odin maritim - odin fond

ODIN Maritim Årskommentar 2014

Fondens portfölj

ODIN Maritim – december 2014

Avkastning senaste månaden och hittills i år

• Fonden hade en avkastning på 2,0 procent den senaste månaden. Avkastningen för fondens referensindex

under samma tidsperiod var 0,1 procent.

• Fondens avkastning hittills i år är -18,6 procent. Referensindex avkastning hittills i år är 5,3 procent.

Köp och försäljning i fonden, senaste månaden och hittills i år

• Den senaste månaden har vi minskat våra innehav i tank bolagen DHT och Tanker Investments efter goda

kursuppgångar och vi har utnyttjat kursfallet i Navigator Holdings till att öka vår exponering.

• I år är de största förändringarna i portföljen köp av Maersk och Aurora LPG och vi har sålt Neptun Orient

Lines och gjort gradvis minskat i torrlastbolag.

Bidragsgivare, senaste månaden och hittills i år

• De bästa bidragsgivarna till denna månads avkastning var Tanker Investements, DHT och Navios Maritime

Aquisition.

• De bolag som bidrog minst denna månad var Awilco LNG, Golden Ocean och Pacific Basin.

• I år har bolagen Tanker Investements , Hurtigruten och DHT Holdings bidragit mest.

• De svagaste bidragen till avkastningen i portföljen i år är DS Norden, Western Bulk och Golden Ocean.

ODIN Maritim – december 2014

Prissättning av fonden

• Fonden prissätts till 11,3 gånger de kommande 12 månadernas resultat.

• Fonden ger en direktavkastning på 2,6 procent. Utöver detta tillkommer även återköp av aktier i bolagen.

• Mätt mot bokfört egenkapital prissätts fonden till 0,8.

• Innehaven i fonden har en genomsnittlig egenkapitalavkastning på 1,6 procent.

Prissättning av den aktiemarknaden för shipping - MSCI World Gross Marine Index

• MSCI World Marine prissätts till 10,5 gånger de kommande 12 månadernas resultat.

• MSCI World Marine ger en direktavkastning på 2,9 procent.

• Mätt mot bokfört egenkapital prissätts MSCI World Marine till 1,1 gånger.

• Bolagen i MSCI World Marine har en genomsnittlig egenkapitalavkastning på 9,2 procent.

Mer om fondens avkastning

Det senaste året har ODIN Maritim visat en betydlig

mindreavkastning jämfört med fondens referensindex MSCI

World Marine.

Referensindex är ett smalt index som endast består av fyra

bolag – två japanska shipping-konglomerat med störst

exponering mot container, ett tyskt logistikbolag och Maersk.

AP Møller Maersk, världens största containerrederi, utgör hela

59 % av referensindex och således blir indexet i stor grad

beroende av AP Møller Maersks kursutveckling. Som norsk

värdepappersfond kan ODIM Maritims ägarandel i ett bolag

aldrig överstiga 10 % och därför kommer vi per definition alltid

vara extremt underviktade vad gäller AP Møller.

Det senaste året har aktiekurserna för de flesta rederier stigit

kraftigt för att därefter falla tillbaka, men AP Møller Maersk har

ökat med cirka 5 % i lokal valuta. I övrigt har norska

marinindexet minskat med cirka 28 %.

Det senaste året har ODIN Maritim visat en betydlig

mindreavkastning jämfört med fondens referensindex MSCI

World Marine.

5

ODIN Maritim Förvaltarens årskommentar 2014

År 2014 präglades av volatilitet i kurserna och ökad osäkerhet

2014 inleddes med en hög grad av optimism och förväntningar om

ytterligare rateuppgångar.

Många rederier värderades högre än de underliggande

fartygsvärdena baserat på förväntningar om fortsatt stigande

värden. Stor kapitaltillgång från nya aktörer, som private equity-

fonder, bidrog starkt till optimismen genom finansiering av nya

projektbolag och beställningar av nybyggnationer.

Året har dessvärre inte utvecklats som förväntat med dålig

rateutveckling och fallande fartygsvärden, i synnerhet inom

torrlastsegmentet. Den makroekonomiska osäkerheten med Kina i

spetsen har bidragit till ytterligare minskat förtroende och fallande

aktiekurser. Under senhösten medförde det kraftigt fallande

oljepriset nedgång i de asiatiska gaspriserna och ökad osäkerhet

om den framtida rateutvecklingen inom gassegmentet. Gasbolagen

hade fram till dess varit sektorns vinnare, men föll kraftigt i takt med

oljepriset.

Ljuspunkten vid årets slut är tanksegmentet med historiskt höga

rater för i synnerhet råoljetankfartyg. Bristande förtroende för

shippingsektorn generellt begränsar dock tankrederiernas

kursuppgång.

Till skillnad från vid årets inledning präglas shipping-bolagens aktie-

kurser nu i liten grad av förväntningar och handlas generellt till

rabatt, ibland stor rabatt, jämfört med de underliggande värdena.

Lägre oljepris positivt för kostnadsutvecklingen I takt med det fallande oljepriset minskas också bunkerpriset

(rederiernas drivmedel) vilket ger lägre driftskostnader.

Generellt gäller att ju större fartyg, desto större besparing. Därför

ger besparingarna störst positiv effekt för de stora råoljetank- och

containerfartygen.

De senaste åren har varit präglade av höga oljepriser och

överkapacitet av fartyg inom flera segment. Redarna har till följd

av detta färdats med reducerad hastighet för att minska

kostnaderna och förbättra flottans utnyttjandegrad. Lägre

bunkerpris ökar incitamentet till högre fart och motverkar alltså

potentiellt något av effekterna av det lägre drivmedelspriset.

Dåliga tider inom torrlast påverkar också driftskostnaderna positivt

i form av lägre förbrukning och mindre press på

personalkostnaderna.

Till följd av mindre intresse och entusiasm för shipping-segmentet

har beställningarna av nybyggnationer minskat kraftigt och i en

del segment, till exempel torrlast, helt upphört. Skrapning av äldre

tonnage ökar däremot och kommer på sikt att förbättra

marknadsbalansen.

Ratefest inom råolja och produkttank

Raterna för råolje- och produkttankfartyg har ryckt upp sig under

de senaste månaderna. Den kinesiska råoljeimporten är

rekordhög, antagligen delvis på grund av en strategisk

lageruppbyggnad. Lättolja som tidigare gick till USA transporteras

nu till Asien, en betydligt längre transportsträcka vilket ökar

fartygsefterfrågan.

ODIN Maritim

Produkttankmarknaden stärks av säsongsmässiga orsaker, men

även på grund av ökad raffinaderikapacitet i Asien och Mellanöstern

och påföljande ökad export av raffinerade produkter.

Raterna för båda fartygstyperna förväntas stiga ytterligare under

vintern. Fallande oljepriser är positivt både till följd av fallande

bunkerpriser och förhoppningsvis ökad efterfrågan av strategisk

karaktär.

Marknaden för råoljetank- och större produkttankfartyg ser gynnsam

ut även för de kommande åren eftersom flottillväxten är mycket liten

jämfört med den förväntade efterfrågan. För mindre

produkttankfartyg är däremot orderboken något i överkant stor.

ODIN Maritim är exponerade mot tankmarknaden genom

investeringar i Tanker Investments, DHT, Frontline 2012, Euronav

och Navios Maritime Aqusition.

Dåligt år för torrlastrederierna

2014 har varit ett mycket dåligt och svagt år för torrlastredarna. Vid

årets början var optimismen hög vilket reflekterades i de flesta

börsnoterade operatörernas flottpositioner.

Exportrestriktioner på mineraler och metaller från Indonesien,

kombinerat med lägre kolimportvolymer till Kina har begränsat

tonnageefterfrågan och raterna för i synnerhet mindre bulkfartyg.

Järnmalmsimporten till Kina har varit stark stora delar av året, men

raterna dåliga på grund av färdvägarna. Volymerna har gått

huvudsakligen från Australien, betydligt kortare än från Brasilien

På längre sikt har osäkerheten kring den kinesiska BNP-tillväxten,

fokusglidningen från investeringar till konsumtion och kampen mot

föroreningarna skapat betydande osäkerhet angående framtidens

tonnageefterfrågan, rater och fartygsvärden.

Torrlastaktierna har minskat dramatiskt under året. Till exempel har

Capital Links amerikanska torrlastaktieindex minskat med mer än

40 %.

Oljeprisfallet präglar gasrederierna

LPG-gasaktier har varit vinnare under stora delar av 2014 men

oljeprisfallet i slutet av året har vänt den trenden.

På aktiemarknaden råder oro för att potentiellt minskad amerikansk

gasexport ska sammanfalla med leveransen av ett stort antal nya

fartyg.

LNG-marknaden har varit svag under 2014, men förväntas rycka

upp sig vid starten av nya exportterminaler i USA från och med

2016. Volymerna är tänkta till Asien, där gaspriserna i stor grad är

kopplade till oljepriset. Det kraftiga oljeprisfallet har därför påverkat

gaspriserna i Asien negativt, vilket ökar osäkerheten angående

lönsamheten i exportprojekt och framtida volymer.

Även bolag som äger och projekterar flytande export- och

importgasterminaler, som Høegh LNG och Golar LNG, har minskat

kraftigt av samma orsaker.

7

ODIN Maritim

Vi är skeptiska till LPG-rederierna på grund av en stor orderbok av

nybyggnationer, men känner oss mer optimistiska till ”terminal”-

bolagen. Där är de potentiella marginalerna och inträdeshindren

betydligt högre. Vi anser också att det är vettigare att titta på

framtidspriserna på olja och gas, än att basera värderingen på

nuvarande spotpriser.

Nyckeltal och nyheter

från portföljen

– presenteras på engelska

ODIN Maritim Index

Portfolio Return Last 5 years % (EUR)

Historical Return % (EUR)*

Portfolio

Benchmark

Exess Return

Last Month YTD

2,03

0,09

-18,65

5,34

-23,98 1,94

3 Y

4,00

1 Y

-18,65

5 Y

-1,35

10 Y

2,20

Since

inception

10,32

2,81

7,51

5,34 12,45 8,31 3,50

-23,98 -8,45 -9,66 -1,30

* Returns for periods exceeding 12 months are annualized

Annual returns last 10 years

Current holdings

11

Contribution, year to date

12

Portfolio Index

-3,49

0,70

10,93

-0,86

Alpha

Beta

Tracking Error

Information Ratio

0,55 Sharpe Ratio 1) 1,15

14,47 Standard Deviation 2)

1) Sharpe Ratio uses Norway - 3 MT Bills as risk free rate.

2) Standard Deviation is based upon monthly volatility.

15,00

Risk Statistics (NOK) 3 Years

13

Pricing of the fund

Company Weight Country Industry P/E (LTM)* P/E (NTM)* DivYield (LTM) DivYield (NTM) P/B ROE

Tanker Investments Ltd. 9,6% Norway Oil Gas & Consumable Fuels 177,7 8,9 0,0 0,0 1,1 0,6

DHT Holdings, Inc. 8,0% United States Oil Gas & Consumable Fuels -66,9 21,1 1,1 1,1 1,0 -1,5

Frontline 2012 Ltd. 7,7% Norway Oil Gas & Consumable Fuels 17,5 12,9 2,4 3,8 1,1 6,0

Hoegh LNG Holdings Ltd. 5,0% Norway Oil Gas & Consumable Fuels -23,0 18,7 0,0 1,4 1,8 -7,8

Navios Maritime Acquisition 4,8% United States Oil Gas & Consumable Fuels 45,7 10,1 5,5 5,5 1,1 2,5

Stolt-Nielsen Limited 4,8% Norway Marine 14,0 8,3 6,0 6,0 0,6 4,4

Wilh. Wilhelmsen Holding ASA 4,6% Norway Marine 6,8 5,0 3,6 3,9 0,6 8,4

A.P. Moller - Maersk A/S Class 4,6% Denmark Marine 10,3 9,2 2,7 3,0 1,0 9,9

Navigator Holdings Ltd. 4,5% United States Oil Gas & Consumable Fuels 13,5 9,9 0,0 0,0 1,4 10,7

Odfjell SE Class B 3,8% Norway Marine -4,6 64,4 0,0 0,0 0,5 -9,9

Topp 10 57,5% 46,4 10,8 1,9 2,3 0,9 2,0

ODIN Maritim 50,0 11,2 2,6 2,7 0,8 1,7

* NTM = Next 12 months

LTM = Last 12 months

Adjusted earnings and fully diltuted number of shares

14

MSCI World Price, Earnings and P/E

15

MSCI World Price, Book Value and P/B

16

OECD Leading indicator Level above 100 indicates expanding activity in OECD area

17

The International Monetary Fund (IMF) Economic growth forecast 2014 - updated October

18

Investments

- ODIN Maritim

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Performance - last 5 years

Maersk MSCI The World Index / Marine -IND TR

Market Value (mill.) 270,989 Price 12520.00 DKK

Net debt (mill.) 65,887 DKK

Enterprise Value (mill.) 336,876 1.22

2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 260,026 315,396 322,520 342,058 266,236 291,828 295,374

EBIT (Operating Income) (mill.) 21,713 59,563 48,309 39,697 36,889 45,921 48,805

Net Income (mill.) -7,027 26,452 15,111 21,657 18,089 35,446 29,921

Price/Earnings 88.8 22.1 6.5 10.6 12.9 10.2 9.1

Price/Book Value 1.0 1.2 0.9 0.9 1.2 1.0 0.9

EV/EBIT 12.1 5.2 5.7 7.5 9.2 7.0 6.7

Return on Equity (%) -4.7 16.0 8.0 10.7 8.5 9.9 10.2

Dividend Yield (%) 1.1 1.6 2.6 2.7 0.9 2.7 3.0

A.P. Moller - Maersk A/S Class B Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

The Maersk Group has five core businesses

which include Maersk Line, APM Terminals,

Maersk Oil, Maersk Drilling and APM Shipping

Services. The last business area is comprised

of Maersk Supply Service, Maersk Tankers,

Damco and Svitzer.

_________________________________

Maersk has an impressive track record

compared to peers in terms of earnings and

return on capital. Cost cutting and

streamlining operations has mitigated industry

overcapacity and expanded margins. Few if

any competitors on the liner side is profitable,

preventing further pressure on day rates.

Strong and growing volumes are beneficial for

Maersk beeing the biggest liner company in

the world. Faling oil prices are hurting the E&P

division, but decreasing bunker costs in the

liner division, on a group basis fairly hedged.

Maersk is currently trading at a discount to

sum of the parts. The strategy over time is to

reduce number of divisions and decrease the

conglomerate discount. Generating free cash

flow and returning cash to shareholders via

dividends and share buy backs.

A.P Möller - Maersk

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Aurora LPG Holding ASA MSCI The World Index / Marine -IND TR

Market Value (mill.) 1,573 Price 53.00 NOK

Net debt (mill.) NOK

Enterprise Value (mill.) 1.00

2014E 2015E

Sales (mill.) - - - - - 429 549

EBIT (Operating Income) (mill.) - - - - - 332 422

Net Income (mill.) - - - - - 305 393

Price/Earnings - - - - - 4.7 4.0

Price/Book Value - - - - 1.1 0.9 0.8

EV/EBIT - - - - - 6.4 5.2

Return on Equity (%) - - - - - 18.6 19.1

Dividend Yield (%) - - - - 0.0 0.0 0.0

Aurora LPG Holding ASA

Price currency

Reporting currency

FX rate (NOK)

Aurora owns and operates a fleet of modern

VLGC vessels and has a VLGC new-building

program at Hyundai Heavy Industries.

_________________________________

Aurora is a pure play on larger gass(LPG)

vessels with a fleet of 3 vessels on the water

and 4 under construction.

The booming production of gas from shales

and rapid expansion of export terminals in the

US is boosting demand for LPG transport.

Aurora has a opportunistic strategy both on

operations and corporate structure. Achieved

day rates have by far outperformed peers.

The company has outsourced its technical

and commercial operations to third party

partners at competitive market terms, which in

turn gives the company a low and flexible cost

structure.

The flexible business model, open

shareholder structure and opportunistic

management make Aurora an obvious M&A

candidate.

Aurora LPG

http://img4.wikia.nocookie.net/__cb20130726043808/elevatorcommunity/images/6/62/Norway-flag-1-.gif

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Awilco LNG ASA MSCI The World Index / Marine -IND TR

Market Value (mill.) 729 Price 10.75 NOK

Net debt (mill.) 1,758 USD


2010 2011 2012 2013 2014E 2015E

Sales (mill.) - - 31 57 55 74 53

EBIT (Operating Income) (mill.) - - 0 22 7 23 9

Net Income (mill.) - - -3 22 1 -1 -15

Price/Earnings - - - 9.6 31.1 - -

Price/Book Value - - 2.1 1.2 1.1 0.5 0.6

EV/EBIT - - 1900.5 10.5 78.6 16.4 42.4

Return on Equity (%) - - - 12.0 0.6 -0.6 -8.1

Dividend Yield (%) - - 0.0 0.0 0.0 0.0 0.0

Awilco LNG ASA Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Awilco LNG is a LNG transportation

provider, owning and operating LNG vessels.

_________________________________

The Company owns two 156,000 cbm TFDE

membrane LNG vessels; WilForce and

WilPride, and three 125,000 cbm steam Moss

type LNG vessels; WilGas, WilPower and

WilEnergy.

The LNG transportation market is looking

challenging in the short term due to

oversupply of vessels and delayed start up of

new liquefaction plants. However, huge export

volumes from the US on steam from 2016 is

estimated to firm up the market.

Awilco has a strong balance sheet, no further

capex and low day rate break even to weather

the storm into a firmer market.

The company`s shares are attractively priced

on implied vessel values compared to peers

and current newbuilding prices.

Awilco LNG


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D/S Norden A/S MSCI The World Index / Marine -IND TR

Market Value (mill.) 5,731 Price 135.80 DKK

Net debt (mill.) -1,234 USD


2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 1,676 2,190 2,273 2,131 2,146 1,881 1,826

EBIT (Operating Income) (mill.) 89 187 100 53 -63 -100 -27

Net Income (mill.) 217 245 88 -279 -48 -131 -21

Price/Earnings 10.1 6.2 9.8 - - - -

Price/Book Value 1.0 0.8 0.5 0.7 1.3 0.7 0.7

EV/EBIT 11.4 5.2 7.8 15.0 - - -

Return on Equity (%) 12.6 13.5 4.2 -15.4 -2.9 -9.4 -2.8

Dividend Yield (%) 4.1 3.8 3.7 2.0 1.6 3.1 3.3

D/S Norden A/S Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Dampskibsselskabet NORDEN A/S is a

shipping company operating in dry cargo and

product tankers worldwide.

________________________________

Norden operates a fleet of owned an charter

in dry cargo and product tankers. The

company has a long and solid track record,

however in the short term the mgt have taken

a wrong bet on the dry bulk market.

With the flexible business model Norden has

the ability to adjust its fleet size to changing

market conditions and invest counter cyclical.

Norden has a strong balance sheet and a

fairly conservative approach. Historically good

return on capital and focus on shareholder

return.

The Norden shares are trading at a

substantial discount to net asset values.

D/S Norden A/S

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DHT Holdings, Inc. MSCI The World Index / Marine -IND TR

Market Value (mill.) 713 Price 7.71 USD

Net debt (mill.) 30 USD

Enterprise Value (mill.) 743 7.55

2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 103 90 100 97 102 100 207

EBIT (Operating Income) (mill.) 41 23 22 13 17 -4 55

Net Income (mill.) 17 6 -40 -94 -4 -9 39

Price/Earnings 6.2 77.5 - - - - 22.3

Price/Book Value 1.0 1.2 0.2 0.1 0.6 1.1 1.0

EV/EBIT 9.5 18.7 12.7 14.3 8.8 - 21.6

Return on Equity (%) 9.9 3.3 -20.0 -48.6 -1.8 -1.5 4.7

Dividend Yield (%) 21.7 4.3 54.1 29.4 1.2 1.0 1.0

DHT Holdings, Inc. Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

DHT is a crude oil tanker company. The fleet

trades globally and consists of crude oil

tankers in the VLCC, Aframax and Suezmax

segments. The company has all functions in-

house and operate through integrated

management companies in Oslo, Norway and

Singapore.

________________________________

DHT has grown its tanker fleet through a

series of transactions involving vessels on the

water and ordering of newbuilds.

The tanker market looks exciting the next few

years, ton miles demand is increasing and the

fleet is decreasing.

DHT trades at a discount to net asset values

in spite of day rates spiking and tanker values

on the rise.

DHT Holdings

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DOF ASA PHLX Oil Service Index TR


Net debt (mill.) 21,921 NOK


2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 4,259 5,403 6,503 8,136 9,754 10,196 10,112

EBIT (Operating Income) (mill.) 328 484 1,124 1,680 1,909 2,384 2,250

Net Income (mill.) 602 -140 -356 113 -191 577 502

Price/Earnings 8.8 - - 31.8 - 3.2 2.6

Price/Book Value 0.9 1.2 0.6 0.8 1.0 0.3 0.3

EV/EBIT 53.2 46.7 21.5 15.8 14.9 9.1 9.7

Return on Equity (%) 17.0 -3.5 -8.9 2.9 -5.3 10.8 11.9

Dividend Yield (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0

DOF ASA Oilfield Services/Equipment

Price currency

Reporting currency

FX rate (NOK)

DOF owns and operates a fleet of modern

offshore support vessels(OSV) on a global

basis. Major part of operations is in the North

Sea and Latin America(Brazil).

-----------------------------------------------------------

The major part of the PSV and AHTS fleet is

fixed on term contracts, the CSV fleet is

controlled and operated by the subsidiary

DOF Subsea.

DOF is highly leveraged and has 8 newbuild

under construction( all fixed on long term

contacts). The company has been expanding

it fleet aggressively over time, going forward

the focus will shift to execution and

deleverage.

Due to its high leverage DOF is trading at a

substantial discount to net asset values.

DOF


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Euronav NV MSCI The World Index / Marine -IND TR

Market Value (mill.) 1,260 Price 10.41 EUR



2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 461 525 394 411 401 468 607

EBIT (Operating Income) (mill.) 26 78 -43 -49 -41 7 133

Net Income (mill.) -18 20 -96 -119 -90 -16 70

Price/Earnings 20.3 87.2 - - - - 22.8

Price/Book Value 1.0 0.7 0.3 0.3 0.7 1.1 1.2

EV/EBIT 91.7 28.4 - - - 422.2 19.6

Return on Equity (%) -1.6 1.9 -8.9 -13.1 -10.9 -1.4 5.1

Dividend Yield (%) 4.7 0.3 0.0 0.0 0.0 0.0 0.0

Euronav NV Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Euronav is a crude oil tanker company. The

fleet trades globally and consists of crude oil

tankers in the VLCC and Suezmax segments.

The company has all functions in-house and

operates its fleet both on the spot and the

period market. Most of Euronav's VLCCs are

operated in the Tankers International pool.

The majority of its Suezmax fleet is fixed on

long-term charter.

_______________________________

The company has opportunisticly grown its

tanker fleet through a series of transactions of

vessels on the water, the biggest beeing

aquisition of the Maersk VLCC fleet.

Euronav is in the process of beeing listed on

the NYSE, becoming the largest tanker

company listed in the US.




Euronav is a leveraged play on booming day

rates and rising tanker values.

Euronav NV

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Frontline 2012 Ltd. MSCI The World Index / Marine -IND TR




2010 2011 2012 2013 2014E 2015E

Sales (mill.) - - - 141 134 142 227

EBIT (Operating Income) (mill.) - - - 26 6 44 110

Net Income (mill.) - - - 8 69 102 159

Price/Earnings - - - - 30.8 18.0 13.1

Price/Book Value - - - 1.5 1.9 1.1 0.9

EV/EBIT - - - 42.9 370.4 42.6 20.4

Return on Equity (%) - - - - 8.9 6.0 7.2

Dividend Yield (%) - - 0.0 0.0 0.5 2.3 3.7

Frontline 2012 Ltd. Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Frontline 2012 is a Fredriksen controlled

shipping investment company invested in

crude, product and dry cargo carriers with an

opportunistic approach focusing on

shareholder return and M&A.

_______________________________

FRNT has sold all its gas and dry bulk

newbuilding contracts to Avance Gas and

Knightsbridge Tankers for settlement in cash

and shares.

Remaining vessels and newbuilding are all in

the tanker space, ideally suited for a merger

with the old Frontline becoming one of the

major global crude tanker players.

Cirka 80% of FRNT`s assets are exposed to

crude transportation, a market looking

exciting the next few years - ton miles demand

is increasing and the fleet is decreasing.

FRNT trades at a discount to net asset values

in spite of day rates spiking and tanker values

on the rise. Historically Fredriksens

companies trades at premiums to nav due

track record of creating shareholder value.

Frontline 2012


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Golar LNG Limited MSCI The World Index / Marine -IND TR

Market Value (mill.) 3,331 Price 35.71 USD



2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 216 244 300 410 100 105 241

EBIT (Operating Income) (mill.) 33 71 127 203 -18 -28 77

Net Income (mill.) 15 0 47 971 136 -1 46

Price/Earnings - 89.6 103.4 25.9 2.9 - 74.4

Price/Book Value 2.1 2.2 6.1 3.5 1.6 1.4 1.5

EV/EBIT 76.0 31.3 35.4 15.6 - - 65.5

Return on Equity (%) 3.1 0.1 8.6 79.5 7.6 -0.1 2.0

Dividend Yield (%) 2.0 2.8 2.4 3.6 4.6 5.0 5.0

Golar LNG Limited Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Golar LNG Limited is a midstream liquefied

natural gas (LNG) company, engaged in the

transportation, regasification and liquefaction,

and trading of LNG. The company operates in

two segments, Vessel Operations and

Commodity Trading. It is involved in the

acquisition, ownership, operation, and

chartering of LNG carriers and floating

storage regasification units (FSRU); and the

development of LNG projects.

_______________________________

Golar is in the process of transforming from

an LNG shipping company to a midstream

player with FLNG focus. The company is

currently converting two vessels to FLNG

units offering the lowest cost of liquefaction in

the industry. Compared to land based plants

FLNG units are by far cheaper and more

flexible. The first FLNG project is due to start

up 1H 17 and have head of agreement with

Perenco/SNH in Cameroon based on a tolling

fee.

Based on vessel market values on Golars

existing fleet of LNG carriers and FRSUs very

limited value is discounted on FLNG units.

Golar LNG

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Golden Ocean Group Limited MSCI The World Index / Marine -IND TR




2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 350 385 316 227 276 262 333

EBIT (Operating Income) (mill.) 100 108 92 64 51 24 50

Net Income (mill.) 217 111 14 12 84 1 28

Price/Earnings 3.0 5.2 11.2 73.2 14.2 - 16.8

Price/Book Value 1.7 1.1 0.6 0.6 1.8 0.5 0.5

EV/EBIT 11.0 9.6 9.1 10.9 29.8 30.7 15.4

Return on Equity (%) 64.2 21.1 2.5 2.2 14.5 -1.5 2.9

Dividend Yield (%) 0.0 5.7 16.1 0.0 0.4 15.6 15.7

Golden Ocean Group Limited Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Golden Ocean Group Ltd. (GOGL) is a

leading international dry bulk shipping

company based in Bermuda, mainly operating

in the Capesize and Panamax market

segments

_______________________________

GOGL is in the process of merging with

Knightbridge to become of the largest drybulk

player on a global basis.

The dry cargo market is challenging on back

of weak transport demand growth, for

especially coal, and increasing uncertainty

regarding chinese GDP growth.

Golden Ocean is controlled by Mr Fredriksen

and is, as all of his companies, focusing on

shareholder return and opportunistic M&A.

The company has a strong balance sheet

compared to many peers and a supportive

major shareholder, leaving GOGL in a good

position to exploit opportunities in weaker

markets where competitors struggle.

Golden Ocean


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Hoegh LNG Holdings Ltd. MSCI The World Index / Marine -IND TR




2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 68 95 110 137 183 159 247

EBIT (Operating Income) (mill.) -0 10 8 24 4 -4 96

Net Income (mill.) 8 -11 -18 9 -21 -36 35

Price/Earnings - - - - - - 18.6

Price/Book Value - - 2.9 1.7 1.4 1.8 1.8

EV/EBIT - - 84.5 34.7 273.1 - 15.4

Return on Equity (%) 1.9 -13.6 -16.1 3.8 -5.7 -7.8 9.4

Dividend Yield (%) - - 0.0 0.0 0.0 0.0 1.4

Hoegh LNG Holdings Ltd. Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Höegh LNG Holdings provides energy

solutions and operates world-wide with a

leading position as owner and operator of

floating LNG import terminals; Floating

storage and regasification units (FSRUs).

_______________________________

Hoegh floating terminal projects are based on

newbuildings and fixed on long term contracts.

After commencing operation and thereby

having de-risked the asset, they are sold to

the MLP subsidary Höegh LNG Partners LP

in order to recycle capital to further grow

the company.

In addition the company has developed a low-

cost solution for floating liquefaction terminals

(FLNG). Hoegh is currently negotiating it first

project based on a feed study with an

american company.

Hoegh is experiencing increasing demand for

FSRUs based on lower gas prices spurring

demand in emerging countries without import

terminals. The company will start paying

dividend from 2015, expected to grow with

new projects commencing operations.

Höegh LNG Holdings


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I.M. Skaugen SE MSCI The World Index / Marine -IND TR




2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 108 117 117 84 96 50 -

EBIT (Operating Income) (mill.) -8 -16 -13 -15 -10 -15 -

Net Income (mill.) -10 -15 -10 -16 18 -23 -

Price/Earnings - - - - 3.7 - -

Price/Book Value 1.9 2.0 1.9 1.5 0.6 - -

EV/EBIT - - - - - - -

Return on Equity (%) -10.2 -18.2 -12.6 -25.7 29.4 - -

Dividend Yield (%) 0.0 0.0 0.0 0.0 0.0 - -

I.M. Skaugen SE Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

I.M. Skaugen SE is a Marine Transportation

Service Company, with a focus on Innovative

Maritime Solutions. The core business activity

is to provide logistics solutions for seaborne

regional distribution of liquefied gasses such

as LNG, petrochemical gases and LPG.

____________________________

IM Skaugen is operating a fleet of smaller gas

and multi gas carriers employed mainly in the

global spot market. This has been a

challenging market with low dayrates and

utilisation the last few years, resulting in low

cash flow generation.

The company is financed partly by high yield

bonds, the first due in 2015. The share price

have taken a serious beating due to the

percieved default risk.

IM Skaugen has adressed the bond issue by

selling a chinese subsidiary and vessels, in

addition to buy backs of bonds in the market.

The company is negotiating long term

contracts for it multi gas carriers with Asian

powerplants looking to replace diesel with gas

as input for power generaton.

I.M. Skaugen



Net debt (mill.) -3 USD


2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 67 96 95 37 38 58 178


Net Income (mill.) 22 39 33 6 4 12 38

Price/Earnings 11.1 9.3 10.8 - - - 9.0

Price/Book Value 1.0 1.5 0.9 0.5 0.9 0.4 0.6

EV/EBIT 13.9 11.8 11.2 16.1 34.3 36.7 20.4

Return on Equity (%) 9.4 12.5 8.9 1.8 1.2 -0.2 6.5

Dividend Yield (%) 5.7 5.4 14.6 29.0 7.6 11.7 2.8

Knightsbridge Shipping Limited Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

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Knightsbridge Shipping Limited MSCI The World Index / Marine -IND TR

Knighbridge (VLCCF) is a leading

international dry bulk shipping company based

in Bermuda, mainly operating in the Capesize

market segment.

_______________________________

Knightbridge is in the process of merging with

Golden Ocean to become one of the largest

drybulk player on a global basis.

The dry cargo market is challenging on back

of weak transport demand growth, for

especially coal, and increasing uncertainty

regarding chinese GDP growth.

Golden Ocean is controlled by Mr Fredriksen

and is, as all of his companies, focusing on

shareholder return and opportunistic M&A.

The company has a strong balance sheet

compared to many peers and a supportive

major shareholder, leaving the merged

company in a good position to exploit

opportunities in weaker markets where

competitors struggle.

Knightbridge Shipping Limited

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Navigator Holdings Ltd. MSCI The World Index / Marine -IND TR




2010 2011 2012 2013 2014E 2015E

Sales (mill.) - 82 89 147 238 256 300

EBIT (Operating Income) (mill.) - 17 21 40 70 116 150

Net Income (mill.) - 15 19 31 41 86 118

Price/Earnings - 34.9 24.8 37.9 16.0 12.9 9.5

Price/Book Value - - - 2.7 1.5 1.4 1.2

EV/EBIT - 54.8 78.4 47.5 23.1 13.4 10.6

Return on Equity (%) - - 5.2 5.8 5.8 10.7 12.7

Dividend Yield (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Navigator Holdings Ltd. Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Navigator Holdings is the leading owner and

operator of the world’s largest fleet of

handysize liquefied gas carriers. The

company provides international seaborne

transportation and regional distribution

services of liquefied petroleum gas (LPG),

petrochemical gases and ammonia for energy

companies, industrial users and commodity

traders.

_______________________________

Navigators fleet is very flexible in terms of

trading routes and cargo, ideally positioned to

profit from increasing US LPG exports and

arbitrage trading of petrochemical products.

Segment dayrates are improving increasing

Navigator´s return. Compared to larger

vessels operating on long haul trades, handy

size dayrates are less volatile and cash flows

more stable. The orderbook of newbuildings

are additionally much lower than in the bigger

segment.

Navigator recently secured five - ten year

timecharters on two newbuildings guided by

mgt at “unlevered return just below mid-

teens” indicating good returns on invested

capital.

Navigator Holdings

Navios Maritime Acquisition Corporation is an

owner and operator of tanker vessels focusing

in the transportation of petroleum products

and bulk liquid chemicals.

The company owns a large fleet of modern

crude oil, refined petroleum product and

chemical tankers providing world-wide marine

transportation services.

________________________________

Navios` strategy is to charter our vessels to

international oil companies, refiners and large

vessel operators under long, medium and

short-term charters, mostly on fixed terms

including profit splits.

The chartering strategy is securing long term

predictable cashflow underpinning the

company´s dividend strategy of returning

cash to shareholders quaterly.

Navios has increased its exposure to the large

crude tanker market by acquiring several

vessels at attractive prices the last year.

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Navios Maritime Acquisition Corporation




2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) - 34 122 151 202 263 290

EBIT (Operating Income) (mill.) -1 -1 39 45 50 70 95

Net Income (mill.) -1 -14 -3 -3 -55 -8 32

Price/Earnings - - - - - 47.4 10.4

Price/Book Value 0.7 0.5 0.4 1.2 1.2 1.2 1.1

EV/EBIT - - 23.6 23.7 29.7 24.2 17.6

Return on Equity (%) -0.3 -5.7 -1.3 -1.4 -16.0 2.5 10.9

Dividend Yield (%) 0.0 7.6 7.9 4.5 5.4 5.3 5.3

Navios Maritime Acquisition Corporation Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Navios Maritime Acquisition Corp.

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Odfjell SE Class B MSCI The World Index / Marine -IND TR




2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 1,264 1,239 1,154 1,212 1,165 1,018 1,047

EBIT (Operating Income) (mill.) 30 16 -7 -43 -11 -16 45

Net Income (mill.) 121 -79 -19 -111 -108 -56 5

Price/Earnings 8.1 - 80.7 - - - 68.6

Price/Book Value 0.9 1.1 0.5 0.4 0.7 0.5 0.5

EV/EBIT 65.2 125.7 - - - - 32.2

Return on Equity (%) 14.9 -9.8 -2.1 -11.5 -12.8 -9.9 0.7

Dividend Yield (%) 1.0 0.0 0.0 0.0 0.0 0.0 0.0

Odfjell SE Class B Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Odfjell is a leading company in the global

market for transportation and storage of bulk

liquid chemicals, acids, edible oils and other

special products.. Odfjell owns and

operates chemical tankers and LPG/Ethylene

carriers in global and regional trades as well

as a joint venture network of tank terminals.

____________________________

The market for transportation of chemicals is

looking promising short term on the back of

ton miles increasing a consequence of new

refineries starting in the Middle East and the

US shale boom. Longer term outlook is more

uncertain due to a high orderbook of

newbuilds, mostly controlled by

unexperienced shipping companies and

private equity players. The terminal division is

generating steady cash flow, while the

chemical fleet is more volatile operating on

short term and spot contracts. Odfjell is

currently evaluating its strategy and has

recently changed CEO. The company is

generating low return on capital and is fairly

high leveraged. The terminal and gas division

is partly owned by private equity partners

making it a M&A candidate.

.

Odfjell


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Pacific Basin Shipping Limited MSCI The World Index / Marine -IND TR

Market Value (mill.) 6,295 Price 3.25 HKD



2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 950 1,269 1,343 1,443 1,709 1,787 1,977

EBIT (Operating Income) (mill.) 49 127 84 67 37 -6 80

Net Income (mill.) 110 104 32 52 10 -82 47

Price/Earnings 9.7 15.0 14.0 - 36.7 - 17.7

Price/Book Value 1.0 0.9 0.5 0.9 1.1 0.7 0.7

EV/EBIT 23.7 11.7 11.4 20.7 54.1 - 18.6

Return on Equity (%) 8.4 7.1 2.2 3.8 0.8 -5.0 3.8

Dividend Yield (%) 11.7 13.8 5.1 1.1 0.9 0.0 2.4

Pacific Basin Shipping Limited Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Pacific Basin is a leading owner and operator

of modern Handysize and Handymax dry bulk

ships globally.

____________________________

Pacific has an industrial approach, using its

own fleet in addition to chartered in vessels to

serve it end user clients. The company is

transporting minor bulk products like cement,

ferrtilizers and timber.

Pacific has historically acheived a substantial

premium dayrate versus the observed market

benchmarks. Its buisness model has over time

generated significant higher returns than

peers.

With the flexible business model Pacific has



However in the short term the mgt have taken

a wrong bet on the dry bulk market, being

long chartered in tonnage.

Pacific is in addition operating a fleet of tug

and towage vessels in Asia. This division is in

the proces of being sold, leaving Pacif a pure

play on modern smaller size dty bulk.

.

Pacific Basin Shipping Limited

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Scorpio Tankers Inc. MSCI The World Index / Marine -IND TR




2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 28 39 82 115 208 345 545

EBIT (Operating Income) (mill.) 9 1 -9 -7 -2 47 149

Net Income (mill.) 3 -3 -83 -27 17 68 97

Price/Earnings - 16.6 - - - 122.0 10.8

Price/Book Value - 0.9 0.5 1.0 1.6 1.2 1.1

EV/EBIT - 200.5 - - - 59.1 20.4

Return on Equity (%) 8.4 -1.7 -30.0 -7.6 1.8 1.0 10.5

Dividend Yield (%) - 0.0 0.0 0.0 0.5 4.6 5.6

Scorpio Tankers Inc. Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Scorpio Tankers owns and operate a fleet of

modern product tankers - used to distribute

and trade vegetable oils, petroleum based

feedstocks, and refining outputs such as

gasoline, diesel, jet, and naphtha.

_________________________

Scorpio Tankers has an opportunistic strategy

with the aim of generating shareholder value

by building a fleet of modern product tankers

through newbuilds. Mgt ordered huge series

of vessels at historically low yard prices

including crude tankers and LPG gas carriers.

Subsequently the crude tanker newbuilding

contracts have been sold at a profit and the

gas carriers have been exchanged for Dorian

shares. The product tanker fleet are mostly on

the water generating cash flow in a strong

market benefitting from booming demand on

back of increased ton miles.

Scorpio is outperforming the market,

benefitting from modern vessels being more

fuel efficient. The company is returning cash

to shareholders by dividends and share buy

backs.

.

Scorpio Tankers

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Siem Shipping Inc. MSCI The World Index / Marine -IND TR




2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 262 240 276 232 258 - -

EBIT (Operating Income) (mill.) 16 -2 -23 1 6 - -

Net Income (mill.) 16 0 -124 -4 3 - -

Price/Earnings 7.1 83.2 - - 138.1 - -

Price/Book Value 0.7 0.5 0.5 0.8 0.7 - -

EV/EBIT 15.5 - - 234.3 24.7 - -

Return on Equity (%) 6.3 0.0 -53.9 -2.5 1.8 - -

Dividend Yield (%) 0.0 0.0 0.0 0.0 0.0 - -

Siem Shipping Inc. Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Siem Shipping is operating in the specialised

reefer industry as STAR Reefers, a leading

global owner and operator of refrigerated

vessels providing modern tonnage for a high-

quality, flexible and cost-effective service. The

Company is focused on the banana segment.

___________________________

Siem shipping is operating in a challenging

market competing with the liner companies

offering reefer containers.

The fleet is operating on term contracts

generating positive cash flow.

The shares are trading at less than half the

book value and the company is buying back it

own shares.

The company is controlled by the Siem group

and is very thinly traded. The board of

directors is evaluating the company strategy,

options being evaluted are ie broaden the

activity to other shipping segments or going

private.

.

Siem Shipping


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Solstad Offshore ASA PHLX Oil Service Index TR


Net debt (mill.) 8,182 NOK


2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 2,519 2,614 3,044 3,288 3,495 3,755 3,675

EBIT (Operating Income) (mill.) 452 316 163 867 1,004 1,283 1,223

Net Income (mill.) 1,027 48 -362 377 491 755 646

Price/Earnings 3.7 27.0 - 15.4 12.1 3.1 3.7

Price/Book Value 0.9 1.0 0.7 0.8 0.9 0.5 0.4

EV/EBIT 21.5 42.9 81.0 14.2 12.7 9.3 9.2

Return on Equity (%) 24.8 1.1 -8.0 8.2 10.1 14.6 11.4

Dividend Yield (%) 2.2 1.8 1.9 2.3 3.6 7.6 7.6

Solstad Offshore ASA Oilfield Services/Equipment

Price currency

Reporting currency

FX rate (NOK)

Solstad Offshore is a leading supply shipping

company focusing on large and advanced

offshore supply vessels. Majority of the fleet is

operating in the North Sea and Latin America.

____________________________________

Solstads strategy is focused on segments with

advanced vessels and high barriers to entry.

Subsea construction vessels are operated on

long term contracts to the subsea

development companies, while anchor

handling tugs are more opportunistically

operated in the spot market.

Financial focus is shifting to cash flow

generation and deleveraging after a rapid fleet

expansion period. Only one new build is

currently under construction.

The Solstad shares are trading at a

substantial discount to NAV and book values,

in spite of solid dividends and buy back of

own shares.

.

Solstad Offshore


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Stolt-Nielsen Limited MSCI The World Index / Marine -IND TR




2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 1,645 1,794 2,029 2,072 2,100 2,156 2,277


Net Income (mill.) 95 113 93 70 86 83 109

Price/Earnings 5.9 12.2 10.1 13.4 25.0 14.8 8.3

Price/Book Value 0.6 0.8 0.8 0.7 1.0 0.6 0.6

EV/EBIT 18.1 16.3 20.5 31.3 29.3 15.9 13.0

Return on Equity (%) 6.8 7.5 5.7 4.8 5.7 4.1 7.2

Dividend Yield (%) 3.7 3.8 5.0 4.3 3.5 6.1 6.1

Stolt-Nielsen Limited Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Stolt-Nielsen Limited is a leading global

provider of bulk-liquid transportation, storage

and distribution services through its three

largest operating units: Stolt Tankers,

Stolthaven Terminals and Stolt Tank

Containers.

_________________________

The market for transportation of chemicals is

looking promising short term on the back of

ton miles increasing a consequence of new

refineries starting in the Middle East and the

US shale boom. Longer term outlook is more

uncertain due to a high orderbook of

newbuilds, mostly controlled by

unexperienced shipping companies and

private equity players.

The terminal and tank containe divisions are

generating steady cash flow, while the

chemical fleet is more on rolling one year

contracts.

Stolt has a solid balance sheet, leading

strategic positions, long term track record and

prudent mgt in addition to returning capital to

shareholders by dividends and share buy

backs.

.

Stolt-Nielsen


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Tanker Investments Ltd. MSCI The World Index / Marine -IND TR




2010 2011 2012 2014E 2015E

Sales (mill.) - - 31 20 25 63 178

EBIT (Operating Income) (mill.) - - 8 -4 1 9 63

Net Income (mill.) - - -1 -16 -7 2 48

Price/Earnings - - - - - 177.7 8.9

Price/Book Value - - - - - 1.1 1.0

EV/EBIT - - - - - 73.0 14.5

Return on Equity (%) - - - -175.3 -71.4 0.6 11.4

Dividend Yield (%) - - - - - 0.0 0.0

Tanker Investments Ltd.

Price currency

Reporting currency

FX rate (NOK)

Tanker Investment(TIL) is a crude oil tanker

company. The fleet trades globally and

consists of crude oil tankers in the Aframax

and Suezmax segments. The company is a

subsidiary of Teekay and operates the fleet in

the Teekay Tanker pools.

________________________________

TIL has grown its tanker fleet through a series

of transactions aquiring vessels on the water

and upgrade them with eco features.

The company has an asset play approach,

looking to sell the company or the fleet into a

expected stronger market.




TIL trades at a discount to net asset values in

spite of day rates spiking, tanker values rising

and buying back own stock..

.

Tanker Investments


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TTS Group ASA MSCI The World Index / Marine -IND TR


Net debt (mill.) 78 NOK


2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 3,784 3,226 3,524 2,346 2,693 2,270 2,500

EBIT (Operating Income) (mill.) -194 -94 71 45 -176 -58 108

Net Income (mill.) -248 -197 23 32 -227 - -

Price/Earnings - - - 1.6 - - 6.9

Price/Book Value 0.4 0.7 0.9 0.7 0.7 0.9 0.8

EV/EBIT - - 18.8 18.6 - - 6.1

Return on Equity (%) -25.8 -22.6 2.8 3.8 -32.0 -23.0 11.3

Dividend Yield (%) 0.0 0.0 0.0 8.0 16.1 0.0 0.0

TTS Group ASA Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

TTS is an engineering company designing

and manufacturing marine and offshore

equipment.

________________________________

TTS sold its drilling equipment division to

Cameron at a huge profit and returned the

bigger part of the profit to shareholders.

Subsequently remaining part of the group has

struggled with challenging markets and poor

operational performance.

Mgt has been changed and the company has

been through a restructuring and downsizing,

reducing operational cost by 150 mil.

The biggest shareholder Mr Skeie and mgt

have increased their shareholding the last

months, showing increased confidence in the

turnaround.

TTS has a opportunistic approach, divisions

or the group are likely to take part of future

M&A activity.

.

TTS Group


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Western Bulk ASA MSCI The World Index / Marine -IND TR


Net debt (mill.) -361 USD


2011 2012 2013 2014E 2015E

Sales (mill.) - - 1,028 1,144 1,195 1,141 1,475

EBIT (Operating Income) (mill.) - - 20 28 16 -8 12

Net Income (mill.) - - 18 24 6 -18 1

Price/Earnings - - - - 18.3 - 10.7

Price/Book Value - - - - 6.6 1.6 1.4

EV/EBIT - - - - 21.0 - 5.1

Return on Equity (%) - - - 30.7 5.4 -26.0 12.9

Dividend Yield (%) - - - - 0.6 15.7 0.7

Western Bulk ASA Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Western Bulk ASA is a global operator of dry

bulk vessels and the World’s third largest

operator of Supramax vessels.

_______________________________

The company`s business model is different

from traditional dry bulk companies

combining shipping experience with an asset-

light trading-oriented approach.

Western strategy is two folded, using a large

portfolio of vessels leased to transport cargo

for various customers worldwide, either on

contract basis or in the spot market and

exposure to assets mainly through long term

leases with purchase options, to a limited

extent also through direct ownership in

vessels.

With the flexible business model Western has



However in the short term the mgt have taken

a wrong bet on the dry bulk market, being

long chartered in tonnage.

.

Western Bulk


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Wilh. Wilhelmsen Holding A MSCI The World Index / Marine -IND TR




2009 2010 2011 2012 2013 2014E 2015E

Sales (mill.) 1,015 1,076 1,247 1,325 1,313 3,682 3,812


Net Income (mill.) 331 60 188 329 260 167 226

Price/Earnings 4.0 21.7 5.2 3.5 7.1 6.3 4.6

Price/Book Value 0.8 1.2 0.8 0.8 0.9 0.5 0.5

EV/EBIT 919.7 56.5 27.7 15.5 25.9 7.1 5.7

Return on Equity (%) 30.5 5.0 13.9 22.3 15.1 8.4 10.6

Dividend Yield (%) 1.6 0.3 3.3 4.3 3.3 3.9 4.2

Wilh. Wilhelmsen Holding ASA Class A Marine Shipping

Price currency

Reporting currency

FX rate (NOK)

Wilhelmsen Holding(WWI) is the parent

company in the Wilhelmsen group. The main

activities are transportation and logistical

services for cars and high/heavy cargo

through Willhelmsen ASA(72,7% owned) and

maritime services through WMS(100%

owned).

__________________________

Wilhelmsen has a long term track record of

profitable growth and return on capital as well

as returning cash to shareholders by

dividends.

The group is controlled by the Wilhelmsen

family through A shares. The mgt and board

are also controlled by the family.

The holding company is trading at a

substantial discount to sum of the parts in

spite of decent results and long term

shareholder value creation.

.

Wilh. Wilhelmsen Holding


Investment Objective Long term value creation

We prefer performing companies, with

strong long term prospects, available

at favourable prices

Investment Philosophy Performance - prospects - price

Performance Operating excellence

Prospects Strong competitive position

Price Favourable valuation

«Doing good business with bad people simply

doesn’t work» Warren E. Buffet

«We don’t focus at beating the market short term.

We want our holdings to beat their competitors

long term»

«The bitterness of poor quality remains long after

the sweetness of a nice price is forgotten»

Börje Ekholm

Unknown

47

Om ODIN Maritim

ODIN Maritim är en aktivt förvaltad aktiefond som

investerar i sjöfartssektorn. Sektorn omfattar flera

olika segment, bland dem råvarufrakt, containerfrakt,

kemikaliefrakt och LNG-frakt, samt olika stöd- och

leverantörstjänster.

Fondens långsiktiga mål är att ge högre avkastning

än sjöfartsmarknaden, mätt med fondens

referensindex.

Fakta om fonden

Startår 31.10.1994

Referensindex MSCI World Gross Marine

Basvaluta NOK

Förvaltningsavgift 2 %

Tecknings-/inlösenavgift 0 %

Minsta teckningsbelopp 500 EUR

48

Om förvaltaren

Förvaltare Lars Mohagen kom till ODIN år 2000.

Han har förvaltat fonden sedan 1.3.2005.

Lars är civilekonom och auktoriserad finansanalytiker

med lång erfarenhet av portföljförvaltning och analys

av sjöfarts- och offshoresektorn.

Utöver sin mångåriga erfarenhet som

portföljförvaltare hos ODIN har han även bred

erfarenhet som investerare, aktiemäklare och

finansanalytiker.

Logga in på

ODIN Online

Klicka här

Teckna andelar

Klicka här

Beställ ODINs

nyhetsbrev

Klicka här

Kundservice

09 4735 5100

[email protected]

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mailto:[email protected]

Vi påminner om att…

Historisk avkastning är ingen garanti för framtida avkastning, som bland annat beror på marknadsutvecklingen,

förvaltarens skicklighet, fondens risk samt kostnader för köp och förvaltning. Avkastningen kan bli negativ om

aktiekurserna faller.

Uttalandena i denna rapport speglar ODINs syn på marknaden vid den tidpunkt då rapporten utarbetats. Vi har

använt källor som bedöms vara pålitliga, men vi kan inte garantera att uppgifterna från dessa källor är korrekta

eller fullständiga.

Anställda hos ODIN Forvaltning AS får handla för egen räkning med flera slags finansiella instrument. Det

innebär att anställda hos ODIN Forvaltning AS kan äga värdepapper i företag som omnämns i den här

rapporten, liksom andelar i ODINs fonder. Anställdas egenhandel ska följa ODIN Forvaltning AS interna

riktlinjer för anställdas egenhandel, som har utarbetats i enlighet med den norska lagen om handel med

värdepapper ("verdipapirhandelloven") och Verdipapirfondenes forenings branschstandard.

Mer information finns på www.odin.fi/se

50

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odin maritim - odin fond

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