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 WHY DOES VENTURE CAPITAL LOVE LOGISTICS STARTUPS? Why is venture capital flooding into the transportation and logistics industry faster than ever before? Because the industry needs it, former venture capitalists and now logistics industry insiders told the 2016 TPM Conference here on Tuesday. There has been a very entrenched way of doing things. It s a very old industry. It s a very storied industry, said Renee Diresta, a former venture capitalist and now vice president of business development at Haven, developer of an automated freight procurement platform. Logistics is a fundamental and lucrative field, but the cogs in the machine are antiquated. It s ripe for disruption and venture capitalists know that, he added. Journal of Commerce TRUCKING TRUCK FREIGHT RATES SLIDE IN SOFTENING SPOT MARKET Freight rates for long-haul truckers fell across all truck types in February as weak demand and plentiful space on trucks continued to make life hard for fleet owners. Spot market rates, or the prices shippers pay for freight loads booked individually through brokers rather than under a long-term contract, were down 18% in February compared with the same month a year ago for dry vans, the most common type of big rigs, according to online freight marketplace DAT Solutions. Rates for refrigerated truck loads and flatbeds, which generally carry perishables and industrial equipment, respectively, both fell 14% in February, compared with a year earlier, DAT said. Wall Street Journal MARINE PORT OF LONG BEACH REPORTS RECORD FEBRUARY IMPORTS The nation s second-largest port reported a record February for container volume, despite retailer expectations that imports in the first half of 2016 would slow. The Port of Long Beach, Calif. handled 295,870 loaded 20-foot equivalent units, a standard measure for container cargo, on the import side. That was a February record for the port, and a 45% increase over February of 2015, when protracted labor contract negotiations, among other issues, led to weeks of severe congestion and low container volumes at ports up and down the West Coast. Compared with February 2014, before the congestion became a problem, imports at the Port of Long Beach were up 9%. Wall Street Journal RAIL INTERMODAL CONTINUES TO CARRY THE DAY Aided by a labor dispute at West Coast ports last year that impacted volume, intermodal traffic experienced a spike of nearly 13% in February 2016, compared to the prior-year period, the Association of American Railroads (AAR) said on March 2, 2016, reporting weekly traffic as well as February traffic. Carload traffic remained weak. The economy is still giving off a lot of mixed signals, and rail traffic is too, said AAR Senior Vice President John T. Gray. Coal carloads remain very troubling, intermodal is doing well, and the other rail traffic categories are somewhere in between. RailwayAge AIR GLOBAL AIR CARGO OFF TO STRONG 2016 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) The global air cargo market got off to a strong start in 2016, with volume up 2.7 percent year-on-year, the fastest growth rate since last April, the International Air Transport Association said. While this extended the improving trend towards the end of 2015, the international load factor dipped 1.8 percentage points to 41.3 percent, indicating yields are likely to come under further pressure, the industry body cautioned. Despite this good start, the underlying weak trade performance makes it unlikely that growth will accelerate significantly in the coming months, IATA said. Journal of Commerce PAGE 1

3 M&A TRANSACTIONS RECENT M&A TRANSACTIONS 1,2 Date Sector Target Business Description Acquirer 3/14/16* Logistics Coastal Pacific Xpress Provides refrigerated carrier services specializing in the shipping of perishable and ambient products throughout the U.S. and Canada. Versacold International Corporation 3/9/2016* Air Avjet Corporation Provides aircraft management and charter services. Jet Aviation AG 3/8/2016 Logistics Almacenes De Provides temperature controlled logistics solutions to manufacturers Productos Congelados, and retailers. Insofrisa S.A And 3/1/2016 Equipment Interstar Fleet Services Provider of emergency road service repair solutions for the intermodal and commercial trucking industries. AGRO Merchants Group, LLC TRAC Intermodal LLC 2/29/2016 Air Aero Express Logistics Pte Ltd Provides air freight services in Singapore. Midnite Air Corp. 2/11/2016 Logistics Advanced Distribution Services 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 *Denotes pending transactions PAGE 2

4 PUBLIC MARKETS OVERVIEW TEV / LTM EBITDA TEV / 2016E EBITDA 9.2x 8.6x 8.0x 8.0x 7.9x 7.0x 5.2x Equipment 5.3x Equipment 4.6x 5.0x 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 (2015E 2017P) 17.0% 8.9% Rail & Rail Services 10.8% Equipment 7.4% Logistics Providers 10.4% 4.7% Equipment 3.7% 2.6% 2.9% 1.7% PAGE 3

5 STOCK PRICE PERFORMANCE MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) Equipment 15.7% S&P 500 (2.5%) 7.8% (13.4%) 7.4% Equipment (18.8%) S&P % (24.7%) 5.5% (30.3%) 5.0% (40.4%) TRAILING TWELVE MONTHS (Indexed to March 10, 2015) 20% 10% 0% (10%) (20%) (30%) (40%) (50%) Mar Jun Sep Dec Mar 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 Mar-15 Sep-15 Current 2016E 2017P & Logistics Agility Public Warehousing Company K.S.C.P. $1,715 $ % (42.7%) $ % 10.9x 9.4x 6.5x NA NA Air Transport Services Group, Inc. $1,220 $ % 61.0% $ % 5.0x 4.5x 6.3x 5.8x 5.5x Atlas Air Worldwide Holdings, Inc. $2,430 $ % (13.4%) $ % 8.1x 6.2x 6.2x 6.6x 6.5x CH Robinson Worldwide Inc. $11,025 $ % (1.3%) $ % 14.5x 12.6x 12.0x 11.3x 10.8x Deutsche Post AG $32,398 $ % (20.0%) $ % 9.0x 10.0x 7.3x 6.0x 5.6x DSV A/S $7,635 $ % 33.7% $ % 12.6x 14.5x 15.4x 12.3x 11.2x Echo Global Logistics, Inc. $913 $ % (8.5%) $ % 17.7x NM NM 10.2x 8.4x Expeditors International of Washington Inc. $7,898 $ % 0.4% $ % 12.7x 11.3x 10.3x 10.1x 9.4x FedEx Corporation $43,878 $ % (17.5%) $ % 7.0x 6.4x 6.0x 5.8x 5.2x Forward Air Corp. $1,317 $41.42 (5.2%) (22.4%) $ % 12.5x 10.8x 9.4x 8.2x 7.3x Hub Group Inc. $1,270 $ % (7.3%) $ % 10.9x 9.9x 8.2x 8.2x 7.7x JB Hunt Transport Services Inc. $10,131 $ % (6.7%) $ % 11.9x 9.6x 9.6x 9.0x 8.2x Kuehne + Nagel International AG $15,357 $ % (5.1%) $ % 16.2x 14.4x 15.0x 13.9x 13.2x Landstar System Inc. $2,662 $ % (8.6%) $ % 12.1x 11.2x 9.8x 10.2x 9.4x Panalpina World Transport Holding Ltd. $2,068 $ % (25.8%) $ % 19.6x 17.3x 14.7x 9.5x 7.9x Roadrunner Systems, Inc. $905 $ % (52.6%) $ % 11.5x 9.0x 7.0x 6.4x 6.1x Ryder System, Inc. $8,654 $ % (35.4%) $ % 5.7x 5.6x 4.9x 4.7x 4.5x TransForce Inc. $2,842 $ % (30.8%) $ % 13.0x 7.7x 9.1x 8.6x 8.4x United Parcel Service, Inc. $97,985 $ % 1.2% $ % 14.1x 11.3x 10.1x 9.4x 9.0x Universal Truckload Services Inc. $678 $ % (38.3%) $ % 8.8x 6.2x 6.2x 6.0x 5.8x World Fuel Services Corp. $3,522 $ % (13.5%) $ % 13.4x 9.7x 11.6x 10.3x 9.2x XPO Logistics, Inc. $8,404 $ % (42.7%) $ % NM NM NM 6.9x 5.7x Median 7.8% (13.4%) 75.7% 12.1x 9.8x 9.2x 8.6x 7.9x ArcBest Corporation $545 $ % (46.0%) $ % 6.3x 3.9x 3.3x 3.3x 2.9x Celadon Group Inc % (62.7%) % 10.2x 9.0x 6.5x 5.5x 4.9x Covenant Group, Inc (2.1%) (41.7%) % 8.6x 4.9x 4.8x 4.9x 4.6x Heartland Express, Inc. 1, (1.3%) (24.7%) % 10.4x 8.2x 7.8x 6.9x 6.5x Knight Inc. 2, (1.0%) (22.5%) % 11.7x 8.3x 7.7x 7.4x 6.7x Marten Transport Ltd % (19.9%) % 6.7x 5.1x 5.0x 4.4x 4.1x Old Dominion Freight Line Inc. 5, % (12.9%) % 11.6x 9.1x 8.8x 8.2x 7.5x P.A.M. Services, Inc % (41.8%) % 8.4x 5.8x 5.0x NA NA Saia, Inc (0.7%) (40.8%) % 8.1x 6.2x 4.7x 4.6x 4.2x Swift Company 3, % (40.6%) % 9.3x 6.6x 5.9x 5.5x 5.1x Universal Truckload Services Inc % (38.3%) % 8.8x 6.2x 6.2x 6.0x 5.8x USA Truck Inc % (40.1%) % 6.9x 4.5x 4.7x 4.9x 4.6x Werner Enterprises Inc. 2, % (14.0%) % 7.4x 5.7x 5.4x 5.0x 4.6x YRC Worldwide Inc. 1, % (50.5%) % 7.6x 5.0x 4.6x 3.6x 3.2x Median 5.0% (40.4%) 57.8% 8.5x 6.0x 5.2x 5.0x 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 Mar-15 Sep-15 Current 2016E 2017P & Logistics Rail and Rail Services American Railcar Industries, Inc. $1,199 $40.42 (6.6%) (17.3%) $ % 6.7x 5.2x 4.4x 4.8x NA Canadian National Railway Company 53, % (12.4%) % 12.4x 10.5x 11.7x 11.1x 10.5x Canadian Pacific Railway Limited 25, % (32.4%) % 14.3x 11.5x 11.3x 10.2x 9.6x CSX Corp. 33, % (24.9%) % 8.8x 7.4x 7.0x 7.2x 6.8x FreightCar America Inc (22.4%) (47.7%) % 11.3x 5.5x 1.6x 1.6x 2.2x Genesee & Wyoming Inc. 5, % (43.1%) % 12.5x 10.0x 9.7x 9.6x 9.1x The Greenbrier Companies, Inc. 1, (1.6%) (50.2%) % 5.7x 3.6x 2.2x 2.5x 3.9x Kansas City Southern 11, % (28.0%) % 13.5x 11.5x 10.5x 10.1x 9.4x Norfolk Southern Corporation 31, % (30.0%) % 9.2x 7.6x 8.1x 7.9x 7.3x Trinity Industries Inc. 5, (17.2%) (43.2%) % 5.7x 4.9x 3.6x 4.1x 4.9x Union Pacific Corporation 79, % (30.5%) % 10.4x 8.2x 7.9x 8.1x 7.6x Westinghouse Air Brake Technologies Corporation 7, % (18.9%) % 15.3x 14.3x 11.0x 10.9x 10.8x Median 5.5% (30.3%) 67.0% 10.8x 7.9x 8.0x 8.0x 7.6x Aegean Petroleum Network Inc. $942 $ % (44.9%) $ % 14.5x 11.0x 9.4x 7.0x 6.6x Costamare Inc. 2, % (55.8%) % 9.6x 8.2x 6.7x 6.5x 6.8x Diana Shipping Inc % (60.6%) % 14.4x NM NM NM NM Kirby Corporation 3, % (22.2%) % 7.6x 7.4x 6.9x 8.0x 7.7x Matson, Inc. 2, (5.3%) (5.7%) % 8.8x 9.1x 6.8x 6.1x 6.0x Neptune Orient Lines Limited 5, % 32.0% % 19.9x NM NM NM NM Nordic American Tankers Limited 1, % 31.1% % 18.0x 10.8x 7.2x 7.4x 8.3x Rand Logistics, Inc % (65.3%) % 7.4x 7.7x 8.7x 7.4x 5.9x SEACOR Holdings Inc. 1, % (27.2%) % 7.4x 9.1x 9.5x 7.0x 6.8x Wilh. Wilhelmsen ASA 2, % (13.4%) % 14.6x 11.4x 11.0x 4.9x 4.5x Median 7.4% (24.7%) 67.2% 12.0x 9.1x 7.9x 7.0x 6.7x Equipment Accuride Corp. $377 $ % (65.9%) $ % 7.0x 5.6x 4.9x 5.3x 5.2x Dana Holding Corporation 2, % (39.1%) % 5.5x 4.9x 4.2x 4.0x 3.7x Gentherm Incorporated 1, % (17.5%) % 12.4x 12.1x 8.7x 8.1x 7.2x Spartan Motors Inc % (18.8%) % 14.4x 10.8x NM 9.3x 6.9x Wabash National Corp % (14.8%) % 7.4x 5.5x 4.3x 4.5x 5.4x Median 15.7% (18.8%) 65.7% 7.4x 5.6x 4.6x 5.3x 5.4x 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% % 2.4% 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, % 4.7% 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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