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Dry Bulk Freight Gradually Recovers in 2H 2019 Baltic Exchange Dry Index 22/Jul/2019 BDI Max. 2,191 2400 2200 2000 12/Dec/2017 BDI Max. 1,743 1800 1600 1400 24/Jul/2018 BDI Max. 1,774 1200 1000 800 600 400 200 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2018 2019 Jul Source: Clarksons Platou CHT 中國航運股份有限公司 Chinese Maritime Transport Ltd. ■ BDI average 887 between January and June 2019; the average was 1,217 in the same period last year 2019 Investor Presentation 16

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