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 ADDRESSING FUTURE DEMAND LEVELS NOW Increased variation in what buyers require at a given time means it is no longer sufficient to rely on traditional baseline ordering patterns. Meeting demand on a more consistent basis therefore requires complex stock management systems, building and maintaining key relationships throughout the supply chain and a review of the triggers that influence buying behavior. Recent years have seen a concerted focus on suppliers adopting more products lines both in terms of volume and variation in order to react quickly to the demands of buyers, which can often come at a moment s notice. Supply Chain Digital TRUCKING LOGISTICS CHIEF EXPECTS TRUCKERS TO ADAPT TO NEW RULES Logistics provider C.H. Robinson Worldwide Inc. says the trucking industry should absorb new federal safety regulations with relative ease despite sharp divisions among trucking companies over the rules. The requirement for electronic logging devices and restrictions on driving hours for truck drivers will raise costs for some smaller trucking companies, John Wiehoff, the company s chief executive, said in an earnings conference call with analysts on Wednesday. But we re pretty comfortable that it will get absorbed over time and that it will get adapted to by the small carriers, he said. Wall Street Journal MARINE EXPANSION OF PANAMA CANAL NEARLY FINISHED Nearly a decade in the making, the expansion of the Panama Canal is expected to be ready for commercial traffic in late spring. However, a vigorous debate continues over just how much that project will shift U.S.-bound ocean freight to the East Coast at a time when new, larger ships that are too big to traverse even the widened canal already are servicing West Coast ports. Today, the century-old canal linking the Pacific Ocean and the Caribbean Sea can accommodate only ships carrying up to about 5, foot containers, but growth in the size of cargo vessels helped prompt the Panama Canal Authority to begin the $5.25 billion expansion in Transport Topics RAIL RAIL COMPETITION INTENSE FOR EVEN MODEST U.S. GROWTH Intermodal volume growth slid to a near-halt in 2015, and the headwinds that stymied growth high inventories, a strong U.S. dollar, decelerating manufacturing production, low fuel prices and flush truck capacity show no signs of subsiding anytime soon. Outlook for the Class I rail industry in 2016 varies from cautiously optimistic to downright grim. Even though intermodal service has generally improved, the railroads are finding competition from the trucking sector for domestic loads and marine containers as fierce as ever. Fluid truck capacity and historically low fuel prices have helped keep truck spot rates low. With U.S. crude, gasoline and diesel inventories close to overflowing, fuel prices and surcharges are likely to remain depressed. Journal of Commerce 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) AIR AIR FREIGHT GROWTH SLOWED TO 2.2% IN 2015 The International Air Transport Association (IATA) released figures for global air freight markets showing cargo volumes measured in freight tonne kilometers (FTKs) expanded 2.2% in 2015 compared to This was a slower pace of growth than the 5.0% growth recorded in The weakness reflects sluggish trade growth in Europe and Asia-Pacific. After a strong start, air freight volumes began a decline that continued through most of 2015, until some improvements to world trade drove a modest pick-up late in the year. IATA PAGE 1

3 M&A TRANSACTIONS RECENT M&A TRANSACTIONS 1,2 Date Sector Target Business Description Acquirer 2/11/2016 Logistics Advanced Distribution Provides manufacturing services and logistics services through cross docking facilities. Dicom Group, L.P. 2/9/2016 Logistics Gary Heer Transport Ltd. Provides refrigerated truckload hauling services. Versacold International Corporation 2/3/2016 Alliance Supply Management Ltd. Provides supply services for commercial and industrial shippers in the U.S. Gulf of Mexico and South Eastern U.S. Ship Supply Of Florida, Inc. 2/2/2016 Global Distribution and Logistics LLC Provides various freight transportation services in the U.S. and internationally. Rockfarm Supply Chain Solutions Inc. 1/14/2016 Logistics EZ Alternative Transport Provides bulk chemical hauling services. Heniff Systems 1/12/2016 Logistics Enroute Systems Corporation Provides SaaS transportation management systems. Pitney Bowes Inc. 1/11/2016* Logistics Consolidated Aviation Services LLC Provides cargo handling services throughout the United States and South America. Worldwide Flight Services, Inc. 12/29/2015* Logistics Sinotrans & CSC Holdings Co. Ltd. Provides integrated logistics solutions for customers in China and internationally. China Merchants Group Limited 12/9/2015 Logistics United Co LLC, Motor Fuel Delivery Fleet 12/7/2015* Neptune Orient Lines Limited Provides motor fuel delivery services. Owns and operates charter vessels and other related assets and provides global cargo container transportation services. Sentinel LLC CMA CGM S.A. 12/2/2015 Equipment Polar Corporation Provider of high-quality tank trailers, parts, and related repair & maintenance services. 12/1/2015 Logistics Optimal Freight, LLC Provides truckload, less-than-truckload, intermodal, air, ocean, and freight management services. American Industrial Partners Transport America, Inc. 12/1/2015 Logistics Bear Services, LP Provides less-than-truckload and truckload freight brokerage services. ABF Logistics II, Inc. 11/18/2015 Logistics The Secor Group, Inc. Provides moving, storage, and logistics services. The Suddath Companies 11/9/2015* Equipment TAL International Group, Inc. Leases intermodal transportation equipment and provides maritime container management services worldwide. Triton Container International Limited 11/4/2015 Logistics Juno Logistics Provides non-asset based, global third party logistics. Sojitz Logistics Corporation 11/2/2015 Logistics Copper Logistics, Inc. Provides domestic and international asset-light freight forwarding services. Radiant Logistics, Inc. 11/2/2015 Logistics Dunbar Armored, Inc., Global Logistics Operations 10/29/2015 Logistics TransForce Waste *Denotes pending transactions Management Segment Provides armored logistics services and cash management solutions. Provides an extended range of services for residual materials management in the residential, municipal, industrial, commercial, and institutional sectors. Loomis AB GFL Environmental Inc. PAGE 2

4 PUBLIC MARKETS OVERVIEW TEV / LTM EBITDA TEV / 2016E EBITDA 9.3x 8.2x 8.4x 7.8x 7.8x 6.7x 5.0x 4.9x Equipment 4.2x Equipment 4.6x AVERAGE REVENUE GROWTH ( E) AVERAGE REVENUE GROWTH (2015E 2017P) 7.3% 5.7% 7.2% 3.7% 5.2% Equipment 2.0% Equipment 4.3% 0.5% (2.8%) (2.5%) AVERAGE EBITDA GROWTH ( E) AVERAGE EBITDA GROWTH (2015R 2017P) 16.7% 8.9% Rail & Rail Services 10.8% Equipment 7.4% Logistics Providers 10.4% 4.9% Equipment 3.7% 2.6% 2.9% 1.7% PAGE 3

5 STOCK PRICE PERFORMANCE MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) 19.2% S&P 500 (11.1%) 8.6% (22.6%) 6.7% (32.9%) S&P % (37.3%) Equipment 5.8% (38.6%) (1.4%) Equipment (46.3%) TRAILING TWELVE MONTHS (Indexed to February 15, 2014) 20% 10% 0% (10%) (20%) (30%) (40%) (50%) Feb May Aug Nov Feb 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 acquired RCL Services Group in partnership with and has sold and to 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 Two International Place 24th Floor 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) EUROPE Frankfurt Bockenheimer Landstrasse Frankfurt Germany Phone: London 63 Brook Street London W1K 4HS, England Phone: +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 Feb-15 Aug-15 Current 2016E 2017P & Logistics Agility Public Warehousing Company K.S.C.P. $1,613 $ % (46.2%) $ % 10.9x 9.0x 6.1x NA NA Air Transport Services Group, Inc. $985 $ % 22.8% $ % 5.1x 4.8x 5.1x 4.7x 4.4x Atlas Air Worldwide Holdings, Inc. $2,311 $ % (24.4%) $ % 8.3x 6.6x 5.9x 6.2x 6.2x CH Robinson Worldwide Inc. $10,830 $ % (3.3%) $ % 14.6x 12.7x 11.7x 11.1x 10.6x Deutsche Post AG $31,871 $23.30 (6.3%) (29.5%) $ % 9.7x 10.6x 9.3x 5.9x 5.5x DSV A/S $7,311 $ % 26.6% $ % 12.9x 15.0x 14.7x 11.7x 10.7x Echo Global Logistics, Inc. $893 $ % (8.9%) $ % 16.7x NM 16.6x 10.0x 8.2x Expeditors International of Washington Inc. $7,545 $ % (0.2%) $ % 12.1x 11.6x 10.1x 9.6x 9.0x FedEx Corporation $40,292 $ % (27.1%) $ % 7.5x 7.0x 5.5x 5.3x 4.8x Forward Air Corp. $1,208 $37.51 (8.8%) (30.1%) $ % 12.6x 12.0x 10.2x 7.6x 6.7x Hub Group Inc. $1,246 $ % (8.9%) $ % 10.8x 11.0x 8.1x 8.0x 7.6x JB Hunt Transport Services Inc. $9,481 $ % (10.2%) $ % 11.4x 10.2x 9.0x 8.4x 7.7x Kuehne + Nagel International AG $15,381 $ % (8.0%) $ % 16.5x 15.2x 14.8x 13.9x 13.2x Landstar System Inc. $2,495 $ % (14.2%) $ % 12.1x 11.4x 9.2x 9.5x 8.8x Panalpina World Transport Holding Ltd. $2,110 $ % (25.3%) $ % 19.0x 17.1x 14.8x 9.7x 8.1x Roadrunner Systems, Inc. $857 $ % (56.2%) $ % 11.5x 10.0x 6.6x 6.1x 5.8x Ryder System, Inc. $8,353 $ % (42.4%) $ % 5.8x 5.8x 4.7x 4.5x 4.3x TransForce Inc. $2,696 $14.68 (1.4%) (39.7%) $ % 9.3x 7.9x 6.9x 8.2x 7.9x United Parcel Service, Inc. $95,562 $ % (4.5%) $ % 14.4x 11.9x 9.8x 9.2x 8.7x Universal Truckload Services Inc. $634 $ % (41.9%) $ % 8.4x 6.7x 5.8x 5.6x 5.4x World Fuel Services Corp. $3,211 $ % (20.8%) $ % 13.4x 10.5x 10.3x 9.4x 8.4x XPO Logistics, Inc. $5,146 $ % (45.4%) $ % NM NM 16.2x 4.2x 3.5x Median 8.6% (22.6%) 70.2% 11.5x 10.6x 9.3x 8.2x 7.7x ArcBest Corporation $486 $ % (51.5%) $ % 6.3x 4.4x 2.9x 2.9x 2.6x Celadon Group Inc % (62.7%) % 10.2x 9.4x 6.5x 5.5x 4.9x Covenant Group, Inc % (25.7%) % 8.3x 5.4x 4.9x 4.9x 4.6x Heartland Express, Inc. 1, % (26.4%) % 11.0x 8.6x 8.2x 7.2x 6.7x Knight Inc. 2, % (23.0%) % 11.4x 8.6x 7.3x 7.2x 6.5x Marten Transport Ltd % (23.5%) % 6.8x 5.2x 4.8x 4.3x 4.0x Old Dominion Freight Line Inc. 5, % (20.1%) % 11.4x 10.0x 8.0x 7.5x 6.8x P.A.M. Services, Inc (5.1%) (56.0%) % 8.8x 6.6x 4.3x NA NA Saia, Inc % (41.1%) % 8.3x 7.0x 4.8x 4.7x 4.3x Swift Company 3, % (36.0%) % 9.0x 7.6x 6.2x 5.8x 5.4x Universal Truckload Services Inc % (41.9%) % 8.4x 6.7x 5.8x 5.6x 5.4x USA Truck Inc % (46.8%) % 7.1x 5.0x 4.5x 4.8x 4.5x Werner Enterprises Inc. 1, % (14.4%) % 7.2x 6.0x 5.0x 4.8x 4.5x YRC Worldwide Inc. 1, (29.6%) (64.4%) % 7.9x 5.5x 4.4x 3.4x 3.1x Median 19.2% (38.6%) 58.0% 8.4x 6.6x 5.0x 4.9x 4.6x 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 Feb-15 Aug-15 Current 2016E 2017P & Logistics Rail and Rail Services American Railcar Industries, Inc. $1,312 $ % (22.7%) $ % 6.7x 5.3x 5.2x 5.2x NA Canadian National Railway Company 51, % (21.1%) % 12.9x 11.6x 11.0x 10.5x 9.9x Canadian Pacific Railway Limited 24, % (33.4%) % 14.9x 12.5x 10.8x 10.0x 9.4x CSX Corp. 32, % (33.0%) % 9.3x 7.8x 6.8x 7.0x 6.6x FreightCar America Inc % (30.6%) % 15.0x 6.5x 2.6x 2.2x 3.0x Genesee & Wyoming Inc. 5, % (44.0%) % 11.6x 10.7x 9.4x 9.0x 8.5x The Greenbrier Companies, Inc. 1, % (53.6%) % 7.6x 4.9x 2.2x 2.5x 4.0x Kansas City Southern 11, % (32.8%) % 13.9x 12.2x 10.2x 9.9x 9.1x Norfolk Southern Corporation 30, % (34.0%) % 9.3x 7.8x 7.8x 7.7x 7.1x Trinity Industries Inc. 6, % (28.0%) % 5.7x 5.1x 4.1x 4.6x 5.2x Union Pacific Corporation 78, % (37.0%) % 11.1x 8.7x 7.8x 7.9x 7.5x Westinghouse Air Brake Technologies Corporation 6, % (27.8%) % 15.3x 15.4x 10.0x 9.6x 9.6x Median 6.7% (32.9%) 62.3% 11.3x 8.2x 7.8x 7.8x 7.5x Aegean Petroleum Network Inc. $904 $ % (55.6%) $ % 15.3x 12.4x 9.0x 6.7x 6.3x Costamare Inc. 2, (3.3%) (65.8%) % 10.1x 8.6x 6.3x 6.1x 6.4x Diana Shipping Inc (9.3%) (68.9%) % 15.5x NM 14.6x NM NM Kirby Corporation 3, % (32.3%) % 8.0x 7.5x 6.5x 7.5x 7.2x Matson, Inc. 2, % 4.5% % 8.8x 9.9x 8.4x 6.6x 6.5x Neptune Orient Lines Limited 5, % 18.1% % NM NM NM NM NM Nordic American Tankers Limited 1, (4.7%) 21.8% % 17.7x 11.0x 6.7x 6.9x 7.7x Rand Logistics, Inc (21.2%) (75.2%) % 7.8x 7.9x 8.6x 7.3x 5.8x SEACOR Holdings Inc. 1, (4.5%) (42.4%) % 7.7x 9.2x 7.4x 6.6x 6.5x Wilh. Wilhelmsen ASA 1, % (22.6%) % 15.8x 12.2x 10.7x 4.7x 4.4x Median (1.4%) (37.3%) 58.8% 10.1x 9.5x 8.4x 6.7x 6.4x Equipment Accuride Corp. $326 $0.90 (6.3%) (82.4%) $ % 7.4x 5.9x 4.2x 4.6x 4.5x Dana Holding Corporation 2, % (46.3%) % 6.1x 5.2x 4.0x 4.0x 3.8x Gentherm Incorporated 1, % (5.5%) % 11.2x 12.8x 9.3x 8.4x 7.5x Spartan Motors Inc % (46.5%) % 17.3x 12.0x 8.9x 7.7x 5.7x Wabash National Corp % (16.8%) % 7.2x 6.2x 4.2x 4.4x 5.2x Median 5.8% (46.3%) 53.1% 7.4x 6.2x 4.2x 4.6x 5.2x PAGE 8

10 PUBLIC COMPARABLES Revenue Avg. Revenue Growth EBITDA Avg. EBITDA Growth ($ in millions) E 2016P 2017P '12-15E '15E-17P E 2016P 2017P '12-15E '15E-17P & Logistics Agility Public Warehousing Company K.S.C.P. $5,039 $4,873 $4,633 NA NA NA NA NA $254 $296 $265 NA NA NA NA NA Air Transport Services Group, Inc (0.8%) 4.8% % 6.2% Atlas Air Worldwide Holdings, Inc. 1,632 1,643 1,785 1,838 1,897 1, % 2.7% % (0.1%) CH Robinson Worldwide Inc. 11,359 12,752 13,470 13,585 13,611 14, % 3.5% , % 5.6% Deutsche Post AG 73,191 75,621 68,547 65,008 69,539 72,015 (3.9%) 5.3% 4,129 5,116 4,469 4,382 5,403 5, % 14.7% DSV A/S 7,937 8,439 7,896 7,476 10,752 11,252 (2.0%) 22.7% % 15.7% Echo Global Logistics, Inc ,173 1,528 1,851 2, % 19.9% % 27.9% Expeditors International of Washington Inc. 5,992 6,080 6,565 6,725 7,004 7, % 4.5% % 4.5% FedEx Corporation 42,680 44,287 45,567 47,609 49,899 51, % 4.5% 5,367 6,112 6,417 6,891 7,594 8, % 10.2% Forward Air Corp ,022 1, % 6.6% % 11.5% Hub Group Inc. 3,124 3,374 3,571 3,542 3,614 3, % 3.8% (1.8%) 15.3% JB Hunt Transport Services Inc. 4,058 4,527 5,083 6,185 6,634 7, % 8.6% ,055 1,127 1, % 8.0% Kuehne + Nagel International AG 18,699 19,290 17,618 20,253 21,768 22, % 5.8% 979 1, ,047 1,106 1, % 5.9% Landstar System Inc. 2,735 2,628 3,145 3,315 3,237 3, % 2.2% % 1.9% Panalpina World Transport Holding Ltd. 7,227 7,589 6,752 6,060 6,318 6,539 (5.7%) 3.9% % 20.3% Roadrunner Systems, Inc. 1,073 1,361 1,873 1,999 2,014 2, % 2.9% % 8.6% Ryder System, Inc. 6,257 6,419 6,639 6,575 6,759 7, % 3.8% 1,396 1,473 1,637 1,815 1,842 1, % 3.1% TransForce Inc. 2,822 2,620 2,817 3,095 2,924 2, % (2.0%) (1.7%) (4.3%) United Parcel Service, Inc. 54,127 55,438 58,232 58,585 61,812 64, % 5.2% 3,201 8,868 6,864 9,752 10,442 11, % 6.3% Universal Truckload Services Inc. 1,037 1,033 1,192 1,129 1,157 1, % 3.2% % 3.5% World Fuel Services Corp. 38,945 41,562 43,386 31,516 29,545 32,360 (6.8%) 1.3% % 13.1% XPO Logistics, Inc ,357 7,397 15,250 16,545 NM NM (25) (20) ,245 1,440 NM NM Total $290,163 $302,356 $303,671 $294,972 $317,233 $333, % 5.7% $19,796 $27,540 $25,722 $29,910 $33,542 $36, % 8.9% ArcBest Corporation $2,066 $2,300 $2,613 $2,666 $2,745 $2, % 3.9% $70 $104 $155 $172 $165 $ % 5.3% Celadon Group Inc ,082 1, % 13.1% % 9.3% Covenant Group, Inc % 3.8% % 4.0% Heartland Express, Inc % 0.5% % 1.2% Knight Inc ,197 1,191 1, % 3.3% % 4.6% Marten Transport Ltd % 5.1% % 6.3% Old Dominion Freight Line Inc. 2,135 2,338 2,788 2,980 3,118 3, % 6.5% % 8.2% P.A.M. Services, Inc NA NA NA NA NA NA NA NA NA NA Saia, Inc. 1,099 1,139 1,272 1,225 1,222 1, % 2.6% % 6.6% Swift Company 3,976 4,118 4,299 4,244 4,303 4, % 2.9% % 5.5% Universal Truckload Services Inc. 1,037 1,033 1,192 1,129 1,157 1, % 3.2% % 3.5% USA Truck Inc % (1.9%) % (1.1%) Werner Enterprises Inc. 2,036 2,029 2,139 2,108 2,138 2, % 3.0% % 5.1% YRC Worldwide Inc. 4,851 4,865 5,069 4,832 4,821 5,005 (0.1%) 1.8% NM NM Total $20,948 $21,752 $23,955 $23,906 $24,376 $25, % 3.7% $2,415 $2,567 $2,962 $3,446 $3,499 $3, % 4.9% PAGE 9

11 PUBLIC COMPARABLES Revenue Avg. Revenue Growth EBITDA Avg. EBITDA Growth ($ in millions) E 2016P 2017P '12-15E '15E-17P E 2016P 2017P '12-15E '15E-17P & Logistics Rail and Rail Services American Railcar Industries, Inc. $712 $751 $733 $848 $823 $ % (10.9%) $145 $179 $204 $270 $251 NA NM NA Canadian National Railway Company 9,952 9,954 10,478 9,106 9,304 9,795 (2.9%) 3.7% 4,624 4,568 4,900 4,606 4,872 5,146 (0.1%) 5.7% Canadian Pacific Railway Limited 5,568 5,631 5,582 4,861 4,901 5,172 (4.4%) 3.2% 1,774 2,194 2,434 2,338 2,466 2, % 6.4% CSX Corp. 11,763 12,026 12,669 11,856 11,218 11, % (0.7%) 4,523 4,577 4,803 4,795 4,613 4, % 1.5% FreightCar America Inc % (12.4%) 41 (8) % NM Genesee & Wyoming Inc ,569 1,639 2,001 2,010 2, % 2.5% % 3.4% The Greenbrier Companies, Inc. 1,736 1,685 2,121 2,652 2,771 2, % (9.8%) NM NM Kansas City Southern 2,239 2,369 2,577 2,418 2,388 2, % 2.7% ,106 1,080 1,131 1, % 6.4% Norfolk Southern Corporation 11,040 11,245 11,624 10,535 10,076 10,601 (1.5%) 0.3% 4,046 4,179 4,531 3,991 4,031 4,320 (0.5%) 4.0% Trinity Industries Inc. 3,812 4,365 6,170 6,474 5,792 5, % (10.3%) ,400 1,651 1,355 1, % (14.8%) Union Pacific Corporation 19,686 20,684 22,560 22,007 20,965 21, % (0.2%) 8,505 9,223 10,657 10,216 9,898 10, % 1.4% Westinghouse Air Brake Technologies Corporation 2,391 2,566 3,044 3,314 3,407 3, % 2.4% % 1.3% Total $70,451 $73,136 $79,795 $76,884 $74,373 $75, % (2.5%) $26,125 $28,000 $31,451 $30,681 $30,416 $31, % 1.7% Aegean Petroleum Network Inc. $7,259 $6,335 $6,662 $4,374 $4,550 $4,831 (15.5%) 5.1% $85 $75 $98 $116 $136 $ % 11.6% Costamare Inc % (1.4%) % (3.5%) Diana Shipping Inc (13.5%) (1.2%) (2) 14 (37.3%) (32.1%) Kirby Corporation 2,113 2,242 2,566 2,180 1,874 1, % (6.5%) % (6.0%) Matson, Inc. 1,560 1,637 1,714 1,903 2,077 2, % 6.3% % 4.1% Neptune Orient Lines Limited 9,512 8,831 8,617 6,041 5,874 6,061 (14.0%) 0.2% NM 32.6% Nordic American Tankers Limited NM NM 13 (21) NM NM Rand Logistics, Inc % (1.8%) % 1.4% SEACOR Holdings Inc. 1,308 1,247 1,319 1,074 1,089 1,156 (6.4%) 3.7% (0.9%) 13.0% Wilh. Wilhelmsen ASA ,326 2,345 2,370 NM NM NM NM Total $22,993 $21,559 $22,303 $18,974 $18,850 $19,506 (2.8%) 0.5% $1,658 $1,624 $2,080 $2,442 $2,578 $2, % 2.6% Equipment Accuride Corp. $795 $643 $705 $690 $678 $691 (4.6%) 0.1% $65 $43 $75 $81 $70 $78 7.9% (2.0%) Dana Holding Corporation 7,224 6,769 6,617 6,022 5,847 6,207 (5.9%) 1.5% (4.5%) 2.6% Gentherm Incorporated , % 10.1% % 10.7% Spartan Motors Inc % 2.6% (19.5%) 35.2% Wabash National Corp. 1,462 1,636 1,863 1,996 1,958 1, % (4.4%) NM (9.5%) Total $10,506 $10,179 $10,504 $10,118 $9,984 $10, % 2.0% $1,008 $981 $1,084 $1,108 $1,111 $1, % 7.4% PAGE 10

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