The Week in Review
VOLUME 8
ISSUE 38
September 23, 2010
INSIDE
The Week in Review
page 1
Deal Tables &
Bond Prices
page 4
Conference Schedule
page 10
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First Time Cooperation
Yields Success for NOCC
NOCC was established in July through the merger of Eidsiva
Rederi and Dyvi Shipping. Both companies have long-
This week for the first time Nordea and RS Platou joined standing relations to key industry players (Wilhelsen, Eukor,
forces and together successfully concluded a NOK 200 MOL, K-Line and Hoegh) and more than 60 years com-
million senior unsecured bond issue for Norwegian Car bined experience in the car carrier market. The company is a
Carriers ASA (“NOCC”). The transaction was well pure-play car carrier tonnage provider with a fleet of 14
received with the books closed when the targeted amount PCTCs and one RoRo with an average fleet age of 17.5 years.
was reached. Sold at par, the bond has a tenor of five years The company focuses on mid to large size vessels of 4,000 to
and carries a coupon of 10.5%. Proceeds will be used to re- 7,000 CEU and has begun the process of upgrading its fleet
purchase NOK 4 million in the bond loan EID01 and having purchased a new vessel at an attractive price while dis-
NOK 42 million face value in the bond loan EID02. After posing of old RoRo tonnage. While the company has high
repayment, the outstanding amounts under the issues contract coverage for the remainder of 2010 and 2011, it falls
would be respectively NOK 25.5 million and NOK 28.5 off significantly thereafter offering limited cash flow visibility.
million. The excess proceeds, NOK 154 million, will be The good news is that the market is improving rapidly from
used for general corporate purposes. Further details are historic lows in late 2009 and early 2010 and if that trend
provided in our Guts of the Deal below. continues charter renewals will be firm.
Guts Of the Deal
Issuer Norwegian Car Carriers ASA
Amount NOK 200,000,000
Borrowing Limit NOK 400,000,000
Notes Offered Senior Unsecured Open Bond
Coupon 10.5%
Issue Price 100.0%
Yield 10.5%
Maturity Date 29-Sep-2015
Amortization Bullet
Optional Redemption Callable annually with sliding premium: 100%,107%,104%,102.5%,101%
Guarantees None
Ranking Parri passu with all other senior obligations; ahead of subordinated capital
Security Unsecured
Financial Covenants Minimum equity ratio of 25% and unrestricted cash of NOK 20MM.
Restrictive Covenants Normal and customary
Dividends Not to exceed 50% of prior year's net profit after taxes
Change of Control Put option at par
Use of Proceeds Repurchase all or parts of existing bond issues (EID01& EIDO2) and/or other corporate purposes.
Shadow Credit Rating B+
Joint Lead Managers Nordea Markets, RS Platou Markets
Governing Law Norwegian
Incorporation Norway
Listing Oslo Bors (applied)
Trustee Norsk Tillitsmann
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The Week in Review continued

Fleet age, the sector’s orderbook, short-term contract coverage and
high gearing are credit negatives. Offsetting these are the improving
market condition, the reduced cyclicality of the sector and the com-
pany’s decision not to order newbuildings. Overall, Nordea assigned
the company a shadow credit rating of B+ with a stable outlook. In
this instance, risk was priced in to the satisfaction of the investors.
The shares were priced at $25 on September 15, a discount of
approximately 2.5% from the prior day close. The next day 6.97
million shares, versus the three-month average volume of 745 thou-
sand, were traded with the shares closing at $25.11. They continue
to trade around the offering price.

Also On the Bandwagon – Ship Finance Issues a Bond

BofA Merrill Lynch, Credit Suisse and J.P. Morgan acted as joint
bookrunners. In addition, senior co-managers were HSBC, Wells
Earlier today, Ship Finance International announced it had suc- Fargo and RBS with TD Securities, BB&T Capital Markets and
cessfully placed a new senior unsecured bond loan in the Norwegian Stephens serving as co-managers.

On the Shelf – Navios Maritime Acquisition Files

credit market. The total loan amount is NOK 500 million, which is
equivalent to approximately $85 million. The bonds will mature in
April 2014 (3.5 years) with loan proceeds to be used for general cor- Having just completed the acquisition of seven VLCCs for $587 mil-
porate purposes. Pareto was the arranger of the bond. lion, Navios Maritime Acquisition, recently filed a broad shelf regis-

World Fuel Taps the Equity Market for Growth

tration allowing it to issue up to $500 million of common stock, pre-
ferred stock, warrants and/or debt securities. With the latest deal
On Tuesday, World Fuel Services closed of its previously digested, firepower in hand and the summer over, watch out.

Dutch Conservatism – Money and Approval First

announced public offering of 8 million shares of its common stock.
The shares were offered under its effective shelf registration, which
provides solely for the issuance of common equity, filed just prior to
the announced offering. Due to demand, the offering was upsized
from 7.57 million shares, an increase of 5.7%, and the underwriters
exercised in full the green shoe of 1.2 million shares. Net proceeds
of the offering amounted to approximately $219 million. Proceeds
of the offering will be used for general corporate purposes including
potential acquisitions. More details are contained in the Guts of the
Deal enclosed herein.
Dockwise Limited is in the process of conducting a feasibility study
for the acquisition of a new “Type O” semi-submersible vessel that
will increase capacity and further strengthen the company’s position
at the top end of the market. The vessel is designed for the trans-
portation of extremely large and heavy production platforms and
will exceed the capacity of its 73,000 DWT Blue Marlin. With a
unique new design, this vessel will transport the new and larger oil
and gas production equipment that is planned to come to the mar-

Guts Of the Deal

Issuer World Fuel Services Corporation
Number of Shares 8,000,000
% of Total O/S before Offering 13.40%
Green Shoe 1,200,000
Offering Price $25.00
Deal Size $200,000,000
With Over-Allotment $230,000,000
Primary Shares All
Dividend Policy $0.0375/share per quarter for 2010
Lock-up 90 days for the company. 75 days for officers and directors
Use of Proceeds Working capital and general corporate purposes including potential acquisitions and strategic investments.
Joint Bookrunning Managers BofA Merrill Lynch, Credit Suisse, J.P. Morgan
Senior Co-managers HSBC, Wells Fargo, RBS
Co-Managers TD Securities, BB&T, Stephens
Issuer's Counsel Shutts & Bowen LLP, Cravath, Swaine & Moore LLP
Underwriter's Counsel Shearman & Sterling LLP
Accountants PricewaterhouseCoopers LLP
Incorporation Florida
Stock Exchange NYSE
Ticker INT

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The Week in Review continued
ket from 2012 and onward. The expectation is that there is demand
for pre-fabrication of even larger integrated production platforms
and spar buoys, the design and construction of which is limited by
the available means of transport.
While the technical testing is taking place, the company in order to
ensure the prudent financing of the project is asking its Board to
approve the investment decision and its shareholders to approve a
fully committed rights offering of approximately $100 million at a
special general meeting.
The three largest shareholders of Dockwise, HAL Investment,
Sankaty Advisors and Project Holland Deelnemingen, who
together currently control 37.18% have individually decided to par-
ticipate in the offering and are committed to vote in favor of the
offering. Existing shareholders will be allocated subscription rights
according to their shareholdings. These rights entitle the holders to
subscribe for shares at a subscription price of EUR 17 per share,
which might be lowered to EUR 16 should the VWAP for the six
business days preceding the record date fall below EUR 17.75. The
subscription price of EUR 17 corresponds to a discount of approx-
imately 6.3% on the VWAP in the 30-day trading period preceding
this announcement.
The Royal Bank of Scotland N.V. will act as global coordinator
and sole bookrunner of the rights issue.
Not a Shell Game But a Good Outcome –
Fredriksen Re-jiggers his Orderbook
We refer to a shell game not in a pejorative sense but only in that
Mr. Fredriksen arrived with something, left with something differ-
ent and was richer for it. Like most of Mr. Fredriksen’s dealings, this
was not simple. It involves two of his companies, Frontline and
Golden Ocean Group (“GOGL”) and two shipyards, one Chinese
and the other Korean.
Frontline was the first to announce an agreement with Zhoushan
Jinhaiwan Shipyard (“Jinhaiwan”) to re-structure its newbuilding
program. Back in April and May 2008, Frontline ordered six VLCC
newbuildings at Jinhaiwan. A year later two of the newbuildings
were cancelled and the installments already paid were transferred to
two of the retained newbuildings, with the remaining two vessels
converted into options.
In the latest iteration, the company has agreed to exercise the two
options and has added a third VLCC bringing the total package to
five vessels with a total contract price of $525 million or $105 mil-
lion per vessel. According to Anders Karlsen of Nordea, this is a
reduction of $30 million per vessel. With the price reduction, there
http://www.marinemoney.com O Marine Money Freshly Minted
are also more lenient payment terms and a three-month deferral on
the delivery dates from the original contractual dates with the first
vessel delivering in January 2012 and the last in February 2013.
Financing for the newbuildings has not been arranged; however,
based upon recent experience, the company believes it can arrange
70% in bank financing. The net required equity investment in the
remaining installments is $29 million, which will likely be funded
from the proceeds of the recent $225 million convertible bond.
While at Jinhaiwan, GOGL’s management also re-structured its
newbuilding program converting six options to 8 firm orders. Back
in 2009, when GOGL issued equity, it moved six Kamsarmax ves-
sels on order into SPCs. The company has now agreed with the ship-
yard to build four of the six Kamsarmax bulkers while converting
the remaining two into ice class Panamax vessels. In addition, the
company has agreed to purchase an additional two more ice-class
Panamax.
According to Pareto, the parties have agreed to reduce the price on
its Capesize newbuilding from $79 million to $61.5 million. In sim-
ilar fashion, the Kamsarmax price was lowered form the earlier price
of $49.1 million to $36 million with the price on the new Panamax
bulkers set at $33.5 million each. The total cost of the nine new-
buildings is $339.5 million of which $74.9 was already paid in 2007
and 2008. Under the presumption that 70% bank financing is avail-
able, the equity requirement will likewise be manageable.
While the counterparty has not been disclosed, the company has
entered into charters on the four Kamsarmax bulkers. Two of the
vessels are fixed on bareboat charters for 10 years at a rate of
$13,000/day net. The two others are fixed for five years on time
charters at a net rate of $19,950/day. In addition there is a profit
sharing arrangement on all four vessels, under which GOGL will
receive 50% of the income above $23,000 per day.
The re-structuring has immediate value. Back in 2008, the compa-
ny took an impairment charge of $16.8 million on the vessels. Based
upon a testing of the vessel values and the contracts, it has made the
decision to reverse this impairment in the third quarter.
The news was not so good in Korea where GOGL exercised its
rights and canceled the contract with Daehan Shipbuilding for the
Capesize bulker, M/V Golden Changi. GOGL anticipates being
reimbursed with interest for the payments made to date. According
to Pareto, the original contract price for this vessel was $81 million
versus the current market price of $60 million.
It was a very busy week for Team Fredriksen.
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Deal Tables & Bond Prices
Equity Deal Table
Issuer
DryShips Inc.
Ridgebury Tankers
Seawell Limited
Navios Maritime Acquisition Corp.
K-Sea Transportation Partners L.P.
Capital Product Partners L.P.
Seaspan Corporation
Danaos Corporation
Baltic Trading Limited
Teekay Offshore Partners L.P.
Genco Shipping and Trading Ltd
Vantage Drilling Company
http://www.marinemoney.com
# = New
Underwriters / Advisors
Deutsche Bank
Jefferies, UBS, Wells Fargo
RS Platou, Carnegie, Pareto,
DnB NOR, Nordea
S. Goldman Advisors
UBS, Citi, Deutsche Bank, Wells Fargo
Evercore Partners
BofA Merrill Lynch, Citi, UBS,
Barclays Capital, Raymond James,
Credit Agricole CIB, ING
Deutsche Bank, BNP Paribas, Credit Suisse,
DVB Capital Markets, Knight Capital
Markets, Credit Agricole
Jefferies, Johnson Rice, Pareto Securities
O Marine Money Freshly Minted
 = Updated
Amount Structure / Pricing / Comments Status
(US$ M)
$350 ATM offering of up to $350M. Based upon last In Progress
closing price of $4.42, approximately 79M shares
will be issued. Post announcement shares traded
down 5.9%. Deutsche to receive 2% commission.
Company's first two ATMs raised $975M.
$341 IPO in lieu of 144A private placement. Acquisition In Progress
of four 2009 built Suezmax tankers for $300M.
Vessels employed in Blue Fin Tankers Pool. Sponsor
Bob Burke to invest $5.8M. Full payout model.
$431 Private placement of 115.4M shares at NOK 23 Done
raised NOK 2,654M.Shares fully underwritten by
Seadrill and Hemen Holdings. Seadrill will own
51.5%. Proceeds will be used to finance the Allis-
Chalmers acquisition, repay existing debt, finance
future growth and for general corporate purposes.
$78 Offered enhanced terms to exercise warrants at Done
reduced exercise price.$5.65 per share on cash basis
and 4.25 warrants per share on cashless basis. 76.13
of public warrants were exercised exceeding the
threshold for Navios and Ms. Frangou to exercice
13.9M private warrants. Program raised necessary
cash to acquire VLCCs
$100 First Reserve & Kayne Anderson invested $100M Done
in exchange for ~18.4M convertible preferred units.
Coupon of 13.5% with PIK through 6/30/12.
Priced at $5.43/unit, a 22% premium. Investors
will appoint 3 directors and gain the right to
acquire a 35% interest in the GP which owns the
IDRs. Proceeds will be used to pay down debt.
$52 Offered 5.5M units priced at $8.63/unit, a 5.5% Done
discount from the prior day. Proceeds used to fully
fund the acquisition of M/T Assos. Purchased from
parent for $43.5M. Vessel chartered to PEMEX for
4 years.
$1,000 Replaces expired existing shelf registration. Done
$200 As part of restructuring, company issued 54.1M Done
shares at $3.70 in a private placement with the
Coustas family purchasing in excess of $100M.
Price was discounted by 5.9% to the 30 day
moving average, but 13.1% to prior close. George
Economou also invested, purchasing a 10.6%
interest and will join the Board.
$127 Proceeds to repay borrowings under the revolver In Progress
which were used to acquire the 3 Metrostar vessels
for $99.8M and for general working capital.
$134 Offering 5.25M units at $22.15, a discount of 4.5% Done
from prior close. Transaction upsized 5%. Proceeds
for gen'l partnership purposes, including the
funding of dropdowns. In the interim, will pay
down o/s debt under an existing revolver.
$58 Issuance of 3.125m common shares conducted Done
concurrently with sale of sr. convertible notes for
total net proceeds of about $182.5m. Use of proceeds
intended to partially finance previously announced
acquisition of 18 drybulk vessels from Bourban SA
and Metrostar. Underwriters exercised green shoe
purchasing additional 0.47m shares ($7.5M).
$50 Done concurrently with subsidiary's 144A bonds. Done
Proceeds to acquire 55% interest in Platinum
Driller it does not own. Greenshoe of 6.8M shares.
O Thursday, September 23, 2010 O Page 4
Deal Tables & Bond Prices continued
M&A and Joint Venture Deal Table
Acquirer, New Partners, or Parent Seller
Ship Finance Limited
BW Offshore Limited
Seawell Limited
Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp.
Bond Deal Table
Borrower
I.M. Skaugen SE
Tidewater Inc.
Havila Shipping ASA
Genco Shipping and
Trading Ltd
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# = New  = Updated
Advisors Amount Target / New Company Comments Status
(US$ M)
$101 Vessel Acqusition Acquired 3 Supramax bulkers for $100.7M. Done
One in the water built in 2009; others deliver
4q2010 and 1q2011. Chartered to Asain
logistics company for average term of 9 years
at net rate of $17K/day. 80% gearing from
banks.
Carnegie $500 Advanced Production and BWO has agreed to sell all of its hares of In Progress
Loading PLC APL to National Oilwell Varco for $500M.
Ancillary to the agreement BWO and APL
will enter into supply, technology and
non-compete agreements.
Alpha Corporate Finance, 890 Allis Chalmers Energy Combined company will rank in top ten of In Progress
Goldman Sach, leading oil field service companies. Offer is a
RBC Capital Markets combination of shares and cash. Right to
elect $4.25 in cash or 1.15 shares of Seawell.
Cash offer capped at 35% of o/s shares.Price
represents a premium of 77% of prior day's
close. Conditioned on raising minimum of
$100M of new equity.
29 Maritime Capital Shipping Acquiring the 49% of MCS it does not own In Progress
for $29M from Restis family interests payable
in cash in the amount of $3M and shares
totalling $26M at an agreed price of $1.05,
a 14% premium over the preceeding closing
price.
29 Bulk Energy Transport Acquiring the 50% of BET it does not own In Progress
(Holdings) for $33M from Restis family interests payable
in cash in the amount of $7M and shares
totalling $26M at an agreed price of $1.05,
a 14% premium over the preceeding closing
price.
# = New  = Updated
Arrangers / Advisors Amount Interest Maturity Purpose / Remarks Status
(US$ M) Rate
Fearnley Fonds $47 2 Senior unsecured floating rate bond priced at 3 month Done
NIBOR + 8.00%. Matures 2012. Proceedsused to purchase
like amount of IMSK08 reducing 2011 maturity to $66M.
$425 4.25% 9 144A offering of $425M of sr. unsecured notes. Multiple Done
series of notes totalling $310M and $115M will close on
10/15 and 12/30. Maturities range from 5 to 12 years with
average life of 9 years and a weighted average coupon of
4.25%. Proceeds will refinance borrowings under $450M
revolver which remains available until May 2012
DnB NOR, Pareto, $81 3 FRN issued in July and upsized by NOK 125M. Note Done
RS Platou matures in 3 years and bears interest at NIBOR+9.5%.
Proceeds will refinance existing bond and for general
corporate purposes
Deutsche Bank, BNP $125 5.00% 5 Issuance of $110M of sr. convertible notes conducted Done
Paribas, Credit Suisse, concurrently with equity sale. Proceeds to finance
DVB Capital Markets, acquisition of 18 drybulk vessels from Bourban and
Knight Capital Markets, Metrostar. The conversion price is $19.60 per share, a
Credit Agricole conversion premium of 22.5% relative to offering price of
new shares ($16). The underwriters exercised $15m green
shoe in full.
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Deal Tables & Bond Prices continued

Bank Debt Deal Table # = New  = Updated

Borrower Arrangers / Buyers Amount Pricing / Purpose / Remarks

(US$ M)
Vale The Export-Import Bank of China, Bank of China $1,229 The two Chinese lenders will provide a credit line of $1.23
billion, represent 80% of the purchase price of 12 VLOCs
of 400K DWT (Chinamax) to be built at Rongsheng. 13
year term includes 3 year construction period.
Danaos Corporation Evercore Partners $426 As part of a global restructuring of its existing debt and the
issuance of new equity, the banks provided $426M of new
loans to partially fund its remaining orderbook.
Genco Shipping & - $253 Senior secured facility priced at LIBOR+300. Five year
Trading Limited term, straight quarterly amortization based on 14 year
profile and vessel age. Proceeds to finance 13 vessels
acquired from Bourbon.
Baltic Trading Limited Nordea Bank $100 Four year sr. secured revolving credit facility, priced at
L+325, will be used to provide bridge finanicng for future
acquisitions. $25M available for working capital.
Borrowings are to be repaid with proceeds from follow-ons
within 12 months.
Genco Shipping & - $100 Senior secured facility priced at LIBOR+300. Seven year
Trading Limited term, straight line quarterly amortization based on 13 year
profile. Proceeds to finance 5 vessels acquired from
Metrostar.

Polsteam Group ABN AMRO $45 Post delivery financing for 2 newbuilding Kamsarmax bulk
carriers for 2 SPCs guaranteed by Polsteam.

Lease Deal Table # = New  = Updated

Lessee Lessor(s)/Advisor(s) Amount Structure / Pricing / Comments
(US$ M)
Seaspan - $150 Sale-leaseback of 13,100 TEU containership for up to $150M with
Chinese bank affiliate. COSCO charter stays in place. Proceeds
shrink equity capital requirements for remaining newbuildings.

Seacor Grant DIS $38 K/S acquired AHTS/ROV from Seacor with 4-year T/C to Sonangol

PDVSA Dynacom Tankers $208 BBHP. Four 2009 LR1s for $52M each.15% upfront payment
with a balloon at the end of 10 yr BB.Hi-Lo rents.

North China Shipping Holdings Ship Finance International Conversion of outright sale to hire purchase of 2 Suezmax tankers.
5 year BB at $16K/day with options and put.

Odfjell Star Tankers Sale-leaseback of Bow Pioneer and Bow Hunter, while terminating
Bow Asir and Bow Arar.

Eitzen Chemical Pareto K/S $34 Sale & 5 year BB back of Sichem Pace. Senior debt provided by
Nordea with Northern Shipping Funds providing $4MM sub debt.

Ocean Tankers KFH Oceanic Portfolio Company Ltd $70 Sale and 5-7 year bareboat back of 2008 built
(Tufton Oceanic)/DnB NOR Markets Aframax LRII tanker with purchase options.

STX Pan Ocean Korea Asset Management Corp. 3 handysize and 1 supramax bulker

Teekay Shipping Fairsky Shipping $114 Sale and long term charterback of 2x114,830dwt
tankers built in 2005

Swiber Offshore Marine Swiber Holdings/ICON Capital $42.50 Partial sale and leaseback of a 300 men accomodation work
barge for 3 years

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Deal Tables & Bond Prices continued

Jefferies – High-Yield Shipping Bonds

Offer Price YTW STW Maturity Ratings Call Date Call Price

SHIPPING
American Commercial Lines (ACLI) NASDAQ: ACLI, Market Cap: $344 mm B1/-

12.5% Sr Sec Nts due '17 107.000 10.59% 934 Jul-17 B2/B+ 07/15/13 106.250

American Petroleum Tankers (AMPETR) Private – / B-

10.25% Sr Sec Nts due '15 103.000 9.24% 838 May-15 B1/B+ 05/01/12 105.125

Berlian Laju Tanker (BLTAIJ) IDX: BLTA IJ, Market Cap: $348 mm -/-

7.5% Secured due '14 77.000 16.10% 1,523 May-14 –/CCC 05/15/12 103.750

CMA CGM (CMACG) Private WR/NR

5.5% Sr Nts due '12 90.643 11.97% 1,131 May-12 –/NR any time MW+50

7.25% Sr Nts due '13 86.875 14.00% 1,348 Feb-13 –/NR 02/01/11 101.813

General Maritime (GMR) NYSE: GMR, Market Cap: $415 mm B1/BB-

12% Sr Nts due '17 106.750 10.27% 891 Nov-17 Caa1/CCC+ 11/15/13 106.000

Golden State Petro (GOLDEN) Private -/-

8.04% Sr Sec Nts due '19 103.750 7.43% 522 Feb-19 Baa3/BBB any time MW+37.5

Great Lakes Dredge & Dock (GREATL) NASDAQ: GLDD, Market Cap: $306 mm B2/B

7.75% Sr Sub Nts due '13 100.000 7.73% 745 Dec-13 B3/B- 10/25/10 102.583

Dryships (DRYS) NYSE: EXM, Market Cap: $1,221 mm –/–

5% Sr Nts due '14 87.250 8.70% 765 Dec-14 –/–

Excel Maritime (EXM) NYSE: EXM, Market Cap: $425 mm -/-

1.875% Sr Nts due '27 70.000 11.32% 1,031 Oct-27 –/– 10/22/14 100.000

Horizon Lines (HRZ) NYSE: HRZ, Market Cap: $122 mm B3/B

L+350 1L TL-A due '12 92.438 10.07% 933 Aug-12 B1 / BB-

4.25% Sr Nts due '12 90.250 10.06% 966 Aug-12 Caa3/CCC+

Marquette Transportation (MARTRA) Private -/-

10.875% Sr Sec Nts due '17 104.500 9.76% 835 Jan-17 B3/B- 01/15/13 108.156

Navios Maritime (NAVIOS) NYSE: NM, Market Cap: $571 mm B1/BB-

8.875% Sr Sec Nts due '17 105.000 7.67% 630 Nov-17 Ba3/BB- 11/01/13 104.438

9.5% Sr Nts due '14 102.500 8.24% 775 Dec-14 B3/B+ 12/15/10 104.750

Norwegian Cruise Line (STRC) Private -/-

11.75% Sr Sec Nts due '16 111.500 8.90% 755 Nov-16 B3/B+ 11/15/13 105.875

Overseas Shipholding Group (OSG) NYSE: OSG, Market Cap: $1,013 mm Ba2/BB-

8.75% Sr Nts due '13 107.000 6.28% 555 Dec-13 Ba3/BB- any time MW

8.125% Sr Nts due '18 103.500 7.51% 547 Mar-18 Ba3/BB- NC MW+50

7.5% Sr Nts due '24 88.000 9.06% 634 Feb-24 Ba3/BB- NC NC

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Deal Tables & Bond Prices continued

Jefferies – High-Yield Shipping Bonds continued

Offer Price YTW STW Maturity Ratings Call Date Call Price

SHIPPING CONTINUED
Royal Caribbean Lines (RCL) NYSE: RCL, Market Cap: $6,514 mm Ba2/BB-

8.75% Sr Nts due '11 102.375 1.79% 162 Feb-11 Ba3/BB- NC NC

7% Sr Nts due '13 105.500 4.81% 421 Jun-13 Ba3/BB- NC NC

6.875% Sr Nts due '13 105.250 5.06% 433 Dec-13 Ba3/BB- NC NC

5.625% Sr Nts due '14 99.000 5.95% 500 Jan-14 Ba3/BB- NC NC

11.875% Sr Nts due '15 119.500 7.01% 576 Jul-15 Ba3/BB- NC NC

7.25% Sr Nts due '16 104.750 6.25% 471 Jun-16 Ba3/BB- NC NC

7.25% Sr Nts due '18 104.580 6.47% 444 Mar-18 Ba3/BB- NC NC

7.5% Sr Nts due '27 94.500 8.10% 515 Oct-27 Ba3/BB- NC NC

Ship Finance International Ltd. (SHIPFI) NYSE: SFL, Market Cap: $1,464 mm Ba3/BB

8.5% Sr Nts due '13 103.000 1.04% 89 Dec-13 B1/B+ 10/25/10 102.833

Stena AB (STENA) Private Ba1/BB+

7% Sr Nts due '16 94.000 8.26% 657 Dec-16 Ba2/BB+ 10/25/10 103.500

6.125% Sr Nts due '17 95.000 7.12% 537 Feb-17 Ba2/BB+ any time MW+50

5.875% Sr Nts due '19 92.000 7.16% 505 Feb-19 Ba2/BB+ any time MW+50

7.875% Sr Nts due '20 100.000 7.87% 564 Mar-20 Ba2/BB+ any time MW+50

Teekay (TK) NYSE: TK, Market Cap: $1,962 mm Ba3/BB

8.5% Sr Nts due '20 108.500 7.23% 482 Jan-20 B1/BB any time MW+50

Trailer Bridge (TRBR) NASDAQ: TRBR, Market Cap: $38 mm B3/B-

9.25% Sr Sec Nts due '11 100.000 8.94% 879 Nov-11 B3/B- 10/25/10 102.313

Ultrapetrol Limited (ULTR) NASDAQ: ULTR, Market Cap: $189 mm B2/B

11.75% Sr Sec Nts due '15 100.500 11.54% 1,080 Jun-15 B3/B 12/15/12 105.875

United Maritime Group (UNMTGR) Private -/-

11.75% Sr Sec Nts due '15 100.500 11.54% 1,080 Jun-15 B3/B 12/15/12 105.875

US Shipping (USPZ) Private -/-

L(2.%FLR)+720 1L TL-EXIT due '13 83.250 16.62% 1,579 Aug-13 –/–

L(2.%FLR)+50 2L TL-EXIT due '13 26.000 55.22% 5,429 Aug-13 –/–

Windsor Petroleum (WINPET) Private

7.84% Secured due '21 92.000 9.05% 650 Jan-21 Baa2/BB+

http://www.marinemoney.com O Marine Money Freshly Minted O Thursday, September 23, 2010 O Page 8
Deal Tables & Bond Prices continued

Jefferies – High-Yield Shipping Bonds continued

Offer Price YTW STW Maturity Ratings Call Date Call Price

SUPPLY VESSELS

Gulfmark Offshore (GMRK) NASDAQ: GMRK, Market Cap: $772 mm Ba3 / BB-

7.75% Sr Nts due '14 101.500 6.84% 644 Jul-14 B1/BB- 10/25/10 102.583

Hornbeck Offshore Services (HOS) NYSE: HOS, Market Cap: $488 mm Ba3 / BB-

6.125% Sr Nts due '14 95.000 7.54% 649 Dec-14 Ba3/B+ 10/25/10 103.063

8% Sr Nts due '17 96.500 8.68% 677 Sep-17 Ba3/B+ 09/01/13 104.000

Seacor Holdings (CKH) NYSE: CKH, Market Cap: $1,782 mm Ba1 / BBB-

5.875% Sr Nts due '12 102.000 4.82% 438 Oct-12 Ba1/BBB- any time MW+12.5

7.375% Sr Nts due '19 106.000 6.48% 414 Oct-19 Ba1/BBB- any time MW+50

http://www.marinemoney.com O Marine Money Freshly Minted O Thursday, September 23, 2010 O Page 9
 Forum Schedule
2010/2011
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September 21, 2010 3rd Ann. Super Yacht Finance Forum Monaco

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November 9, 2010 11th Ann. Marine Finance Forum–Americas New York City

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February 24, 2011 10th Ann. German Ship Finance Forum Hamburg

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March 2011 TBA 4th Ann. Hong Kong Ship Finance & Investment Forum Hong Kong

May 2011 TBA 8th Ann. Istanbul Ship Finance Forum Istanbul

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May 26, 2011 13th Ann. Norway Ship & Offshore Finance Forum Oslo

June 21-23, 2011 24th Ann. Marine Money Week New York City

September 2011 8th Ann. Latin America Ship & Offshore Finance Forum Rio de Janeiro
http://www.marinemoney.com O Marine Money Freshly Minted O Thursday, September 23, 2010 O Page 10
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http://www.marinemoney.com O Marine Money Freshly Minted O Thursday, September 23, 2010 O Page 11