Capital Link Webinar January 2024 1 Disclaimer Forward-Looking Statements This presentation contains certain forward-looking statements including analyses and other information based on forecasts of future results and estimates of amounts not yet determinable and statements relating to our future prospects, developments and business strategies. Forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," ...

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential [1] - The popularity of insurance companies in the Philippines since 2014 indicates a shift in investment strategies among local investors [1] - The diversification of investment portfolios across various industries and market capitalizations is becoming a common practice among investors [1] Investment Trends - There is a notable trend of investors moving from traditional savings in banks and properties to stock market investments for better returns [1] - The entry into the US market by investors from the Philippines reflects a growing interest in international investment opportunities [1] - The use of analytical platforms like Seeking Alpha is aiding investors in making informed decisions by comparing different market analyses [1] Sector Focus - Key sectors of interest include banking, telecommunications, logistics, and hospitality, which are attracting significant investment [1] - The logistics and shipping industries are particularly highlighted as areas of growth and investment potential in both the ASEAN and US markets [1]

FedEx shares dropped in extended trading on Tuesday after the shipping giant suspended its annual outlook and issued light guidance for the current quarter. Monitor these key post-earnings chart levels. https://t.co/SMfTYGWELK ...

Core Insights - The article emphasizes the importance of value investing, highlighting the identification of undervalued companies as a key strategy for investors [2] - Ardmore Shipping (ASC) and International Seaways (INSW) are presented as strong value stocks, both holding a Zacks Rank of 1 (Strong Buy) and a Value grade of A [3][7] Valuation Metrics for Ardmore Shipping (ASC) - ASC has a Price-to-Book (P/B) ratio of 0.67, significantly lower than the industry average of 1.32, indicating potential undervaluation [4] - The Price-to-Sales (P/S) ratio for ASC is 1.07, compared to the industry's average of 1.31, suggesting a favorable valuation [5] - ASC's Price-to-Cash Flow (P/CF) ratio stands at 3.03, which is attractive relative to the industry average of 4.71, further supporting its undervalued status [6] Valuation Metrics for International Seaways (INSW) - INSW has a P/B ratio of 1.06, which is also below the industry average of 1.32, indicating it may be undervalued [7] - The valuation metrics for both ASC and INSW suggest that they are likely being undervalued in the current market [8]

Core Viewpoint - Performance Shipping Inc. has announced a refinancing agreement for an existing loan of US$29,750,000 with Alpha Bank A.E., which will improve the company's financial position and reduce financing costs [1][2]. Group 1: Refinancing Details - The refinancing will be executed through two wholly-owned subsidiaries of the company and is subject to customary closing conditions [1]. - Proceeds from the refinancing will fully cover the existing debt with Alpha Bank, secured by the vessels M/T P. Long Beach and M/T P. Aliki [1]. - The new facility will have an interest rate of SOFR plus 1.90% per annum [1]. Group 2: Repayment Structure - The facility will be repaid in twenty quarterly installments of US$1,050,000 each, with a balloon payment of US$8,750,000 due in mid-2030 [2]. - The average payable margins will decrease by 23% compared to existing loan agreements, while the amortization profile remains unchanged [2]. - The extension of loan maturities by over two and a half years means no substantial debt maturities are scheduled before mid-2030 [2]. Group 3: Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels [3]. - The company employs its fleet on spot voyages, through pool arrangements, and on time charters [3].

Group 1: Runway Growth Finance Corp. (RWAY) - Runway Growth Finance Corp. is an externally managed business development company focused on providing flexible capital solutions to late-stage and growth companies [1] - The Zacks Consensus Estimate for its current year earnings has increased by 7.4% over the last 60 days [1] Group 2: Flex LNG (FLNG) - Flex LNG is a shipping company specializing in the transportation of liquefied natural gas [2] - The Zacks Consensus Estimate for its current year earnings has increased by 12.1% over the last 60 days [2] - Flex LNG has a dividend yield of 12.6%, compared to the industry average of 2% [2] Group 3: Upbound Group, Inc. (UPBD) - Upbound Group, Inc. is a leading lease-to-own provider with operations in the United States, Puerto Rico, and Mexico [3] - The Zacks Consensus Estimate for its current year earnings has increased by 2% over the last 60 days [3] - Upbound Group has a dividend yield of 6.5%, compared to the industry average of 4.1% [3]

Group 1 - EuroHoldings Ltd. will release its financial results for Q1 2025 on June 25, 2025, after market closes in New York [1] - The Company will not host a conference call to discuss its results for the three-month period [2] - EuroHoldings Ltd. was incorporated on March 20, 2024, as a holding company for three vessel-owning subsidiaries of Euroseas Ltd. [3] Group 2 - EuroHoldings Ltd. operates a fleet of two feeder containership vessels with a cargo capacity of 40,882 dwt, or 3,171 teu [3] - The Company's operations are managed by Eurobulk Ltd., which is ISO certified [3] - EuroHoldings Ltd. is listed on the Nasdaq Capital Market under the symbol "EHLD" [4]

Core Insights - Icon Energy Corp. has successfully added the M/V Charlie to its fleet, enhancing its capacity for dry bulk cargo transportation [1][2] - The M/V Charlie is a 2020-built, eco-friendly Ultramax dry bulk carrier equipped with a scrubber, which is expected to contribute to revenue generation immediately [2][4] - The vessel has been chartered out for 9 to 12 months at a floating daily hire rate linked to the Baltic Supramax Index, along with a share of fuel cost savings due to the scrubber [3] Company Overview - Icon Energy Corp. is an international shipping company based in Athens, Greece, specializing in worldwide seaborne transportation services for dry bulk cargoes [4] - The company's shares are traded on the Nasdaq Capital Market under the symbol "ICON" [4] Future Plans - The company aims to continue expanding its fleet through disciplined and opportunistic acquisitions, as stated by the Chairwoman and CEO [4]

Core Viewpoint - EuroHoldings Ltd has entered into a Stock Purchase Agreement where shareholders associated with the Pittas family sold 51.04% of the company's outstanding common shares to Marla Investments Inc, affiliated with the Latsis family, marking a significant change in ownership structure [1][6]. Group 1: Transaction Details - The transaction involved the sale of 1,437,697 shares at approximately $12.90 per share in cash, with additional quarterly cash payments contingent on the continued employment of two containerships beyond their minimum charter periods [2]. - The Pittas family retained approximately 7.6% ownership in the company after the transaction [1]. Group 2: Board Changes - Following the transaction, two board members, Aristides P. Pittas and Dr. Anastasios (Tasos) Aslidis, resigned, and new members George Margaronis and Christos Triantafillidis were appointed to fill the vacancies [3][4]. - The Board unanimously approved the Company Undertakings related to the transaction, which included amending the Shareholders' Rights Plan and considering new board members suggested by the Purchaser [4]. Group 3: Company Background - EuroHoldings Ltd was incorporated on March 20, 2024, as a holding company for three vessel-owning subsidiaries and is listed on the Nasdaq Capital Market under the symbol "EHLD" [7][9]. - The company operates a fleet of two feeder containership vessels with a cargo capacity of 40,882 dwt, or 3,171 teu, managed by Eurobulk Ltd, which provides day-to-day commercial and technical management [8].

Core Viewpoint - ZIM Integrated Shipping is positioned as a more favorable investment compared to Frontline Plc due to its asset-light model, strong pricing power, and shareholder-friendly approach, while Frontline faces challenges from high debt and geopolitical risks [2][17]. ZIM Integrated Shipping - ZIM operates an asset-light model focusing on leasing rather than owning vessels, which enhances its profitability by avoiding low-margin segments [3][8]. - The company serves approximately 33,000 customers across over 330 ports globally, indicating a strong market presence [1]. - ZIM has declared a regular dividend of approximately $382 million or $3.17 per share for the December quarter, and $89 million or 74 cents per share for the first quarter of 2025, reflecting confidence in cash flow [4]. - ZIM has consistently beaten earnings estimates, with an average surprise of 34.5% over the past four quarters [5]. - Earnings estimates for ZIM have been revised upward for the second and third quarters of 2025, as well as for the full year [6][7]. - ZIM trades at a forward sales multiple of 0.31 and has a Value Score of A, indicating strong valuation metrics [8][15]. Frontline Plc - Frontline focuses on the transportation of crude oil and refined products, with a relatively young fleet averaging 6.8 years [9]. - The company has faced challenges due to high debt levels, primarily from capital expenditures on fleet renewal, which raises concerns about its financial stability [13]. - Frontline's earnings estimates have been revised downward due to geopolitical tensions and weakening demand, particularly from China [11][12]. - The company has lagged behind earnings estimates in two of the last four quarters, with an average miss of 4.4% [12]. - Frontline has a higher forward sales multiple of 3.06 and a Value Score of C, indicating less favorable valuation compared to ZIM [15]. Industry Context - The shipping industry is crucial for global trade, and any slowdown may disrupt trade routes, impacting companies like ZIM and Frontline [16]. - ZIM's business model allows it to adapt to tariff-related challenges by shifting capacity to more profitable routes, providing a competitive edge [16][17].