TRANSPORTATION & LOGISTICS

Transcription

1 Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, 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 under company number Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

2 TRANSPORTATION AND LOGISTICS OVERVIEW HARRIS WILLIAMS & CO. DEAL SPOTLIGHT Worldwide Express, LLC Harris Williams & Co. advised Worldwide Express, LLC ( Worldwide Express ), Quad-C Management, on its sale to Ridgemont Equity Partners. Worldwide Express is a leading provider of third-party logistics services to small-to-medium-sized businesses. Press Release WHAT WE RE READING LOGISTICS E-COMMERCE RESTARTS MEGA-WAREHOUSE BUILDING BOOM The shift from brick-and-mortar shopping to e-commerce has triggered a boom in the construction of extra-large warehouses topping more than 1 million square feet in size as retailers scramble to manage the additional space demands needed to ship goods straight to the consumer. Nearly 120 such megawarehouses, with a combined total of 141 million sq ft, were built in the 10 busiest real estate markets between 2010 and 2016, according to a new report from CBRE group. Journal of Commerce TRUCKING IS THE TIDE TURNING FOR SMALL TRUCKING COMPANIES? There s been enormous bottom-line pressure applied to small- to medium-sized trucking companies those operating anywhere from three on up to 150 trucks in recent years. Yet that pressure may be set to ease significantly in 2017 if capacity cuts and a proposed regulatory rollback occur as expected. They are actually in a pretty good position now, Dan Pedowitz, vice president of LTL for third party logistics and freight brokerage firm AFN, told Fleet Owner. If they ve been investing in technology and preparing to adopt ELDs (electronic logging devices), the pendulum is going to start swinging back in their favor, he said. Fleet Owner MARINE SANITY RETURNING TO SHIPPING AS FREIGHT RATES GAIN The bankruptcy of South Korea s Hanjin Shipping Co. and a consolidation in container shipping industry will pave the way for a better 2017 for the industry, according to Robbert van Trooijen, the Asia-Pacific chief of Maersk Line. After years of overcapacity and excessive optimism about demand, the order backlog for vessels is falling and Maersk Line is seeing a more balanced supply-demand situation for 2017 in its talks with customers. Maersk Line, which expects to be profitable in 2017 after a $384 million loss it booked last year, expects the global container market to grow 2-4 percent amid the consolidation wave. Bloomberg RAIL US RAILS UNDER PRESSURE TO REJUVENATE INTERMODAL Suffering from declining coal, oil, paper, and forest product loads, US Class I railroads must juice up their intermodal services by moving goods and products faster and more efficiently. The lowest cost supply chain will win, David Garin, group vice president of industrial products at BNSF Railway, told the National Industrial League Summit Tuesday in San Diego. Commodity shippers are building bigger transloading facilities to reduce their unit shipping costs, but railroads likewise experience lower per-unit carrying costs from those bigger facilities, said Brad Hildebrand, global rail and barge lead at Cargill. 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) PAGE 1

3 M&A TRANSACTIONS (1,2,3) RECENT M&A TRANSACTIONS Date Sector Target Business Description Acquirer 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. Provides logistics and freight forwarding services. GlobalTranz Enterprises Inc. 1/9/2017 Logistics Freightex Ltd. Provides cross-channel and international freight, freight prices, and truck capacity across Europe. 1/9/2017* Rail RailPros Offers construction/project management, railroad coordination, training and inspections. United Parcel Service, Inc. Bow River Capital Partners 1/5/2017 Logistics Lomas Logistics, Inc. Provides logistics, packaging, warehousing, and storage services. Radiant Logistics, Inc. 1/5/2017 Logistics C&S Carpet Distribution, Inc. Provides delivery services for manufacturers of carpet and floor coverings. Best Services Group, Inc. 1/4/2017 Logistics Elite Express Provides less-than truckload, truckload and temperature-controlled freight services. Linx Partners 1/4/2017 NEBR Provides mass transit repair and maintenance services. Linx Partners 1/4/2017 Logistics TTS, LLC Provides multimodal, agent-based freight management services. Sunteck Transport Group *Denotes minority investment PAGE 2

4 PUBLIC MARKETS OVERVIEW (1) TEV / LTM EBITDA TEV / 2017E EBITDA 11.2x 10.2x 10.7x 9.7x 9.2x 8.0x 6.6x 7.9x 6.3x 6.5x AVERAGE REVENUE GROWTH ( ) AVERAGE REVENUE GROWTH ( P) 4.6% 10.7% 4.6% 6.1% 3.3% 4.7% 2.6% 4.2% 1.9% (0.7%) AVERAGE EBITDA GROWTH ( ) AVERAGE EBITDA GROWTH ( P) 11.7% 11.0% 6.2% 10.1% 5.8% 7.8% 4.7% 2.5% 4.2% (2.2%) PAGE 3

5 STOCK PRICE PERFORMANCE (1) MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) S&P % 69.3% 2.5% 33.7% 2.2% 33.4% 0.9% 31.9% 0.8% S&P % (3.7%) 18.4% TRAILING TWELVE MONTHS (Indexed to February 15 th, 2016) 70% 60% 50% 40% 30% 20% 10% 0% (10%) (20%) (30%) Feb-16 May-16 Aug-16 Nov-16 Feb-17 Rail and Rail Services S&P 500 Index PAGE 4

6 AUTOMOTIVE AFTERMARKET SECTOR UPDATE FEBRUARY 2017 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. 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 Feb-16 Aug-16 Current 2017E 2018P & Logistics Agility Public Warehousing Co. K.S.C. $2,746 $ % 53.6% $ % 5.5x 6.7x 8.8x NA NA Air Transport Services Group, Inc. 1, % 54.8% % 5.0x 6.6x 6.9x 5.2x 4.7x Atlas Air Worldwide Holdings, Inc. 3, % 44.0% % 8.7x 11.7x 16.2x 6.7x 6.5x C.H. Robinson Worldwide, Inc. 12, % 10.0% % 11.9x 11.2x 13.0x 13.0x 12.3x Deutsche Post AG 47, % 50.8% % 8.4x 10.0x 9.9x 8.6x 8.1x DSV A/S 10, % 28.1% % 12.6x 18.6x 18.0x 14.6x 13.1x Echo Global Logistics, Inc (8.0%) (2.8%) % 15.3x 14.4x 15.5x 11.9x 9.6x Expeditors International of Washington, Inc. 9, % 20.8% % 10.3x 11.2x 12.5x 12.2x 11.5x FedEx Corporation 62, % 49.7% % 7.8x 9.2x 9.5x 6.8x 6.4x Forward Air Corporation 1, % 32.8% % 9.5x 10.0x 10.8x 10.1x 9.2x Hub Group, Inc. Class A 1, % 39.2% % 8.0x 7.9x 10.2x 9.6x 9.2x J.B. Hunt Transport Services, Inc. 12, % 33.7% % 9.2x 9.5x 11.3x 10.6x 9.6x Kuhne & Nagel International AG 15, % 5.9% % 13.8x 15.3x 14.4x 13.6x 12.8x Landstar System, Inc. 3, (0.3%) 46.8% % 9.6x 11.0x 14.1x 13.0x 11.9x Panalpina Welttransport (Holding) AG 2, % 27.3% % 10.7x 16.3x 14.2x 12.3x 10.3x Roadrunner Systems, Inc (36.5%) (36.1%) % 6.7x 7.5x 7.1x 6.1x 5.6x Ryder System, Inc. 9, (0.6%) 41.5% % 5.1x 5.3x 5.5x 5.2x 4.9x TFI International Inc. 3, % 84.0% % 8.0x 8.3x 10.3x 6.8x 6.5x United Parcel Service, Inc. Class B 104, (4.6%) 12.1% % 10.4x 10.9x 10.7x 9.8x 9.3x Universal Logistics Holdings, Inc (10.8%) (5.7%) % 5.8x 5.9x 6.6x 7.4x 7.0x XPO Logistics, Inc. 11, % 111.6% % 17.5x 10.5x 10.3x 8.4x 7.3x Median 0.9% 33.7% 95.5% 9.2x 10.0x 10.7x 9.7x 9.2x ArcBest Corporation $888 $31.10 (0.8%) 61.4% $ % 3.0x 3.2x 6.7x 5.1x 4.6x Celadon Group, Inc (4.8%) (4.7%) % 6.5x 5.8x 7.5x 7.5x 6.3x Covenant Group, Inc. Class A (2.6%) (9.4%) % 4.6x 4.2x 4.4x 5.0x 4.5x Heartland Express, Inc. 1, (1.9%) 6.9% % 8.4x 8.1x 8.4x 8.3x 7.6x Knight, Inc. 2, (4.8%) 31.6% % 6.9x 7.5x 8.9x 9.8x 8.8x Marten Transport, Ltd (1.0%) 36.7% % 4.9x 5.4x 5.9x 5.5x 4.9x Old Dominion Freight Line, Inc. 7, % 50.7% % 7.9x 8.9x 11.3x 10.5x 9.5x P.A.M. Services, Inc (21.1%) (22.2%) % 4.9x 4.3x 4.8x 4.7x 3.7x Saia, Inc. 1, % 77.3% % 4.8x 6.1x 8.5x 7.5x 6.6x Swift Company Class A 4, (7.6%) 29.9% % 6.0x 6.1x 7.3x 7.0x 6.1x Universal Logistics Holdings, Inc (10.8%) (5.7%) % 5.8x 5.9x 6.6x 7.4x 7.0x USA Truck, Inc (13.5%) (46.2%) % 4.8x 5.3x 6.0x 6.0x 5.0x Werner Enterprises, Inc. 2, % 2.9% % 5.0x 4.8x 6.1x 6.0x 5.5x YRC Worldwide Inc. 1, (9.4%) 89.3% % 4.1x 4.4x 4.8x 3.8x 3.4x Median (3.7%) 18.4% 83.4% 5.0x 5.6x 6.6x 6.5x 5.8x 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 Feb-16 Aug-16 Current 2017E 2018P & Logistics Rail and Rail Services American Railcar Industries, Inc. $1,242 $45.78 (3.0%) 9.1% $ % 4.6x 4.9x 6.0x 7.3x 8.3x Canadian National Railway Company 63, % 29.6% % 10.2x 11.6x 12.8x 12.1x 11.5x Canadian Pacific Railway Limited 28, % 21.2% % 10.6x 12.5x 12.6x 11.1x 10.4x CSX Corporation 55, % 98.4% % 6.9x 8.1x 12.6x 11.5x 10.9x FreightCar America, Inc (4.7%) (23.4%) % 2.3x 1.8x 4.1x 8.6x 10.2x Genesee & Wyoming, Inc. Class A 6, % 40.2% % 9.1x 10.4x 12.2x 9.5x 8.7x Greenbrier Companies, Inc. 1, (9.8%) 66.6% % 2.5x 2.5x 4.2x 5.3x 6.8x Kansas City Southern 11, % 8.8% % 10.3x 11.4x 10.7x 9.9x 9.2x Norfolk Southern Corporation 45, % 68.8% % 8.0x 8.8x 11.1x 10.5x 9.9x Trinity Industries, Inc. 6, (0.1%) 31.1% % 3.9x 4.9x 6.0x 8.7x 9.0x Union Pacific Corporation 104, % 41.4% % 7.9x 9.5x 11.3x 10.5x 9.8x Westinghouse Air Brake Technologies Corporation 8, % 32.7% % 9.4x 9.9x 12.5x 11.3x 10.4x Median 0.8% 31.9% 95.5% 8.0x 9.2x 11.2x 10.2x 9.9x Aegean Petroleum Network Inc. $1,260 $ % 63.7% $ % 10.7x 8.3x 9.7x 8.4x 8.6x Costamare Inc. 1, (4.7%) (9.1%) % 6.0x 6.1x 5.2x 6.4x 7.0x Diana Shipping Inc % 68.9% % NM NM NM NM 13.4x Kirby Corporation 4, % 33.4% % 6.5x 7.2x 9.5x 11.3x 10.2x Matson, Inc. 2, % (8.6%) % 7.3x 7.0x 8.8x 7.7x 7.2x Nordic American Tankers Limited 1, (3.1%) (31.9%) % 6.7x 7.1x 7.4x 11.4x 7.9x Rand Logistics, Inc % 10.1% % 7.6x 7.8x 7.6x 6.4x NA SEACOR Holdings Inc. 1, % 74.8% % 8.5x 11.1x 16.3x 12.0x 10.5x Wilh. Wilhelmsen ASA 2, % 113.6% % 13.2x 11.3x 19.6x 6.4x 6.9x Median 2.2% 33.4% 82.8% 7.4x 7.5x 9.2x 8.0x 8.3x Dana Incorporated 3, % 59.2% % 4.4x 4.8x 6.3x 5.5x 5.1x Gentherm Incorporated 1, % (8.5%) % 8.9x 7.5x 8.9x 8.3x 7.7x Spartan Motors, Inc (16.4%) 153.4% % NM NM NM 9.3x 6.5x Wabash National Corporation 1, % 79.5% % 4.3x 3.9x 5.7x 7.4x 7.7x Median 2.5% 69.3% 87.6% 4.4x 4.8x 6.3x 7.9x 7.1x 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 % 12.8% % 19.4% Atlas Air Worldwide Holdings, Inc. 1,657 1,799 1,823 1,828 1,975 2, % 9.1% % 11.3% 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 61,204 63,578 65,679 (5.8%) 3.6% 3,887 4,812 3,587 5,161 5,516 5, % 6.9% DSV A/S 8,137 8,645 7,563 9,681 10,194 10, % 5.1% % 16.1% Echo Global Logistics, Inc 884 1,173 1,512 1,716 1,716 2, % 11.8% % 35.2% Expeditors International of Washington, Inc. 6,080 6,565 6,617 6,067 6,435 6,789 (0.1%) 5.8% % 4.1% FedEx Corporation 45,567 47,453 50,365 60,035 63,001 65, % 4.7% 6,033 4,951 6,165 8,480 9,195 9, % 7.5% Forward Air Corporation , % 5.2% % 8.8% Hub Group, Inc. Class A 3,374 3,571 3,526 3,573 3,573 4, % 7.2% % 7.3% J.B. Hunt Transport Services, Inc. 5,585 6,165 6,188 6,555 6,555 7, % 9.1% ,054 1,083 1,083 1, % 8.4% Kuhne & Nagel International AG 18,529 19,118 17,376 19,898 20,639 21, % 4.2% 1,028 1,073 1,069 1,089 1,161 1, % 6.3% Landstar System, Inc. 2,665 3,185 3,321 3,168 3,168 3, % 5.6% % 1.9% Panalpina Welttransport (Holding) AG 7,289 7,327 6,081 5,182 5,416 5,646 (10.8%) 4.4% (2.7%) 27.2% 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 1,747 1,820 1, % 5.2% TFI International Inc. 3,018 3,363 3,150 3,073 3,558 3, % 9.1% % 19.6% United Parcel Service, Inc. Class B 55,491 58,256 58,050 60,906 60,906 67, % 5.3% 8,765 6,889 9,429 10,342 10,655 11, % 4.7% Universal Logistics Holdings, Inc. 1,033 1,192 1,129 1,075 1,091 1, % 1.3% (12.3%) 3.1% XPO Logistics, Inc ,357 7,623 14,582 14,985 15,764 NM 4.0% (17) ,246 1,351 1,575 NM 12.4% Total $259,756 $273,405 $267,955 $282,203 $290,639 $310, % 6.1% $25,705 $24,421 $27,772 $33,297 $35,397 $38, % 11.0% ArcBest Corporation $2,300 $2,613 $2,667 $2,700 $2,700 $3, % 6.4% $107 $154 $167 $132 $132 $ % 19.5% Celadon Group, Inc ,065 1,065 1, % 1.1% % (6.4%) Covenant Group, Inc. Class A (0.7%) 6.9% % 9.4% Heartland Express, Inc % 0.7% % 5.6% Knight, Inc ,102 1,183 1,118 1,118 1, % 6.4% % 6.5% 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% % 8.7% 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 4,348 (0.7%) 3.9% (4.1%) 11.8% Universal Logistics Holdings, Inc. 1,033 1,192 1,129 1,075 1,091 1, % 1.3% (12.3%) 3.1% 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% % 6.3% 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 $23,723 $23,740 $26, % 4.7% $2,603 $2,984 $3,380 $3,063 $3,063 $3, % 10.1% 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 $626 $531 $454 (5.9%) (14.9%) $179 $204 $273 $197 $170 $ % (13.0%) Canadian National Railway Company 10,263 10,986 9,857 9,085 9,085 10,208 (4.0%) 6.0% 4,710 5,137 5,021 4,934 4,934 5, % 5.9% Canadian Pacific Railway Limited 5,952 5,994 5,246 4,704 4,704 5,210 (7.5%) 5.2% 2,340 2,640 2,431 2,363 2,363 2, % 8.1% CSX Corporation 12,026 12,669 11,811 11,069 11,069 11,903 (2.7%) 3.7% 4,534 4,764 4,792 4,690 4,690 5, % 4.5% FreightCar America, Inc % (19.0%) (4) NM (42.6%) Genesee & Wyoming, Inc. Class A 1,569 1,639 2,000 2,002 2,002 2, % 6.7% % 19.0% Greenbrier Companies, Inc. 1,755 2,203 2,605 2,681 2,681 1, % (16.7%) % (30.3%) Kansas City Southern 2,369 2,577 2,419 2,397 2,397 2, % 4.2% 962 1,106 1,098 1,121 1,121 1, % 7.7% Norfolk Southern Corporation 11,245 11,624 10,511 9,888 9,888 10,826 (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 4,591 3,414 3, % (13.4%) 963 1,402 1, % (12.9%) Union Pacific Corporation 21,963 23,988 21,813 19,941 19,941 21,916 (3.2%) 4.8% 9,223 10,657 10,064 9,310 9,310 10, % 7.1% Westinghouse Air Brake Technologies Corporation 2,566 3,044 3,308 2,953 4,158 4, % 20.8% % 13.7% Total $75,115 $82,227 $77,625 $70,440 $70,278 $75, % (0.7%) $28,243 $31,857 $30,912 $29,362 $29,244 $32, % (2.2%) Aegean Petroleum Network Inc. $6,335 $6,662 $4,232 $4,031 $5,091 $6,902 (14.0%) 30.8% $84 $54 $81 $140 $150 $ % 2.0% Costamare Inc % (8.3%) % (9.7%) Diana Shipping Inc (15.1%) 37.0% (13) NM NA Kirby Corporation 2,242 2,566 2,148 1,771 1,771 1,941 (7.6%) 4.7% (8.5%) (1.1%) Matson, Inc. 1,637 1,714 1,885 1,918 1,977 2, % 3.1% % 5.8% Nordic American Tankers Limited (1.7%) 10.6% (7) NM 7.6% Rand Logistics, Inc NA (9.0%) NA NA (0.6%) NA SEACOR Holdings Inc. 1,247 1,319 1, (12.7%) 4.5% (20.0%) 33.1% Wilh. Wilhelmsen ASA ,913 1,885 2, % 2.9% % 17.2% Total $12,764 $13,710 $10,874 $11,380 $12,573 $14, % 10.7% $1,562 $1,772 $1,884 $1,726 $1,972 $1, % 7.8% Dana Incorporated 6,769 6,617 6,060 5,826 5,826 6,589 (4.9%) 6.3% (4.7%) 11.8% Gentherm Incorporated , % 7.5% % 8.1% Spartan Motors, Inc % 8.4% NM NM Wabash National Corporation 1,636 1,863 2,027 1,845 1,845 1, % (5.5%) % (12.3%) Total $9,536 $9,799 $9,494 $9,174 $9,306 $9, % 4.2% $938 $1,012 $991 $1,015 $1,033 $1, % 2.5% PAGE 10

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