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Business Unit Overview GOD ALGOR ATION TRAL NO ENTR Commodities Transported Contract Terms Fleet Overview Great Lakes, St. Lawrence Waterways, and Atlantic Canada Domestic Dry-Bulk Dry-bulk products including iron ore, grain, salt and stone aggregates Primarily long-term contracts of affreightment and several time charters ■Freight rate agreements include a mechanism to pass fuel cost changes through to customers and a CPI adjustment ■Contract terms generally vary between 3 and 7 years 11 self-unloading bulk carriers and 8 gearless bulk carriers (1) Domestic Product Tankers Primarily semi-refined products between refineries, which are essential in keeping the facilities operational ■ Also transport refined products such as gasoline, kerosene and jet fuel Long-term time charter based services agreements where rates are set for each ship on $ per-day basis Base time charter rates are subject to a CPI adjustment 8 double-hull product tankers; charter additional capacity to meet demand International Niche Markets / Trades Ocean Self-Unloaders ■ Coal, crushed aggregates for construction, gypsum for wallboard, iron ore and salt for winter road safety Primarily contracts of affreightment Longer term, up to 10 years ■Fuel cost (bunkering) adjustment clauses 8 ocean self-unloaders commercially managed as part of the 18 vessel CSL International Pool Global Short Sea Shipping ■ Diverse set of dry-bulk commodities in support of agricultural, cement, construction, energy and steel industries worldwide ■Specialized cement fleet carries powdered cement for use in construction/infrastructure projects Longer term time charters and COAS in specialized cement space with long-standing customer relationships in regional short sea markets In the short sea mini bulker space, shorter term COA's and charters (1-yr or less) in regional markets with long- term customers Consists of three JV's with 50% interest in specialized global fleets 17 pneumatic cement carriers - 18 mini-bulkers(2) 4 deep-sea bulkers ■"Asset-light" optionality, which is not available domestically % EBITDA (CY 2019) 36% Compass ArcelorMittal Minerals Key Customers Cargill (Ugs) United States Steel GB Li LA LAFARGE RICHARDSON (1) One bulk carrier is owned by a third party. 15 (2) Manage additional ships for other owners. 21% Esso Imperial Oil (owned -70% by Exon) IRVING 31% National Gypsum. POLARIS MATERIALS GP Martin Variotta Georgia-Pacific 12% CEMEX enel H LafargeHolcim HEIDELBERG Rio Tinto Your Marine Carrier of Choice T

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