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1 actor uminum Business Process Management (BPM) o Component arel ural Gas Banking Coal anganese Ore Commercial Vehicle Cement Cotton & Cotton Ya Construction Educat Chlor-Alkali CRAMS Crude Oil Gems & J Pesticides Hotel Telecom Tower Power uto Compoments Tyre Crude Oil Man Made Fibre Pipe Telecom-Wireless Seed Energy Sources Paper Housing Finance Passenger Vehicl ade Fibre Hospital Roads & Highways Zinc & L uilding Education Aluminum nking Express Service Steel Two Wheeler Gems & Jewellery Express Service Cr Passenger Vehicle CRAMS ds Freight Transport s Management (BPM) ads Freight Transport ed May 2013 Steel Power Generation Pa Sugar Tractor Refining & Marke Cotton & Cotton Yarn Tracto Pesticide Natural Gas

2 shipping industry has been in the doldrums since the last couple years which is a known fact; however trends and statistics CY12 highlight the efforts being undertaken by the industry players to revive the industry. CARE Research on an overall basis expects the world sea borne trade to register a marginal increase during CY12 to CY17. No shore in sight Vessel deliveries to grow at a steady pace Though undesired from the global shipping industry's parlance, CARE Research estimates the delivery volumes to remain steady during CY13-CY14. This expectation dwells on the fact that the production capacities the world's leading shipyards multiplied significantly during the boom period from CY08 - H1CY09. This, in addition to the trend re-scheduling vessel deliveries during CY11 & CY12 will further add to the volume vessels to be delivered during CY13 & CY14. CARE Research expects that the trade volumes in the dry bulk segment will continue to be majorly driven by the Chinese demand for coal and iron-ore. Hence any slowdown witnessed by the Chinese steel manufacturers would adversely affect the trading volumes the dry bulk fleet globally in-turn impacting the freight rates for the said segment. Dry Bulk segment Outlook on the Wet Bulk segment CARE Research expects that the sea-borne trade oil and oil products will grow marginally during CY12-CY14, as demand for crude oil and oil products will remain subdued during the period. development in global EXIM trade highlights the fact that the concept containerization has been gaining a wide acceptance from the developing nations, replacing the dry bulk / break- bulk form transportation. Consequently, the development container terminals is expected to gain pace across the globe with the ports capable calling bigger container vessels owing to the draught size and other infrastructural facilities. Outlook on the Containership segment

3 Global 's Outlook Table Global fleet size to expand at a CAGR 4.1% Section- I Care Research's Outlook VLCC and Suezmax vessels to drive the growth in wet bulk segment during CY13-CY14 Capesize and Panamax vessels to drive the growth in dry bulk fleet segment during CY13-CY14 Containerships > 8,000 TEU to drive the growth in containership segment during CY13-CY14 Outlook - Based on Vessel Segment Outlook on the Wet Bulk segment Outlook on the Dry Bulk segment Outlook on the Containership segment Global Merchandise Trade CY12 A Snapshot Region-wise Merchandise Trade CY12 Global Merchandise Exports CY12 Global Merchandise Imports CY12 Wet Bulk Vessels Crude Oil Reserves Globally Global crude oil market overview Section- II Market Trends CY11 & CY12 Pattern Trade Flows: Crude oil & Oil products Global Wet Bulk Fleet: An Overview Developments during CY12 Crude oil market Petroleum, Oil and Lubricant market Indian Wet bulk Fleet Dry Bulk Vessels Global Iron-ore reserves Global Iron-Ore Market Global Coal Market Global Steel Market Global Dry Bulk Fleet: An Overview Developments during CY12 Indian Steel production Indian Iron-Ore Market India Coal Market Dry Bulk Commodities - Indian Ports Fleet Summary

4 Table Containerships Vessels Container Trade Overview Global Containership Fleet: An Overview Developments during CY12 Container Volumes at Indian ports Fleet Summary & Age composition Cost Analysis Bunker Expenses Port Dues Dry Docking, Repairs & Maintenance Vessel Hire Charges Employee Expenses Insurance Expenses Non- Operating Expenses Pritability Margins Global Maritime Trade-Trend Analysis Indian Maritime Trade Trend Analysis Classification by Ship Types Wet bulk carriers Dry Bulk Carriers Containerships Specialized Vessels Chemical carriers, LPG / LNG carriers Offshore vessels SECTION- III Trend Analysis Section IV Basics Features Demand side factors World economic position Regional disparity Political events Natural disasters Supply side factors Existing fleet size Scrapping vessels Orderbook position and Capacity for Shipbuilding Fleet productivity Choppy revenue streams Capital intensive

5 Pricing Power Regulatory requirements Ways Deployment Bareboat Charter cum Demise (BBCD) Time Charter Voyage Charter Vessel Flags Flag Convenience (FOC) Corporation India (SCI) Table Great Eastern Company Ltd. (GE ) Mercator Ltd. (ML) Global Outlook World Fleet size projection Delivery as % existing fleet-estimates Outlook on vessel segments World Sea-Borne Trade Projections (Million Tonnes) Global Merchandise Trade CY12 A Snapshot Region-wise Exports growth in Y-o-Y percentage terms Region-wise Imports growth in Y-o-Y percentage terms Wet Bulk Vessels Sea-borne trade oil & oil products Crude Oil Export-Import-CY11 Products Export-Import-CY11 Order-book & delivery schedule Indian Wet Bulk fleet as on December 31, 2012 Dry Bulk Vessels Orderbook & delivery schedule Indian Dry Bulk fleet as on December 31, 2012 Containerships Vessels SECTION- V Company Section List Tables SECTION- I CARE Research's Outlook SECTION- II Market Trends CY12 Global Top-10 container service operators CY11 Global Top-10 container terminals Order-book & delivery schedule

6 Table Indian Containership fleet as on December 31, 2012 Cost Analysis Fuel oil & Water Expenses as % Total Operating Expenditure Port dues as % total expenditure Dry docking, Repairs & Maintenance as % total expenditure Vessel hire charges as % total expenditure Employee expenses as % total expenditure Insurance expenses as % total expenditure Interest & Finance charges Y-o-Y (Rs. Crore) Depreciation charge Y-o-Y (Rs. Crore) PBDIT margin (%) PAT margin (%) SECTION- III Trend Analysis Global Maritime Trade Trend Analysis Age Prile World Fleet (dwt in % terms -as on Jan 1, 2012) No. ships as % total ships (as on Jan 1, 2012) Indian Maritime Trade - Trend Analysis Age Prile Indian Fleet (as on December 31, 2012) No. ships (as on December 31, 2012) SECTION- IV Basics Foreign flagged vessels in countries with largest controlled fleet Global Top -5 Open Registries SECTION- V Company Section Corporation India (SCI) Category-wise no. vessels owned as on March 31, 2012 Vessel's on order as on March 31,2012 Vessel Acquisitions during FY12 Vessel disposal during FY12 Great Eastern Company Ltd. (GE ) Category-wise no. vessels owned and average age - as on March 31, 2012 Vessel Acquisitions during FY12 Vessel Sale's during FY12 Mercator Ltd. (ML) Category-wise no. vessels owned and average age - as on March 31, 2012

7 Global Outlook Table List Charts SECTION- I CARE Research's Outlook Expected delivery schedule by vessel segments mn GT in % Transition to bigger vessels-wet Bulk Delivery Schedule Wet Bulk vessel segment Wet Bulk Fleet estimates Transition to bigger vessels- Dry Bulk Delivery Schedule Dry Bulk vessel segment Dry Bulk Fleet estimates Transition to bigger vessels-containerships Delivery Schedule Containership segment Containership Fleet estimates Outlook on vessel segments World: Oil & Gas Sea-Borne Trade World: Main Dry Bulk Trade World: Sea-Borne Dry Bulk Trade (Million Tonnes) Global steel production & capacity utilisation estimates Wet Bulk Vessels Crude oil proved reserves: continent-wise in % World oil demand & supply Break-up oil demand Break-up oil supply Global refining capacities Crude Oil Imports & Exports (in mb/d) Products Imports & Exports (in mb/d) Growth global wet bulk fleet SECTION- II Market Trends CY12 Tankers( 310,000 dwt) New-build and second-hand vessel prices New orders & Investments Scrapping & Deliveries India Oil production and consumption Growth in oil imports Crude oil Traffic at major ports Trend Analysis Port-wise movement Crude oil FY13 mn tonnes in % India's Crude Oil sourcing FY12- mn tonnes in % Pipeline transportation crude oil through Ports Production & Consumption- POL POL - Exports & Imports POL Traffic as a % total Import & Export traffic

8 Dry Bulk Vessels Global Iron-ore Reserves Global Iron-ore production Table Major Iron-ore Exporters mn tonnes in % : CY10 Major Iron-ore Importers mn tonnes in % : CY10 Global Coal Reserves Global Coal production Major Coal Exporters mn tonnes in % : CY11 Major Coal Importers mn tonnes in % : CY11 Global Crude steel production Major Semi-finished & Finished Steel Exporters during CY11- mn tonnes Major Semi-Finished & Finished Steel Importers during CY11 mn tonnes Growth global dry bulk fleet New orders & Investments Scrapping & Deliveries Bulk carriers (170,000 dwt) New-build and second-hand vessel prices India - Crude Steel production Finished Steel Imports & Exports India - Iron-ore production Indian Iron-ore Exports India - Coal production Indian Coal Imports Dry Bulk traffic at major ports Trend analysis Dry Bulk - Exports & Imports Dry Bulk traffic as a % total Import & Export traffic Port-wise movement Iron-ore FY13 mn tonnes in % Port-wise movement Coal FY13 mn tonnes in % Port-wise movement Fertiliser FY13 mn tonnes in % Containerships Vessels Growth Container trade vis-à-vis total sea-borne trade Growth in Supply containerships Major East-West container trade routes Growth global containership fleet New orders & Investments Scrapping & Deliveries Containerships (4,500 TEU)- New-build and second-hand vessel prices Container traffic at major ports Trend Analysis Container volumes - Exports & Imports Container traffic as a % total Import & Export traffic Port-wise movement Containers FY13 mn tonnes in %

9 Cost Analysis Table Indian Shipowners' - Comparative cost analysis FY12 Global Maritime Trade Trend Analysis World economic growth and growth in sea-borne trade Break-up cargo (tonnes) carried by world fleet CY00 Break-up cargo (tonnes) carried by world fleet CY12 Break-up world fleet (dwt) by ship types CY00 Break-up world fleet (dwt) by ship types CY12 World fleet tonnes carried per dwt tankers, dry bulk carriers and all other dry cargo % share global merchandise trade - CY11 % share world fleet - ownership in dwt Indian Maritime Trade - Trend Analysis Relationship between economic growth and growth in sea-borne trade Growth Indian fleet Participation Indian ships in India's overseas trade Break-up Indian fleet (GRT) by ship type- CY03 Break-up Indian fleet (GRT) by ship type CY12 SECTION- III Trend Analysis Indexation vessel prices SECTION- IV Basics Corporation India (SCI) Shareholding Pattern (March 2013) % Composition fleet in dwt FY12 Great Eastern Company Ltd. (GE ) Shareholding Pattern (March 2013) % Composition fleet in dwt FY12Vessel Acquisitions during FY12 Mercator Ltd. (ML) Shareholding Pattern (March 2013) % Composition fleet in dwt FY12 SECTION- V Company Section

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