Investor Presentaiton

Odfjell at a glance Odfjell Tankers Odfjell Terminals Capital Allocation Summary Our fleet renewal program has been completed at an attractive time, and our growth is now mostly capital light which reduces risk 1 Clarksons newbuilding index Newbuilds Acquisitions Long-term TC Long-term BB 200 180 Acquisition 160 concluded at 140 bottom of the asset cycle 120 100 jan-jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- jan- 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 20 19 2 30 Our various fleet initiatives will impact Odfjell positively through: Low investment cost to ensure attractive returns even in low cycles ◇ Lower unit costs through lower bunker consumption and more cargo space ✪ Modern tonnage adapted to the evolution of the super-segregator trade Older inefficient vessels replaced by mix of newbuilds, Vessels 10 200 -10 21 8 10 6 5 acquisitions, -20 pools & long- -30 term charters Newbuildings 2nd hand transactions TC/BB Pool vessels -24 Re- deliveries/sales 3 POOL P&L TC P&L Established 4 pools with new and efficient spezialised tonnage Profit & Loss (USD/day) Source: Clarksons Platou, Odfjell TCE rate (USD/day) 6 ✪ Lowered our timecharter/bareboat expenses by more than 20% due to timing O Lower bunker consumption through redelivery of older less efficient tonnage ⚫ Timechartered fleet is reduced but still offer flexibility for cyclical swings O Pool establishments has offered growth in a capital efficient way ✪ No economic downside, but upside through profit splits plus fixed fees ✪ Consolidation and secured Odfjell control of modern and efficient tonnage

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