Asaf MalamudDeputy CEO, Portline Holdings Maritime Corp.CEO, Port Dragon Bulk Inc.

ULTRAMAX KAMSARMAX

4th Athens Triennial Meeting

Portline Holdings

~20,000 DWTLARGER

GEARED NON-GEARED

KAMSARMAXis the new Panamax breed.

BEAM ≤32.2M60,000-64,000 DWT

ULTRAMAXis the newer form of the Supramax.

BEAM ≤32.2M80,000-84,000 DWT

Coal28%

Iron Ore3%

Petroleum Coke3%

Grains23%Steel &

Ferro Scrap11%Fertilisers

6%

Aluminium Raws &

Products4%

Cement4%

Non-FerrousOres

4%

ForestProducts

10%

Salt2%

Cok, Pig Iron2%

Coal51%

Grains18%

Iron Ore17%

Fertilisers3%

AluminiumRaws 7%

Non-FerrousOres1%

Forest Products1%

PetroleumCoke1%

Other1%

COMMODITY MARKET SHARE COMPARISON

Ultramax Commodity Market Share Kamsarmax Commodity Market Share

Source: Clarksons Platou

• More variety in cargoes carried• Less susceptible to changes in one particular trade

• Less versatile in cargoes carried• More sensitive to changes in coal trade

5,464,0524,802,542

2,781,189

4,960,026

929,2741,548,506

2018 2019 2020

Orderbook (DWT): Ultramax vs Kamsarmax

50K-65K DWT 65K-85K DWT

• SUPRAMAX• ULTRAMAX

• PANAMAX• KAMSARMAX

5.89% 7.11%Orderbook (% of current fleet):

Supramax & Ultramax vs Panamax & Kamsarmax

5,604,902

2,871,189

1,019,274

6,284,650 6,030,301

2,006,486

2018 2019 2020

Orderbook (DWT): Expanded Range

40K-65K DWT 65K-100K DWT

• PANAMAX• KAMSARMAX+ POST PANAMAX

+ HANDYMAX• SUPRAMAX• ULTRAMAX

5.25% 7.93%Orderbook (% of current fleet):

Expanded Range

ORDERBOOK COMPARISON WITH EXPANDED RANGE DATAINCLUDINGHANDYMAX

POST PANAMAX

ORDERBOOK COMPARISONSUPRAMAX & ULTRAMAX

VSPANAMAX & KAMSARMAX

Source: Braemar ACM

Percentage of Vessels Above Age 15

50K-65K DWTvessels

65K-80K DWTvessels

5.3% 19.4%65K-100K DWTvessels

40K-65K DWTvessels

13.8% 16.6%Supramax, Ultramax

Panamax, KamsarmaxHandymax, Supramax, Ultramax

Panamax, Kamsarmax, Post Panamax

Panamax & Kamsarmax Age Profile

5-932%

0-433%

10-1415%

15-1913%

20+6%

25+1%

Supramax & Ultramax Age Profile

0-437%

5-945%

10-1413%

15-195%

20+0.5%

25+0.04%

A noticeable increase in percentage in the 15-25+ age bracket, signifies that the Panamax fleet is ageing.

Source: Braemar ACM

Source: Marsoft Inc.

BASE IRRBASE COAL DEMAND

Kamsarmax is more volatile, and in this case has an

increased effect on the downside versus the upside in comparison to the Ultramax.

IRR = Base+4.9%IRR = Base+4.5%

IRR = Base-4.1%IRR = Base-4.7%

+10%Coal Demand

-10%Coal Demand

∆IRR+10% Coal = 0.4%In favour of Kamsarmax

∆IRR-10% Coal = 0.6%In favour of Ultramax

Seaborne Coal Demand Sensitivity Analysis

Thank You

Portline Holdings

© Portline Holdings Maritime Corporation 2017, all rights reserved