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 U.S. RETAILERS DESTOCK, RESTOCK FASTER, BOOSTING FREIGHT Evidence of inventory destocking at least partially responsible for the recent surge in US imports and rising domestic freight volumes is showing up in retailers earnings reports, with several store chains claiming reduced stockpiles helped boost pricing and profit in late But transportation executives say destocking is far from even across the retail world, let alone other industries. Although some are enjoying an earlier-than-usual uptick in freight demand in the first quarter, others are still waiting for an event big enough to jog the demand dial. The largest US retailer, Wal-Mart Stores, reported a big reduction in US inventories this week, companywide and on a comparable store basis. We re entering the new year in a very solid inventory position, Brett Biggs, CFO, said Feb. 21. Journal of Commerce TRUCKING FEBRUARY BOASTS SOLID SPOT TRUCKLOAD VOLUMES Despite spot truckload rates softening compared to January, February's total freight volume was up 48% compared to February Volume on the spot market in February was robust for what is traditionally a slow month for freight, said Don Thornton, senior vice president of DAT Solutions. The strong freight volumes attracted an unusual number of contract carriers, and the added capacity helped keep rates down on many high-traffic van and reefer lanes until late in February, when national average contract rates began to firm up. According to DAT solutions, February's spot van and refrigerated freight rates were held down by an influx of capacity from contract carriers. Today's MARINE NEW ALLIANCES WILL HAVE FEWER DIRECT PORT CALLS As carriers begin extricating themselves from their current vessel sharing agreements and reposition ships in preparation for the launch of the new Ocean Alliance and THE Alliance on April 1, an analysis of the new networks has revealed a surprising loss of direct port connections. Now that the complete network details have finally been made available by the carriers, maritime analyst SeaIntel found that on Asia-Europe and the Trans-Pacific, a significant number of direct port-toport combinations will be removed. With 78 port-pairs lost, Northeast Asia- Mediterranean is the sub-trade that will see the largest loss of connectivity and product differentiation with the launch of the new alliances, SeaIntel found. Journal of Commerce RAIL RAIL FREIGHT INCLUDING COAL REGISTERS ANOTHER GAIN The Association of American Railroads (AAR), in reporting U.S. rail traffic for the week ending March 11, 2017, noted that total U.S. weekly rail traffic was 510,638 carloads and intermodal units, up 4.4% compared with the same week last year. Coal, seemingly on the rebound, rose nearly 12%. Total carloads for the week ending March 11 were 253,664 carloads, up 4.3% compared with the same week in 2016, while U.S. weekly intermodal volume was 256,974 containers and trailers, up 4.5% compared to RailwayAge 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 CARGO OFF TO A SOLID START IN 2017 The International Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in freight tonne kilometers (FTKs), rose 6.9% in January 2017 compared to the year-earlier period. While this was down from the 10% annual growth recorded in December 2016 it still was well above the average annual growth rate of 3% over the past five years. Growth in freight capacity, measured in available freight tonne kilometers (AFTKs), slowed to 3.5% in January IATA PAGE 1

3 M&A TRANSACTIONS (1,2,3) RECENT M&A TRANSACTIONS Date Sector Target Business Description Acquirer 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 3/6/2017 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 Purchased assets include 35 towboats and 63 liquid tank barges with a total capacity of nearly 2 million barrels. Savage Companies 2/3/2017 Logistics Worldwide Express Provides non-asset based third party logistics solutions to small and medium sized businesses. Ridgemont Equity Partners 2/1/2017 Tie Down Engineering - Axle Business Assets Manufactures axle, brake, and actuation products. DexKo Global 2/1/2017 Veson Nautical Provides commercial maritime operations software and data solutions. 1/31/2017 Logistics American Cargo Express Provides domestic and international freight forwarding, warehousing and trade management services. Pamlico Capital OIA Global 1/30/2017 Logistics Cavalier Services Provides LTL and truckload services, brokerage, and warehousing. TFI International 1/13/2017 Randall Manufacturing LLC Manufactures specialty products used primarily in refrigerated semitrailers in connection with the transportation of food and beverages. Safe Fleet 1/10/2017 Logistics Global Freight Source Inc. *Denotes minority investment Provides logistics and freight forwarding services. GlobalTranz Enterprises Inc. PAGE 2

4 PUBLIC MARKETS OVERVIEW (1) TEV / LTM EBITDA TEV / 2017E EBITDA 10.9x 10.3x 10.4x 9.5x 9.3x 8.8x 7.6x 7.5x 7.3x 6.5x AVERAGE REVENUE GROWTH ( ) AVERAGE REVENUE GROWTH ( P) 4.7% 8.1% 4.5% 6.5% 2.6% 4.9% 2.1% 4.0% (6.0%) (1.9%) AVERAGE EBITDA GROWTH ( ) AVERAGE EBITDA GROWTH ( P) 19.4% 20.8% 5.9% 12.6% 5.1% 11.3% 4.7% 9.6% (2.4%) (3.2%) PAGE 3

5 STOCK PRICE PERFORMANCE (1) MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) S&P % 56.1% (0.6%) 18.2% (2.5%) 18.1% (3.4%) S&P % (3.8%) 12.9% (5.6%) 12.5% TRAILING TWELVE MONTHS (Indexed to March 11 th, 2016) 70% 60% 50% 40% 30% 20% 10% 0% (10%) (20%) (30%) Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Rail and Rail Services 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) TRANSPORTATION & LOGISTICS 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-16 Sep-16 Current 2017E 2018P & Logistics Agility Public Warehousing Co. K.S.C. $2,443 $1.90 (17.2%) 26.8% $ % 5.9x 6.5x 7.9x NA NA Air Transport Services Group, Inc. 1, % 14.9% % 6.2x 6.4x 7.4x 5.7x 4.8x Atlas Air Worldwide Holdings, Inc. 3, % 32.4% % 9.1x 12.0x 8.8x 6.7x 6.1x C.H. Robinson Worldwide, Inc. 12, % 9.2% % 12.3x 11.2x 13.5x 13.3x 12.6x Deutsche Post AG 44, (0.9%) 26.1% % 9.8x 9.8x 8.9x 8.0x 7.5x DSV A/S 10, % 18.1% % 13.6x 18.3x 16.7x 14.3x 12.8x Echo Global Logistics, Inc (11.5%) (20.6%) % 16.3x 13.9x 16.7x 10.9x 8.8x Expeditors International of Washington, Inc. 9, % 18.1% % 10.9x 11.1x 13.1x 12.6x 11.9x FedEx Corporation 62, % 33.7% % 8.3x 8.4x 9.6x 6.8x 6.3x Forward Air Corporation 1, (4.3%) 12.3% % 10.7x 9.8x 10.4x 9.7x 8.8x Hub Group, Inc. Class A 1, (2.5%) 29.2% % 8.4x 8.1x 10.1x 9.3x 8.8x J.B. Hunt Transport Services, Inc. 11, (5.1%) 15.7% % 10.1x 9.0x 10.8x 10.2x 9.3x Kuhne & Nagel International AG 15, % 0.4% % 14.7x 15.3x 14.6x 13.6x 12.9x Landstar System, Inc. 3, (1.0%) 36.1% % 10.3x 10.8x 13.8x 12.9x 11.8x Panalpina Welttransport (Holding) AG 2, (0.6%) 16.1% % 11.4x 16.1x 14.9x 13.2x 11.0x Roadrunner Systems, Inc (1.4%) (43.8%) % 7.0x 7.8x 7.0x 6.1x 5.6x Ryder System, Inc. 9, (1.7%) 22.4% % 5.3x 5.3x 5.4x 5.2x 4.9x TFI International Inc. 3, (10.5%) 39.4% % 8.8x 8.4x 10.5x 7.7x 7.3x United Parcel Service, Inc. Class B 106, % 6.6% % 10.7x 10.7x 14.7x 10.0x 9.5x Universal Logistics Holdings, Inc % (18.4%) % 6.4x 5.4x 7.7x 7.6x 7.1x XPO Logistics, Inc. 11, % 83.9% % 18.5x 10.1x 9.5x 8.0x 6.9x Median (0.6%) 18.1% 92.3% 10.1x 9.8x 10.4x 9.5x 8.8x ArcBest Corporation $790 $27.35 (13.3%) 21.4% $ % 3.5x 3.5x 5.7x 4.6x 4.1x Celadon Group, Inc (2.4%) (17.9%) % 6.6x 6.2x 7.2x 7.4x 6.1x Covenant Group, Inc. Class A (9.2%) (14.0%) % 4.5x 4.0x 4.5x 4.8x 4.3x Heartland Express, Inc. 1, (3.9%) 6.8% % 8.3x 8.1x 8.4x 8.1x 7.5x Knight, Inc. 2, (3.4%) 25.1% % 7.2x 7.5x 10.3x 9.7x 8.7x Marten Transport, Ltd % 32.0% % 5.1x 5.4x 6.0x 5.5x 5.0x Old Dominion Freight Line, Inc. 7, (3.2%) 29.8% % 8.9x 8.6x 10.9x 10.2x 9.2x P.A.M. Services, Inc (14.6%) (43.2%) % 5.7x 4.6x 5.0x 4.7x 3.8x Saia, Inc. 1, (6.0%) 66.8% % 4.9x 6.1x 8.0x 7.2x 6.3x Swift Company Class A 3, (12.1%) 18.1% % 6.1x 6.6x 7.5x 6.9x 6.0x Universal Logistics Holdings, Inc % (18.4%) % 6.4x 5.4x 7.7x 7.6x 7.1x USA Truck, Inc % (50.2%) % 5.2x 5.1x 7.6x 6.0x 5.0x Werner Enterprises, Inc. 2, (3.7%) (1.2%) % 5.2x 4.8x 6.3x 5.9x 5.4x YRC Worldwide Inc. 1, (13.5%) 22.9% % 4.5x 4.4x 4.1x 3.6x 3.2x Median (3.8%) 12.5% 78.5% 5.4x 5.4x 7.3x 6.5x 5.7x PAGE 7

9 PUBLIC COMPARABLES (1) TRANSPORTATION & LOGISTICS 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-16 Sep-16 Current 2017E 2018P & Logistics Rail and Rail Services American Railcar Industries, Inc. $1,121 $38.82 (15.4%) (7.1%) $ % 4.6x 4.7x 6.2x 6.9x 7.4x Canadian National Railway Company 64, % 20.6% % 11.1x 11.4x 13.0x 12.5x 11.9x Canadian Pacific Railway Limited 28, % 12.3% % 11.2x 12.5x 11.9x 11.3x 10.6x CSX Corporation 55, % 84.2% % 7.3x 8.0x 12.2x 11.5x 10.6x FreightCar America, Inc (12.0%) (20.1%) % 1.6x 1.7x 4.4x NM 8.3x Genesee & Wyoming, Inc. Class A 6, (5.5%) 15.9% % 9.8x 10.5x 12.1x 9.4x 8.8x Greenbrier Companies, Inc. 1, (6.5%) 55.2% % 2.1x 2.8x 4.0x 5.1x 6.3x Kansas City Southern 12, % 2.5% % 10.9x 11.1x 10.8x 10.0x 9.2x Norfolk Southern Corporation 44, (1.3%) 51.3% % 8.5x 9.0x 10.9x 10.3x 9.7x Trinity Industries, Inc. 6, (7.7%) 36.6% % 3.7x 5.0x 6.5x 8.3x 8.5x Union Pacific Corporation 102, (1.3%) 31.0% % 8.3x 9.6x 11.0x 10.3x 9.6x Westinghouse Air Brake Technologies Corporation 8, (10.3%) 0.6% % 11.2x 10.4x 15.1x 12.4x 11.5x Median (3.4%) 18.2% 87.3% 8.4x 9.3x 10.9x 10.3x 9.4x Aegean Petroleum Network Inc. $1,665 $ % 47.9% $ % 11.3x 8.8x 16.4x 11.9x 11.3x Costamare Inc. 1, % (27.2%) % 6.4x 6.0x 5.3x 6.5x 7.1x Diana Shipping Inc % 57.0% % NM NM NM NM 14.3x Kirby Corporation 4, (5.6%) 12.9% % 7.1x 7.4x 9.7x 10.9x 9.8x Matson, Inc. 2, (10.5%) (13.8%) % 7.0x 7.2x 9.0x 7.4x 7.0x Nordic American Tankers Limited 1, (7.6%) (43.7%) % 7.3x 6.4x 7.0x 10.1x 7.1x Rand Logistics, Inc (30.3%) (37.7%) % 7.7x 7.7x 7.4x 6.2x NA SEACOR Holdings Inc. 1, (9.8%) 27.8% % 9.6x 11.5x 15.1x 11.1x 9.7x Wilh. Wilhelmsen ASA 2, (0.4%) 82.5% % 14.2x 12.5x 19.2x 5.8x 6.3x Median (5.6%) 12.9% 83.7% 7.5x 7.5x 9.3x 8.8x 8.4x Dana Incorporated 3, (1.8%) 47.8% % 4.5x 4.9x 6.3x 5.4x 5.0x Gentherm Incorporated 1, % (9.3%) % 9.0x 7.3x 9.0x 8.4x 7.7x Spartan Motors, Inc (13.6%) 80.4% % NM NM 11.6x 7.9x 6.1x Wabash National Corporation 1, (3.1%) 64.5% % 4.6x 3.8x 6.0x 7.1x 7.5x Median (2.5%) 56.1% 86.9% 4.6x 4.9x 7.6x 7.5x 6.8x 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, % 10.1% % 18.2% C.H. Robinson Worldwide, Inc. 12,752 13,470 13,476 13,144 13,144 14, % 6.4% % 4.4% Deutsche Post AG 73,132 75,117 65,681 63,423 63,423 66,481 (4.6%) 2.4% 3,887 4,812 3,587 5,013 5,013 5, % 9.0% DSV A/S 8,137 8,645 7,563 10,066 10,066 10, % 4.1% % 14.6% Echo Global Logistics, Inc 884 1,173 1,512 1,716 1,716 2, % 11.7% % 36.8% Expeditors International of Washington, Inc. 6,080 6,565 6,617 6,098 6,098 6, % 5.8% % 4.6% FedEx Corporation 45,567 47,453 50,365 60,041 62,979 65, % 4.7% 6,033 4,951 6,165 8,470 9,191 9, % 8.1% Forward Air Corporation , % 5.4% % 8.8% Hub Group, Inc. Class A 3,374 3,571 3,526 3,573 3,573 4, % 7.2% % 7.5% 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, % 8.0% Kuhne & Nagel International AG 18,529 19,118 17,376 16,774 16,774 21,616 (3.3%) 13.5% 1,028 1,073 1,069 1,084 1,084 1, % 6.8% Landstar System, Inc. 2,665 3,185 3,321 3,168 3,168 3, % 5.6% % 7.6% Panalpina Welttransport (Holding) AG 7,289 7,327 6,081 5,274 5,274 5,590 (10.2%) 3.0% (0.7%) 14.4% Roadrunner Systems, Inc. 1,361 1,873 1,995 1,991 2,044 2, % 3.4% (1.9%) 10.8% 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, % 5.3% TFI International Inc. 3,018 3,363 3,150 3,038 3,038 3, % 8.2% % 20.1% United Parcel Service, Inc. Class B 55,491 58,256 58,050 60,502 60,502 67, % 5.7% 8,765 6,889 9,429 7,295 7,295 11,230 (5.9%) 24.1% Universal Logistics Holdings, Inc. 1,033 1,192 1,129 1,073 1,073 1, % 2.3% (12.3%) 4.1% XPO Logistics, Inc ,357 7,623 14,619 14,619 15,730 NM 3.7% (17) ,158 1,158 1,575 NM 16.6% Total $259,756 $273,405 $267,955 $281,433 $284,425 $311, % 6.5% $25,705 $24,421 $27,772 $29,948 $30,689 $38, % 12.6% ArcBest Corporation $2,300 $2,613 $2,667 $2,700 $2,700 $3, % 6.2% $107 $154 $167 $139 $139 $ % 16.1% Celadon Group, Inc ,065 1,065 1, % 1.5% % (6.0%) Covenant Group, Inc. Class A (0.7%) 6.9% % 1.6% Heartland Express, Inc % 1.2% % 5.6% Knight, Inc ,102 1,183 1,118 1,118 1, % 6.6% % 7.6% Marten Transport, Ltd % 6.4% % 10.9% Old Dominion Freight Line, Inc. 2,338 2,788 2,972 2,992 2,992 3, % 7.5% % 8.3% P.A.M. Services, Inc % 4.3% % 15.3% Saia, Inc. 1,139 1,272 1,221 1,218 1,218 1, % 6.4% % 11.8% Swift Company Class A 4,118 4,299 4,229 4,032 4,032 4,374 (0.7%) 4.2% (4.1%) 11.5% Universal Logistics Holdings, Inc. 1,033 1,192 1,129 1,073 1,073 1, % 2.3% (12.3%) 4.1% USA Truck, Inc (8.2%) 6.4% (10.2%) 25.7% Werner Enterprises, Inc. 2,029 2,139 2,094 2,009 2,009 2,182 (0.3%) 4.2% % 8.5% YRC Worldwide Inc. 4,865 5,069 4,832 4,698 4,698 5,071 (1.2%) 3.9% % 12.8% Total $22,289 $24,492 $24,279 $23,721 $23,721 $26, % 4.9% $2,603 $2,984 $3,380 $3,068 $3,068 $3, % 9.6% 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 $397 (5.2%) (21.2%) $179 $204 $272 $182 $182 $ % (9.0%) Canadian National Railway Company 10,263 10,986 9,857 9,085 9,085 10,003 (4.0%) 4.9% 4,710 5,137 5,021 4,934 4,934 5, % 5.0% Canadian Pacific Railway Limited 5,952 5,994 5,246 4,704 4,704 5,113 (7.5%) 4.3% 2,340 2,640 2,431 2,414 2,414 2, % 5.7% CSX Corporation 12,026 12,669 11,811 10,954 10,954 11,934 (3.1%) 4.4% 4,534 4,764 4,792 4,575 4,575 5, % 7.5% FreightCar America, Inc % (25.4%) (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, % (15.9%) % (27.7%) 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 10,828 (4.2%) 4.6% 4,173 4,526 3,938 4,131 4,131 4,672 (0.3%) 6.3% Trinity Industries, Inc. 4,365 6,170 6,393 4,588 4,588 3, % (14.8%) 963 1,402 1,528 1,008 1, % (12.9%) Union Pacific Corporation 21,963 23,988 21,813 19,941 19,941 21,864 (3.2%) 4.7% 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% % 13.5% Total $75,115 $82,227 $77,625 $70,333 $70,333 $74, % (1.9%) $28,243 $31,857 $30,912 $29,272 $29,272 $32, % (3.2%) 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 % (8.3%) % (9.7%) Diana Shipping Inc (11.4%) 26.7% (12) (12) 59 NM NA Kirby Corporation 2,242 2,566 2,148 1,771 1,771 1,940 (7.6%) 4.7% (8.1%) (1.7%) Matson, Inc. 1,637 1,714 1,885 1,942 1,942 2, % 2.0% % 13.2% Nordic American Tankers Limited (1.7%) 10.6% (7) NM 8.9% Rand Logistics, Inc NA (9.6%) NA NA (1.1%) NA SEACOR Holdings Inc. 1,247 1,319 1, (12.7%) 4.5% (20.0%) 33.1% Wilh. Wilhelmsen ASA NA (7.5%) NA (9.4%) 82.1% Total $12,764 $13,710 $10,874 $9,805 $9,871 $11,272 (6.0%) 8.1% $1,562 $1,772 $1,884 $1,494 $1,557 $1,969 (2.4%) 20.8% Dana Incorporated 6,769 6,617 6,060 5,826 5,826 6,561 (4.9%) 6.1% (4.7%) 11.4% Gentherm Incorporated , % 7.7% % 8.3% Spartan Motors, Inc % 8.2% % 37.6% Wabash National Corporation 1,636 1,863 2,027 1,845 1,845 1, % (6.0%) % (12.0%) Total $9,536 $9,799 $9,494 $9,180 $9,180 $9, % 4.0% $938 $1,012 $991 $1,017 $1,017 $1, % 11.3% PAGE 10

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