Marine Transportation Sector Outlook — September 2026

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INDUSTRIALS › TRANSPORTATION › MARINE TRANSPORTATION

Marine Transportation: Premiums Span the Rate Cycle

This report shows how valuation varies across fleet mix, growth profiles and transaction structures.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2025A)

Marine Transportation Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   INDUSTRIALS › TRANSPORTATION › MARINE TRANSPORTATION

   Marine Transportation: Premiums Span the Rate Cycle

   This is the cover slide for the Marine Transportation sector outlook, dated September 2026.

   Marine Transportation splits between diversified tonnage owners and tanker transport, each running its own rate cycle. This report shows where valuation concentrates today and where premium positioning can shift from here.

   Everything on this page

   INDUSTRIALS › TRANSPORTATION › MARINE TRANSPORTATION Marine Transportation: Premiums Span the Rate Cycle This report shows how valuation varies across fleet mix, growth profiles and transaction structures. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2025A) Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This slide lists the report's five numbered sections plus the appendix.

   This report runs five sections plus the appendix: the bottom line, the landscape, valuation and situations, precedent transactions and strategic implications. The Bottom Line comes first by design, so a client who only reads section one still leaves with the whole story.

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   CONTENTS What This Report Covers 01 The Bottom Line Marine Transportation Rewards Different Earnings Profiles 02 The Landscape Diversified Tonnage Dominates, but Tankers Retain a Distinct Profile 03 Valuation & Situations The Premium End Extends Beyond the Faster-Growth Names 04 Precedent Transactions Precedent Transactions Span Fleet Purchases and Corporate Combinations 05 Strategic Implications Fleet, Employment and Cost Choices Define the Owner Agenda 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Marine Transportation Splits Between Diversified Tonnage Owners and Tanker Transport Across Distinct Rate Cycles

   This slide states the report's central finding: valuation splits between diversified tonnage owners and tanker transport across distinct rate cycles.

   The public market splits sharply: premium-end multiples reach 15.2x while the discount end sits at 3.2x, a spread wide enough to reflect real differences in operating quality and cycle position. Diversified tonnage owners make up 90% of the 21 approved companies, so the sector's median pricing is set largely by that group's fleet economics. Faster-growth names average 8.8x against 6.7x for slower-growth peers, an association rather than a rule, since premium pricing also appears among slower-growth companies. For an owner or acquirer, this means valuation standing is earned through fleet mix, growth and margin discipline together, not by segment label alone.

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   01 · THE BOTTOM LINE Marine Transportation Splits Between Diversified Tonnage Owners and Tanker Transport Across Distinct Rate Cycles The full story on one page · figures on EV / EBITDA (CY2025A), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2025A actuals (13 of 21 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 7 of 21 companies, so this report prices the whole set on CY2025A (13 of 21) rather than mixing periods. Qualitative characterisations are NeuraCap views. Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Valuation Range Leaves Room to Reposition The premium end of the EV / EBITDA range sits at 15.2x. The discount end sits at 3.2x, leaving a wide gap for operating quality and cycle position to influence standing. 2 Faster Growth Is Associated with Higher Pricing Among six names on either side of the growth split, the faster-growth group sits at 8.8x. The slower-growth group sits at 6.7x, an association that does not fully order the field. 3 Diversified Tonnage Defines the Public Set Diversified ocean-going tonnage owners represent 90% of the approved companies. Within that group, broker-marked fleet value, contract coverage and cash breakeven remain central tests of earnings durability. 4 Growth and Margin Profiles Do Not Move in Lockstep Among three growth-only names, the middle of the range is 10.4x. Among three margin-only names, it is 7.8x, reinforcing the need to read rate exposure and employment posture alongside reported profitability. 7.8x Sector median EV/EBITDA CY2025A consensus · 13 rated of 21 companies 15.2x Premium end EV/EBITDA vs 3.2x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 12 Transactions with disclosed terms 76 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces section two on how diversified tonnage owners and tanker transport differ.

   Section two shows that diversified tonnage dominates the public set, but tankers retain a distinct profile. Fleet mix and trade exposure matter more than a shared sector label.

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   SECTION 02 02 THE LANDSCAPE Diversified Tonnage Dominates, but Tankers Retain a Distinct Profile Fleet mix and trade exposure matter more than a shared sector label. 02 of 06 Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Most Public Exposure Sits with Diversified Tonnage Owners

   This slide groups the 21 approved companies by business segment and shows each group's median EV/EBITDA (CY2025A).

   This map groups all 21 approved companies by business segment and shows the median EV/EBITDA (CY2025A) each group carries. Diversified tonnage owners represent 90% of that universe, so most of the sector's public valuation signal comes from their fleet economics rather than from tanker transport. That concentration means a client benchmarking against 'the sector' is, in practice, benchmarking mostly against diversified tonnage owners. So the segment split matters before any single multiple is read.

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   02 · MARKET MAP Most Public Exposure Sits with Diversified Tonnage Owners 21 approved companies grouped by business segment · median EV / EBITDA (CY2025A) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED OCEAN-GOING TONNAGE OWNERS 19 cos median 7.8x Cmb.Tech N.V. (CMBT) Kirby (KEX) Matson (MATX) ZIM Integrated (ZIM) TORM (TRMD) BW LPG Limited (BWLP) Star Bulk Carriers (SBLK) DHT Holdings (DHT) Danaos (DAC) Costamare (CMRE) Himalaya Shipping (HSHP) Genco Shipping & (GNK) Safe Bulkers (SB) Diana Shipping (DSX) Pangaea (PANL) Seanergy (SHIP) Euroseas (ESEA) Costamare (CMDB) StealthGas (GASS) This group represents 90% of the approved companies and spans several vessel classes and rate cycles. SEABORNE CRUDE AND REFINED PRODUCT TANKER TRANSPORT 2 cos median 7.7x Dorian LPG (LPG) Teekay (TK) This group offers a focused read on tanker employment, fleet economics and energy-shipping exposure.

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   02 · LANDSCAPE

   Fleet Mix Separates Two Economically Distinct Groups

   This slide compares diversified tonnage owners and tanker transport as two segment groups with separate EV/EBITDA (CY2025A) medians.

   Diversified tonnage owners and tanker transport show up as two economically distinct groups once fleet mix and trade exposure are laid side by side. Each group's median EV/EBITDA (CY2025A) is built only from rated names, so the comparison rests on names with a usable multiple. The appendix carries the company-level detail behind these medians for a client who wants the full picture. So a reader should take segment into account first, then the multiple, when sizing where a company sits.

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   02 · LANDSCAPE Fleet Mix Separates Two Economically Distinct Groups Segment view of the approved universe · EV / EBITDA (CY2025A) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified ocean-going tonnage owners 19 90% 7.8x Cmb.Tech N.V. (CMBT) · Kirby Corporation (KEX) · +17 more Breadth brings cycle exposure. The group contains 19 of 21 approved companies, with valuation shaped by vessel class, fleet age, charter coverage and balance-sheet capacity. Seaborne crude and refined product tanker transport 2 10% 7.7x Dorian LPG Ltd. (LPG) · Teekay Corporation (TK) Tankers follow a tighter cycle. The group contains 2 of 21 approved companies and 10% of the set, concentrating the read on product flows, vessel supply and employment posture.

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   SECTION 03

   03

   This divider introduces section three on how the valuation premium extends beyond the fastest-growing names.

   Section three shows the premium end of the range extends beyond the faster-growth names alone. EV/EBITDA here separates companies with very different growth and margin profiles.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Extends Beyond the Faster-Growth Names EV / EBITDA separates companies with very different growth and margin profiles. 03 of 06 Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Prices Well Above the Discount End

   This slide sorts all 13 rated companies by EV/EBITDA (CY2025A) from richest to cheapest against a 7.8x sector median.

   All 13 rated companies sort from richest to cheapest on EV/EBITDA (CY2025A), with the sector median landing at 7.8x. The premium end reaches 15.2x while the discount end sits at 3.2x, and the tier zones split the rated set at its own quartiles. That spread shows real room for a company to move up or down the range as its operating profile and cycle position shift. So the sorted view is the starting point for any conversation about where a name sits today and what would move it.

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   03 · PUBLIC MARKET VALUATION The Premium End Prices Well Above the Discount End EV / EBITDA (CY2025A) · all 13 rated companies, sorted descending · sector median 7.8x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2025A actuals (13 of 21 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 7 of 21 companies, so this report prices the whole set on CY2025A (13 of 21) rather than mixing periods. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2025A) basis. Panel commentary is a NeuraCap view. Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 15.2x CORE · median 7.8x DISCOUNT · median 3.2x Sector median 7.8x WHAT SEPARATES THE TWO ENDS The range is wide. The premium end sits at 15.2x EV / EBITDA, showing how far selected names stand above the broader field. The discount is visible. The discount end sits at 3.2x EV / EBITDA, leaving meaningful room for changes in cycle position, cost structure and balance-sheet risk. The endpoints need context. The top of the range includes different growth and margin profiles, while the bottom of the range also spans more than one operating posture.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 31% Margin Line Carry 4.1x Against 10.5x Below It

   This slide compares median EV/EBITDA (CY2025A) across revenue-growth and EBITDA-margin cohorts split at their own medians.

   Splitting the rated set at its own margin median shows names above the 31% EBITDA margin line pricing at 4.1x, while names below that line price at 10.5x. That split cuts against a simple 'higher margin, higher multiple' expectation, so margin alone does not explain positioning across this set. This is an association we observe in the supplied data, not a causal claim, since other factors also separate these companies. So margin discipline is a lever worth testing only alongside growth, fleet mix and rate exposure, not on its own.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 31% Margin Line Carry 4.1x Against 10.5x Below It Median EV / EBITDA (CY2025A) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=6; slower n=6; higher-margin n=7; lower-margin n=6). Driver readings are NeuraCap views on the supplied data — association, not causation. Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at -5% · EBITDA-margin split at 31% The Growth Split Is Associated with a Valuation Gap Among six names above -5% growth, the group sits at 8.8x. Among six names below the split, it sits at 6.7x. Growth Does Not Fully Order the Valuation Range Premium and discount names appear across different growth profiles, suggesting that cycle timing and earnings durability also matter. Employment Quality Remains an Essential Operating Test Contract coverage, charterer quality and cash breakeven help distinguish durable cash flow from temporary rate exposure.

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    03 · SITUATION MAP

    Premium Positioning Does Not Depend on One Growth Profile

    This slide places rated companies into four quadrants cut on EV/EBITDA against the 7.8x sector median and revenue growth against the -5% covered median.

    This map cuts the rated set on EV/EBITDA versus the 7.8x sector median on one axis and revenue growth versus the -5% covered median on the other. Names without a growth estimate are left off the map rather than placed on an assumption. The resulting quadrants are observations about where companies sit today, not a recommendation to buy or sell any of them. So a client can use this map to ask which quadrant a given name occupies before going further.

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    03 · SITUATION MAP Premium Positioning Does Not Depend on One Growth Profile Cut on EV / EBITDA vs the sector median (7.8x) (rows) and revenue growth vs the covered median (-5%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Growth Above-median multiple · above-median revenue growth 3 names Kirby Corporation (KEX) · Matson, Inc. (MATX) · Himalaya Shipping Ltd. (HSHP) Among three names, Kirby Corporation (KEX), Matson, Inc. (MATX) and Himalaya Shipping Ltd. (HSHP) pair above-middle growth with above-middle valuation. The operating question is whether fleet quality and revenue durability can sustain that position. Higher Multiple, Lower Growth Above-median multiple · below-median revenue growth 3 names TORM plc (TRMD) · Dorian LPG Ltd. (LPG) · Genco Shipping & Trading Limited (GNK) Among three names, TORM plc (TRMD), Dorian LPG Ltd. (LPG) and Genco Shipping & Trading Limited (GNK) retain above-middle valuation despite lower growth. Their position puts greater emphasis on cash generation, employment quality and cycle timing. Lower Multiple, Higher Growth Below-median multiple · above-median revenue growth 3 names Danaos Corporation (DAC) · Pangaea Logistics Solutions, Ltd. (PANL) · Euroseas Ltd. (ESEA) Among three names, Danaos Corporation (DAC), Pangaea Logistics Solutions, Ltd. (PANL) and Euroseas Ltd. (ESEA) show higher growth alongside lower valuation. The commercial task is to assess whether that growth can translate into more durable cash flow. Lower Multiple, Lower Growth Below-median multiple · below-median revenue growth 3 names ZIM Integrated Shipping Services Ltd. (ZIM) · Teekay Corporation (TK) · StealthGas Inc. (GASS) Among three names, ZIM Integrated Shipping Services Ltd. (ZIM), Teekay Corporation (TK) and StealthGas Inc. (GASS) sit below the middle on both measures. Cost structure, fleet investment and balance-sheet flexibility become the central operating questions.

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    03 · GROWTH VS PROFITABILITY

    Growth-Only Names Sit Above the Other Operating Profiles

    This slide plots 12 companies on revenue growth against EBITDA margin, split into quadrants at the covered medians of -5% and 37%.

    Among the 12 companies with both a growth and a margin estimate, the growth-only quadrant carries the highest median EV/EBITDA, sitting above the balanced, margin-only and neither quadrants. The cuts are the covered set's own medians: -5% revenue growth and 37% EBITDA margin. Each quadrant carries only three companies, so the pattern is directional rather than a firm rule. So growth alone, even without margin support, is associated with premium pricing in this sample.

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    03 · GROWTH VS PROFITABILITY Growth-Only Names Sit Above the Other Operating Profiles Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2025A, y-axis) · 12 companies with both estimates · cuts at the covered medians (-5% growth, 37% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=3; growth-only n=3; neither n=3). Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -60% -40% -20% 0% 20% 40% 60% MARGIN ONLY median 7.8x BALANCED median 4.1x NEITHER median 5.7x GROWTH ONLY median 10.4x TK LPG TRMD ZIM GNK GASS HSHP PANL MATX ESEA KEX DAC x: revenue growth (CY2027E) · y: EBITDA margin (CY2025A) HOW TO READ THIS The chart divides 12 names at -5% revenue growth and 37% margin. Among three growth-only names, the middle EV / EBITDA is 10.4x. Among three margin-only names, it is 7.8x. The balanced and neither groups also contain three names apiece, so the picture should be read as positioning rather than a universal rule. The balanced median rests on 3 names and is lifted by HSHP at 15.1x. The neither median rests on 3 names and is lifted by GNK at 16.3x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 4 of 12 names clear it (HSHP, DAC, ESEA, GASS).

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    03 · THE AGENDA

    Capital and Employment Choices Shape the Owner Agenda

    This slide frames three capital and employment questions the valuation evidence puts in front of an owner or acquirer.

    The data points to three questions an owner or acquirer needs to resolve: how much rate exposure to keep against contract coverage, where to direct capital for fleet renewal, and how to weigh newbuild, secondhand and en bloc opportunities against balance-sheet capacity. These are framed as questions because the right answer depends on cycle position and capital access, not on a single rule. So the agenda that follows turns the valuation evidence into a short list of live decisions.

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    03 · THE AGENDA Capital and Employment Choices Shape the Owner Agenda NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Rebalance Spot and Period Employment The choice is how much rate exposure to retain against the cash-flow protection available from contract coverage. What changes the answer: The answer changes when period rates compensate for lost spot upside and improve cash breakeven protection. Direct Capital Toward Fleet Renewal Modern, fuel-efficient tonnage can strengthen operating economics while reducing the burden of surveys, retrofit spending and off-hire. What changes the answer: The answer changes when broker-marked fleet value and expected vessel economics support investment over further cash returns. Test Build-Versus-Buy Economics Owners can compare newbuild commitments, secondhand vessel purchases and en bloc fleet opportunities against available balance-sheet capacity. What changes the answer: The answer changes when delivery timing, charter-attached value and secured financing produce a clear economic advantage.

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    SECTION 04

    04

    This divider introduces section four on the record of precedent transactions.

    Section four covers precedent transactions spanning fleet purchases and corporate combinations. The record shows what buyers agreed to pay across announced, completed and terminated deals.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Span Fleet Purchases and Corporate Combinations The record shows what buyers agreed to pay across announced, completed and terminated transactions. 04 of 06 Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Transaction Terms Vary Widely Across Targets and Structures

    This slide walks through one precedent transaction with disclosed terms as a case study, out of twelve with disclosed terms in the recorded set.

    One of the twelve transactions with disclosed terms is walked through here as a case study, with multiples read on LTM financials at announcement where disclosed. Terms vary widely across targets and deal structures, so no single multiple stands in for the whole precedent set. The complete list, including transactions without disclosed terms, sits in the appendix for a client who wants the full record. So case studies like this one work best as texture alongside the appendix, not as a stand-in for it.

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    04 · DEAL CASE STUDIES Transaction Terms Vary Widely Across Targets and Structures 1 of 12 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 90 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; financial target ev not meaningful); figures are shown as recorded in the filing. 64 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2025A public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Sep-2024 $271M Pangaea Logistics Solutions Ltd. Pangaea Logistics Solutions, Ltd. (PANL) added Strategic Shipping Inc. in a $271M completed acquisition. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The combination brought together two marine transportation businesses. The transaction suggests an in-sector effort to add operating scale and vessel exposure. HOW THE TARGET WAS VALUED The completed transaction recorded a value of $271M. That sits below the $1.1B announced Safe Bulkers, Inc. reference and the $1.2B terminated Genco Shipping & Trading Limited reference.

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    SECTION 05

    05

    This divider introduces section five on the fleet, employment and cost choices that define the owner agenda.

    Section five turns to the fleet, employment and cost choices that define the owner agenda. The practical levers sit in revenue quality, cash breakeven and disciplined fleet investment.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Fleet, Employment and Cost Choices Define the Owner Agenda The practical levers sit in revenue quality, cash breakeven and disciplined fleet investment. 05 of 06 Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Stronger Positioning Starts with Controllable Fleet Economics

    This slide sets out three strategic questions on capital allocation, cash breakeven and fleet value that follow from the analysis.

    Stronger positioning starts with the parts of fleet economics a company actually controls: capital allocation matched to cycle exposure, cash breakeven protected through employment mix and cost discipline, and a clear separation between the value of the steel and the value of the franchise around it. These are the questions this data puts on the table for the next twelve months, not settled answers. So a client should use this page to test its own fleet and employment choices against the patterns shown earlier in the deck.

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    05 · STRATEGIC IMPLICATIONS Stronger Positioning Starts with Controllable Fleet Economics NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Match Capital Allocation to Cycle Exposure Fleet renewal, debt reduction and cash returns should be weighed against the durability of current time charter equivalent earnings. FOR OPERATORS Protect Cash Breakeven Through the Cycle Employment mix, vessel operating expense and off-hire control are the direct levers for preserving cash generation when rates soften. FOR CAPITAL ALLOCATORS Separate Steel Value from Franchise Value Broker-marked fleet value provides the asset anchor, while charter coverage, commercial reach and governance shape the case for value beyond the vessels.

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    SECTION 06

    06

    This divider introduces section six covering the full comparable universe, methodology and sources.

    Section six carries the full universe, the methodology and every source behind the figures in this report. It's the reference section for a client who wants to check the detail behind any number in the body.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2025A), Grouped by Valuation Tier

    This appendix lists all 13 rated companies and 8 unrated companies grouped into valuation tiers around the 7.8x sector median.

    This appendix lists all 13 rated companies on EV/EBITDA (CY2025A), shaded against the 7.8x sector median, alongside the 8 companies that carry no eligible multiple. Every rated row sits in the companion workbook with the complete field set behind it. So a client can move from any figure in the body straight to the underlying comparable it came from.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2025A), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (7.8x); amber marks below · 13 rated companies; 8 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 13 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2025A) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.5x · median 15.2x · 3 companies Genco Shipping & Trading Limited GNK Diversified ocean-going tonnage owners $1.4B 16.3x -7% 25% 41 Costamare Bulkers Holdings Ltd CMDB Diversified ocean-going tonnage owners $426M 15.2x n/a 5% n/a Himalaya Shipping Ltd. HSHP Diversified ocean-going tonnage owners $1.5B 15.1x -5% 74% n/a CORE — 4.1x–10.5x · median 7.8x · 7 companies Kirby Corporation KEX Diversified ocean-going tonnage owners $8.2B 10.5x 7% 23% 32 Matson, Inc. MATX Diversified ocean-going tonnage owners $7.4B 10.4x 3% 21% 26 Dorian LPG Ltd. LPG Seaborne crude and refined product tanker transport $2.7B 9.7x -37% 69% n/a TORM plc TRMD Diversified ocean-going tonnage owners $4.5B 7.8x -21% 43% n/a Pangaea Logistics Solutions, Ltd. PANL Diversified ocean-going tonnage owners $622M 7.1x 1% 14% 13 Teekay Corporation TK Seaborne crude and refined product tanker transport $1.6B 5.7x -79% 30% n/a Danaos Corporation DAC Diversified ocean-going tonnage owners $2.9B 4.1x 10% 69% n/a DISCOUNT — <4.1x · median 3.2x · 3 companies ZIM Integrated Shipping Services Ltd. ZIM Diversified ocean-going tonnage owners $7.3B 3.4x -14% 31% -9 Euroseas Ltd. ESEA Diversified ocean-going tonnage owners $506M 3.2x 4% 68% n/a StealthGas Inc. GASS Diversified ocean-going tonnage owners $199M 2.2x -5% 52% n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix lists precedent transactions with disclosed terms, newest first, with multiples read on LTM financials at announcement.

    This page lists the transactions that carry disclosed terms, newest first, out of the transactions recorded overall, with multiples read on LTM financials at announcement where disclosed. A separate set of recorded transactions carries data-quality flags and is shown as recorded rather than adjusted. Because these multiples sit on a different basis than the CY2025A public comparables, we do not draw a spread between the two. So this list is the reference point for deal terms, kept distinct from the public valuation view.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 12 transactions with disclosed terms in this tier (76 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 90 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; financial target ev not meaningful); figures are shown as recorded in the filing. 64 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2025A public basis and no spread is claimed. Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2026 Undisclosed buyer → Safe Bulkers, Inc. $1.1B 3.8x 7.4x The announced Safe Bulkers, Inc. transaction recorded $1.1B, 7.4x EV / EBITDA and 3.8x EV / Revenue. Feb-2026 Hapag-Lloyd AG → ZIM Integrated Shipping Services Ltd. $8.9B n/a n/a Hapag-Lloyd AG announced a transaction for ZIM Integrated Shipping Services Ltd. with a recorded value of $8.9B. Nov-2025 Diana Shipping Inc. → Genco Shipping & Trading Limited $1.2B 3.6x 15.7x The terminated Genco Shipping & Trading Limited transaction recorded $1.2B, 15.7x EV / EBITDA and 3.6x EV / Revenue. Nov-2025 Snap One Holdings Corp. (f/k/a Wirepath Home Systems, LLC) / Hellman & Friedman → Bulk Freedom n/a n/a 13.0x The announced Bulk Freedom transaction recorded 13.0x EV / EBITDA. Feb-2025 Pinnacle Foods Inc. → Navigator Hyperion n/a 15.7x 14.7x The announced Navigator Hyperion transaction recorded 14.7x EV / EBITDA and 15.7x EV / Revenue. Sep-2024 Undisclosed buyer → Capital Clean Energy Carriers Corp. $3.5B 8.3x n/a The announced Capital Clean Energy Carriers Corp. transaction recorded $3.5B and 8.3x EV / Revenue. Sep-2024 Boardriders, Inc. → Strategic Shipping Inc. n/a n/a 7.4x The announced Strategic Shipping Inc. transaction involving Boardriders, Inc. recorded 7.4x EV / EBITDA. Sep-2024 Pangaea Logistics Solutions Ltd. → Strategic Shipping Inc. $271M n/a n/a Pangaea Logistics Solutions, Ltd. (PANL) completed its acquisition of Strategic Shipping Inc. at a recorded value of $271M. Dec-2023 Apax Partners SAS (nka: Seven2 SAS) → Eagle Bulk Shipping Inc. n/a n/a 11.5x The announced Eagle Bulk Shipping Inc. transaction involving Apax Partners SAS (nka: Seven2 SAS) recorded 11.5x EV / EBITDA.

20. 20
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix continues the list of precedent transactions with disclosed terms, newest first.

    This second page continues the same list of transactions with disclosed terms, newest first, on the same LTM-at-announcement basis. Flagged records are shown as recorded, and transactions without a disclosed value or multiple are kept in the companion workbook rather than listed here. So together, these two pages carry the full disclosed-terms record referenced elsewhere in the deck.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 12 transactions with disclosed terms in this tier (76 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 90 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; financial target ev not meaningful); figures are shown as recorded in the filing. 64 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2025A public basis and no spread is claimed. Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2023 Microsoft Corporation → Eagle Bulk Shipping n/a 32.2x 32.2x Feb-2020 Callaway Golf Company → M/V Norfolk n/a n/a 8.4x Aug-2018 HH Global → EuroDry Ltd. n/a 0.2x 5.5x Value shown as recorded in the filing; deal value unit unresolved.

21. 21
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains how the comparable set and precedent list were built and where the underlying data sits.

    This page sets out how the comparable set and the precedent list were built, including the EV/EBITDA (CY2025A) basis used throughout and what each exclusion rule removed. It also lays out where the underlying market data and filings sit, so any figure in this deck can be checked against its source. This is the reference page for a client checking a specific number rather than reading the argument end to end. So it sits last, after the conclusions, by design.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Marine Transportation Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2025A actuals (13 of 21 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The platform's preferred period CY2027E carries an eligible EV / EBITDA for only 7 of 21 companies, so this report prices the whole set on CY2025A (13 of 21) rather than mixing periods. EV / EBITDA on CY2025A is the lead convention: it is the sector-appropriate prior for Marine Transportation and it clears the coverage gate with 13 of 21 companies (62%). EV / Revenue, P / E are carried as a cross-check. The set earns: 13 of 21 companies carry a meaningful forward EBITDA on CY2025A, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 6 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 856 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (855) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

22. 22

    In This Sample, Higher Multiples Span Different Growth and Margin Profiles.

    This is the closing slide restating that higher multiples span different growth and margin profiles in this sample.

    In this sample, higher multiples span different growth and margin profiles, so segment label alone doesn't set where a company sits. The companion tables carry the full universe, exclusion ledger and source index for any figure a client wants to trace further.

    Everything on this page

    In This Sample, Higher Multiples Span Different Growth and Margin Profiles. NeuraCap AI — Marine Transportation Coverage September 2026 · Prepared by NeuraCap AI · Confidential Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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