TRANSPORTATION & LOGISTICS

Transcription

1 Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

2 WHAT WE'RE READING LOGISTICS INVESTMENTS U.S. TRANSPORT MADE JOBTOPENINGS BUILD INTEGRATED SPIKE 59 PERCENT COLD CHAIN Second-quarter economic growth in the U.S. is generating strong demand for transportation labor. Employers, however, are having a difficult time satisfying the new demand. With 269,000 new job postings in May, the industry is experiencing a 59.2% year-over-year increase in transport job openings. As unemployment continues to drop, approaching 5%, transport employers continue to experience difficulty filling openings, only satisfying approximately 65% of open positions in the industry. Journal of Commerce LOGISTICS 26 TH ANNUAL STATE OF LOGISTICS The logistics industry as a whole experienced the best year in freight transportation since the Great Recession, primarily derived through increased efficiencies that drove U.S. economic growth. Capacity issues, however, persist, causing apprehension from shippers. Concerned with rate hikes, carriers continue to create strategic partnerships. Logistic expenses were, however, held to historically low levels as a percentage of GDP, highlighting the industry focus on efficiency. Logistics Management TRUCKING TOP 100 CARRIERS GET MORE SELECTIVE WITH FREIGHT The nation s largest for-hire carriers are becoming more selective about the freight they haul, taking steps to minimize delays and focusing on better utilization of equipment and personnel as strong demand and a shortage of drivers continue to strain capacity. Tight capacity, however, does not necessarily harm growth within the trucking industry, as the number of companies with annual revenue of at least $1 billion increased to 35 from 30 the previous year. Transport Topics MARINE SHIPPERS VIEW ALLIANCES AS BULWARKS FOR COMPETITION The grouping of the world s largest container lines into four large alliances covering all east-west trades has yielded an unexpected result. Shippers no longer view alliances as vehicles for rate collusion but as vehicles to prop up smaller lines that are finding it increasingly difficult to compete with the three largest carriers. Bruce Carlton, president and CEO of the National Industrial League, noted with some time to observe actual performance, there s less to be afraid of than we once thought. Journal of Commerce RAIL INTERMODAL SEES HIGHEST-VOLUME MONTH IN HISTORY CONTENTS M&A TRANSACTIONS PUBLIC MARKETS OVERVIEW STOCK PRICE PERFORMANCE OUR GROUP CONTACTS UNITED STATES Frank Mountcastle Managing Director fmountcastle@harriswilliams.com +1 (804) Jason Bass Managing Director jbass@harriswilliams.com +1 (804) Joe Conner Managing Director jconner@harriswilliams.com +1 (804) Jeff Burkett Director jburkett@harriswilliams.com +1 (804) Jershon Jones Director jjones@harriswilliams.com +1 (804) Jeff Kidd Vice President jkidd@harriswilliams.com +1 (804) EUROPE Jeffery Perkins Managing Director jperkins@harriswilliams.com +49 (0) The Association of American Railroads (AAR) reported that intermodal traffic numbers reached a historic monthly high at 1,117,149 containers and trailers, representing a gain of nearly 4% for the month. John T. Gray (AAR SVP of Policy and Economics) believes the growth in rail intermodal units is one of America s best transportation-related success stories and 2015 will almost certainly set another annual record, breaking the record set last year. Railway Age AIR AIRLINES' PROFITS IMPROVE BUT NOT IN CARGO The International Air Transport Association (IATA) released data for global air freight markets showing that growth continued to slow throughout May. Tony Tyler (IATA CEO) considers some economic fundamentals still point to a rebound but we have to recognize that business confidence is flat and export orders are in decline. IATA PAGE 1

3 M&A TRANSACTIONS RECENT M&A TRANSACTIONS 1,2 Announced Sector Target Business Description Acquirer 7/21/2015 Logistics Extra Express Asset-light provider of B2B last mile services based in Los Angeles, Dicom CA. Group, L.P. 7/20/2015 Allstate Utility Trailers Inc. Provides utility trailers, cargo trailers, car trailers, and dump trailers, parts, and accessories nationwide. Mobile Mini, Inc. 7/16/2015 Logistics G4S International Logistics, Insured Parcel Services Business 7/14/2015 Rail Technology Services, Inc. 7/10/2015 US Trailer Holdings and Quest Capital Group 7/8/2015 Air Fraport Cargo Services GmbH Provides secure transportation and delivery for high value goods. Engineering and logistics company specializing in handling all aspects of shipping by rail. US Trailer Holdings specializes in leasing highway trailers, domestic containers, and chassis. Quest Capital Group provides business and equipment financing to businesses in the United States. Provides independent cargo handling services at Frankfurt Airport, Europe's joint largest cargo airport alongside Paris CDG. UPS Capital Corporation BNSF Logistics LLC Milestone Holdings, LLC WFS Global SAS 7/6/2015 Logistics TransForce, Inc. Specialized staffing and recruiting company that provides qualified commercial truck drivers to third-party logistics companies, private fleets, and trucking companies. 7/1/2015 Bulldog Hiway Express Provides truck load and intermodal carrier services in the U.S. and Canada operating several hundred power units and more than 400 trailers. 6/25/2015 Logistics ReTrans, Inc. Provides multimodal transportation management solutions in the U.S. and internationally. Palladium Equity Partners Daseke, Inc. Kuehne + Nagel International AG 6/18/2015 The Kenan Advantage Group, Inc. North America's largest tank truck transporter and logistics provider, delivering fuel, chemicals, industrial gases, and food-grade products. OMERS Private Equity 6/17/2015 Logistics Orbis Logistics, Inc. Operates warehouses in four states and provides final-mile delivery and distribution services in the Midwest and Southeast. 6/15/2015 Logistics Parcel Pro Inc. Provider of insured shipping and risk management services worldwide. 6/8/2015 Logistics Service By Air, Inc. Provides transportation and logistics services through its network of exclusive agent and company-owned offices across North America. Dicom Group, L.P. UPS Capital Corporation Radiant Logistics, Inc. 6/8/2015 Logistics RoadOne IntermodaLogistics, LLC Provides full-service intermodal transportation solutions for domestic and international shippers. Tritium Partners 6/1/2015 Logistics Haas Industries, Inc. Provides freight forwarding and logistics services. Lynden International Inc. 6/1/2015 Logistics ABC Fulfillment, LLC Provides e-commerce services, specializing in high volume direct-toconsumer order fulfillment and customer service. TAGG Logistics, LLC 5/25/2015 Hodges Company, L.L.C. Operates as an oilfield carrier and heavy haul transportation company. Aveda and Energy Services Inc. 5/22/2015 Crane Rental Corporation Provides heavy haul, specialized rigging, and crane services in the Southeast United States. Maxim Crane Works, L.P. PAGE 2

4 PUBLIC MARKETS OVERVIEW TEV / LTM EBITDA TEV / 2015E EBITDA 10.7x 10.3x 9.3x 8.9x 8.6x 8.5x 7.2x 6.4x 6.3x 5.4x AVERAGE REVENUE GROWTH ( ) AVERAGE REVENUE GROWTH ( P) 11.5% 8.5% 8.7% 6.6% 7.7% 6.1% 6.4% 5.2% 3.5% (0.4%) AVERAGE EBITDA GROWTH ( ) AVERAGE EBITDA GROWTH ( P) 17.5% 15.6% 13.0% 15.1% 7.5% 14.0% 7.4% 11.6% 6.9% 8.8% PAGE 3

5 STOCK PRICE PERFORMANCE MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) (3.3%) 1.8% (4.0%) (5.4%) (4.5%) (11.2%) (7.6%) (17.3%) (11.0%) (20.6%) TRAILING TWELVE MONTHS (Indexed to July 20, 2014) 20% 15% 10% 5% 0% (5%) (10%) (15%) (20%) (25%) (30%) Jul Oct Jan Apr Jul S&P 500 Index PAGE 4

6 OUR GROUP Harris Williams & Co. is a leading advisor to the transportation and logistics M&A market. Our & Logistics Group serves companies in a broad range of attractive niches, including third-party logistics (3PL), truck, rail, marine and air transportation, transportation equipment, and the automotive and heavy duty vehicle market. RECENTLY CLOSED T&L TRANSACTIONS RCL Services Group in partnership with and has sold to and DEEP EXPERIENCE ACROSS T&L SECTORS THIRD-PARTY LOGISTICS RAIL & RAIL SERVICES MARINE TRANSPORTATION TRANSPORTATION EQUIPMENT NICHE TRANSPORTATION AUTOMOTIVE & HEAVY DUTY VEHICLE AIR TRANSPORTATION PAGE 5

7 OUR FIRM Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities. Our clients benefit from our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at Aerospace, Defense & Government Services Building Products & Materials Business Services Consumer Energy & Power Healthcare & Life Sciences Industrials Specialty Distribution Technology, Media & Telecom & Logistics HARRIS WILLIAMS & CO. OFFICE LOCATIONS Boston Two International Place 24th Floor Boston, Massachusetts Phone: +1 (617) Fax: +1 (617) Cleveland 1900 East 9th Street 20th Floor Cleveland, Ohio Phone: +1 (216) Fax: +1 (216) Minneapolis 222 South 9th Street Suite 3350 Minneapolis, Minnesota Phone: +1 (612) Fax: +1 (612) UNITED STATES Richmond (Headquarters) 1001 Haxall Point 9th Floor Richmond, Virginia Phone: +1 (804) Fax: +1 (804) San Francisco 575 Market Street 31st Floor San Francisco, California 94105, USA Phone: +1 (415) Fax: +1 (415) EUROPE Frankfurt Bockenheimer Landstrasse Frankfurt Germany Phone: Fax: London 63 Brook Street London W1K 4HS, England Phone: +44 (0) Fax: +44 (0) Beijing Hong Kong Mumbai NETWORK OFFICES New Delhi Shanghai PAGE 6

8 PUBLIC COMPARABLES Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA ($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Jun-14 Dec-14 Current E & Logistics Agility Public Warehousing Company KSC $2,197 $2.14 (8.2%) (17.5%) $ % 8.5x 10.2x 8.5x 8.3x 7.7x Air Transport Services Group, Inc (1.2%) 26.6% % 5.2x 5.0x 5.3x 5.5x 5.2x Atlas Air Worldwide Holdings, Inc. 2, (7.1%) 41.0% % 8.1x 8.4x 7.5x 8.1x 7.4x CH Robinson Worldwide Inc. 10, (0.8%) (1.8%) % 14.2x 14.4x 12.5x 12.9x 11.7x Deutsche Post AG 41, % (8.7%) % 9.8x 9.5x 10.7x 9.3x 8.6x DSV A/S 6, % 7.5% % 12.1x 12.6x 15.3x 13.9x 13.5x Echo Global Logistics, Inc (1.3%) 60.8% % 15.1x 17.7x NM NM 12.4x Expeditors International of Washington Inc. 7, (6.4%) 0.6% % 12.5x 11.4x 11.2x 11.8x 10.3x FedEx Corporation 51, (3.3%) 11.3% % 7.1x 8.2x 7.2x 8.0x 7.5x Forward Air Corp. 1, (4.1%) 8.0% % 12.5x 11.2x 13.7x 13.2x 10.7x Hub Group Inc. 1, (9.5%) (19.1%) % 12.9x 9.2x 10.5x 10.5x 11.4x JB Hunt Transport Services Inc. 10, (4.0%) 7.0% % 11.7x 11.0x 10.6x 11.5x 10.1x Kuehne + Nagel International AG 15, % 1.8% % 14.1x 15.9x 15.1x 16.2x 15.0x Landstar System Inc. 2, % 4.4% % 13.3x 11.5x 11.7x 11.9x 11.0x Panalpina World Transport Holding Ltd. 2, (8.3%) (19.8%) % 19.1x 18.4x 16.6x 17.0x 12.3x Roadrunner Systems, Inc. 1, (5.0%) (7.9%) % 12.9x 10.5x 10.8x 11.6x 9.2x Ryder System, Inc. 9, (1.9%) 2.5% % 5.9x 5.6x 5.8x 5.8x 5.3x TransForce Inc. 3, (8.9%) (17.9%) % 10.0x 9.6x 9.0x 9.0x 7.9x United Parcel Service, Inc. 94, (3.2%) (6.0%) % 12.8x 15.5x 13.5x 13.8x 9.8x Universal Truckload Services Inc (4.0%) (14.8%) % 9.1x 7.6x 7.3x 7.4x 7.1x UTi Worldwide Inc. 1, (15.9%) (15.0%) % NM NM NM 17.9x 15.9x World Fuel Services Corp. 3, (0.1%) 2.5% % 12.6x 11.7x 11.6x 12.1x 10.8x XPO Logistics, Inc. 4, (2.6%) 70.1% % NM NM NM NM 11.5x Median (3.3%) 1.8% 88.4% 12.5x 11.0x 10.7x 11.6x 10.3x ArcBest Corporation $751 $30.49 (11.1%) (27.7%) $ % 7.9x 6.7x 4.6x 4.8x 4.0x Celadon Group Inc. 1, (5.1%) (3.9%) % 7.9x 7.9x 8.9x 10.0x 7.7x Con-way Inc. 2, (7.4%) (24.4%) % 6.8x 5.7x 4.8x 4.9x 4.5x Covenant Group, Inc (6.5%) 99.8% % 5.6x 8.0x 6.8x 7.7x 5.5x Heartland Express, Inc. 1, (4.6%) (10.7%) % 11.3x 11.3x 8.0x 8.0x 6.9x Knight Inc. 2, (2.4%) 12.6% % 9.8x 11.2x 8.9x 9.7x 7.4x Marten Transport Ltd (11.7%) (8.4%) % 6.6x 6.4x 5.3x 5.6x 4.7x Old Dominion Freight Line Inc. 5, (4.4%) 10.9% % 10.8x 10.9x 9.6x 10.1x 8.7x P.A.M. Services, Inc % 79.8% % 6.6x 9.0x 8.5x 9.3x NA Quality Distribution Inc % 6.0% % 11.7x 8.7x 11.2x 11.0x 9.0x Saia, Inc. 1, (2.3%) (12.9%) % 9.0x 8.9x 7.2x 7.5x 6.4x Swift Company 4, (1.7%) (6.9%) % 9.1x 9.1x 7.5x 7.9x 6.8x Universal Truckload Services Inc (4.0%) (14.8%) % 9.1x 7.6x 7.3x 7.4x 7.1x USA Truck Inc (17.6%) 14.4% % 7.3x 6.9x 5.0x 5.3x 4.8x Werner Enterprises Inc. 1, (0.2%) 4.4% % 6.4x 6.9x 5.8x 6.3x 5.2x YRC Worldwide Inc. 1, (8.4%) (53.3%) % 12.0x 7.5x 5.8x 7.0x 4.5x Median (4.5%) (5.4%) 73.7% 8.5x 7.9x 7.2x 7.6x 6.4x PAGE 7

9 PUBLIC COMPARABLES Stock Performance Stock Price Change from 52-Week TEV / LTM EBITDA as of TEV / EBITDA ($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Jun-14 Dec-14 Current E & Logistics Rail and Rail Services American Railcar Industries, Inc. $1,254 $44.18 (15.8%) (33.8%) $ % 8.0x 6.2x 5.5x 6.1x 5.0x Canadian National Railway Company 55, (2.2%) (11.8%) % 13.2x 12.4x 11.3x 11.3x 11.8x Canadian Pacific Railway Limited 30, (5.2%) (18.4%) % 15.7x 14.1x 13.1x 12.7x 12.0x CSX Corp. 40, (8.5%) 2.9% % 8.8x 9.1x 8.2x 8.5x 8.2x FreightCar America Inc (16.6%) (14.8%) % NM 12.0x 6.2x 8.8x 4.1x Genesee & Wyoming Inc. 6, (10.2%) (30.4%) % 13.4x 10.8x 10.7x 11.0x 10.5x The Greenbrier Companies, Inc. 1, (17.7%) (33.2%) % 10.6x 6.9x 4.7x 7.2x 4.0x Kansas City Southern 13, % (16.3%) % 14.6x 13.0x 12.1x 11.9x 12.0x Norfolk Southern Corporation 34, (6.7%) (18.9%) % 9.4x 8.8x 7.8x 7.7x 8.5x Trinity Industries Inc. 7, (12.7%) (42.7%) % 7.7x 5.2x 5.1x 5.1x 4.6x Union Pacific Corporation 97, (2.8%) (3.0%) % 10.2x 10.2x 9.0x 9.1x 9.2x Westinghouse Air Brake Technologies Corporation 9, (3.7%) 17.3% % 15.1x 14.1x 15.1x 15.9x 14.0x Median (7.6%) (17.3%) 75.1% 10.6x 10.5x 8.6x 8.9x 8.9x Aegean Petroleum Network Inc. $1,214 $11.77 (10.3%) 20.7% $ % 13.8x 13.0x 12.2x 12.4x 9.3x Costamare Inc. 2, (7.0%) (24.2%) % 12.0x 9.1x 9.3x 9.4x 9.0x Diana Shipping Inc % (22.9%) % 19.8x 14.3x NM 19.3x NM Kirby Corporation 5, (4.0%) (36.7%) % 12.0x 7.9x 7.8x 7.8x 8.6x Matson, Inc. 1, (1.6%) 46.2% % 8.7x 8.1x 8.0x 9.2x 7.6x Neptune Orient Lines Limited 6, % (9.9%) % NM NM 14.2x NM 12.6x Nordic American Tankers Limited 1, % 78.6% % NM 19.9x 19.4x NM 7.5x Rand Logistics, Inc (3.9%) (45.9%) % 8.7x 6.9x 7.9x 8.2x 6.8x SEACOR Holdings Inc. 1, (8.1%) (18.3%) % 8.9x 7.5x 8.0x 6.9x 8.5x Wilh. Wilhelmsen ASA 2, (4.8%) (27.4%) % NM 15.4x 14.2x 15.7x 5.0x Median (4.0%) (20.6%) 76.2% 12.0x 9.1x 9.3x 9.3x 8.5x Accuride Corp. $486 $3.70 (7.7%) (27.7%) $ % 9.6x 7.0x 6.3x 6.5x 5.4x Dana Holding Corporation 3, (11.0%) (14.9%) % 6.0x 6.2x 5.5x 5.4x 5.2x Gentherm Incorporated 1, (12.4%) 4.4% % 14.9x 10.3x 13.2x 13.3x 11.9x Spartan Motors Inc (13.8%) (6.6%) % 16.1x 16.9x 15.0x 14.8x 13.1x Wabash National Corp. 1, (7.9%) (11.2%) % 8.3x 6.9x 6.1x 6.4x 5.2x Median (11.0%) (11.2%) 78.0% 9.6x 7.0x 6.3x 6.5x 5.4x PAGE 8

10 PUBLIC COMPARABLES Revenue Avg. Revenue Growth EBITDA Avg. EBITDA Growth ($ in millions) E 2016P '11-14 '14-16P E 2016P '11-14 '14-16P & Logistics Agility Public Warehousing Company KSC $4,775 $5,039 $4,873 $4,633 $4,603 $4,815 (1.0%) 1.9% $199 $254 $296 $265 $284 $ % 7.1% Air Transport Services Group, Inc (6.9%) 2.8% (0.3%) 5.3% Atlas Air Worldwide Holdings, Inc. 1,384 1,632 1,643 1,785 1,834 1, % 2.4% % 4.1% CH Robinson Worldwide Inc. 10,336 11,359 12,752 13,470 14,270 15, % 6.5% % 7.8% Deutsche Post AG 68,631 73,191 75,621 68,547 65,236 67,747 (0.0%) (0.6%) 3,384 4,129 5,108 4,424 4,819 5, % 9.8% DSV A/S 7,639 7,937 8,439 7,896 7,523 7, % (0.5%) (0.8%) 5.2% Echo Global Logistics, Inc ,173 1,684 2, % 38.6% % 72.6% Expeditors International of Washington Inc. 6,162 5,992 6,080 6,565 7,089 7, % 7.5% (0.6%) 10.6% FedEx Corporation 39,304 42,680 44,287 45,567 47,609 50, % 5.2% 4,506 5,367 6,112 6,417 6,891 7, % 10.9% Forward Air Corp , % 17.6% % 20.7% Hub Group Inc. 2,752 3,124 3,374 3,571 3,673 3, % 4.7% % 2.4% JB Hunt Transport Services Inc. 3,678 4,058 4,527 5,083 6,280 NA 11.4% NA ,056 1, % 12.9% Kuehne + Nagel International AG 17,351 18,699 19,290 17,618 21,399 22, % 13.3% 1, , ,065 1,116 (1.7%) 6.4% Landstar System Inc. 2,594 2,735 2,628 3,145 3,377 3, % 7.3% % 9.0% Panalpina World Transport Holding Ltd. 6,954 7,227 7,589 6,752 6,877 7,172 (1.0%) 3.1% (11.9%) 33.1% Roadrunner Systems, Inc ,073 1,361 1,873 2,144 2, % 10.7% % 18.4% Ryder System, Inc. 6,051 6,257 6,419 6,639 6,708 7, % 3.7% 1,290 1,396 1,459 1,628 1,790 1, % 9.3% TransForce Inc. 2,378 2,822 2,620 2,817 3,429 3, % 11.8% % 11.4% United Parcel Service, Inc. 53,105 54,127 55,438 58,232 59,696 62, % 3.8% 7,830 3,201 8,868 6,864 9,647 10,333 (4.3%) 22.7% Universal Truckload Services Inc ,037 1,033 1,192 1,166 1, % 1.8% % 6.1% UTi Worldwide Inc. 4,550 4,914 4,608 4,436 4,284 4,157 (0.8%) (3.2%) NM 14.6% World Fuel Services Corp. 34,623 38,945 41,562 43,386 31,998 35, % (10.1%) % 8.7% XPO Logistics, Inc ,357 6,705 10,617 NM NM 3 (25) (20) NM NM Total $276,120 $295,078 $306,963 $308,106 $309,181 $323, % 6.1% $22,746 $20,009 $27,664 $25,752 $30,591 $33, % 14.0% ArcBest Corporation $1,908 $2,066 $2,300 $2,613 $2,760 $2, % 6.1% $82 $70 $104 $155 $190 $ % 18.1% Celadon Group Inc % 27.3% % 23.3% Con-way Inc. 5,290 5,580 5,473 5,806 5,922 6, % 3.8% % 10.3% Covenant Group, Inc % 16.2% % 22.4% Heartland Express, Inc % (2.3%) % 13.5% Knight Inc ,269 1, % 23.2% % 21.5% Marten Transport Ltd % 5.9% % 15.0% Old Dominion Freight Line Inc. 1,904 2,135 2,338 2,788 3,051 3, % 10.6% % 14.8% P.A.M. Services, Inc NA NA 3.7% NA NA NA 23.7% NA Quality Distribution Inc ,020 1, % 13.1% % 14.7% Saia, Inc. 1,030 1,099 1,139 1,272 1,249 1, % 2.9% % 14.6% Swift Company 3,779 3,976 4,118 4,299 4,417 4, % 5.5% % 12.8% Universal Truckload Services Inc ,037 1,033 1,192 1,166 1, % 1.8% % 6.1% USA Truck Inc % 3.0% % 10.7% Werner Enterprises Inc. 2,003 2,036 2,029 2,139 NA NA 2.2% NA % 13.3% YRC Worldwide Inc. 4,869 4,851 4,865 5,069 5,072 5, % 2.2% NM NM Total $25,905 $27,247 $28,030 $30,615 $29,604 $31, % 8.5% $2,536 $2,913 $3,073 $3,532 $4,161 $4, % 15.1% PAGE 9

11 PUBLIC COMPARABLES Revenue Avg. Revenue Growth EBITDA Avg. EBITDA Growth ($ in millions) E 2016P '11-14 '14-16P E 2016P '11-14 '14-16P & Logistics Rail and Rail Services American Railcar Industries, Inc. $519 $712 $751 $733 $925 $ % 7.6% $55 $145 $179 $204 $253 $242 NM 8.8% Canadian National Railway Company 8,881 9,952 9,954 10,478 9,765 10, % (0.4%) 4,112 4,624 4,568 4,900 4,721 5, % 2.3% Canadian Pacific Railway Limited 4,970 5,568 5,631 5,582 5,320 5, % 1.5% 1,378 1,778 2,190 2,434 2,556 2, % 7.1% CSX Corp. 11,795 11,763 12,026 12,669 12,185 12, % (0.1%) 4,446 4,523 4,577 4,764 4,934 5, % 5.1% FreightCar America Inc % 15.5% (8) % NM Genesee & Wyoming Inc ,569 1,639 2,075 2, % 19.7% % 10.0% The Greenbrier Companies, Inc. 1,174 1,736 1,685 2,121 2,647 2, % 15.5% % 41.0% Kansas City Southern 2,098 2,239 2,369 2,577 2,473 2, % 1.8% ,106 1,095 1, % 5.6% Norfolk Southern Corporation 11,172 11,040 11,245 11,624 10,938 11, % (0.7%) 4,082 4,036 4,169 4,522 4,108 4, % (0.6%) Trinity Industries Inc. 2,938 3,812 4,365 6,170 7,081 6, % 5.5% ,400 1,566 1, % 1.4% Union Pacific Corporation 18,508 19,686 20,684 22,560 23,106 24, % 4.4% 7,341 8,505 9,223 10,657 10,559 11, % 4.0% Westinghouse Air Brake Technologies Corporation 1,968 2,391 2,566 3,044 3,363 3, % 9.1% % 12.4% Total $65,339 $70,451 $73,136 $79,795 $80,623 $84, % 6.6% $23,455 $26,119 $27,987 $31,403 $31,533 $34, % 8.8% Aegean Petroleum Network Inc. $6,965 $7,259 $6,335 $6,662 $4,297 $5,037 (1.5%) (13.0%) $75 $85 $75 $98 $134 $ % 23.4% Costamare Inc % 3.0% % 5.6% Diana Shipping Inc (11.8%) 3.1% (32.9%) (6.9%) Kirby Corporation 1,850 2,113 2,242 2,566 2,268 2, % (3.8%) % (1.5%) Matson, Inc. 1,463 1,560 1,637 1,714 1,896 2, % 10.2% % 16.4% Neptune Orient Lines Limited 9,211 9,512 8,831 8,617 6,945 6,868 (2.2%) (10.7%) (90) NM NM Nordic American Tankers Limited NM NM (21) NM 76.5% Rand Logistics, Inc % 8.3% % 11.0% SEACOR Holdings Inc. 1,032 1,308 1,247 1,319 1,199 1, % 0.1% % 0.6% Wilh. Wilhelmsen ASA ,488 2,571 NM NM NM NM Total $21,661 $22,993 $21,559 $22,303 $20,178 $21, % (0.4%) $1,301 $1,658 $1,627 $2,083 $2,713 $2, % 15.6% Accuride Corp. $805 $795 $643 $705 $750 $755 (4.3%) 3.4% $74 $65 $43 $75 $90 $94 0.2% 12.4% Dana Holding Corporation 7,544 7,224 6,769 6,617 6,360 6,702 (4.3%) 0.6% (0.7%) 6.3% Gentherm Incorporated , % 12.5% % 16.0% Spartan Motors Inc % 6.1% (12.6%) NM Wabash National Corp. 1,187 1,462 1,636 1,863 2,024 1, % 3.5% NM 11.6% Total $10,331 $10,506 $10,179 $10,504 $10,576 $11, % 5.2% $888 $1,008 $981 $1,084 $1,191 $1, % 11.6% PAGE 10

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