SUPRAMAX RSA

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๏ Headquartered in Monaco and founded in 2004

๏One of the largest shipmanagement companies globally

๏ Employs over 85 people from 13 different nationalities

๏ Lloyd’s List ‘Dry Bulk Operator of the Year’ 2017

C TRANSPORT MARITIME S.A.M.

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๏ The Company directly operates over 115 vessels, ranging from

Supramax to Newcastlemax bulk carriers, and over 180 vessels when

including Capesize Chartering Ltd. (“CCL”).

๏Manager of Supramax up to Capesize Revenue Sharing Agreements

(RSAs)

๏Co-manager of CCL (>90 vessels)

๏Technical manager for 40 bulk carriers

C TRANSPORT MARITIME S.A.M.

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๏Commercial (Chartering, S & P, FFA)

๏Operations

๏Technical

๏Risk Management & Research

๏Insurance

๏Logistics

PRINCIPAL ACTIVITIES

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“What we are trying to do here is eliminate fragmentation among the supramax-owning community so we can provide a more efficient service as well as minimise all of our costs”

John Michael RadziwillCEO

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OUR POOLS

๏Over 15 years of managing dry cargo pools

๏Today there are about 180 vessels in our

pools*, all of which are operated on the spot

market

๏Pool stay ranges from a few months to a few

years depending on each member’s portfolio

composition, employment strategy and

outlook on the market

๏Accounts are managed by CTM and

externally audited annually (Deloitte)

*including vessels in CCL but not double counting CTM managed ships6

SUPRAMAX RSA

๏The Supramax Revenue Sharing

Agreement was created in 2013 with 5

members and 6 vessels

๏Presently, the RSA counts 18 members

and 66 vessels

๏Our members include: traditional

shipowners, publicly listed companies,

commodity traders & financial

investment platforms

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2013 2014 2015 2016 2017 2018 2019

Number of members in the RSA

616

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31

5659 66

2013 2014 2015 2016 2017 2018 2019

Number of vessels in the RSA

RSA MEMBERS

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J.P. Morgan GMIF

Bocimar Bulk Trading Carras Ltd Castleton Commodities

CBC DryLog

Golden Ocean GoodBulk Ionic

Nautical Bulk Holding S’Hail Shamrock Sonoma

Chandris

Eastern Pacific Shipping

D’Amico Dry

M-Maritime

HOW THE RSA WORKS

Income generated from the pool vessels are distributed to the members according to the revenue earning capabilities of their vessels

๏ Vessels are assessed on tradability and performances (dwt,

cubic capacity, service and eco speed & consumption, draft, etc)

and a Revenue Sharing Key is established

๏ Vessel performances are monitored

๏ Working capital of $400,000 (in bunkers and cash) is required to

cover the day-to-day expenses of the vessel (bunkering, port

agent fees etc) and is returned to the member when the vessel

exits

Steady income

Low fees

Global reach

Flexibility

Outstanding

performance

Risk

management

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Delivering great results is at the

top of our agenda and our

performance is testament to this.

Over the past 12 months, the

Supramax RSA has outperformed

the market by 8%.

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LOW FEES

No daily administration fees - only a

1.25% commission on revenues

No hidden fees or other costs

No withdrawal fees or penalties

Transparent cost structure

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FLEXIBILITY

✓ Entry and exit into the RSA is very easy; only

two weeks notice for a vessel to enter and

maximum three months notice to exit

✓ No minimum duration

✓ Tailored to owners’ concerns and needs.

Charter-party negotiations work off the

owner’s charter-party, otherwise the pool’s

charter-party can be used.

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STEADY INCOME

The RSA gives out a fixed income

Income is based on a pre-agreed FFA

budget set at the beginning of the year.

Income is adjusted quarterly to match

actual results

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GLOBAL REACH

Our multi-basin strategy

ensures our vessels are

spread out globally

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RISK MANAGEMENT

✓ Dedicated, highly sophisticated in-

house risk management department

with an excellent track record

✓ Counterparty assessment prior to

fixing a vessel determines whether

fixture goes ahead or not

✓ Tailored maritime lien insurance

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The RSA has weekly, monthly

and quarterly reporting as

well as physical meetingsthat take place twice a year.

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RSA STRENGTHS IN NUMBERS

425 fixtures concluded

22mn tonnes carried

*All figures are based on calendar year 2018

169 counterparties

2 Years average vessel duration despite very flexible entry and exit requirements

15% of vessels have been in for 5 years or more

Biggest Supramax pool in the market

35 fixtures concluded per month in 2018 - 91% on timecharter

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RSA STRENGTHS IN NUMBERSNUMBER OF FIXTURES

VOLUMES CARRIED ON RSA VESSELS

(MILLION TONNES)

TYPE OF CARGO LOADED ON

RSA VESSELS IN 2018

18*’Other’ includes cement, sugar, mineral concentrates, scrap, sand, alumina etc

‘Agricultural products’ include grains and oilseeds.

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7 Rue du Gabian,Gildo Pastor Center98000 Monaco+377 97 98 59 00www.ctmmc.com