Odfjell SE - Chemical Tanker Industry Update

The feedstock situation has changed - US and Middle Eastern competitiveness remains superior, but majority of crackers still reliant on Naphtha Global cracker capacity by feedstock type Chemical feedstock prices (USD/tonne) Styrene producer margins (USD/tonne) 650 600 550 500 400 200 0 M -200 -400 USA - Europe - NE Asia May-19 Sep-19 Jan-20 May-20 450 31% Ethylene Glycol producer margins (USD/tonne) 400 USA 600 Europe NE Asia 350 400 300 200 0 250 -200 69% 200 150 May-19 Sep-19 Jan-20 May-20 Methanol producer margins (USD/tonne) 100 Naphtha NGL/Other 50 Mar-19 Ethane US Aug-19 Naphtha US 300 - USA - Europe Asia 200 100 0 Jan-20 Jun-20 - Naphtha Far East May-19 Sep-19 Jan-20 May-20 -100 Source: Odfjell, Argus 25

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