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 a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number ). Harris Williams & Co. Ltd is authorized 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 BIG RETURNS IN HASSLE-FREE RETURNS Processing of returns and excess inventory, known in the retail trade as reverse logistics, is attracting interest from venture capital and strategic investors looking for new software and services. With retail sales in the US totaling almost $4.7 trillion in 2015 and a median retail return rate of 8%, more than $375 billion of merchandise is returned on an annual basis. While that figure represents the median of returns on all retail sales, not just online, it is estimated that upwards of 30% of goods purchased online are returned annually, according to Jeff Burkett, director in the & Logistics Group at investment bank Harris Williams. Mergermarket TRUCKING US TRUCKLOAD SPOT RATE RAMP-UP After falling earlier in the year and experiencing a modest uptick in March, US spot truckload rates have started to increase at a faster clip a hint of things to come for the contract market, according to industry analysts. It s not atypical for US spot truckload rates to jump up this time every year, as shippers rush to move goods out before closing their books for the first quarter. But modest, sustained, and earlierthan-usual rate increases this spring in the spot market should be a canary in the coal mine for shippers with longer term contracts, according to DAT Solutions Industry Pricing Analyst Mark Montague. Journal of Commerce MARINE CARGO SHIPMENTS THROUGH U.S. PORTS ROSE IN MARCH Cargo swelled through U.S. ports in March, as trade with China bounced back and companies rushed shipments before new shipping-industry alliances kicked in. The Ports of Los Angeles and Long Beach, which make up the nation s largest seaport complex, said they imported a combined 622,083 loaded 20-foot equivalent units in March. That amounted to a 26% increase over the same month last year and a 13% rise from February. The rush of inbound ocean trade marks a return to form after a surprise slump in Chinese exports in February, as factories closed for the Lunar New Year holiday. Chinese exports rose 16.4% in March, topping economists expectations amid a wider trade boom in Asia. Wall Street Journal RAIL U.S. RAIL AND INTERMODAL SEE ANNUAL GAINS IN MARCH United States rail carload and intermodal volumes in March each saw annual gains, according to data issued by the Association of American Railroads (AAR). Carloads were up 7.3% compared to March of the 20 carload commodity categories tracked by the AAR saw annual gains, including coal up 19%, crushed stone, gravel and sand up 12.5%, and grain up 10.6%. Intermodal containers and trailers were up 5.5%, in March. On a year-to-date-basis through March, U.S. rail carloads were up 5.7%, and intermodal containers and trailers were up 1.4%. Logistics Management AIR AIRPORT CARGO DEMAND IMPROVES IN FEBRUARY 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) James O Malley Vice President jomalley@harriswilliams.com +1 (804) EUROPE Jeffery Perkins Managing Director jperkins@harriswilliams.com +49 (0) Airports enjoyed another bumper month in February for cargo, fueled by international demand. The latest cargo figures from industry body Airports Council International (ACI) show that volumes surged by 7.8% year on year in February. International demand improved ahead of domestic, with the former growing by 9.6% on the same month last year and the latter by 3.1%. The performance in February continues a strong start to the year for airports; in January ACI figures show that cargo demand increased by 5.7%. Air Cargo News PAGE 1

3 M&A TRANSACTIONS (1,2,3) RECENT M&A TRANSACTIONS Date Sector Target Business Description Acquirer 4/11/2017 Atlantic Company Provides intermodal, drayage, and related services. Forward Air Corporation 4/10/2017 Swift Provides trucking and transportation services. Knight 4/6/2017 Logistics Postal Express Provides regional overnight delivery services. Royal Mail (General Logistics Systems) 4/4/2017* Dickinson Fleet Services Provides services to the vehicle fleet maintenance industry. Ridgemont Equity Partners 3/27/2017 Logistics Premium Logistics Provides expedited domestic ground and freight brokerage services. Magnate Worldwide, LLC 3/23/2017 Logistics DAVACO, Inc. Provides logistics for high volume remodel and rollout programs to retail, restaurant and hospitality clients. Crane Worldwide Logistics 3/16/2017 Logistics Supply Chain Coach, Inc. Provides supply chain and logistics solutions. Rockfarm Supply Chain Solutions 3/15/2017 Rail Aero Products Manufacturers hatch covers and outlet gates for freight cars. Wabtec Corporation 3/14/2017 Air Air Methods Corporation Provides air medical transportation and air tourism services. American Securities 3/6/2017 Logistics Simplified Logistics Provides third party logistics services with a focus on less-thantruckload transportation management services. CI Capital Partners 3/2/2017 Logistics AsepTrans Provides tank transportation and cleaning services. Odyssey Logistics & Technology 3/2/2017 Rail Appalachian Railcar Services Provides railcar repair, railcar storage, plant loading and unloading, and short line switching and operations. GenNx360 Capital Partners 2/23/2017 Logistics Quick International Courier Provides courier and priority freight services. The Jordan Company 2/21/2017 Logistics Zentral Archiv Service Provides archiving services and logistics services in Germany. Rhenus Archive Services 2/15/2017 Logistics Transfreight Automotive Logistics Europe Provides cross-docking, transportation and manufacturing plant logistical support and operations services. Yusen Logistics 2/13/2017 Trading Services Inc Provides regional port logistics services in New Jersey. Ship Supply International 2/9/2017 Logistics Evans Network of Companies Provides intermodal, flatbed, brokerage, and van trucking services. Calera Capital 2/7/2017 Rail Atlantic Western Operates 219 miles of railway track leased from the Georgia Department of. Genesee & Wyoming Inc. 2/7/2017 Settoon Towing - Liquid Bulk Assets *Denotes minority investment Purchased assets include 35 towboats and 63 liquid tank barges with a total capacity of nearly 2 million barrels. Savage Companies PAGE 2

4 PUBLIC MARKETS OVERVIEW (1) TEV / LTM EBITDA TEV / 2017E EBITDA 10.9x 10.0x 10.2x 9.4x 8.8x 9.1x Equipment 7.3x Equipment 7.5x 6.6x 6.3x AVERAGE REVENUE GROWTH ( ) AVERAGE REVENUE GROWTH ( P) Equipment 4.7% 7.9% 4.0% 6.6% 2.6% 4.6% 2.1% Equipment 3.6% (6.0%) (1.9%) AVERAGE EBITDA GROWTH ( ) AVERAGE EBITDA GROWTH ( P) Equipment 19.4% 12.3% 6.0% 11.5% 5.1% Equipment 11.2% 5.1% 8.4% (4.5%) (2.9%) PAGE 3

5 STOCK PRICE PERFORMANCE (1) MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) 8.5% Equipment 47.3% 1.4% 14.4% S&P 500 (1.2%) S&P % (2.3%) 13.7% Equipment (2.9%) 13.3% (8.6%) 12.8% TRAILING TWELVE MONTHS (Indexed to April 12 th, 2016) 70% 60% 50% 40% 30% 20% 10% 0% (10%) (20%) (30%) Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Rail and Rail Services Equipment 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 has merged with has received a growth investment from an operating company of has merged with in a recapitalization by and has acquired 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 & Infrastructure Healthcare & Life Sciences Industrials Specialty Distribution Technology, Media & Telecom & Logistics HARRIS WILLIAMS & CO. OFFICE LOCATIONS Boston One International Place Suite 2620 Boston, Massachusetts Phone: +1 (617) Cleveland 1900 East 9th Street 20th Floor Cleveland, Ohio Phone: +1 (216) Minneapolis 222 South 9th Street Suite 3350 Minneapolis, Minnesota Phone: +1 (612) UNITED STATES Richmond (Headquarters) 1001 Haxall Point 9th Floor Richmond, Virginia Phone: +1 (804) San Francisco 575 Market Street 31st Floor San Francisco, California Phone: +1 (415) Washington, D.C th St. NW 2nd Floor Washington, D.C Phone: Beijing Hong Kong Mumbai EUROPE Frankfurt Bockenheimer Landstrasse Frankfurt Germany Phone: London 63 Brook Street London W1K 4HS, England Phone: +44 (0) NETWORK OFFICES New Delhi Shanghai PAGE 6

8 PUBLIC COMPARABLES (1) 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 Apr-16 Oct-16 Current 2017E 2018P & Logistics Agility Public Warehousing Co. K.S.C. $2,704 $ % 38.1% $ % 6.0x 6.6x 7.9x NA NA Air Transport Services Group, Inc. 1, (3.1%) 14.5% % 6.3x 6.3x 7.4x 5.7x 4.8x Atlas Air Worldwide Holdings, Inc. 3, % 41.5% % 10.3x 14.9x 8.9x 6.5x 5.8x C.H. Robinson Worldwide, Inc. 11, (5.7%) 3.2% % 11.9x 12.0x 12.8x 12.6x 11.9x Deutsche Post AG 44, (0.5%) 18.7% % 10.0x 8.5x 8.9x 8.0x 7.5x DSV A/S 10, % 24.2% % 17.2x 17.3x 17.3x 15.0x 13.4x Echo Global Logistics, Inc (7.5%) (23.7%) % 15.5x 14.7x 15.6x 10.3x 8.4x Expeditors International of Washington, Inc. 9, (1.6%) 16.3% % 10.3x 11.5x 12.8x 12.3x 11.6x FedEx Corporation 62, (3.0%) 12.8% % 9.4x 8.9x 9.3x 6.7x 6.2x Forward Air Corporation 1, (1.3%) 3.8% % 10.3x 9.6x 10.3x 9.6x 8.6x Hub Group, Inc. Class A 1, (19.5%) 5.2% % 7.7x 8.0x 8.4x 9.1x 8.3x J.B. Hunt Transport Services, Inc. 11, (6.7%) 7.0% % 9.8x 9.5x 10.3x 9.9x 8.9x Kuhne & Nagel International AG 16, % 1.8% % 15.1x 14.8x 15.4x 14.4x 13.6x Landstar System, Inc. 3, (2.3%) 31.2% % 9.9x 10.8x 13.5x 12.6x 11.6x Panalpina Welttransport (Holding) AG 2, % 10.6% % 12.1x 15.7x 15.1x 13.8x 11.5x Roadrunner Systems, Inc (7.9%) (45.8%) % 7.3x 7.3x 6.8x 6.8x 5.8x Ryder System, Inc. 9, (2.2%) 19.0% % 5.3x 5.2x 5.4x 5.2x 4.9x TFI International Inc. 3, (4.5%) 28.9% % 7.6x 8.5x 10.2x 7.5x 7.0x United Parcel Service, Inc. Class B 103, (2.3%) (1.0%) % 10.7x 10.9x 14.3x 9.8x 9.2x Universal Logistics Holdings, Inc (11.5%) (18.6%) % 6.0x 6.2x 7.1x 7.4x 6.8x XPO Logistics, Inc. 10, (8.2%) 52.2% % 13.3x 8.9x 9.1x 7.8x 6.7x Median (2.3%) 12.8% 88.1% 10.0x 9.5x 10.2x 9.4x 8.3x ArcBest Corporation $721 $24.75 (9.7%) 22.5% $ % 3.3x 4.4x 5.2x 4.2x 3.7x Celadon Group, Inc (39.9%) (47.0%) % 6.6x 7.0x 6.1x 6.7x 5.3x Covenant Group, Inc. Class A (9.0%) (21.6%) % 4.0x 4.2x 4.3x 4.6x 4.2x Heartland Express, Inc. 1, (5.3%) 11.7% % 7.0x 7.8x 8.0x 7.7x 7.2x Knight, Inc. 2, (4.6%) 26.4% % 6.9x 7.9x 9.9x 9.8x 8.7x Marten Transport, Ltd (3.8%) 33.0% % 4.3x 5.2x 5.8x 5.4x 4.9x Old Dominion Freight Line, Inc. 6, (8.3%) 20.7% % 8.5x 8.8x 10.0x 9.4x 8.5x P.A.M. Services, Inc (15.7%) (42.0%) % 4.9x 5.0x 4.6x 4.5x 3.7x Saia, Inc. 1, (7.5%) 56.8% % 5.2x 5.6x 7.4x 6.7x 5.9x Swift Company Class A 3, % 30.8% % 5.8x 7.0x 7.9x 7.5x 6.6x Universal Logistics Holdings, Inc (11.5%) (18.6%) % 6.0x 6.2x 7.1x 7.4x 6.8x USA Truck, Inc (19.5%) (53.3%) % 4.9x 6.2x 7.2x 5.9x 4.8x Werner Enterprises, Inc. 1, (7.9%) (4.9%) % 5.0x 5.3x 5.9x 5.6x 5.1x YRC Worldwide Inc. 1, (11.3%) 17.2% % 4.3x 4.7x 4.0x 3.5x 3.1x Median (8.6%) 14.4% 76.9% 5.1x 5.9x 6.6x 6.3x 5.2x PAGE 7

9 PUBLIC COMPARABLES (1) 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 Apr-16 Oct-16 Current 2017E 2018P & Logistics Rail and Rail Services American Railcar Industries, Inc. $1,192 $ % 0.7% $ % 4.7x 5.5x 6.5x 7.4x 7.9x Canadian National Railway Company 64, % 17.9% % 11.2x 12.3x 13.1x 12.5x 11.8x Canadian Pacific Railway Limited 29, % 5.4% % 11.7x 12.8x 12.0x 11.4x 10.7x CSX Corporation 54, (2.9%) 85.7% % 7.2x 8.7x 11.3x 11.1x 10.2x FreightCar America, Inc % (16.9%) % 1.5x 4.1x 4.3x NM 8.2x Genesee & Wyoming, Inc. Class A 6, (6.6%) 8.7% % 9.9x 10.9x 11.6x 9.0x 8.4x Greenbrier Companies, Inc. 1, % 44.3% % 2.4x 3.0x 4.1x 5.1x 5.9x Kansas City Southern 12, % 0.1% % 11.0x 11.4x 10.8x 10.0x 9.2x Norfolk Southern Corporation 42, (6.6%) 42.0% % 8.1x 9.2x 10.3x 9.7x 9.1x Trinity Industries, Inc. 6, % 36.8% % 3.9x 5.4x 6.5x 8.4x 8.7x Union Pacific Corporation 101, (0.7%) 32.6% % 8.2x 10.1x 10.9x 10.2x 9.5x Westinghouse Air Brake Technologies Corporation 8, % 0.3% % 11.1x 11.7x 15.3x 12.6x 11.7x Median 1.4% 13.3% 89.4% 8.1x 9.7x 10.9x 10.0x 9.2x Aegean Petroleum Network Inc. $1,696 $ % 66.4% $ % 10.6x 6.8x 16.7x 12.1x 11.5x Costamare Inc. 1, % (34.4%) % 6.7x 5.9x 5.6x 6.7x 7.4x Diana Shipping Inc % 107.3% % NM NM NM NM 13.9x Kirby Corporation 4, % 13.7% % 7.2x 8.2x 9.7x 11.0x 9.8x Matson, Inc. 2, (3.4%) (12.8%) % 6.9x 9.5x 8.8x 7.2x 6.8x Nordic American Tankers Limited 1, % (40.4%) % 7.3x 6.9x 7.4x 10.9x 7.7x Rand Logistics, Inc % (10.8%) % 6.9x 8.2x 7.5x 6.3x NA SEACOR Holdings Inc. 1, (2.4%) 17.9% % 10.2x 14.2x 18.4x 12.1x 10.0x Wallenius Wilhelmsen Logistics ASA 2, % 88.7% % NM 15.1x NM 6.2x 6.5x Median 8.5% 13.7% 84.9% 7.2x 8.2x 8.8x 9.1x 8.7x Equipment Dana Incorporated 3, (5.9%) 35.3% % 4.7x 5.0x 5.9x 5.1x 4.7x Gentherm Incorporated 1, (2.8%) (14.5%) % 9.2x 7.5x 8.7x 8.2x 7.5x Spartan Motors, Inc % 59.2% % NM NM 12.5x 8.6x 6.6x Wabash National Corporation 1, (2.9%) 60.3% % 4.0x 3.9x 5.8x 6.8x 7.3x Median (2.9%) 47.3% 82.1% 4.7x 5.0x 7.3x 7.5x 6.9x PAGE 8

10 PUBLIC COMPARABLES (1) Revenue Avg. Revenue Growth EBITDA Avg. EBITDA Growth ($ in millions) E 2018P '13-16 '16-18P E 2018P '13-16 '16-18P & Logistics Agility Public Warehousing Co. K.S.C. $4,846 $4,767 $4,330 NA NA NA NA NA $289 $276 $292 NA NA NA NA NA Air Transport Services Group, Inc , % 14.4% % 22.5% Atlas Air Worldwide Holdings, Inc. 1,657 1,799 1,823 1,840 1,840 2, % 9.4% % 19.1% C.H. Robinson Worldwide, Inc. 12,752 13,470 13,476 13,144 13,144 14, % 6.4% % 4.0% Deutsche Post AG 73,132 75,117 65,681 63,423 63,423 65,915 (4.6%) 1.9% 3,887 4,812 3,587 5,013 5,013 5, % 8.4% DSV A/S 8,137 8,645 7,563 10,066 10,066 10, % 3.5% % 14.2% Echo Global Logistics, Inc 884 1,173 1,512 1,716 1,716 2, % 11.4% % 35.3% Expeditors International of Washington, Inc. 6,080 6,565 6,617 6,098 6,098 6, % 5.7% % 5.7% FedEx Corporation 45,567 47,453 50,365 60,137 63,236 66, % 4.8% 6,033 4,951 6,165 8,430 9,290 10, % 10.2% Forward Air Corporation , % 6.6% % 9.2% Hub Group, Inc. Class A 3,374 3,571 3,526 3,573 3,573 4, % 6.7% % 0.3% J.B. Hunt Transport Services, Inc. 5,585 6,165 6,188 6,555 6,555 7, % 9.2% ,054 1,088 1,088 1, % 7.4% Kuhne & Nagel International AG 18,529 19,118 17,376 16,774 16,774 21,520 (3.3%) 13.3% 1,028 1,073 1,069 1,084 1,084 1, % 6.5% Landstar System, Inc. 2,665 3,185 3,321 3,168 3,168 3, % 5.6% % 7.7% Panalpina Welttransport (Holding) AG 7,289 7,327 6,081 5,274 5,274 5,530 (10.2%) 2.4% (0.7%) 13.3% Roadrunner Systems, Inc. 1,361 1,873 1,995 NA 2,039 2,105 NA NA NA NA NA Ryder System, Inc. 6,419 6,639 6,572 6,787 6,787 7, % 4.2% 1,361 1,505 1,649 1,738 1,738 1, % 5.2% TFI International Inc. 3,018 3,363 3,150 3,038 3,038 3, % 8.4% % 20.3% United Parcel Service, Inc. Class B 55,491 58,256 58,050 60,502 60,502 67, % 5.7% 8,765 7,991 9,429 7,295 7,295 11,280 (5.9%) 24.3% Universal Logistics Holdings, Inc. 1,033 1,192 1,129 1,073 1,073 1, % 2.2% (12.3%) 2.5% XPO Logistics, Inc ,357 7,623 14,619 14,619 15,829 NM 4.1% (17) ,158 1,158 1,575 NM 16.6% Total $259,756 $273,405 $267,955 $279,538 $284,676 $310, % 6.6% $25,705 $25,523 $27,772 $29,811 $30,766 $38, % 12.3% ArcBest Corporation $2,300 $2,613 $2,667 $2,700 $2,700 $3, % 5.7% $107 $154 $167 $139 $139 $ % 16.3% Celadon Group, Inc ,065 1,065 1, % 1.8% % (6.4%) Covenant Group, Inc. Class A (0.7%) 5.2% % 0.7% Heartland Express, Inc % 1.8% % 5.3% Knight, Inc ,102 1,183 1,118 1,118 1, % 6.3% % 5.9% Marten Transport, Ltd % 6.8% % 9.1% Old Dominion Freight Line, Inc. 2,338 2,788 2,972 2,992 2,992 3, % 7.7% % 8.3% P.A.M. Services, Inc % 2.1% % 12.0% Saia, Inc. 1,139 1,272 1,221 1,218 1,218 1, % 6.2% % 11.8% Swift Company Class A 4,118 4,299 4,229 4,032 4,032 4,374 (0.7%) 4.2% (4.1%) 7.8% Universal Logistics Holdings, Inc. 1,033 1,192 1,129 1,073 1,073 1, % 2.2% (12.3%) 2.5% USA Truck, Inc (8.2%) 5.8% (10.2%) 24.1% Werner Enterprises, Inc. 2,029 2,139 2,094 2,009 2,009 2,196 (0.3%) 4.5% % 7.2% YRC Worldwide Inc. 4,865 5,069 4,832 4,698 4,698 5,071 (1.2%) 3.9% % 12.6% Total $22,289 $24,492 $24,279 $23,721 $23,721 $26, % 4.6% $2,603 $2,984 $3,380 $3,068 $3,068 $3, % 8.4% PAGE 9

11 PUBLIC COMPARABLES (1) Revenue Avg. Revenue Growth EBITDA Avg. EBITDA Growth ($ in millions) E 2018P '13-16 '16-18P E 2018P '13-16 '16-18P & Logistics Rail and Rail Services American Railcar Industries, Inc. $751 $733 $889 $639 $639 $393 (5.2%) (21.6%) $179 $204 $272 $182 $182 $ % (9.0%) Canadian National Railway Company 10,263 10,986 9,857 9,085 9,085 10,151 (4.0%) 5.7% 4,710 5,137 5,021 4,934 4,934 5, % 5.6% Canadian Pacific Railway Limited 5,952 5,994 5,246 4,704 4,704 5,140 (7.5%) 4.5% 2,340 2,640 2,431 2,414 2,414 2, % 6.1% CSX Corporation 12,026 12,669 11,811 11,069 11,069 11,931 (2.7%) 3.8% 4,534 4,764 4,792 4,805 4,805 5, % 5.1% FreightCar America, Inc % (25.1%) (4) NM (58.8%) Genesee & Wyoming, Inc. Class A 1,569 1,639 2,000 2,002 2,002 2, % 6.8% % 16.5% Greenbrier Companies, Inc. 1,755 2,203 2,605 2,681 2,681 1, % (16.0%) % (21.8%) Kansas City Southern 2,369 2,577 2,419 2,397 2,397 2, % 4.4% 962 1,106 1,098 1,121 1,121 1, % 7.8% Norfolk Southern Corporation 11,245 11,624 10,511 9,888 9,888 10,857 (4.2%) 4.8% 4,173 4,526 3,938 4,131 4,131 4,675 (0.3%) 6.4% Trinity Industries, Inc. 4,365 6,170 6,393 4,588 4,588 3, % (14.9%) 963 1,402 1,528 1,008 1, % (13.3%) Union Pacific Corporation 21,963 23,988 21,813 19,941 19,941 21,803 (3.2%) 4.6% 9,223 10,657 10,064 9,310 9,310 10, % 7.2% Westinghouse Air Brake Technologies Corporation 2,566 3,044 3,308 2,931 2,931 4, % 19.8% % 13.6% Total $75,115 $82,227 $77,625 $70,448 $70,448 $74, % (1.9%) $28,243 $31,857 $30,912 $29,502 $29,502 $32, % (2.9%) Aegean Petroleum Network Inc. $6,335 $6,662 $4,232 $4,076 $4,076 $5,544 (13.7%) 16.6% $84 $54 $81 $101 $101 $ % 19.7% Costamare Inc % (10.4%) % (11.6%) Diana Shipping Inc (11.4%) 30.8% (12) (12) 62 NM NA Kirby Corporation 2,242 2,566 2,148 1,771 1,771 1,933 (7.6%) 4.5% (8.1%) (0.8%) Matson, Inc. 1,637 1,714 1,885 1,942 1,942 2, % 2.0% % 13.2% Nordic American Tankers Limited (1.7%) 6.9% (7) NM 6.0% Rand Logistics, Inc NA (9.6%) NA NA (1.1%) NA SEACOR Holdings Inc. 1,247 1,319 1, (12.7%) 5.1% (21.7%) 42.5% Wallenius Wilhelmsen Logistics ASA NA (7.5%) NA (22.3%) NM Total $12,764 $13,710 $10,874 $9,806 $9,809 $11,250 (6.0%) 7.9% $1,562 $1,772 $1,884 $1,441 $1,444 $1,978 (4.5%) 11.5% Equipment Dana Incorporated 6,769 6,617 6,060 5,826 5,826 6,561 (4.9%) 6.1% (4.7%) 10.9% Gentherm Incorporated , % 7.7% % 8.3% Spartan Motors, Inc % 7.0% % 37.6% Wabash National Corporation 1,636 1,863 2,027 1,845 1,845 1, % (6.4%) % (12.0%) Total $9,536 $9,799 $9,494 $9,180 $9,180 $9, % 3.6% $938 $1,012 $991 $1,017 $1,017 $1, % 11.2% PAGE 10

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