<P><FONT face=黑体 size=6><STRONG>GS 高盛：亚太航运业深度报告 (38页)  08.08</STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>August 8, 2007</STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>Asia Pacific: Transportation: Shipping</STRONG></FONT></P>
<P><FONT face=黑体 size=6><STRONG>Still bullish on bulk—initiating on three stocks; reshuffling favorites</STRONG></FONT></P>
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<P><FONT size=5>                               Table of contents<BR>Rating and price target changes 2<BR>Still bullish on bulk, despite strong performance 3<BR>What has changed? 5<BR>Valuations: Revising our fleet value target multiples 6<BR>Industry outlook: Sweet spot 10<BR>Pacific Basin (2343.HK): Add to Conviction Buy List 14<BR>U-Ming Marine (2606.TW): Initiate with Conviction Buy 16<BR>STX Pan Ocean (STXP.SI): Undemanding valuations 18<BR>Korea Lines Corp. (005880.KS): High beta bulker, initiate with Buy 20<BR>Malaysian Bulk Carriers (MBCB.KL): Defensive, initiate with Buy 22<BR>China Shipping Development (1138.HK): Discounting the positives 24<BR>Precious Shipping (PSL.BK): Fleet contraction amid upcycle 26<BR>Thoresen Thai (TTA.BK): Treading water 28<BR>Sincere Navigation (2605.TW): Late cycle play 30<BR>Disclosures 36<BR>Rating and price target changes<BR>We have revised our earnings estimates and target prices to reflect our new<BR>assumptions for freight rates and vessel prices. As a result, we have adjusted our<BR>ratings to reflect our updated views on valuations.</FONT></P>