Decarbonizing Maritime Transport

OCI Favourable outlook for nitrogen fertilizers Nitrogen prices recover to mid-cycle levels Urea, CAN and UAN Pricing ($/t) 600 550 500 450 400 350 300 250 200 150 100 Jan-10 Jan-11 Jan-12 Jan-13 Urea Granular FOB Egypt Jan-14 UAN Bulk FOB US Midwest Spot Jan-15 Jan-16 Current Urea, CAN and UAN prices have recovered from trough prices, up 42%, 34% and 100% vs. Dec-2020 Jan-17 Jan-18 Jan-19 CAN Bulk CIF Germany Jan-20 Jan-21 Attractive supply-demand fundamentals and steepening cost curve Bull Market Drivers Expected to Support Higher Nitrogen Prices ww ww www سدا CROP PRICES TO REMAIN STRONG Rising crop prices and corn >$5/bushel on strong Chinese demand is supportive of global nitrogen demand and prices. India stepping back into the market in March and outages in the US further supportive of pricing GAS PRICES IN EU STAY HIGH NEW CAPACITY DELAYED INDUSTRIAL DEMAND RECOVERY Low storage levels in Europe and higher demand for gas in Asia to maintain high gas prices with current TTF Futures pointing to ~$6/MMBtu - raising cost floor, lowering utilisation rates and providing support for prices New low-cost capacity expected to commission faces uncertain timing given the impact of COVID-19 on construction, tightening the urea market significantly. No additions expected for nitrates and merchant ammonia availability expected to decline Demand rebounding. Expected rebound in industrial demand forecast in most key markets will be supportive of prices when fertilizer demand is seasonally lower Source: Company information, Fertilizer Week 18

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