Marine Money Week Opportunities in Marine

1
Marine Money WeekOpportunities in Marine
Energy Equities

• New York, 21 June 2001
• Thor Jørgen Guttormsen
• President

2
History

• Established in 1927
• Listed as AS Atlantica on Oslo Stock Exchange in
  1927
• Stock listed on consolidated basis in 1987
• Highly diversified until 1990s
• Recent focus on Ro/Ro and LNG (Contract Shipping)

3
LHC is being positioned for profitable growth
1992 Spun off tankers and OBO into
Bona 1992 Sold the West Africa Line 1994 Started
acquisition of Cool Carriers 1997 Acquired cape
size bulkers against long term
contracts 1998 Liner Service sold (delivery
2001) 1999 Acquired 100 of Unicool (Cool
Carriers), closing 2000 2000 Acquired 100 of
HUAL 2000 Cool Carriers sold 2001 Gorthon Lines
sold
Business Restructuring Reefer / Open Hatch
Ro/Ro
Contract Shipping LNG/Bulk
4
Combined, Ro/Ro and Contract Shipping account
for close to 80 of the business
2000 EBITDA by activity
2000 invested capital by activity
5
HUAL lifts more cargo relative to its fleet size
than any of the other large players
6
An important reason for this is HUALs strong
position in cross trades and Far East exports
HUALs market share - Far East and cross trades
(EUR/N Am export) 1996-2000

7
Total demand for deep sea Ro/Ro shipments of
new vehicles will continue to grow modestly
8
HUAL has a growing share of used cars and high
heavy - cargo that is paying better than new cars

HUALs cargo mix

• HUALs presence in the used cars and high and
  heavy markets is strong
• With a series of recent new- buildings,
  tailor-made to carry high and heavy cargoes, HUAL
  is well positioned to grow further in this segment

20
24
27
8
68
53
9
LHCs fleet of LNG carriers

• Höegh Gandria(x) (125 000 m3) on t/c to Pertamina
  to 2006
• Norman Lady(x) (87 600 m3) on t/c to Enagas to
  2012/2019
• Höegh Galleon (87 600 m3) on t/c to Enron to 2017
• Matthew (126 000 m3) on technical management from
  Cabot LNG

(x) 50 joint ownership with Mitsui OSK Lines
10
The worlds LNG trade is forecast to continue its
strong growth
bcm
mtoe
11
Balance sheets
12
Statements of income
13
Dividend policy and history
(1) No dividend due to equity issue(2) No
dividend due to 11 temporary tax
14
Share buy-back programme

• 10 of outstanding shares were bought back in
  2000/2001, and cancelled at the AGM in April 2001
• New authority was given to buy back an additional
  10