▪ Affinity (Shipping) LLP was formed on 2nd January 2015, following amanagement buyout of RS Platou LLP (the London office of theNorwegian broker RS Platou)

▪ The core of the company has since then been supplemented byexperienced staff joining from other major broking houses and financialinstitutions

▪ We have a team of 140+ worldwide covering Newbuilding and S&Palongside Tanker / Dry Cargo / LNG / Offshore spot and termchartering, supported by Research and Operations departments

▪ Multinational team combines youth and experience. Partners withbetween 15-40 years of relevant experience lead teams of energetic,ambitious younger brokers

▪ Newbuilding

▪ Sale & Purchase

▪ Spot and Period Chartering

▪ Finance & Advisory (FCA regulated)

▪ Research

▪ Tankers

▪ Dry Bulk

▪ LNG

▪ Offshore

▪ We maintain a global presence with offices in London, Oslo, Singapore,Beijing, Hong Kong, Seoul, Houston, Santiago, Lima, Sydney, Melbourneand Perth

▪ Wide client base ranging from small private owners through corporatesand stock-listed companies, oil majors, utilities, commodity traders andstate-owned enterprises. Ability to transact in all markets and offering adiscreet, low-profile, efficient and effective service to our clients

▪ Growing suite of research products and bespoke analysis, which isdesigned to support our clients’ decision-making process

Houston

Santiago

London

Oslo

Perth

Melbourne

Sydney

SeoulBeijing

Hong Kong

SingaporeLima

▪ Our newbuilding team of brokers based in London and Korea hasconcluded over 500 newbuildings of all types, including LNG,FSRUs, Drillships, Crude Tankers, Product Tankers, Containerships,and Dry Cargo vessels

▪ We have contracted in all major newbuilding centres globally, withparticular focus on the Korean Shipyards. We have had particularsuccess in the energy markets with a significant number ofLNG/LPG and product tankers deals concluded in the last threeyears

▪ We maintain high level contacts with all of the major shipbuildersand have a proven track record of doing business in all markets

▪ Our Sale & Purchase teams are based in London, Singapore andSeoul, and has extensive experience of working with privateclients, national shipping companies, major corporates, oilcompanies, grain houses and institutional investors, providing acradle to grave service across all shipping sectors

Petter Arentz

Simon Armitage

Charlie Bulow

Toby English

Tom Fairhurst

Andrew Finn

Richard Fulford-Smith

Tom Morrison

Leopoldo Pirro

Ben Pusey

Tom White

Nick Wood

Nathan Hoe James Leake

WK Ki

Tor-Øyvind Bjørkli

Jens Kolbjørnsen

Ida Mathilde Moe

Andre Nikolaisen

2016

Strategic Transactions

P&C

Broker

2017

Strategic Transactions

2 vessels

Broker

2017

Strategic Transactions

2 vessels

Broker

2018

Strategic Transactions

4 vessels

Broker

2016

Broker

2017

Broker

2017

Broker

2018

Strategic Transactions

8 vessels

Broker

2016

Broker

2017

Broker

2017

Broker

2018

Strategic Transactions

3 vessels

Broker

2016

Broker

2016

Broker

2017

Broker

2018

Strategic Mandate

P&C

Broker

2015

Broker

2016

Broker

2012 - 2017

Broker

2018

Broker

2015

Broker

2016

Broker

2017

Broker

2017

Strategic Transactions

P&C

Broker

2016

Broker

2017

Broker

2017

Strategic Transaction

1 vessel

Broker

Strategic Transactions

P&C

Strategic Transactions

8 vessels

Strategic Transactions

Aframax Tankers

Strategic Transactions

2 vessels

Strategic Transactions

6 vessels

Strategic Transactions

2 vessels

Strategic Transactions

c. 75 vessels

Strategic Drybulk Transactions

P&C

Strategic Transactions

2 Suezmax Tankers

Strategic Transactions

2 Suezmax Tankers

Strategic Transactions

Suezmax Tankers

Strategic Transaction

1 vessel

Strategic Drybulk Transaction

1 vessel

2015

Broker

Strategic Transactions

P&C

Strategic Transactions

4 vessels

Strategic Transactions

P&C

Strategic Transactions

LR2

Strategic Transactions

P&C

Strategic Transactions

2 vessels

Ivo Depping

Paolo Ghidini

Joni Mackay

James Palairet

Niccolo Uzieli

Georgi Yarmov

Qi Qi

▪ Our LNG desk is now considered the global market leader afteracquiring the commercial team from Poten. It comprises a youngand dynamic team with wide ranging experience of spot and termcharters. The team works with all major LNG ship owners andcharterers, and has advised most of the established internationalenergy majors

▪ Working closely with clients in the small scale LNG and bunkeringmarket, our LNG team covers the entire market on a day-to-daybasis and, as a result, it has an up-to-the-minute intelligence onvessel requirements and availability

▪ The LNG team has close interaction with the Newbuilding and Sale& Purchase divisions with an unrivalled track record, with over 30LNG newbuilding contracts currently on order, as well asundertaking second-hand transactions - still relatively rare eventsin the LNG shipping market

▪ Affinity Energy Infrastructure (AEI) specialises in end-to-end energyinfrastructure solutions

▪ AEI builds value chains starting from the roots up (either throughsourcing demand or supporting other developers). Often thequestion of costing and populating the value chain with appropriateassets dominates the next stage of development. This approachsuccessfully delivers solutions to clients with confidence, providinga cost efficient energy price

▪ AEI opens new markets as well as evolving existing ones. Thoseseeking to change fuel types and take advantage of attractively-priced LNG as well as those that seek more environmentallyfriendly energy sources are our focussed downstream markets

▪ AEI provides objective assessments of quality / reputation /reliability for each project participant, company and sponsor,comparing and analysing all proposals carefully

▪ AEI provides a strong, effective and efficient capital expenditurevaluation methodology. As a result, AEI is capable of scaling costsaccording to relevant demand

▪ AEI pushes yards/ship-owners and technology providers to re-thinkconcepts, be client focussed and reduce costs along the valuechain as applicable. We contribute in-depth knowledge, contractingand negotiating skills, to new contracts/precedents andcommercial realities of contract negotiations

▪ AEI introduces, assists and guides end users to familiarisethemselves with the industry and the companies involvedthroughout the value chain, particularly related to shipping andfloating assets. We understand the current environment of LNG-priced fuel compared to other alternatives and we strive to findways to compensate and lower project costs

▪ Through its incentivised payment scheme, AEI acts a quasi-equitypartner, providing sweat equity with a focus on successfulconclusion to the benefit of all parties. AEI is totally aligned withpartners and JV project developers – your success is our success

Petter Arentz

Mats Fagerberg

Jonathan Gaylor

▪ Our established tanker chartering teams serve the industry fromLondon, Houston, Singapore and Beijing, delivering a highlyproficient spot chartering service with a prime position in the crudeoil and fuel oil markets. The team has close relationships with oilmajors, national oil companies, oil traders, and major ship ownersand operators

▪ Our projects department focuses on medium and long term timecharters and COAs. The projects team also works extensively withour newbuilding, sale and purchase and finance departmentsstructuring long term leasing deals and partnerships

Dean AbrahamsDPP & Crude Aframax

Francesca BanfieldVLCC

Ashley CadwalladerDPP & Crude Aframax

Dan CaterSuezmax

Charlie CarterDPP & Crude Aframax

George de JasaySuezmax

Xiaocheng Ju VLCC

David HallpikeDPP Handy | MR | Panamax

Jonathon HammondDPP MR | Panamax

Tim GurdonDPP MR | Panamax

Paul HarrisVLCC

Wictor ManssonVLCC

Mark WoodDPP & Crude Aframax

Pete SearlesProjects

Luo LiuVLCC

Sam YeVLCC

Victor GaoVLCC

Xu Chong FengTanker Admin

Yvonne Wang YiTanker Research

▪ The clean products team currently consists of 14 brokers, 9 ofwhom are based in London, 3 in Singapore and 2 in Houston, themajority having worked at EA Gibson together before creating thisnew desk at Affinity. The Affinity products team has been workingtogether for nearly 10 years, providing a seamless service to ourclients across East-West markets and covering Handy through toLR2 product tankers

▪ We are regarded as one of the strongest clean teams in the world,servicing a full range of clients both East and West, covering allproduct tanker size ranges

▪ Our projects department focuses on medium and long term timecharters and COAs. The projects team, headed up by CharlieOlivier in London also works extensively with our newbuilding, saleand purchase and finance departments structuring long termleasing deals and partnerships

▪ We operate multiple COAs with oil majors and major traders

▪ Affinity are on nearly all major panels and our clients include BP,Total, Shell, Vitol, Trafigura, Petrochina, Nyala, Valero, OTI,Petrobras, KPC, Chevron, P66, Mena Energy, Reliance, Enoc,Castleton (CCI), Cargill, Engen, Glencore, ATC, Unipec, Engelhart,Clearlake, Repsol, Litasco, Novatek, Newstream, Petrochina, EDFMann, AFCO, O&O

Jamie DoveWest LR

George EllisMR / Handy

Daniel HockeyWest MR / Handy

Charlie OlivierTime Charter Fixtures

Tom ParkerAG/WCI/Rsea: all sizes

Alex StannardMed MR / Handy

James TurkWest MR / Handy

John WiddringtonAG/WCI/Rsea: all sizes

Dan YatesWest MR / Handy

Charles HaggerSE Asia / NE Asia / AGAll sizes

Sydney NgLR

Dirk HorstmannSE Asia / NE Asia / AGAll sizes

Toby MartinUS Gulf / South America

Mark StewartUS Gulf / South America

7m bbl shipped

Broker

13m bbl shipped

Broker

34m bbl shipped

Broker

2017

69m bbl shipped

Broker

7m bbl shipped

Broker

12m bbl shipped

Broker

30m bbl shipped

Broker

2017

65m bbl shipped

Broker

6m bbl shipped

Broker

11m bbl shipped

Broker

27m bbl shipped

Broker

2017

53m bbl shipped

Broker

5m bbl shipped

Broker

10m bbl shipped

Broker

26m bbl shipped

Broker

2017

49m bbl shipped

Broker

5m bbl shipped

Broker

9m bbl shipped

Broker

23m bbl shipped

Broker

2017

41m bbl shipped

Broker

4m bbl shipped

Broker

7m bbl shipped

Broker

21m bbl shipped

Broker

2017

36m bbl shipped

Broker

7m bbl shipped

Broker

15m bbl shipped

Broker

2017

34m bbl shipped

Broker

Broker

2017 2017 2017 2017 2017 2017 2017

2017 2017 2017 2017 2017 2017 2017

2017 2017 2017 2017 2017 2017 2017

4m bbl shipped

▪ Our ethos for operations and post fixtures is simple: these roles are as important to us as the chartering/commercial function and we continueto apply those same principles of professional ship broking throughout the life of each fixture.

Glen Miller – Head of Tanker Operations – 33 Years’ ExperienceGlen became Global Operations Director at Braemar Seascopeand joined the Affinity team in October 2014. He is a Fellow of theInstitute of Chartered Shipbrokers (ICS), current Chairman ofLondon & South Branch of the ICS, and a member of ICSControlling Council (which governs the international ICS). Heregularly gives presentations for Lloyd’s Maritime Academy.

Mark Stokes – 28 Years’ ExperienceMark joined Affinity from Braemar Seascope, having spent eightyears in Operations. He is a Fellow of the Institute of CharteredShipbrokers, and Unipec's broker operator of the year for two outof the last three years.

Paul White15 Years’ Experience

Anett Belhazi12 Years’ Experience

Susanna Stokes2 Years’ Experience

Victor Sua (SINGAPORE)14 Years’ Experience

Priya Chandrasekara (SINGAPORE)2 Years’ Experience

Wang Yan (BEIJING)

Katy Elliott (HOUSTON)14 Years’ Experience

Graeme Heath (TANKER CLAIMS)29 Years’ Experience

Chris Hinton (TANKER CLAIMS)20 Years’ Experience

▪ Our dry bulk team are cargo-focused, representing major chartererson an exclusive and direct basis. Cargoes include iron ore, grain,concentrates, logs, sugar, fertilisers, gypsum and minerals

▪ Our dry bulk chartering teams are based in Sydney, Melbourne,Perth, Singapore, Santiago, Lima and London, and have an expertknowledge of the trades in which they are involved

▪ We fix voyage, COA and time charter business on behalf of ourclients and have good relationships with a wide range of shipowners worldwide. The size of vessels chartered range from shortsea costal vessels up to Capesize ships

Mary Hiyas

Troy Wilson

Penny Lin

Sabrina Qian Yu

Simon Cass

Jake Gee

David Oakley

Tom Rix

Alison Durchar

Michael Martin

Peter Quirk

Rahul Khanna Rossen Petkov

Paul Anderson

Freddie Wood

Anderson Da Silva

Andrew Hume

Steven Hume

Elliott Hume

Hans Bredrup Bugge

Mathis Bredrup

Felipe Correa

Stavros Koulouris

John Lignos

Marko Novak

Vincent Pinte

Keiko Porath

Andrea Stuven

Jesper Thode Eriksen

Enrico de Vecchi Jin Ishihara Tsukazan

▪ Affinity Financial Services LLP is the advisory partnership providingadvice and execution for non-regulated activities

▪ Affinity Financial Products LLP is authorised by the FCA to provideadvice and execution of regulated activities

▪ Finance is a critical part of any investment – identifying the mostefficient financing structure for an investment, is equally asimportant as crystallizing best pricing

▪ Understanding a client’s risk profile is paramount to sourcingsuitable capital investments

▪ Leveraging the full benefits of a client’s credit rating or utilising thecredit rating of an investment grade counterparty, end users cancreate substantial value

▪ We support ship-owners to find funding in the current marketenvironment which is characterised by a reduced number of lendingbanks

▪ We understand banking rationale and are able to supportinvestments with the appropriate bespoke industry research to helpunderpin their decision making process

Aimran Amir

Chris Chasty

Ivo Depping

Andrew Finn

Richard Fulford-Smith

Paolo Ghidini

Alun Hatfield

Benoit Tridon

Niccolo Uzielli

▪ Chartering of offshore support vessels on a world-wide basis, withparticular focus on the geographical regions in where the Team hasa proven track record

▪ Sale & Purchase of offshore support vessels, including but notlimited to Platform Supply Vessels, Anchor-Handling Tug Supply-and Construction Support Vessels, Tugs, Barges and otherunconventional marine assets

▪ Newbuilding-related broker services by means of businessdevelopment on behalf of shipyards, or in an advisory capacity onbehalf of ship-owners

▪ Ship management in collaboration with V.Ships Offshore; AffinityOffshore has direct access to tier-one commercial and technicalship management services for owners who prefer outsourcingoperations

▪ Vessel Valuation is provided in cooperation with Affinity ValuationsLtd

▪ Market Research is provided to clients by Affinity Offshore,supported by Affinity Research LLP – the Group’s world classresearch department

▪ Corporate Advisory; Affinity Offshore, supported by Affinity FinancialServices LLP, is well positioned to provide independent advice oncorporate decision-making, including financial strategies

Tor-Øyvind Bjørkli

Ida Mathilde Moe

Jens Cornelius Kolbjørnsen

André Nikolaisen

Our weekly publication, which reports on the Newbuilding, second-hand and demolition markets. It includescomments on each of the above markets, as well as the general macroeconomic outlook, and these arecomplemented by a variety of relevant data.

The LNG Weekly provides commentary on the LNG market. The report includes, among other things, LNGstatistics, rates, and gas prices.

A weekly report which details the happenings of both the dirty and clean tanker markets. There are marketcomments and headline news, and we report recent sales and fixtures, as well as our very own Affinity DirtyTanker Index.

Similar in concept to our Tanker Weekly, the Dry Cargo report consists of market comments, headline newsand various data, including commodity prices, bunker prices, TC rates and asset values. We began reportingour Affinity Dry Cargo Index on 20 August 2015.

The Macro Topics note, split into four pages, opens with a macroeconomic comment, followed by abreakdown of a ‘hot’ topic in each of the following markets: oil, dry and gas.

Affinity’s Oil Weekly report provides a comprehensive analysis of the oil market, looking at prices, demand,supply, refinery margins, and oil inventories.

Published monthly, the Affinity chartbooks provide fleet overviews of all of the major sectors. They containcurrent and historical fleet data, such as fleet profiles, orderbooks and the cumulative fleet.

Astrid Crowley

Hassan Darian

Fotios Katsoulas

George Nordahl

Ioannis Papadimitriou

Neal Smerdon

▪ Our broking desks are supported by AffinityResearch. Our research vision is to providebetter market insights more immediately, morefrequently and more efficiently than ourcompetitors, by utilising the latest datamanagement techniques allied to our already-strong market presence as brokers.

▪ We have an analyst for each of the majorsectors. Our Research desk is currentlydeveloping a number of web-based applicationsto deliver real-time market information to ourcustomers, including sales, fixtures, shipdeliveries, fleet disposals, etc.

▪ Project lead for significant newbuilding programs for major end users,including Shell - Project Silver (50 MRs), Pemex (8 MRs combined withinnovative 6 ship swap deal), Glencore (multiple handy tankers, MRs,LR1s, LR2s c. 25 ships total) as well as advising national shippingcompanies on their newbuilding programs

▪ Managed the sale of Conoco’s shipping fleet to Teekay through acorporate share sale, including transfer of 2,200 crew and significanton-going flexible tonnage provision to Conoco

▪ Ran the corporate share sale of 30 MRs from Cido to Diamond S

▪ Advised HBOS following Eastwind bankruptcy: sale of a block of bulkcarriers Newbuilding resales combined with bank financing

▪ Arranged Joint Venture between Major Trader and Stock Listed ShipOwner

▪ Structured multiple long term timecharter programmes for Oil Majorsand Oil Traders

▪ FCA authorised for investment banking activities

▪ Invaluable commercial insight to the newbuilding and shipping processesand markets, experienced through a life-time of deal making.

▪ Extensive involvement in capital market transactions and fleet sales incl.Ceres Hellenic to Euronav (Suezmaxes), three Metrostar fleets sold atindependent times to Georgiopoulos entities (Handysize Bulkers,Capesize Bulkers, VLCCs), managed the exit of the Niarchos family fromshipping, as well as the sale from Euronav of a fleet of Aframaxes toGenmar.

▪ Long-standing relationships with key LNG shipowners. Key LNG NBcontracts concluded include:

❖ 13 vessels at SHI & HHI for Golar LNG inc. 2 FSRU’s (1st with0.1% BOR)

❖ 10 units at HHI for Maran Gas – contracted to RasGas and BG(Sabine Pass volumes)

❖ 6 at SHI for GasLog – contracted to BG (Sabine Pass)

❖ 2 at HHI for GasLog

❖ 1 at DSME for Chandris

▪ 17 years of experience in the second hand sale and purchase as well asnewbuilding market

▪ Clients include private and public shipping entities and operators,shipyards, large commodity groups, banks, and investment funds.Actively involved across all shipping segments.

▪ Expertise in lease/financing structures (long-term lease deals) as well asstructuring sales with long term charters and putting together long-termcharters for clients

▪ Significant experience in working with banks and financial institutions.Examples include the sale of a fleet of bulkers from a UK bank to aBulgarian national shipping company, consultation leading to themandate to sell a fleet of bulkers from a Korean bank, and currentlyacting for UK banks in the sale of various types of vessel including bulkand LNG.

▪ 19 years of newbuilding experience

▪ Advised large international companies, such as Tata Power (exclusivehandling of NB project), Reliance Power, Scorpio, d'Amico, Unicorn, aswell as multiple private shipowner clients.

▪ Involved in and executed several hundred newbuilding contracts,including 30 LNG newbuildings, numerous chemical, product, crudetankers and specialised vessels including offshore.

▪ Previously head of RS Platou LLP Newbuilding from 2009, previouslyManaging Director and Head of Newbuilding at Clarksons from 2004until 2009.

▪ NB team involved in over 500 NB orders across all sectors.

▪ Valuable relationships with all major yards and strong placing power.

▪ Established track record with all Korean yard groups and substantialexperience in Japan and China.

▪ Over 30 years’ experience in shipping finance having worked forFinancial Institutions, an owner and ship brokers giving a valuableperspective on the side of financial institutions and owners

▪ This finance experience has involved many aspects of the financingworld including tax and cross border leasing, project finance, structuredand ECA finance, foreign and currency hedging, private equity,structured finance and financial advisory

▪ Selected transaction experience:

❖ Project Finance OSG Nakilat LNG vessels – Awarded MostInnovative Financing

❖ 48 ships on bareboat to BP including UK Tax Lease

❖ 6 VLGCS Petredec and Shell

❖ 50 MR Tankers Shell

❖ 4 Drillships Transocean including debt and equity – AwardedMost Innovative Financing

▪ Over 20 years’ experience in shipping, at sea and in ship finance

▪ Started a career at sea as deck & engine officer with CMA CGM

▪ Prior to joining Affinity, Mr. Tridon was Managing Director in the shipfinance department of Crédit Agricole CIB

▪ Selected ship finance experience

❖ Senior banker for key accounts including Scorpio, GasLog, d’Amico,CMB, Vroon

❖ Origination, syndication and/or management of the financing of c.110 ships through mortgage loans, ECA financing and French TaxLease schemes

▪ Selected restructuring experience

❖ Supervised the management and restructuring of $1bn nonperforming debt across various segments

❖ Managed the successful exit from two free-fall chapter 11

❖ Coordinated the arrest & repossession of 16 containerships, tankersand bulk carriers between 2010 and 2016

❖ Managed the divestment strategy for distressed transactions aftersetting up a dedicated warehousing platform in 2012

▪ FCA authorised for investment banking activities and derivative trading

▪ Over 20 years’ experience in energy consulting, corporate finance andprivate equity

▪ Prior to joining Affinity, Mr. Uzielli was at Poten & Partners, a keymember of the LNG Commercial and Advisory Group

▪ Before that he was with Investindustrial, a Private Equity investmentgroup based in Milan, Italy

▪ Prior to that he was with Credit Suisse First Boston in London as part oftheir Investment Banking Division

▪ Selected transaction experience:

❖ Sole advisor to Dynagas, Gaslog, and Golar in the creation of theworld’s first LNG carrier pool (the “Cool Pool”) comprising 14 LNGCoperating in the LNG spot market (2015)

❖ Sole advisor to Gaslog Ltd in connection with the acquisition of aseries (2) of LNGC from BG Group (2015)

❖ Sole advisor to Gaslog Ltd in connection with the acquisition of aseries (6) of LNGC from BG Group (2014)

❖ Co-advisor to ENEL in connection with the divestiture of Electrogento Edipower (2002)

▪ He holds an MBA from Leonard N.Stern School of Business, New YorkUniversity and a B.A. from Boston University

▪ Previously Senior Partner at RS Platou, Oslo before moving to Platou LLPin London and onto Affinity.

▪ Experienced Newbuilding broker with particular expertise in industrialshipping markets.

▪ Numerous transactions in the chemical, gas and open hatch markets.

▪ Strong yard relationships through a track record of good qualitycontracts concluded over the last two decades.

▪ Good contacts with Norwegian KS/finance arrangers allowingstructured financial deals.

▪ Active in 2nd hand sale and lease back transactions.

▪ Over 15 years’ experience across the sale and purchase second handand newbuilding markets

▪ Close relationships over many years with shipping banks including RBSand Credit Agricole involving sizeable fleet auctions, expert witnessappointment in the USA, many second hand asset transactions andgeneral strategy implementation

▪ Clientele spans all major shipping hubs including both public and privateoperators

▪ Extensive sale and purchase experience ranging across all the majortonnage types including sizeable en bloc dealings, many exclusiveappointments and varying off market agreements

▪ Has over a decade of experience in both the secondhand andnewbuilding sale and purchase market developing extensive knowledgespecialising in tankers and bulkcarriers.

▪ Clients range from private blue chip Greek shipping companies to majorpublicity owned entities on both the dry and the wet side.

▪ Has developed close relationships in both the Hong Kong and Japan shipowning communities culminating in a number of transactions fromJapanese majors and trading houses alike.

▪ Transacted a number of significant tanker fleet sales to and from clientson both public and private platforms.

▪ Been involved in tanker and bulkcarrier newbuilding contracts in Japan,Korea and China.

▪ Daniel has 10 years’ experience in the clean market, seven of whichwere spent at EA Gibson

▪ After one year of operations, Daniel has spent seven years specialisingin the NWE market place, fixing flexi-sized ships through to LR2s,although the main focus was on Handies and MRs markets in which hehas had a strong presence in both spot and COA fixtures.

▪ 12 years’ experience in the clean products market focusing on thewestern markets at Gibsons, covering all sizes: Handies/MR/LR1 andLR2s for worldwide trade

▪ In addition to spot market presence, managed COAs for several clientsand negotiated several short term charters.

▪ Head of Affinity Tankers Ltd. 25 years’ experience in tanker broking,primarily in the DPP tanker sector

▪ 14 years spent at ACM Shipping and E A Gibson prior to founding OceanShipbrokers

▪ Proven track record with the majority of the trading houses and oilmajors consistently concluding competitive deals on their behalf

▪ Has long-standing relationships with key Panamax/MR shipowners,providing a solid platform from which to evaluate the market and, inturn, provide a first class brokerage service for our clientbase

▪ Started life as a CPP broker at ACM Shipping in 2004

▪ Concluded 12 years’ of time charter deals for TTMI/Sempra on OBO’s

▪ Moved to Crude desk in 2012 as Junior Partner, trading both Suezmaxesand VLCCs. Developed accounts with Shell/Vitol/Mercuria/BP

▪ Took VLCCs as specialised focus in 2013, helping develop in particularChinese business. Successfully helped grow a team that transitioned tobecome top tier brokers with Unipec London, Sinochem and NPI, fixingaround 40 VLCC’s a year from West Africa, in addition holding a strongposition with London charterers such as Shell and BP and acting asfixing broker for the company Vela (now Bahri) account

▪ After the merger between ACM and Braemar in 2015, moved as a teamacross to Affinity Tankers specialising in Chinese crude markets.Currently holding a position as Unipec Beijing brokers

▪ Has long-standing relationship Shell, Koch, Vitol, Mercuria and part of awider team that also brings CSSA, Socar, Clearlake, Exxon and BP to thetable

▪ 20 years experience within the Dry Cargo business with proven trackrecord

▪ Chartering experience from positions within Norwegian Shipowners

▪ Founder of Dry Cargo specialist Santiago Chartering

▪ Extensive knowledge of Latin American markets

▪ Has long-standing relationships with main commodity players in SouthAmerica

▪ Over 37 years experience in Dry Cargo, concentrating on Short Sea upto Ultramax, globally with a particular focus on the Sugar Industry forboth bulk and bagged cargoes

▪ Previously worked at Erlebach for 12 years, at that time a wholly ownedsubsidiary of Czarnikow and then Howe Robinson for 20 years beforejoining RS Platou in 2012 and subsequently Affinity following the MBO

▪ Fellow of the Institute of Shipbrokers (FICS)

▪ Extensive technical and commercial insight as a result of more than 20years’ experience in the maritime industry

▪ Before setting up Affinity Offshore, Bjørkli acted as CEO of NordicAmerican Offshore, managing a fleet of 10 modern Platform SupplyVessels in the North Sea spot market

▪ Having spent 8 years with RS Platou, Bjørkli has been involved in anumber of newbuilding and S&P transactions, as well as long termcharters world-wide

▪ Prior to joining the offshore industry, Bjørkli spent 7 years with DNVafter his tenure with the Norwegian Naval Forces, in continuation ofcompleting his MSc of Naval Architecture at NTNU, Norway

▪ Nikolaisen joined Affinity Offshore after having worked for Solstad inHouston, covering the Gulf of Mexico region

▪ Prior to this, he was heading both RS Platou Offshore’s Brazil and USAoffices, during which time he concluded several deals, ranging from S&Pto long term charters on both exclusive and competitive basis

▪ Nikolaisen commenced his shipbroker career in 2008 on the North Seaspot chartering desk at RS Platou, prior to which he served as marineron board various ships, including offshore vessels

LondonFloor 44, The Leadenhall Building,122 Leadenhall Street,London, EC3A 8EE, UKT. +44 20 3142 0100snp.ldn@affinityship.comnewbuilding@affinityship.comlng@affinityship.comtankers@affinityship.comtankerops@affinityship.comdry@affinityship.comresearch@affinityship.com

Houston1301 McKinney St, Suite 2975Houston TX 77010 United States of AmericaT. +1 832 925 7500tankers.houston@affinityship.com

Singapore72 Anson Road#13-03 Anson HouseSingapore, 039190T. +65 6805 8760snp.spore@affinityship.comdry@affinityship.comtankers@affinityship.com

Seoul#703, Shin-A Building,50 Seosomun-ro 11gil,Jung-gu, Seoul, South Korea 100-752T. +82 2755 1563newbuilding@affinityship.com

MelbourneLevel 10, 499 St Kilda RdMelbourne, VIC 3004AustraliaT +61 398 671 466dry@affinityship.com

Perth8/38 Colin StreetWest Perth, WA 6005AustraliaT. +61 892 260 618dry@affinityship.com

Sydney1st Floor, 64 Alexander StreetCrows Nest, NSW 2065AustraliaT. +61 299 387 800dry@affinityship.com

BeijingMarco Polo Parkside Building 1005,Anli Road No. 80,Chaoyang DistrictBeijing, 100101tankers@affinityship.com

SantiagoAugusto Leguia Norte 100 – of 710,Las Condes – 7550155,Santiago, ChileT. +56 2 23527100dry.stgo@affinityship.com

Hong Kong601 Pacific House20 Queen's Road CentralCentral, Hong Kong T +86 10 59636665

OsloInkognitogata 35, 0256 Oslo NorwayT +47 9062 7014offshore@affinityship.com

LimaAv. Jorge Basadre 607, 2nd floorSan Isidro, Lima, PeruT. +511 712 3772dry.lima@affinityship.com

The information contained within this report is given in good faith basedon the current market situation at the time of preparing this report andas such is specific to that point only. While all reasonable care has beentaken in the preparation and collation of information in this reportAffinity (Shipping) LLP (and all associated and affiliated companies)does not accept any liability whatsoever for any errors of fact or opinionbased on such facts.

Some industry information relating to the shipping industry can bedifficult to find or establish. Some data may not be available and mayneed to be estimated or assessed and where such data may be limitedor unavailable subjective assessment may have to be used.

No market analysis can guarantee accuracy. The usual fundamentalsmay not always govern the markets, for example psychology, marketcycles and external events (such as acts of god or developments infuture technologies) could cause markets to depart from theirnatural/usual course. Such external events have not been consideredas part of this analysis. Historical market behaviour does not predictfuture market behaviour and shipping is an inherently high riskbusiness. You should therefore consider a variety of information andpotential outcomes when making decisions based on the informationcontained in this report.

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