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 TRANSPORTATION AND LOGISTICS OVERVIEW HARRIS WILLIAMS & CO. DEAL SPOTLIGHT has acquired WHAT WE RE READING Kenan Advantage Group, Inc. Harris Williams & Co. announces the acquisition of The Kenan Advantage Group, Goldman Sachs Capital Partners and Centerbridge Partners, by OMERS Private Equity (OPE). Kenan Advantage is North America s largest tank truck transporter and logistics provider, delivering fuel, chemicals, industrial gasses, and food-grade products. HW&Co. acted as the buyside advisor for OPE. LOGISTICS FREIGHT STARTUPS ATTRACT SILICON VALLEY S ATTENTION Silicon Valley investors are piling into companies that want to drag the $160-billiona-year business of arranging cargo shipments into the internet age. Since the start of 2014, venture capital firms have pumped more than $1 billion into start-up freight forwarding companies, an industry that was not on most tech investors radar two years ago. Wall Street Journal TRUCKING HOW THE U.S. TRUCKING INDUSTRY IS KEEPING UP With the U.S. economy continuing to expand, trucking companies have had to keep up with growing freight demand while battling a significant shortage of licensed truck drivers. In order to meet demand, trucking companies have opted to add more trailers to increase the capacity of each individual driver. According to CK Commercial Vehicle Research, approximately 70 percent of surveyed trucking companies plan to buy more trailers, representing the highest level since Bloomberg MARINE WESTBOUND TRANS-ATLANTIC TRANSFORMED Driven by a combination of the euro s slide against the dollar and the strengthening U.S. economy, traffic on the head-haul Europe-to-U.S. westbound trade grew 8.4 percent year-over-year in the first quarter. That growth matched the growth experienced throughout all of 2014, making it the second-fastest growing east-west route after the 12.6 percent jump in the Asia-Mediterranean trade. 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) EUROPE Jeffery Perkins Managing Director jperkins@harriswilliams.com +49 (0) RAIL RAIL SHIPPERS SEEK NEW RULES TO PROMOTE RATE COMPETITION The National Industrial League and other shipper groups have urged the Surface Board to create new rules that would foster lower rail prices through competitive switching or rate caps, now that carriers have become profitable enough to absorb a slight revenue decline. Transport Topics AIR AIR FREIGHT SLOWDOWN CONTINUES The International Air Transport Association (IATA) released data for global air freight markets displaying air freight volumes, measured in freight tonne kilometers (FTM), rose only 1.2 percent compared to a year ago. This is consistent with falling trade activity and weaker than expected global growth. IATA PAGE 1

3 M&A TRANSACTIONS RECENT M&A TRANSACTIONS 1,2 Announced Sector Target Business Description Acquirer 8/17/2015 Logistics Ozburn-Hessey Logistics, LLC 8/10/2015 Hornady LLC Provides third party logistics services, including warehousing & fulfillment, transportation management, custom brokerage, and international transportation. Provides flatbed trucking services to customers on the east coast of the United States. Geodis S. A. Daseke, Inc. 8/4/2015 Logistics Hallcon Corporation Canadian provider of specialty outsourced services to the railway and transit sectors in North America. Novacap 8/4/2015 Logistics Courier Express Enterprises LLC Asset-free provider of B2B last mile services with over 1,000 dedicated delivery providers. Dicom Group, L.P. 7/31/2015 Logistics Coyote Logistics, LLC Non-asset based truckload, LTL, and intermodal service provider. United Parcel Service, Inc. 7/30/2015 Logistics North & South Logistics, Inc. Provides freight brokerage, focusing on LTL, truckload, and intermodal freight logistics, throughout the continental United States. Transport United, Inc. 7/28/2015 Stagecoach Cartage and Distribution, LP. Provides regional, intermodal, and over-the-road truckload services and warehousing and trans-loading solutions. Roadrunner Systems, Inc. 7/27/2015 Logistics SFO Shuttle Bus Provides employee commuter services as well as airport shuttle Company and Loop services. 7/27/2015 Rail Faiveley Transport S.A. International manufacturer and supplier of equipment for the railway industry. 7/22/2015 Logistics BearWare Inc. Provides freight tracking and related solutions for specialty retail shippers. Hallcon Corporation Westinghouse Air Brake Technologies Corporation The Descartes Systems Group Inc 7/21/2015 Logistics EXTRA Express Cerritos, Inc. Asset-light provider of B2B last mile services based in Los Angeles, CA. Dicom Group, L.P. 7/20/2015 Allstate Utility Trailers Inc. Provides utility trailers, cargo trailers, car trailers, and dump trailers, parts, and accessories nationwide. 7/16/2015 Logistics ebay Enterprise, Inc. ebay Enterprise handles warehousing and logistics for third-party sellers. Mobile Mini, Inc. Permira Advisers Ltd 7/16/2015 Logistics G4S International Logistics, Insured Parcel Services Business 7/14/2015 Rail Technology Services, Inc. 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. Provides independent cargo handling services at Frankfurt Airport, Europe's joint largest cargo airport alongside Paris CDG. UPS Capital Corporation BNSF Logistics, 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 truckload and intermodal carrier services in the U.S. and 6/18/2015 The Kenan Advantage Group, Inc. Canada, operating several hundred power units and more than 400 trailers. North America's largest tank truck transporter and logistics provider, delivering fuel, chemicals, industrial gases, and food-grade products. Palladium Equity Partners Daseke, Inc. OMERS Private Equity PAGE 2

4 PUBLIC MARKETS OVERVIEW TEV / LTM EBITDA TEV / 2015E EBITDA 10.6x 10.7x 9.8x 8.2x 8.2x 8.1x 6.6x 6.5x 6.2x 5.3x 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) 1.3% 2.7% (2.7%) 2.6% (2.9%) (3.0%) (5.9%) (17.6%) (8.0%) (26.5%) TRAILING TWELVE MONTHS (Indexed to August 13, 2014) 30% 20% 10% 0% (10%) (20%) (30%) Aug Nov Feb May Aug 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) 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 Aug-14 Feb-15 Current E & Logistics Agility Public Warehousing Company KSC $2,360 $ % (20.7%) $ % 9.5x 10.7x 9.1x 8.9x 8.3x Air Transport Services Group, Inc (9.1%) 13.9% % 5.2x 4.9x 4.8x 5.1x 4.7x Atlas Air Worldwide Holdings, Inc. 2, (15.5%) 35.5% % 7.8x 8.7x 6.6x 7.5x 6.5x CH Robinson Worldwide Inc. 10, % 1.8% % 14.6x 14.3x 12.5x 13.4x 11.8x Deutsche Post AG 39, (5.9%) (6.9%) % 8.0x 9.3x 10.9x 8.9x 8.2x DSV A/S 7, % 21.1% % 11.7x 12.5x 15.1x 14.8x 13.7x Echo Global Logistics, Inc (25.5%) 7.9% % 18.3x 16.1x NM NM 14.4x Expeditors International of Washington Inc. 8, % 19.6% % 11.4x 11.9x 11.4x 12.7x 10.9x FedEx Corporation 49, (4.3%) 9.5% % 6.9x 8.1x 7.0x 7.7x 7.2x Forward Air Corp. 1, (9.6%) 3.2% % 12.3x 12.6x 11.8x 12.3x 10.7x Hub Group Inc. 1, (2.2%) (10.4%) % 12.2x 10.6x 10.6x 10.7x 11.4x JB Hunt Transport Services Inc. 10, (6.6%) 5.0% % 11.5x 11.2x 10.2x 11.0x 9.7x Kuehne + Nagel International AG 16, % 2.6% % 14.1x 16.1x 15.2x 16.3x 15.4x Landstar System Inc. 2, (0.1%) 2.7% % 13.9x 12.1x 11.4x 12.0x 11.0x Panalpina World Transport Holding Ltd. 2, (0.7%) (12.7%) % 18.3x 18.2x 17.0x 17.7x 13.4x Roadrunner Systems, Inc. 1, (8.5%) (6.6%) % 12.1x 11.3x 9.8x 11.1x 8.7x Ryder System, Inc. 9, (3.3%) 1.6% % 6.0x 5.7x 5.8x 6.1x 5.5x TransForce Inc. 3, (8.0%) (26.5%) % 10.4x 8.9x 8.1x 8.7x 8.1x United Parcel Service, Inc. 98, % 5.4% % 12.2x 14.3x 11.8x 14.3x 10.0x Universal Truckload Services Inc (8.4%) (16.6%) % 8.9x 8.2x 6.7x 6.8x 6.5x UTi Worldwide Inc. 1, (14.9%) (16.2%) % 19.0x NM NM 17.0x 15.1x World Fuel Services Corp. 3, (15.2%) (7.5%) % 12.0x 12.6x 10.5x 10.2x 10.8x XPO Logistics, Inc. 7, (17.1%) 23.9% % NM NM NM NM 18.9x Median (5.9%) 2.6% 84.2% 11.8x 11.3x 10.6x 11.0x 10.7x ArcBest Corporation $752 $ % (5.3%) $ % 6.3x 6.1x 4.4x 4.9x 4.0x Celadon Group Inc. 1, (8.2%) (2.8%) % 7.2x 9.5x 9.7x 10.6x 8.3x Con-way Inc. 2, (1.7%) (27.5%) % 6.8x 6.6x 4.8x 4.9x 4.5x Covenant Group, Inc (8.4%) 104.5% % 5.4x 8.1x 5.2x 6.6x 4.8x Heartland Express, Inc. 1, % (9.3%) % 11.8x 10.7x 8.5x 8.5x 7.2x Knight Inc. 2, (4.5%) 14.8% % 9.8x 11.0x 8.5x 9.7x 7.6x Marten Transport Ltd (15.3%) (5.7%) % 6.2x 6.5x 5.1x 5.5x 4.6x Old Dominion Freight Line Inc. 6, % 12.0% % 11.3x 11.1x 9.9x 10.8x 9.3x P.A.M. Services, Inc (23.6%) 21.0% % 7.3x 8.5x 6.4x 7.1x NA Quality Distribution Inc % 12.8% % 11.5x 9.3x 12.1x 11.0x 9.0x Saia, Inc. 1, % (13.7%) % 9.7x 8.1x 7.0x 7.8x 6.5x Swift Company 4, (4.2%) 11.1% % 8.0x 8.7x 7.4x 7.9x 6.8x Universal Truckload Services Inc (8.4%) (16.6%) % 8.9x 8.2x 6.7x 6.8x 6.5x USA Truck Inc (7.0%) 8.2% % 7.5x 7.1x 4.8x 4.9x 4.7x Werner Enterprises Inc. 2, % 12.1% % 6.2x 6.9x 5.9x 6.4x 5.3x YRC Worldwide Inc. 1, % (12.3%) % 11.2x 7.7x 5.5x 7.7x 4.2x Median (2.9%) 2.7% 73.3% 7.8x 8.2x 6.6x 7.4x 6.5x 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 Aug-14 Feb-15 Current E & Logistics Rail and Rail Services American Railcar Industries, Inc. $1,239 $40.29 (13.2%) (46.2%) $ % 8.8x 6.7x 5.2x 6.1x 4.8x Canadian National Railway Company 56, % (8.0%) % 12.9x 12.8x 11.6x 11.5x 11.7x Canadian Pacific Railway Limited 30, % (17.0%) % 15.4x 14.9x 12.4x 12.5x 12.2x CSX Corp. 37, (7.9%) (1.1%) % 8.5x 9.3x 7.7x 8.0x 7.7x FreightCar America Inc % (18.3%) % NM 14.1x 6.3x 12.0x 4.7x Genesee & Wyoming Inc. 6, % (21.6%) % 12.8x 11.5x 10.7x 11.0x NA The Greenbrier Companies, Inc. 1, (7.2%) (30.8%) % 10.4x 7.7x 4.8x 7.3x 4.1x Kansas City Southern 13, % (11.9%) % 14.0x 13.7x 12.1x 11.9x 12.1x Norfolk Southern Corporation 33, (6.3%) (21.5%) % 9.1x 9.3x 7.8x 7.3x 8.2x Trinity Industries Inc. 7, % (35.9%) % 7.8x 5.6x 5.0x 5.3x 4.6x Union Pacific Corporation 91, (4.5%) (7.8%) % 10.1x 11.0x 8.7x 8.6x 8.9x Westinghouse Air Brake Technologies Corporation 9, % 21.5% % 15.6x 14.8x 15.2x 16.6x 14.5x Median 1.3% (17.6%) 72.2% 10.4x 11.3x 8.2x 9.8x 8.2x Aegean Petroleum Network Inc. $1,201 $11.51 (8.4%) 21.8% $ % 12.1x 13.2x 12.1x 12.3x 9.3x Costamare Inc. 2, (12.7%) (31.6%) % 11.9x 9.9x 8.5x 8.5x 7.9x Diana Shipping Inc (7.9%) (30.7%) % 19.7x 15.1x NM 18.6x NM Kirby Corporation 4, (10.1%) (40.6%) % 12.0x 7.7x 7.5x 7.2x 8.1x Matson, Inc. 2, (5.8%) 51.5% % 8.2x 8.7x 9.9x 11.2x 8.1x Neptune Orient Lines Limited 4, (4.5%) (17.8%) % NM NM 9.8x 15.2x 9.9x Nordic American Tankers Limited 1, (0.2%) 70.7% % NM 17.7x 11.1x NM 6.8x Rand Logistics, Inc (17.4%) (57.6%) % 11.1x 7.8x 7.9x 8.5x 7.0x SEACOR Holdings Inc. 1, (8.2%) (22.3%) % 8.8x 7.7x 9.2x 7.0x 9.7x Wilh. Wilhelmsen ASA 2, (4.2%) (36.3%) % NM 15.1x 12.2x 15.4x 4.8x Median (8.0%) (26.5%) 72.9% 11.9x 9.9x 9.8x 11.2x 8.1x Accuride Corp. $461 $3.66 (2.7%) (26.9%) $ % 9.3x 7.3x 5.8x 6.2x 5.2x Dana Holding Corporation 3, (8.9%) (20.8%) % 5.9x 6.1x 5.2x 5.1x 5.0x Gentherm Incorporated 1, (4.5%) 7.9% % 14.4x 10.6x 12.8x 13.1x 12.2x Spartan Motors Inc % 3.0% % 16.3x 17.1x 12.4x 15.9x 12.1x Wabash National Corp. 1, % (3.0%) % 8.3x 7.0x 6.2x 6.8x 5.3x Median (2.7%) (3.0%) 84.2% 9.3x 7.3x 6.2x 6.8x 5.3x 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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