16 833.75 388 Others 213 12 296 43 17.12 41 55 World Total 1 243 894 1 832 371 1. 89 952 Table 2.9: World Merchant Fleet by Main Type and Group Owner Domicile, 1 October 216 Container Tank Dry Bulk Gen. cargo, passenger, etc. Rank Country GT (1 ) Country GT (1 ) Country GT (1 ) Country GT (1 ) 1. Germany 45 143 Greece 72 842 Japan 85 166 USA 29 997 2. China 19 44 Japan 35 545 Greece 77 922 Japan 23 76 3. Denmark 17 95 Bermuda 23 597 China 55 734 Norway 16 788 4. Greece 16 64 China 22 718 South Korea 24 218 China 13 297 5. Japan 14 669 USA 16 683 Hong Kong 14 549 Netherlands 7 999 6. Switzerland 12 95 South Korea 12 239 Singapore 14 78 Germany 7 793 7. Hong Kong 11 862 Norway 1 816 Taiwan 13 756 Italy 7 93 8. Singapore 11 499 Singapore 1 757 Germany 13 412 Singapore 4 994 9. Taiwan 9 967 Germany 8 81 Bermuda 11 831 Bermuda 4 444 1. UK 9 151 Russia 8 313 USA 1 382 South Korea 4 427 11. France 6 784 UK 8 154 UK 8 998 UK 4 369 12. South Korea 6 56 Saudi Arabia 7 957 Monaco 7 982 Brazil 4 264 13. Kuwait 4 98 Monaco 7 884 Turkey 7 35 Sweden 3 86 14. USA 3 541 Belgium 7 639 India 4 637 Russia 3 778 15. Bermuda 2 299 Denmark 7 367 Norway 4 313 Switzerland 3 694 16. Cyprus 1 92 Canada 7 224 Italy 4 26 Isle Of Man 3 671 17. Chile 1 571 Iran 7 216 Canada 3 554 Greece 3 646 18. Turkey 1 51 Hong Kong 6 152 Belgium 2 9 Indonesia 3 631 19. Indonesia 1 452 India 5 881 Cyprus 2 83 Malaysia 3 196 2. Israel 1 238 Qatar 5 531 Switzerland 2 517 Hong Kong 2 975 21. Norway 1 14 Italy 4 752 Indonesia 2 256 Turkey 2 915 22. Isle Of Man 1 16 U.A.E. 4 565 Brazil 2 29 Denmark 2 858 23. Netherlands 996 Malaysia 4 5 Isle Of Man 1 93 France 2 753 24. U.A.E. 892 Indonesia 4 438 Thailand 1 733 Canada 1 918 25. Belgium 845 Turkey 3 67 Denmark 1 644 Vietnam 1 849 Others 11 692 Others 58 365 Others 44 175 Others 59 636 World Total 216 69 373 543 424 11 229 55 7

Table 2.1: World Merchant Fleet by Operator Domicile, 1 October 216 Rank Country GT TDW GT (1 ) (1 ) Per cent Vessels 1 Greece 142 765 252 662 1147.73% 3 985 2 Japan 126 624 183 441 117.96% 6 99 3 China 92 551 143 374 744.4% 4 887 4 Singapore 89 348 15 659 718.29% 4 769 5 Germany 68 48 1 2 55.53% 2 929 6 USA 65 528 76 578 526.8% 4 777 7 South Korea 62 973 9 623 56.25% 2 926 8 Denmark 56 28 74 365 451.87% 1 972 9 UK 5 73 76 271 42.55% 2 7 1 Hong Kong 45 921 75 55 369.17% 1 7 11 Switzerland 44 47 58 67 357.% 86 12 Norway 42 283 52 148 339.92% 2 392 13 Taiwan 37 535 52 73 31.75% 1 289 14 France 2 817 23 931 167.35% 828 15 Bermuda 18 56 3 255 145.16% 327 16 U.A.E. 16 786 25 74 134.95% 2 152 17 Italy 16 689 16 544 134.17% 1 437 18 Netherlands 15 488 21 59 124.51% 1 987 19 Turkey 15 125 23 95 121.59% 2 176 2 Indonesia 14 379 18 11 115.59% 8 69 21 Brazil 13 689 22 149 11.5% 772 22 India 12 596 2 626 11.27% 1 552 23 Belgium 12 86 18 925 97.16% 487 24 Iran 1 878 19 149 87.45% 848 25 Monaco 1 328 18 194 83.3% 257 Others 142 28 187 673 1143.83% 26 974 World Total 1 243 894 1 832 371 1. 89 952 Table 2.11: World Merchant Fleet by Main Type and Operator Domicile, 1 October 216 Container Tank Dry Bulk Gen. cargo and passenger Rank Country GT (1 ) Country GT (1 ) Country GT (1 ) Country GT (1 ) 1. Denmark 3 771 Greece 64 23 Greece 72 715 USA 26 133 2. Switzerland 3 383 Singapore 41 959 Japan 62 138 Japan 23 72 3. Germany 24 791 UK 3 898 China 48 913 Norway 19 421 4. Taiwan 2 38 Japan 25 323 Singapore 31 34 China 13 297 5. China 18 898 USA 22 311 Germany 3 245 South Korea 1 7 6. France 15 589 Norway 18 14 South Korea 25 687 Italy 9 291 7. Japan 15 444 South Korea 13 872 Hong Kong 25 47 Germany 8 674 8. South Korea 13 338 China 12 98 Taiwan 13 95 Singapore 8 66 9. USA 8 351 Denmark 12 769 UK 1 31 UK 8 2 1. Singapore 7 921 U.A.E. 11 367 Switzerland 1 21 Netherlands 7 119 11. Hong Kong 7 157 Bermuda 11 65 Denmark 9 137 Brazil 6 342 12. Kuwait 5 717 Hong Kong 9 819 USA 8 73 Indonesia 6 164 13. Israel 3 172 Qatar 7 832 Turkey 6 829 Russia 5 41 14. Greece 2 323 Iran 7 655 Monaco 5 66 Turkey 4 63 15. Indonesia 1 258 India 6 28 Norway 4 778 Hong Kong 3 538 16. U.A.E. 1 258 Saudi Arabia 4 873 Belgium 4 525 Denmark 3 527 17. Belgium 1 19 Indonesia 4 821 Cyprus 4 447 Greece 3 478 18. Turkey 1 12 Germany 4 77 Canada 4 224 Malaysia 3 381 19. Iran 1 8 Belgium 4 739 Bermuda 4 223 France 2 748 2. UK 843 Monaco 4 383 India 4 14 Bermuda 2 736 21. Netherlands 829 Russia 4 44 Netherlands 3 684 Vietnam 2 712 22. Thailand 685 South Korea 3 737 Brazil 3 611 U.A.E. 2 476 23. Australia 489 Italy 3 687 Italy 3 497 Switzerland 2 395 24. Cyprus 374 Brazil 3 575 Indonesia 2 133 Australia 2 38 25. Canada 346 Kuwait 3 282 France 1 65 India 1 951 Others 3 46 Others 41 157 Others 23 43 Others 36 659 World Total 216 69 379 299 424 11 223 45 8

Table 2.12: World Merchant Fleet by Ship Type, 1 October 216 1 GT Rank Flag Tank Bulk Container Gen. cargo Other/Pass. Total 1. Panama 47 611 18 996 33 578 22 337 12 13 224 535 2. Liberia 45 931 42 642 38 71 3 54 5 13 135 917 3. Marshall Islands 56 475 5 754 12 72 4 15 8 536 131 942 4. Hong Kong 23 444 5 861 27 148 4 241 35 16 44 5. Singapore 24 447 26 858 22 468 5 463 3 798 83 34 6. Malta 2 183 25 462 14 263 3 765 3 736 67 41 7. Bahamas 28 492 9 577 1 25 6 13 15 66 61 18 8. Kina 7 763 23 517 5 186 3 592 2 664 42 722 9. Grækenland 26 543 12 668 82 21 1 53 41 278 1. Japan 7 162 1 96 692 3 721 1 681 23 353 11. Cypern 2 777 12 233 3 92 989 1 367 21 268 12. Norge 7 189 2 72 4 3 843 3 679 17 436 13. Italien 4 34 2 996 549 3 37 5 185 16 71 14. Danmark 3 188 198 1 63 484 1 61 15 561 15. Isle Of Man 7 244 5 59 1 31 593 616 15 353 16. Storbritannien 1 779 1 418 7 486 1 422 2 827 14 932 17. Indonesien 5 276 1 972 1 382 2 595 3 686 14 911 18. Bermuda 6 655 1 8 291 3 452 11 478 19. Portugal 51 2 47 7 385 571 155 11 19 2. Sydkorea 1 85 5 139 1 227 1 953 659 1 828 21. USA 2 378 873 2 862 1 529 3 34 1 676 22. Indien 5 415 2 728 392 441 1 22 9 998 23. Tyskland 367 155 8 192 341 497 9 552 24. Malaysia 4 453 219 236 472 2 712 8 93 25. Antigua & Barbuda 158 771 3 431 3 67 72 8 38 Others 37 982 22 179 11 241 26 158 33 779 131 338 World Total 379 299 424 11 216 69 15 374 118 422 1 243 894 Table 2.13: Danish Share of Various Ship Types, 1 October 216 Danish Flagged World Total Danish share of Skibstyper Vessels GT (1 ) Vessels GT (1 ) GT (per cent) Containerships 118 1 622 4 717 216 69 4.9% Passengerships, ferries 8 437 6 723 37 846 1.15% General cargo and Ro-Ro 54 823 8 359 15 374.78% Gas tankers 11 358 1 527 58 165.62% Product and chemical tankers 155 2 76 6 561 8 126 3.44% Oil Tankers 5 12 2 637 21 797.5% Drybulk etc. 7 198 1 3 424 11.5% Total 666 15 517 89 952 1 243 894 1.25% GT (1 ) World Merchant Fleet Development 2-216 1.2. 1.. 8. 6. 4. 2. 2 22 24 26 28 21 212 214 216 9

Tabel 2.14: EU Countries' Merchant Fleet 1 October 216 Rank Flag Vessels GT (1 ) TDW (1 ) 1. Malta 2 157 67 41 1 543 2. Greece 1 193 41 278 72 648 3. Cyprus 99 21 268 33 42 4. Italy 1 345 16 71 16 5. Denmark 687 15 561 17 379 6. UK 1 83 14 932 15 628 7. Portugal 473 11 19 14 283 8. Germany 599 9 552 1 283 9. Netherlands 1 257 7 46 7 532 1. France 472 6 2 7 56 11. Belgium 23 5 1 8 75 12. Sweden 321 2 247 1 57 13. Spain 456 2 346 1 95 14. Luxembourg 161 2 189 2 816 15. Finland 246 1 662 1 63 16. Croatia 256 1 318 2 113 17. Estonia 62 49 8 18. Lithuania 49 289 168 19. Ireland 75 27 296 2. Latvia 59 141 121 21. Bulgaria 57 127 18 22. Poland 112 83 55 23. Romania 7 41 23 24. Slovenia 5 2 1 25. Hungary 26 Áustria 27 Czech Republic 28 Slovakia EU Total 12 388 226 399 313 151 1 GT Top Ten EU Merchant Fleets on 1 October 216 8. 7. 6. 5. 4. 3. 2. 1. Development of Selected EU Merchant Fleets 198-216 35 Index (198=1) 3 25 2 15 1 5 198 1987 1989 1991 1993 1995 1997 1999 21 23 25 27 29 211 213 215 Okt Norway Sweden Greece 216 Italy United Kingdom Germany France Netherlands Denmark 35 3 25 2 15 1 5 1

Table 2.15: World's 25 Biggest Shipowners by Owned Tonnage 1 October 216 Rank Company (Group) Country of Control Vessels GT TDW 1 Maersk Group A/S Denmark 731 22 117 116 25 348 494 2 NYK Line Japan 398 21 456 235 28 269 844 3 Mitsui OSK Lines Ltd Japan 392 2 578 856 25 95 537 4 MSC Mediterranean Shipping Co Switzerland 198 14 47 584 14 48 59 5 COSCO China 299 13 462 299 2 556 254 6 PRC Shipping Group Co China 188 9 436 84 12 27 777 7 Anangel Shipping Enterprises Greece 75 9 25 493 15 355 628 8 PRC Merchants Energy Shipping China 66 8 976 436 17 267 923 9 Carnival Corp USA 14 8 859 948 894 2 1 Teekay Corp Bermuda 119 8 793 145 13 481 83 11 Kawasaki Kisen Kaisha Ltd Japan 182 8 59 992 11 718 857 12 Shoei Kisen Kaisha Ltd Japan 15 8 12 559 11 527 617 13 Zodiac Maritime Ltd UK 11 7 548 1 598 398 14 BAHRI Saudi Arabia 83 7 459 998 13 611 433 15 SOVCOMFLOT Russia 139 7 413 29 12 655 868 16 NITC Iran 62 7 38 746 13 345 65 17 BW Group Ltd Singapore 113 6 792 664 9 928 667 18 Euronav NV Belgium 48 6 263 491 12 73 233 19 CMA CGM Holding & Co France 79 6 215 581 6 775 673 2 Nissen Kaiun Co Ltd Japan 119 5 939 298 1 732 287 21 Sinokor Merchant Marine Co Ltd South Korea 111 5 555 438 9 584 186 22 Evergreen Marine Corp Taiwan 91 5 483 58 5 625 298 23 Neptune Orient Lines Ltd Singapore 53 5 27 66 5 285 64 24 SK Shipping Co Ltd-KRS South Korea 64 5 136 117 9 154 89 25 PRC Shipping Development Co China 76 5 14 21 9 263 17 Top 25 Total 4 41 234 343 334 325 71 612 Others 85 911 1 9 55 767 1 56 66 566 World Total 89 952 1 243 894 11 1 832 371 178 Table 2.16: World's 25 Biggest Companies by Operated Tonnage 1 October 216 Rank Company (Group) Country of Control Vessels GT TDW 1 Maersk Group A/S Denmark 596 32 98 316 38 129 43 2 MSC Mediterranean Shipping Co Switzerland 465 3 427 672 34 47 389 3 NYK Line Japan 48 26 378 455 34 646 27 4 Mitsui OSK Lines Ltd Japan 392 25 646 459 34 479 211 5 Kawasaki Kisen Kaisha Ltd Japan 31 19 883 727 25 58 363 6 Oldendorff Carriers GmbH & Co Germany 425 18 32 247 33 439 149 7 CMA CGM Holding & Co France 293 15 649 72 17 734 657 8 Evergreen Marine Corp Taiwan 171 1 741 651 11 412 432 9 Hapag-Lloyd AG Germany 167 1 183 66 11 398 982 1 Hyundai Merchant Marine Co Ltd South Korea 128 8 464 28 11 443 532 11 Hanjin Shipping Co Ltd South Korea 118 8 356 225 11 15 97 12 COSCON China 127 8 295 245 9 43 412 13 COSCO Shipping Development China 14 7 494 349 8 273 637 14 NITC Iran 64 7 422 39 14 18 149 15 Hamburg Sudamerikanische Germany 113 6 891 497 7 759 714 16 Orient Overseas Container Line Hong Kong 112 6 743 798 7 56 275 17 Navig8 VL8 Pool UK 4 6 395 636 12 328 19 18 Yang Ming Marine Transport Taiwan 111 6 321 777 7 13 288 19 APL Ltd USA 82 6 19 32 6 347 69 2 United Arab Shipping Co Saudi Arabia 57 5 775 216 6 22 611 21 SwissMarine Services SA Switzerland 81 5 772 161 11 24 487 22 Tankers UK Agencies Ltd UK 36 5 725 359 11 29 162 23 SK Shipping Co Ltd-KRS South Korea 62 5 298 81 9 376 143 24 Associated Maritime Co HK Ltd Hong Kong 35 5 29 994 1 85 852 25 Zodiac Maritime Ltd UK 75 5 4 771 9 23 547 Top 25 Total 4 572 295 5 997 393 124 29 Others 85 38 948 393 14 1 439 246 888 World Total 89 952 1 243 894 11 1 832 371 178 11

3: Shipbuilding Table 3.1: Danish Shipping Companies' Newbuilding Programme, 1 October 216 Expected Delivery Vessels GT TDW Price, bn. DKK* 216 2 39 54 422 716 5 217 74 3 743 459 4 277 515 25 218 26 1 285 287 1 552 4 1 219 2 78 43 1 I alt 12 5 337 8 6 252 631 4 Table 3.2: The Shipping Companies' Investments to Danish Flag per 1 October 216 --------------------- Million DKK ---------------------- Year Newbuildings Secondhand Total Sales Net investment 24 5 219 48 5 267 1 955 3 312 25 5 56 2 251 7 37 3 463 3 844 26 6 135 1 21 7 336 3 553 3 783 27 4 856 1 216 6 72 2 364 3 78 28 7 95 5 525 13 475 4 467 9 8 29 8 21 1 674 9 875 789 9 86 21 4 348 419 4 767 1 265 3 52 211 2 53 181 2 711 1 489 1 222 212 3 621 15 3 771 2 11 1 661 213 5 545 215 5 76 428 5 332 214 1 35 2 7 12 42 345 12 75 215 7 517 7 517 1 464 6 53 216 2 211 1 432 3 643 1 689 1 954 Net Investment to Danish Flag Mill. DKK 14. 12. 1. 8. 6. 4. 2. Table 3.3: Danish Shipping Companies' Yearly Contracting Year Vessels GT Price mil. DKK* 25 61 2 178 232 17 176 26 149 3 555 356 34 987 27 142 2 967 12 27 272 28 14 4 876 264 4 611 29 7 5 593 66 21 31 417 676 7 434 211 53 4 65 221 4 84 212 28 324 54 3 386 213 46 893 37 4 943 214 42 475 375 6 9 215 65 4 614 38 3 675 216 7 177 133 2 211 GT 6. 5. 4. 3. 2. 1. Newbuilding Orders by Danish Shipping Companies 25 26 27 28 29 21 211 212 213 214 215 216 Table 3.4: The Danish Merchant Fleet by Country of Building, 1 October 216 Country of build Vessels GT (1 ) GT (%) Country of build, 1 October 216 Denmark 18 5 576 36.8 2% 3% 1% China 82 1 554 1.3 South Korea 76 5 822 38.4 Norway 7 186 1.2 1% 7% Germany 63 1 76 7.1 Japan 13 322 2.1 37% Turkey 37 183 1.2 Other 145 438 2.9 Total 666 15 157 1. 39% * Data for some vessels are estimates 1% Denmark China South Korea Norway Germany Japan Turkey Other 12

Table 3.5: The World's Total Newbuilding Orders by Country of Building 1 November 212 1 November 213 1 November 214 1 November 215 1 October 216 TDW TDW TDW TDW TDW Rank Country of Build Vessels (1 ) Vessels (1 ) Vessels (1 ) Vessels (1 ) Vessels (1 ) 1 China 1 89 12 874 1 453 98 383 2 412 139 93 2 438 125 135 2 189 19 72 2 South Korea 826 79 193 79 62 591 891 83 373 824 86 381 581 58 178 3 Japan 713 48 553 663 41 795 917 52 58 982 59 892 93 54 316 4 Phillipines 64 6 515 71 4 91 76 6 568 96 8 369 83 6 773 5 Brazil 56 3 871 42 2 96 128 6 15 146 5 244 12 4 53 6 Romania 3 836 25 943 67 3 673 71 3 42 91 1 986 7 Vietnam 185 2 853 142 2 593 124 2 49 22 2 24 176 1 711 8 Taiwan 37 2 195 22 1 49 55 1 974 3 1 631 27 1 148 9 India 97 2 123 62 1 687 97 1 31 12 246 111 395 1 Iran 24 843 26 815 9 39 16 279 19 279 Other 48 111 649 333 3 52 689 4 986 1 178 5 437 1 167 5 426 Total 4 249 271 55 3 548 221 156 5 466 33 262 6 13 297 894 5 476 243 988 Table 3.6: The World's Total Newbuilding Orders by Ship Type 1 November 212 1 November 213 1 November 214 1 November 215 1 October 216 Ship Type TDW TDW TDW TDW TDW Vessels (1 ) Vessels (1 ) Vessels (1 ) Vessels (1 ) Vessels (1 ) General cargo 646 8 452 454 6 13 376 5 595 348 4 336 474 6 629 Container 526 4 292 474 38 666 466 38 61 533 47 795 475 38 219 Ro-Ro 122 1 22 127 1 638 94 5 776 12 268 32 38 Tankers 1 7 71 682 1 5 62 329 1 382 89 888 1 469 19 725 1 44 98 496 Bulk carriers 1 885 147 857 1 443 112 393 1 946 158 351 1 514 123 186 944 69 925 Offshore/Misc - - - - 1 22 5 42 2 137 12 584 2 147 3 338 Total 4 249 233 35 3 548 221 156 5 466 33 262 6 13 297 894 5 476 243 988 Table 3.7: The World's Total Newbuilding Orders by Owner Domicile, 1 October 216 Gen. cargo / Ro-Ro Container Tankers Bulk carriers Total Company TDW TDW TDW TDW TDW Rank Domicile Vessels (1 ) Vessels (1 ) Vessels (1 ) Vessels (1 ) Vessels (1 ) 1 China 54 1 14 89 7 971 93 12 171 14 8 35 381 39 453 2 Greece 19 1 59 167 19 775 87 8 51 28 29 914 3 Japan 45 626 33 5 126 143 8 766 88 5 939 345 21 458 4 Bermuda 11 338 57 5 949 29 3 194 12 11 868 5 Singapore 9 67 18 2 9 63 2 386 3 2 176 289 7 79 6 USA 1 72 14 775 36 3 426 15 1 396 22 6 745 7 South Korea 23 38 7 159 54 4 142 11 1 455 74 6 343 8 Hong Kong 7 19 24 2 837 2 11 38 2 495 79 6 21 9 Denmark 19 247 28 3 89 39 1 675 9 24 12 6 13 1 Norway 18 241 13 1 563 35 2 376 11 85 144 5 629 11 Germany 38 512 35 1 419 6 21 32 2 495 12 4 83 12 Taiwan 32 1 41 1 1 15 34 2 78 77 4 766 13 UK 11 495 36 1 752 12 722 89 3 11 14 Saudi Arabia 1 3 22 3 8 15 Canada 29 2 351 16 562 68 2 937 16 Brazil 3 114 6 339 48 2 564 17 Australia 6 69 1 5 6 2 551 18 Monaco 16 1 169 13 962 3 2 131 19 France 1 18 1 813 3 24 35 1 944 2 Netherlands 18 173 9 441 5 63 88 1 32 Other 267 3 327 12 7 77 589 27 469 41 27 395 2 85 73 431 Total 56 7 9 475 38 219 1 44 98 496 944 69 925 5 476 243 988 13

1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 4. Economic Key Figures Table 4.1: Danish Shipping's Foreign Currency Earnings Region's Share of Shipping's Exports Value of Exports (ca., bn.. DKK) Region Europe (excl. Denmark) 27. 55 Other Asia 16.4 33 China incl. Hong Kong 15.4 31 North America 1.3 21 Africa 11. 22 Latin America 9.7 2 Middle East 6.4 13 Oceania 3.7 8 Bn. DKK 25 2 15 1 5 Note: Percentages might not sum to 1 due to rounding Gross Exports DKK/USD 9, 8, 7, 6, 5, 4, 3, 2, 1,, Exports DKK/USD Foreign exchange rates towards the US dollar is of critical importance to the shipping industry as the USD is the preferred currency in international shipping. Index (1999=1) 5 Indexed Exports USD/EUR 1,5 45 1,4 4 1,3 35 1,2 1,1 3 1, 25,9 2,8 15,7 1,6 5,5 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 Exports USD/EUR 14

Table 4.2: Danish Shipping Exports 27 28 29 21 211 212 213 214 215 Shipping's Gross Exports 172 194 139 178 18 194 2 26.1 23.9 Yearly Change in Gross Exports (%) Shipping's Share of Danish Service Exports Shipping's Share of Total Danish Exports 8.9% 12.7% -28.3% 28.3% 1.% 7.8% 2.8% 3.2% -1.1% 51.5% 52.4% 46.2% 51.8% 5.5% 5.8% 51.% 5.7% 49.4% 19.4% 2.3% 17.6% 2.4% 18.9% 19.5% 19.6% 2.2% 19.5% Table 4.3: Changes to the Global Economy Yearly Change (%) 27 28 29 21 211 212 213 214 215 Global GDP 5.7 3. -.1 5.4 4.2 3.5 3.3 3.4 3.2 Global Trade Growth 5.5 6. -12. 13. 5.2 2.2 2.4 2.8 2.6 Global Export Volume 6 1.5-12 14 5.5 1.1 1.7 2.4 2.6 North America 5. 1.5-15. 15. 6.5 4.5 2.8 4.1.8 Latin America 3.5.5-8. 5.5 7..9 1.2-1.8 1.3 Europe 4.. -14. 11. 5.5.8 1.7 2 3.7 Asia 11.5 5.5-11. 23. 6.5 2.7 5. 4.8 3.1 Global Import Volume North America 2. -2.5-15. 15. 4.5 3.2 1.2 4.7 6.5 Latin America 17.5 13.5-16.5 23.5 13..7 3.6-2.2-5.8 Europe 4. -1.5-14. 9.5 3. -1.8 -.3 3.2 4.3 Asia 8. 4.5-7. 17.5 6.5 3.7 4.8 3.3 1.8 % Yearly Change 6 5 4 3 2 1 % 15 1 5-5 -1-1 27 28 29 21 211 212 213 214 215-15 Global GDP Global Trade Growth (rhs) 15

5.1: Development in Tanker Freight Rates Table 5.1.1: VLCC Charter Rates 1 year T/C 31. DWT 3 year T/C 31. DWT $1 /day Month 212 213 214 215 216 212 213 214 215 216 January 19.3 21. 26.6 46.6 51.4 25.4 26.4 25.4 41.1 41.4 February 2.4 19.9 25.9 45.3 45. 25.9 26. 26.4 43.5 37.9 March 2.7 19.1 26.5 42.5 42.5 26.5 25. 27.5 41.9 37.5 April 22.8 18.6 25.8 45. 42.5 28.5 24.1 27.5 41.5 37.5 May 23.5 18. 24.5 46.5 39.9 28.5 22. 27.5 41.9 35.8 June 26. 18. 23.5 57.5 38.1 29. 22. 27.5 42.5 33.3 July 24. 18. 26.5 5.6 32.5 27.5 22. 31. 43.7 31.8 August 22. 18. 28.8 5.4 3.4 26.5 22. 33. 44.1 3.3 September 22. 18. 3. 48. 26.8 26.5 22. 34. 42.8 27.5 October 21.8 18. 31.1 52. 27.4 26.5 22. 34. 44. 27.4 November 21.5 24. 32.1 5. 26.5 23.6 34. 42.7 December 21.3 27.5 36.5 56.4 26.5 24. 34.6 42.9 Average 22.1 19.8 28.1 49.2 37.7 27. 23.4 3.2 42.7 34. Table 5.1.2: Suezmax Charter Rates 1 year T/C 15. DWT 3 year T/C 15. DWT $1 /day Month 212 213 214 215 216 212 213 214 215 216 January 16. 16.9 21.1 32. 36.3 2. 21.5 2.3 3. 31.2 February 16. 16.7 2.3 33. 34.1 2. 2.5 21.3 33. 3.8 March 16.4 16.1 2. 33. 32.6 19.2 18. 22. 33. 3.6 April 17. 15.8 19.8 33. 3.5 21.8 17.5 22.8 33. 29. May 17.3 15.2 19. 33.8 28.8 21.3 17. 23. 32.5 29. June 18.2 15.8 19. 34.3 27.9 21. 17.4 23. 32.6 25.9 July 19. 16. 2.8 4. 26.1 21.5 17.5 23.3 34.2 25. August 18.8 16. 23.8 4.9 23.4 21.5 17.5 25.6 34.6 24.6 September 18.4 16. 24.3 36. 21.4 21.5 17.5 26. 33.5 23. October 16.8 15.9 24.9 37.8 21.8 21.3 17.5 26.8 33.5 22.9 November 17. 15.7 28.3 38.8 21.2 17.8 29.5 33.5 December 17.3 16.5 32. 38. 21.5 18. 3. 33.5 Average 17.3 16. 22.8 35.9 28.3 21. 18.1 24.5 33.1 27.2 Table 5.1.3: Handysize Charter Rates 1 year T/C 37. DWT 3 year T/C 37. DWT $1 /day Month 212 213 214 215 216 212 213 214 215 216 January 12.3 12.6 14.4 13.7 16.6 13. 13.4 15.2 14. 15.8 February 12.2 13. 14.5 13.8 16.4 13. 13.5 15.3 14. 15.8 March 12.2 13. 14.5 14. 16.1 13. 13.5 15.3 14. 15.5 April 12.5 12.8 14.4 14. 15.8 13.1 13.5 15.3 14. 15.1 May 12.5 12.9 14.3 15.1 14.8 13.3 13.5 15.3 14.4 14.8 June 12.5 13. 14.3 15.9 13.8 13.3 13.5 15.3 15.3 14.3 July 12.3 12.8 13.7 17.4 13.6 13.3 13.5 14.8 16.2 14.1 August 12.3 12.8 13. 17.6 13. 13.3 13.5 14. 16.3 13.4 September 12.3 12.9 13. 17.5 12.3 13.3 13.5 14. 16.3 13.3 October 12.3 13. 13. 17.5 11.9 13.3 13.5 14. 16.3 13.2 November 12.3 14. 13.1 17.1 13.3 14.7 14. 16.3 December 12.5 14. 13.3 17. 13.3 14.8 14. 16.3 Average 12.3 13.1 13.8 15.9 14.4 13.2 13.7 14.7 15.3 14.5 16

5.2: Dry Bulk Charter Rates Table 5.2.1: Capesize Charter Rates 1 year T/C 17. DWT 3 year T/C 17. DWT 1. USD/day Month 212 213 214 215 216 212 213 214 215 216 January 17.6 11.8 22.6 11.3 5.5 17.6 13.5 22.6 11.6 7.1 February 16.6 12.2 25.6 1.7 5.1 17. 13.5 23.6 11.8 6.6 March 15. 11.9 3.6 9.7 5.4 16.8 13.5 24.5 11.6 6.7 April 15. 12.1 27.1 8.2 7.3 15.6 13.5 24.4 1. 8. May 14.3 12. 25.2 8.2 6.8 16.1 13.8 23.8 9.8 8.8 June 13.4 13.1 23.8 9.7 7.3 15.4 13.9 22.3 11.1 8.9 July 13.4 13.8 2.6 12.4 7. 15.1 14.5 22.8 13. 8.7 August 1.2 17.5 22.1 12.5 6.9 13.5 17.4 22.9 12.8 9. September 1.9 22.4 2.3 11.1 8.3 13.4 21.3 21.1 11.4 9.3 October 13.9 21.3 15.9 11.2 8.8 13.5 21. 15.2 11.2 9.3 November 13.2 19.2 16.1 8.3 13.8 19.4 15.2 9.7 December 11.8 22.6 11.8 6.6 13.5 22.1 12.1 8.7 Average 13.7 15.8 21.8 1. 6.8 15.1 16.4 2.9 11.1 8.2 Table 5.2.2: Panamax Charter Rates 1 year T/C 75. DWT 3 year T/C 75. DWT 1. USD/day Month 212 213 214 215 216 212 213 214 215 216 January 11.2 8. 14.5 8.4 5.4 11.9 8.8 13.6 1.7 6.5 February 1.9 8.4 15.1 7.6 4.8 11.6 8.8 14.6 9.5 6.2 March 11.2 9.7 15. 7.7 5.1 11.8 9.7 14.8 8.7 6.2 April 11. 9.5 13.3 7.6 5.5 11.8 9.5 14.2 8.2 6.4 May 1.9 8.7 13. 6.6 5.7 11.7 9.3 14.2 7.8 6.5 June 9.9 8.2 11. 7.1 5.6 11. 9.2 12.9 7.8 6.4 July 9.9 8.6 1.3 8.1 6.1 1.7 9.4 12. 8. 6.7 August 9.4 9. 1.6 8. 6.3 1.5 9.5 12. 8.3 7. September 7.8 12. 1.9 8.2 6.5 9.9 1.3 12.8 8.5 7.2 October 8.2 13.2 1.5 7.7 7. 9.6 12. 12.3 8.4 7.2 November 8.2 12.3 1.5 6.8 9.1 12. 12.2 7.5 December 7.9 13.9 9.8 6.1 8.8 13.1 11.1 6.9 Average 9.7 1.1 12. 7.5 5.8 1.7 1.1 13.1 8.3 6.6 Table 5.2.3: Baltic Dry Index Month 212 213 214 215 216 January 1 39 771 1 14 725 386 February 73 745 1 484 539 37 March 859 876 1 84 576 383 April 1 21 868 1 45 591 67 May 1 11 851 991 597 62 June 937 94 912 699 68 July 1 56 1 123 796 975 77 August 761 1 88 937 1 66 673 September 77 1 883 1 123 889 828 October 952 1 551 1 11 793 868 November 1 25 1 559 1 332 582 December 856 2 178 91 519 Average 918 1 23 1 71 68 599 17 Baltic Dry Index 12. 1. 8. 6. 4. 2. 27 29 211 213 215 12. 1. 8. 6. 4. 2.

January March May July September November January March May July September November January March May July September November January March May July September November January March May July September November January March May July September 5.3: Container Charter Rates Table 5.3.1: Clarksons Average Container Earnings Month 27 28 29 21 211 212 213 214 215 216 January 15.8 2.5 7. 4.4 11.8 5.7 5.8 6.5 7.3 6. February 17. 2.4 6.4 5. 12.6 5.7 5.9 6.6 7.6 5.9 March 17.5 2.5 5.6 5.3 13.9 6.2 5.9 6.6 8.2 5.8 April 17.9 2. 5.1 6.3 13.7 6.5 6.1 6.9 1.2 5.8 May 18.2 19.4 4.8 8.2 13.6 6.6 6.3 6.8 1.9 5.7 June 18.7 18.3 4.7 1.3 13.2 6.4 6.5 6.8 1.7 5.7 July 19. 17.3 4.6 1.9 11.2 6.3 6.5 6.9 1.1 5.7 August 19.9 16.4 4.6 11.5 1.2 6.3 6.6 6.9 9.4 5.7 September 2.7 15.7 4.5 11.9 9.2 6.2 6.7 6.9 8.8 5.7 October 2.8 1.9 4.5 1.8 6.8 6. 6.7 6.8 7.1 5.5 November 2.6 9.4 4.4 9.4 6.5 5.8 6.5 6.9 6.3 December 2.4 7.3 4.4 1. 5.9 5.7 6.5 7. 6. Average 18.9 16.4 5.1 8.7 1.7 6.1 6.3 6.8 8.5 5.7 Table 5.3.2: Container Ship Charter Rates 6-12 months T/C 4.4 TEU 6-12 months T/C 1.7 TEU 1. USD/day Month 212 213 214 215 216 212 213 214 215 216 January 8. 8.8 7.2 11. 6. 6.3 6.3 7.5 7.4 7. February 8.3 9. 7.3 13.5 5.8 6.3 6.5 7.3 7.5 7. March 8.5 9. 7.5 14.8 5.4 6.4 6.5 7.3 8. 7.1 April 1. 9.2 7.8 14.8 5.2 6.5 6.7 7.4 9.3 7.1 May 12.5 9.2 8.5 15.4 5.2 6.5 7. 7.4 11. 7. June 12.5 9. 8.8 15. 5.2 6.5 7.3 7.5 11.5 7. July 11.7 8.9 8.8 15. 5.1 6.4 7.3 7.4 11. 6.9 August 11. 9. 9. 13.8 4.7 6.2 7.5 7.3 9.5 6.7 September 1. 8.9 1.5 1. 4.5 6.2 7.7 7.4 9.2 6.8 October 9.5 8.5 1. 6.7 4.4 6.1 7.7 7. 7.5 6.7 November 8.9 7.5 1. 6. 6.1 7.5 7.3 7.3 December 8.5 7.5 1.2 6. 6.1 7.4 7.3 7. Average 9.9 8.7 8.8 13.5 5.1 6.3 7.1 7.3 8. 6.9 $1,/day 6 5 4 3 2 1 Shipping Market Overview $1,/day 7 6 5 4 3 2 1 211 212 213 214 215 216 1.7 TEU 4.4 TEU Capesize, 1y Panamax, 1y Suezmax, 1y Handysize, 1y VLCC, 1y 18

6: Danish Maritime Employment Figures Table 6.1: Employment in Danish Shipping Companies Category 214 215 216 Danish Officers 4 363 4 45 4 296 Danish Ratings 2 658 2 39 2 595 Danish Students* 765 853 892 Danish Seafarers, total** 7 786 7 648 7 783 EU Officers 1 491 1 826 1 666 EU Ratings 1 6 1 228 917 EU Students* 87 157 79 EU Seafarers, total 2 638 3 211 2 662 Officers, Other Nationalities 2 74 2 558 2 896 Ratings, Other Nationalities 3 616 3 373 4 37 Students, Other Nationalities* 333 319 383 Other Nationalities, total*** 6 689 6 25 7 316 Seafarers total 17 113 17 19 17 761 Land Employment in Denmark 5 935 6 112 5 736 - off which are trainees etc. 198 257 232 Total Danes Employed 13 721 13 76 13 519 Danish Shipping Companies, total 23 48 23 221 23 497 Source: Danish Shipowners' Association *Students incl. cadets, trainees and ordinary seamen and other educational positions that receive a salary from the shipping company. **Danish seafarers is defined as seafarers who resides in Denmark and Danish nationals who are living abroad. ***Other Nationalities is defined as seafarers from countries outside the EU. Table 6.2: Employment in the Danish Maritime Cluster Direct Employment Indirect Employment Total Share of Blue Denmark Share of Total Employment Oil and Gas 2 918 1 2 4 118 5%.1% Ship Building 3 888 2 5 888 6%.2% Shipping# 11 837 8 9 2 737 2%.4% Equipment 18 779 14 6 33 379 31%.7% Other Maritime Industry 23 21 13 1 36 121 38%.8% Blue Denmark 6 443 39 8 1 243 1% 2.2% # The number of employes in Table 6.1 and 6.2 deviate from each other as a consequence of different definitions, meaning that Table 6.2 does not include all shipping companies. Tabel 6.3 Geographical Distribution of Employment in Denmark Employed Persons Share of Blue Denmark Share of Total Regional Employment Capital Region 15 224 25% 1.7% Zealand Region 6 95 11% 1.6% South Denmark Region 18 29 3% 3.2% Central Denmark Region 14 445 24% 2.3% Northern Denmark Region 6 65 11% 2.4% Total 6 443 1% 2.2% Table 6.4: Salaries and Tax Payment in Blue Denmark in 215, 21-prices Sector/weighted average Avg. Income Tax Payment Oil and Gas 776 33 Ship Building 376 155 Shipping 516 163 Equipment 47 161 Other Maritime Industry 46 157 Blue Denmark total 444 166 Denmark, total 314 126 Table 6.5: Educational Level in Blue Denmark Number of Workers in Blue Denmark Share of Blue Denmark Share of Educational Level's Employment Grade School 13 33 22% 2.% High School or Equivalent 4 284 7% 1.7% Apprenticeships or Equivalent 25 59 42% 2.8% Other Post-High School Degrees 4 635 8% 3.2% Bachelor's Degree 8 47 13% 1.7% Master's Degree or Higher 4 584 8% 1.6% Total 6 443 1% 2.2% 19

7: Seaborne World Trade Tabel 7.1: Seaborne Container Transport (Clarksons Research) Mill. TEU 25 26 27 28 29 21 211 212 213 214 215 CAGR TEU 15.9 116.87 129.51 134.75 122.42 139.25 149.34 153.75 161.26 171.24 175.21 4.76% Growth, y-o-y 13.3% 11.2% 1.8% 4.% -9.2% 13.7% 7.2% 3.% 4.9% 6.2% 2.3% Tabel 7.2: Seaborne Dry Bulk Transport (Clarksons Research) Million tonnes 25 26 27 28 29 21 211 212 213 214 215 CAGR Crude Oil 1 878.3 1 89.7 1 911.7 1 91.9 1 814.7 1 867.9 1 851.4 1 9.8 1 836. 1 85. 1 868. -.5% Growth, y-o-y 1.6%.7% 1.1% -.5% -4.6% 2.9% -.9% 2.7% -3.6% -1.5% 3.5% Oil Products 71.8 768.9 797.6 822.6 832.9 888. 914.6 922.8 959. 978.6 1 27. 3.4% Growth, y-o-y 9.6% 8.2% 3.7% 3.1% 1.3% 6.6% 3.%.9% 3.9% 2.% 4.9% Iron Ore 662. 713.1 777. 84.9 898.3 991.4 1 52.7 1 11.2 1 189.5 1 328.2 1 36. 6.76% Growth, y-o-y 11.7% 7.7% 9.% 8.2% 6.8% 1.4% 6.2% 5.5% 7.1% 11.7% 2.4% Other Bulk 673.1 71.6 768.2 792.8 87.1 93.4 1.2 1 123.2 1 179.3 1 215. 1 129. 4.81% Growth, y-o-y 7.1% 6.6% 7.4% 1.2% -6.1% 12.7% 6.7% 7.2% 5.1% 1.1% -7.1% 8. 7. 6. 5. 4. 3. 2. 1. Seaborne Dry Bulk Transport, Mill. Tonnes 24 25 26 27 28 29 21 211 212 213 214 Crude Oil Oil Products Iron Ore Coal Total (rhs) 8. 7. 6. 5. 4. 3. 2. 1. Mill. TEU 2 18 16 14 12 1 8 6 4 2 Seaborne Container Transport 25 27 29 211 213 215 TEU Growth, y-o-y (rhs) 15% 1% 5% % -5% -1% -15% Bn. tonne-miles 1. Seaborne World Trade 8. 6. 4. 2. Iron Ore Coal Grains Other Bulk Crude Oil Oil Products Gas Chemicals Container Other General Cargo 27 28 29 21 211 212 213 214E 215E 2

Table 7.3: World Trade Flows 215 - Main Routes for Container Traffic, Product Tank and Bulk Other Short Sea 1% Container Traffic Other Deep Sea 26% Asia-North America 23% Europe-North America 3% Asia-Latin/South America 5% Asia-Africa 6% Intra-Asia 9% Asia-Europe 23% Asia-Middle East 4% Dry Bulk Traffic Dry Bulk 21% Latin/South America- Europe 32% Africa-Asia 4% Europe-Asia 7% Intra-Asia 2% Oceania-Asia 19% Latin/South America-Asia North America-Asia 8% 7% Tanker Traffic Other 33% Middle East-Asia 36% Middle East-Europe 6% South America-Asia 9% Africa-Asia 9% Middle East-North America 7% 21

1 units Table 7.4: Total Cargo Traffic in Major Ports (Mill. tonnes) Rank Port Country Unit 29 21 211 212 213 CAGR Top 1 1 Shanghai China mt 55.8 534.4 59.4 644.8 697. 6.62% 2 Singapore Singapore ft* 472.3 51.6 531.2 538. 56.9 3.5% 3 Tianjin China mt 381.1 416.9 459.9 477. 477.3 4.6% 4 Guangzhou China mt 364. 425.6 431. 438. 472.8 5.37% 5 Qingdao China mt 274.3 35.1 372. 364.6 45.1 1.41% 6 Rotterdam Netherlands mt 387. 429.9 434.6 441.5 44.5 2.62% 7 Ningbo China mt 371.5 48.2 349.9 47.3 399.3 1.45% 8 Port Hedland Australia ft* 178.6 199. 246.7 288.4 32.8 12.43% 9 Dalian China mt 24. 28.3 211.1 33. 32.8 9.48% 1 Busan South Korea mt 226.2 263. 281.5 298.7 276.1 4.7% Other Selected Ports 14 Houston USA mt 22. 262.8 261.7 246.9 236.5 1.46% 17 Port Kelang Malaysia mt 137.6 168.6 193.7 195.9 198.9 7.65% 18 Antwerpen Belgium mt 157.8 178.2 187.2 184.1 19.8 3.87% 2 Xiamen China mt 111. 129.3 14.9 155.1 171.9 9.14% 28 Itaqui Brazil mt 15. 118.1 128.9 133.5 135.4 5.22% 32 Tanjung Pela. Malaysia ft* 9.4 97.7 112.7 116.3 12. 5.83% 33 Yokohama Japan mt 115.5 129.6 121.3 121.4 119.2.63% 44 Richards Bay South Africa mt 77.6 85.1 86.4 9.2 91.7 3.4% 5 Bremen/-haven Germany mt 63.1 68.7 8.6 84. 78.8 4.54% - Fredericia Denmark mt 13.3 12.9 12.1 1.8 1.7-4.26% *Note: Some ports state cargo traffic in ft (freight tons) which is not directly comparable with mt (metric tons) (See explanation of freight tons in the vocabulary) Table 7.5: Container Traffic in Major Ports (1 TEU) Rank Port Country 29 21 211 212 213 CAGR Top 1 1 Shanghai China 24 912 29 3 31 739 32 528 33 617 6.18% 2 Singapore Singapore 25 866 26 21 29 938 31 649 32 579 4.72% 3 Shenzhen China 18 25 22 341 22 571 22 96 23 278 4.99% 4 Hong Kong China 21 4 23 699 24 384 23 71 22 352 1.22% 5 Busan South Korea 11 94 14 185 16 164 16 996 17 612 8.8% 6 Ningbo China 1 32 13 71 14 719 16 783 17 327 1.92% 7 Qingdao China 1 25 12 1 13 2 14 69 15 52 8.65% 8 Guangzhou China 11 2 12 487 14 26 14 514 15 39 6.45% 9 Dubai Ports U.A.E. 11 124 11 576 12 618 13 3 13 6 4.1% 1 Tianjin China 8 667 1 76 11 588 12 298 12 997 8.44% Other Selected Ports 13 Rotterdam Netherlands 9 743 11 146 11 877 11 866 11 664 3.66% 14 Hamburg Germany 7 8 7 896 9 14 8 864 9 257 5.72% 24 Laem Chabang Thailand 4 624 5 23 5 731 5 946 6 41 5.49% 25 New York/NJ USA 4 562 5 292 5 53 5 53 5 467 3.69% 3 Tokyo Japan 3 383 4 284 4 416 4 345 4 885 7.62% 35 Algeciras Spain 3 43 2 81 3 68 4 71 4 222 6.77% 38 Santos Brazil 2 252 2 722 2 986 3 172 3 449 8.9% 4 Balboa Panama 2 12 2 759 3 188 3 296 3 64 8.78% 48 Bandar Abbas Iran 2 26 2 485 2 752 3 731 2 689 4.4% -Århus Denmark 276 314 34 282 291 1.6% 2. 18. 16. 14. 12. 1. 8. 6. 4. 2. Turnover in the Top 5 Container Ports, by Region 27 28 29 21 211 212 213 22 China Rest of Asia Europe USA Other ports

USD per ton 8: Development in bunker prices Table 8.1 : Prices of IFO 18 cst. (Heavy Fuel) and MDO (Marine Diesel Oil) in Europe and USA USD per ton Europe (includes Hamburg, Rotterdam and Le Havre) 213 214 215 216 Month IFO 18 MDO IFO 18 MDO IFO 18 MDO IFO 18 MDO January 646.7 978.3 616.8 928.6 298.3 5.3 168. 264.7 February 671.8 1 23.3 632.7 942.3 349.7 59. 179.3 31.7 March 651.8 941. 637.2 928.8 34.7 59.3 2. 345. April 633.3 891.5 642.7 935.7 334.7 544.7 213.7 383. May 613.6 888.6 62.3 88.3 391.7 63. June 623.3 891.6 647.3 963.3 364.3 568. July 637.7 926.5 622. 99.3 317.3 521.3 August 639.3 952.8 66.7 898.3 275. 463.3 September 643.8 957.3 59.3 861.7 253.3 455. October 633.1 949.6 516.3 77. 255.7 441. November 627. 934.3 488.4 759.3 23.7 41. December 635.2 956.8 394.9 618.5 175. Average 638.5 94.97 584.63 866.34 295.87 58.81 19.25 323.6 USA (includes Los Angeles, Houston and New York) 213 214 215 216 Month IFO 18 MDO IFO 18 MDO IFO 18 MDO IFO 18 MDO January 682.3 1 34.4 671.8 978.6 316.6 556.7 196.7 346.7 February 76.6 1 74.3 668.7 1 15.8 44.7 659. 222.7 348.3 March 658.3 1 13.7 657.3 1 5.8 357.7 63. 22. 376.3 April 649.6 99.1 665. 99.7 366.3 592.3 248.8 423.8 May 644. 986.1 636. 961.3 38.3 648.7 June 636.5 969.6 677. 1 5. 439. 614. July 649.7 979.3 661.3 982.3 356. 56. August 653.3 1 6.5 668.7 96. 287.3 58. September 66.7 1 15.9 661.7 923.7 3.3 49.3 October 657.6 99.1 557. 84. 297. 51.7 November 661.5 982.6 59.1 815.5 27.7 461. December 675.8 993.5 43.7 673. Average 661.33 1 3.1 622.3 929.31 343.26 565.61 222.5 373.78 Development if Bunker Prices 26-216 14, 12, 1, 8, 6, 4, 2,, 26 27 28 29 21 211 212 213 214 215 IFO 18 EUR IFO 18 USA MDO EUR MDO USA USD Crude Oil Price per Barrel - Brent - Yearly Average 1976-215 14, 12, 1, 8, 6, 4, 2,, 1976 198 1984 1988 1992 1996 2 24 28 212 23

28 29 21 211 212 213 214 215 216 217 218 219 22 221 222 223 224 225 226 227 228 229 23 Table 9.1: Tank Transportation og Oil Spills Global Seaborne Oil Transport and Incidents of Tanker Spillage Billion tonne-miles No. 12 12 11 1 1 9 8 8 7 6 6 5 4 4 3 2 2 1 197 1975 198 1985 199 1995 2 25 21 215 Seaborne Oil Transport (tonne-miles) No. Of spills per year > 7 tons Table 9.2: Energy Efficiency Table 9.3: Future Requirements for SOx and NOx Reduction Pct. 12 1 8 6 4 2 Reduction Requirements 28-23 SOx - Globally SOx - Emission control -areas NOx - New engines - Emission controlareas NOx - New engines - Globally 24

Table 1.1 Piracy off Somalia Piracy incidents Gulf of Aden, Red Sea, Indian Ocean off Somalia 3 25 2 15 1 5 27 28 29 21 211 212 213 214 215 216Q3 Attempts Fired upon Boarding Hijacked Total Somalia 21 211 212 213 214 215 216Q3 Total incidents 217 237 75 7 11 Attempts 52 84 38 1 1 Fired upon 1 15 21 6 2 Boarding (only) 16 2 2 Hijackings 49 28 14 1 Table 1.2 Piracy in the rest of the world 3 Piracy incidents, world, excl. Somalia 25 2 15 1 5 27 28 29 21 211 212 213 214 215Q2 Attempt Fired upon Boarding (failed) Hijacked Total World 21 211 212 213 214 215 216Q3 Total incidents 228 22 222 257 234 15 14 Attempts 37 29 28 28 19 27 9 Fired upon 7 2 8 16 11 1 15 Boarding (robbery) 18 155 172 22 183 23 111 Hijackings 4 16 14 11 21 15 5 * Data for 216 includes only the first three quarters of 215. A lower number does not imply a decrease in piracy attacks. 25

Vocabulary Bareboat Charter - A shipping company lets or leases a ship without crew, typically for a longer period. Bulk Carrier - A ship constructed for transport of bulk cargoes, such as coal and grain. Bunkers - Trade term for ship s fuel, typically oil. Oil Tanker - Ship transporting oil or oil products in bulk. Panamax Vessel of about 6, 8, DWT. The largest type of vessel being able to pass the Panama Canal. Product Tanker - A ship transporting refined oil products. Cable-layer - A ship specially constructed Reefer - Ship transporting refrigerated and for the laying and repairing of telegraph frozen goods such as fruit, vegetables and meat. cables across oceans. Ro-Ro Ship - A ship where the cargo is driven Capesize Bulk carrier of the size from on board and ashore via ramps by lorries or other 1, to 2, dwt. special vehicles. The cargo itself is often vehicles Chemical Tanker - A ship transporting chemicals. Container Ship - A ship transporting containers. CAGR Compound annual growth rate Shows the average annual growth rate CAGR = Ending value Starting value 1 Number of years 1 Dry Bulk - Cargo carried by bulk carriers, e.g. ore, coal and grain, as opposed to tank cargo. DWT - The total weight which a ship can carry, including cargo, provisions, fuel, stores, bunkers, crew, spares, etc., up to the ship s summer load line. (Plimsoll Line). EEA - is description of all EU countries + the EFTA countries Norway, Iceland and Lichtenstein. Freight tons (ft.) - The unit on which freight is calculated. It can be the measurement, e.g. cubic metres, or the weight, e.g. metric tons. General Cargo - Miscellaneous cargo. GT - The total volume of all the enclosed spaces within a ship. 1 GT is equal to 1 cubic feet or 2.83 cubic metres. Liner Trade - Describes ships in regular traffic between ports laid down in a fixed schedule. LPG Tanker - A ship transporting liquified petroleum gasses. LR (Long Range) - Product tankers for transport of refined oil products in the order of 65, - 1, DWT. Salvage and Tug Ship - A ship helping other ships in and out of ports and when salvage is required. Stand-by/Safety Vessel - A vessel working as a stand-by safety, fire fighting and waste disposal vessel in the offshore industry. Tanker Market - Transportation of liquid cargo on board ships in free trade, typically chartered for single trips (trip charter). Time Charter - A shipping line lets or leases a ship complete with crew for a certain period of time. Tramp Trade - Ships in free trade, carrying either full or part cargoes being offered along the way, between ports not following a fixed schedule. Trip Charter - The time charter of a ship for one specific trip, rather than for a period of time. Also occasionally to mean a voyage charter. Supply Ship - A ship working in the offshore industry for the carriage of stores and equipment, towing and anchor handling. VLCC (Very Large Crude Carriers) Crude oil tankers in the order of 28, 35, DWT, typically load capacity of 2 million barrels of crude oil. Unable to pass the Suez Canal. Worldscale - A unified scale by means of which tanker freight is quoted. Its purpose is to enable shipowners and charterers to easily agree on the freight for a given voyage. Worldscale 1 signifies the average cost for a great number of standard voyages, and the freight for a specific voyage is then agreed upon as either a higher or a lower figure. 26