Singapore Shipping Trust

1. FSL - CFO
- mkt cap US$229 million. Trust setup 27 mar 2007
- buy and lease ships. do not operate ships
- owns a total of 23 vessels
- bareboat charter
- lease term fixed. At least 7 yrs. Average age of vessels 4 yrs
- loans maturing in 2012
- a total of 8 customers
- no acquisition without funding in place

2. PST - CEO
- listed 26 May 2006
- owns 12 vessels. Average age 4 yrs. (vessels hv lifespan of 25 to 30 yrs)
- pay 90% out as DPU
- does not own dry bulk vessels as they are volatile
- address asset erosion by paying down debts against vessel depreciation
- no assets convenant

3. Rickmers - CEO
- listed 4 May 2007
- owns and operate vessels
- 16 vessels on water, 7 vessels delivering
- customers are top 5 of the 12 biggest leasees
- average age 1.6 yrs
- US$13 mil top-up factility maturing in 2Q 2010
- financing 4 vessels in 3Q 2010