Table of Contents
Investment Perspective Page 2
Rates Assumptions & Forecasts Page 3
Change in Tanker & Dry Bulk Forward Sentiment Page 4
Morgan Stanley Valuation Summary & Estimates Page 7
Consensus EPS Revisions Page 9
TCE Expectations & Charter Exposure Matrix Page 10
Asset Markets, Trading & Valuation Summary Page 14
Relative Valuation and Comparative Metrics Page 16
Net Asset Value Calculations: Tankers and Dry Bulkers Page 18
Shipping Market Indicators Page 20
Tanker Supply / Demand Model Page 24
Dry Bulk Macro Indicators Page 25
Dry Bulk Supply / Demand Model Page 27
Equity Market Overview: Tankers and Dry Bulkers Page 30
Stocks Performance Review Page 31
Historical Price / NAV per Share: Tankers & Dry Bulkers Page 32
Valuation Methodologies and Investment Risks Page 47