Odfjell SE - Chemical Tanker Industry Update

Introduction Strategy update ESG Tank Terminals Capital Allocation The economic downturn in 2008-09 showed resilient demand for chemical tankers, Fundamentals looks likely to support our markets in the event of a new downturn Chemical tanker demand during 2008-2009 economic recession Organics Inorganics Vegoils Others Chemical tanker demand development post Covid-19 pandemic +3% 176 179 180 191 12 Outbreak timing O Pandemic struck Asia that accounts for 49% of seaborne imports of chemicals first O Recovery well underway in Asia supporting seaborne trade of chemicals O Regional differences are in general seen as supportive to seaborne trade 12 14 18 56 5557 51 55 53 25 27 GDP recovery 27 25 25 96 86 88 81 Supply growth 2007 2008 2009 2010 Source: ICIS, Odfjell сл 5 2008/09 economic crisis was structural, 2020 crisis due to "self-imposed" lockdowns 2008/09 recovery was quicker in Asia than in the western hemisphere O IMF forecast 2021 GDP growth of 5.8% driven by eased lockdowns and stimulus The weak chemical tanker market post 2008/09 was supply driven, not demand driven O Fleet growth in 2008 and 2009 was 15.4% and 14.9%, respectively Fleet growth in 2020 and 2021 is estimated to 1.4% and 0.4%, respectively

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