The cause and effects of the split incentive

May 2011

Mark Rawson
Zodiac Maritime Agencies Ltd
145 ships 8.7 million GT Average age 12.2 Mixed fleet All ship management functions in house
Technical management Crew management Ship operations Full commercial management Insurance, legal, sale & purchase Published Environmental report Sustainability Policy

Container Fleet

32 post panamax (teu) 22 panamax (teu) 8 < panamax (teu) 5th largest tonnage provider

(335,000 teu)

Time chartered to Liner operators T/C period from 2 to 15 years Account for about 60% of our total Fuel consumption (and GHG emissions)

Bulk Carrier Fleet

8 VLOCs (Very Large Ore Carriers) 210,000 - 290,Cape Size Bulk Carriers 120,000 210,000 dwt 10 Handy & Supramax Bulk Carriers 27,000 53,000 dwt

Car Carrier Fleet

18 PCTCs 3,ceus

Chemical Tanker Fleet

10 Chemical tankers 10,000 m3 23,000 m3

LPG Tanker Fleet

2 VLGCs (80,000 m3) 2 handysize (35,000 m3) 2 < handy size (15,000 17,000 m3)

Summary

Do Better Data Integrity Transparency

Customer Service

Commercial Advantage

CHART OF MODELS BY YEAR AND SERIES * TABLEAU DES MODELES PAR ANNEE ET PAR SERIE
ISSUE NOVEMBRE 2004 EDITION NOVEMBRE 2004
ZODIAC WHOLE RANGE / GAMMES COMPLETES

29/11/2004

ANNEES / YEARS / ANOS Modles/Models/Modelos SPORT BOATS Mark1 Compact Mark 1 /1Touring S Mk 1Classic ST Mk 1Classic HD Mk 1Classic FR Mark 2 C / 2C Touring S Mk 2C Classic ST Mk 2C Classic HD Mk 2C Classic FR Mark 2 / 2 Touring S Mk 2 Classic ST Mk 2 Classic HD Mk 2 Classic FR Mark 1 FUT S /GT/VIR. Mark 2C FUT S /GT/VIR. Mk 2C Futura ST Pack Mk 2C Futura HD Pack Mk 2C Futura FR Mark 2 FUT S /GT/VIR. Mark 2 FUT S (L.) Mk 2 Futura ST Pack (L.) Mk 2 Futura HD Pack (L.) Mk 2 Futura FR (L.) Mark 3 FUT S /GT/VIR. Mark 3 FUT S (L.) Mk 3 Futura ST Pack (L.) Mk 3 Futura HD Pack (L.) Mk 3 Futura FR (L.) Mark 2 F GT/Srie Limite Mark 2 FUT SPORT Mark 2 FUT SPORT(L.) RIBSTER 400 FUTURA JUNIOR 320 Fast Roller 320 Mark 1 Futura SFR Mark 1 Futura FR Mark 2C Futura FR/FR 380 Mark 2 Futura FR Mark 3 Futura FR Mark 3 Futura Yachtline Mark 4 Futura Yachtline
2004 Modles/Models/Modelos SPORT BOATS Mark1 Compact Mark 1 /1Touring S Mk 1Classic ST Mk 1Classic HD Mk 1Classic FR Mark 2 C / 2C Touring S Mk 2C Classic ST Mk 2C Classic HD Mk 2C Classic FR Mark 2 / 2 Touring S Mk 2 Classic ST Mk 2 Classic HD Mk 2 Classic FR Mark 1 FUT S /GT/VIR. Mark 2C FUT S /GT/VIR. Mk 2C Futura ST Pack Mk 2C Futura HD Pack Mk 2C Futura FR Mark 2 FUT S /GT/VIR. Mark 2 FUT S (L.) Mk 2 Futura ST Pack (L.) Mk 2 Futura HD Pack (L.) Mk 2 Futura FR (L.) Mark 3 FUT S /GT/VIR. Mark 3 FUT S (L.) Mk 3 Futura ST Pack (L.) Mk 3 Futura HD Pack (L.) Mk 3 Futura FR (L.) Mark 2 F GT/Srie Limite Mark 2 FUT SPORT Mark 2 FUT SPORT (L.) RIBSTER 400 FUTURA JUNIOR 320 Fast Roller 320 Mark 1 Futura SFR Mark 1 Futura FR Mark 2C Futura FR/FR 380 Mark 2 Futura FR Mark 3 Futura FR Mark 3 Futura Yachtline Mark 4 Futura Yachtline

Z12100

Z12100 Z12106 Z12109 Z12103

Z12101

Z12101 Z12107 Z12110 Z12104

Z12102

Z12102 Z12108 Z12111 Z12105

1332 2332

1335 2335

1337 2337

1338 2338

1339 2339

Z12200 Z12201
Z12204 Z12205 Z12211 Z12214 Z12208
2349 Z12202 Z12206 Z12212 Z12215 Z12209
Z12203 Z12207 Z12213 Z12216 Z12210

2649 2769

2649 Z12501
Z0241 Z0242 Z0243 Z0244 Z0241 Z0242 Z0243 Z0244 Z12500 Z12502 Z12503 Z12504
C:\Mes documents\01 NOMENCLAT\2003\03 AN. millsime5 ZODIAC 03
2 ZODIAC 04 C.News.xlsdate:page=2/3

MK 3 FUTURA ST

<2002
Z60052 No/Blk Z2435 Z60216 Gr/Grey Z6851 Z6852 Z60055 Z6840 Z60053 No/Blk Z60217 Gr/Grey

SERIE Z12213

GDB/09/04

>2003

Z60437

Z2847 Z3292 Z3293 Z3001

Z60414

Z60428

Z60429

Z2846 Z2847

Z60436 Z6802 Z6803

Z2769 Z60142

ZO DIA C
Z60420 Z2862 Z2218 Z2204 Z2221

Z3292 Z3294

Z3793 Z2224 Z2198

Z60424

Z60458

Z60430 Z61062

Z60417

Noir Black

L.1390mm

Z2730 Z3767

Z60431

Z61065

9 PIEDS

Z60427

Z60433

Z60426 Z60425

(1G+1D)

Z60432 Z60434 Z60435 x6

Z60355 BANQ.FUT 04