Oil and Gas Marine Transportation Sector Outlook — September 2026

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ENERGY › ENERGY › OIL AND GAS MARINE TRANSPORTATION

Oil and Gas Marine Transport: A Split Market

This report shows how operating model, charter exposure and fleet economics align with valuation and buyer interest.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   ENERGY › ENERGY › OIL AND GAS MARINE TRANSPORTATION

   Oil and Gas Marine Transport: A Split Market

   Cover slide introducing the sector's split between shipping platforms and tonnage providers.

   We open with the sector's defining split: two operating models, two valuation stories. This report shows how operating model, charter exposure and fleet economics align with valuation and buyer interest, so you can see where the market is paying up and why.

   Everything on this page

   ENERGY › ENERGY › OIL AND GAS MARINE TRANSPORTATION Oil and Gas Marine Transport: A Split Market This report shows how operating model, charter exposure and fleet economics align with valuation and buyer interest. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2025A) Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   A contents page listing the report's five sections plus appendix.

   We've structured this report so the bottom line comes first: read section 01 alone and you have the full story. From there we build out the market landscape, valuation and situations, precedent transactions, and strategic implications. So what: you can go as deep as you need, from headline to appendix, without losing the thread.

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   CONTENTS What This Report Covers 01 The Bottom Line Value Separates by Operating Model and Earnings Profile 02 The Landscape Two Operating Models Frame the Sector 03 Valuation & Situations The Valuation Range Rewards Distinct Operating Profiles 04 Precedent Transactions Precedent Transactions Support More than One Valuation Frame 05 Strategic Implications Management Controls the Levers That Strengthen Market Standing 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Oil and Gas Marine Transportation Splits Between Shipping Platforms and Tonnage Providers

   The report's core finding: the sector splits between diversified shipping platforms and tonnage providers, each with a different valuation profile.

   The premium end of the peer set trades at 16.8x CY2025A EV/EBITDA while the discount end sits at 3.0x, a gap that frames everything else in this report. Diversified shipping platforms carry a 7.9x median versus 5.6x for tonnage providers and vessel lessors, so operating model and valuation move together across the set. Faster-growing names traded at 6.3x versus 7.8x for the rest, so growth alone did not command a premium. So what: charter profile and operating model, not growth, are what the market is pricing in this sector today.

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   01 · THE BOTTOM LINE Oil and Gas Marine Transportation Splits Between Shipping Platforms and Tonnage Providers 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 (15 of 22 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 6 of 22 companies, so this report prices the whole set on CY2025A (15 of 22) rather than mixing periods. Qualitative characterisations are NeuraCap views. Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Two Ends of the Market Are Far Apart The premium end carries a 16.8x CY2025A EV / EBITDA valuation. The discount end sits at 3.0x, showing how sharply the peer set separates. 2 Operating Model and Valuation Move Together Across the Set Diversified energy shipping platforms sit at 7.9x CY2025A EV / EBITDA. Seaborne midstream tonnage providers and vessel lessors sit at 5.6x. 3 Faster Growth Did Not Coincide with a Premium On the seven names above the growth split, CY2025A EV / EBITDA is 6.3x. On the seven names below it, the valuation is 7.8x. 4 Charter Profile Changes the Underwriting Question Contracted backlog and spot exposure present different cash-flow risks. Buyers can assess charter streams through counterparty quality while freight exposure remains tied to the cycle. 7.8x Sector median EV/EBITDA CY2025A consensus · 15 rated of 22 companies 16.8x Premium end EV/EBITDA vs 3.0x at the discount end top quartile (n=4) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 19 Transactions with disclosed terms 92 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the market map of two operating models.

   Fleet employment and charter structure are what separate how investors price marine energy transport. We turn next to how capital prices these two models.

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   SECTION 02 02 THE LANDSCAPE Two Operating Models Frame the Sector Fleet employment and charter structure shape how investors assess earnings and asset risk. 02 of 06 Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Capital Prices Two Different Ways of Owning Marine Energy Capacity

   A map of the 22 approved companies grouped by business segment, shown against median EV/EBITDA (CY2025A).

   We group all 22 approved companies by business segment to show how the market prices each model. The group medians tell a consistent story: shipping platforms and tonnage providers occupy distinct valuation bands. So what: segment, more than any single operating metric, anchors where a name sits in this market.

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   02 · MARKET MAP Capital Prices Two Different Ways of Owning Marine Energy Capacity 22 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. Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED ENERGY SHIPPING PLATFORMS 18 cos median 7.9x Frontline (FRO) International (INSW) Hafnia Limited (HAFN) Navios Maritime (NMM) BW LPG Limited (BWLP) TORM (TRMD) SFL Corporation (SFL) DHT Holdings (DHT) Scorpio Tankers (STNG) Capital Clean (CCEC) Okeanis Eco (ECO) Teekay Tankers (TNK) Navigator Holdings (NVGS) Nordic American (NAT) Ardmore Shipping (ASC) Dynagas LNG (DLNG) StealthGas (GASS) Toro (TORO) Broader fleet exposure offers cargo-book depth and more ways to allocate vessels across spot and period employment. SEABORNE MIDSTREAM TONNAGE PROVIDERS AND VESSEL LESSORS 4 cos median 5.6x Tsakos Energy (TEN) Dorian LPG (LPG) Teekay (TK) Imperial Petroleum (IMPP) Tonnage provision and vessel leasing place greater weight on charter coverage, counterparty quality and financing structure.

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   02 · LANDSCAPE

   Shipping Platforms Dominate the Set, While Tonnage Providers Offer a Different Cash-Flow Profile

   A segment-level comparison of shipping platforms and tonnage providers across the rated universe.

   Shipping platforms make up the larger share of the approved set, while tonnage providers offer a different cash-flow profile built on charter coverage rather than fleet breadth. Each model earns its own valuation logic rather than competing head-to-head on the same multiple. So what: comparing the two groups on a single yardstick misses why the market prices them differently.

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   02 · LANDSCAPE Shipping Platforms Dominate the Set, While Tonnage Providers Offer a Different Cash-Flow Profile 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. Oil and Gas 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 energy shipping platforms 18 82% 7.9x Frontline Plc (FRO) · International Seaways, Inc. (INSW) · +16 more Scale broadens commercial choices. This group represents 82% of the set. Fleet breadth, cargo-book depth and pool participation can support deployment across spot and period employment. Seaborne midstream tonnage providers and vessel lessors 4 18% 5.6x Tsakos Energy Navigation Limited (TEN) · Dorian LPG Ltd. (LPG) · +2 more Contracts shape the risk. This group represents 18% of the set. Charter tail, counterparty quality and matched debt can matter more than near-term freight exposure.

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   SECTION 03

   03

   Section divider introducing the valuation range across the peer set.

   The two ends of the peer set carry materially different CY2025A EV/EBITDA valuations. We now open up that range and what drives it.

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   SECTION 03 03 VALUATION & SITUATIONS The Valuation Range Rewards Distinct Operating Profiles The two ends of the peer set carry materially different CY2025A EV / EBITDA valuations. 03 of 06 Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Commands a Distinct CY2025A EV / EBITDA Valuation

   The rated companies ranked by CY2025A EV/EBITDA, from the premium end to the discount end, against a 7.8x sector median.

   Across all 15 rated companies, CY2025A EV/EBITDA multiples range widely around a 7.8x sector median. The premium end of the set commands a distinct valuation, and the gap to the discount end is wide enough that quartile tiers tell a clearer story than the median alone. So what: where a company sits in this ranking says as much about its operating model as any single financial metric.

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   03 · PUBLIC MARKET VALUATION The Premium End Commands a Distinct CY2025A EV / EBITDA Valuation EV / EBITDA (CY2025A) · all 15 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 (15 of 22 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 6 of 22 companies, so this report prices the whole set on CY2025A (15 of 22) 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. Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 16.8x CORE · median 7.8x DISCOUNT · median 3.0x Sector median 7.8x WHAT SEPARATES THE TWO ENDS The range stays wide. The premium end is valued at 16.8x CY2025A EV / EBITDA, compared with 3.0x at the discount end. Scale alone is insufficient. Names from both operating models appear across the range, so fleet size and sector membership do not provide a complete valuation frame. Durability needs operating proof. Charter coverage, cash breakeven, fleet age and capital structure provide the practical tests behind a defensible earnings profile.

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   03 · VALUATION DRIVERS

   What the Market Rewards

   Median EV/EBITDA compared across revenue-growth cohorts and EBITDA-margin cohorts.

   We split the rated set at its own growth and margin medians to see what the market is actually rewarding. Faster growth traded at 6.3x versus 7.8x for slower growers, and the margin split tells its own story. These are associations we observe in the data, not causal claims. So what: margin and charter quality look like better explanations for premium valuation than growth alone.

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   03 · VALUATION DRIVERS What the Market Rewards 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=7; slower n=7; higher-margin n=8; lower-margin n=7). Driver readings are NeuraCap views on the supplied data — association, not causation. Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at -15% · EBITDA-margin split at 48% Growth the Market Believes In Names growing at or above -15% carry 6.3x against 7.8x below it. Margin Quality Profitability differences compound the growth split rather than replacing it. Business Mix Segment medians differ across Diversified energy shipping platforms, Seaborne midstream tonnage providers and vessel lessors — mix, not the sector label, sets the multiple.

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    03 · SITUATION MAP

    Valuation and Growth Divide the Set into Four Different Operating Agendas

    Companies mapped on valuation versus revenue growth relative to sector medians, sorted into four situations.

    We cut the set on EV/EBITDA against the 7.8x sector median and on revenue growth against the -15% covered median, producing four distinct situations. This is a way of characterising where each company sits today, not a recommendation to buy or sell. So what: the map gives you a starting point for the underwriting question that matters for each situation.

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    03 · SITUATION MAP Valuation and Growth Divide the Set into Four Different Operating Agendas Cut on EV / EBITDA vs the sector median (7.8x) (rows) and revenue growth vs the covered median (-15%) (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. Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Better Growth Above-median multiple · above-median revenue growth 3 names SFL Corporation Ltd (SFL) · Navigator Holdings Ltd. (NVGS) · Nordic American Tankers Limited (NAT) Among the three names in this position, valuation and growth both sit above the relevant middle of the range. The operating task is to protect earnings durability through fleet renewal, charter discipline and cash breakeven. Premium Under Growth Pressure Above-median multiple · below-median revenue growth 4 names International Seaways, Inc. (INSW) · Hafnia Limited (HAFN) · Dorian LPG Ltd. (LPG) · +1 more Among the four names in this position, valuation remains above the middle of the range despite lower growth. The key question is whether charter coverage, asset quality or balance-sheet flexibility supports that standing. Growth Without a Premium Below-median multiple · above-median revenue growth 4 names Navios Maritime Partners L.P. (NMM) · Dynagas LNG Partners LP (DLNG) · StealthGas Inc. (GASS) · +1 more Among the four names in this position, growth is above the middle of the range while valuation remains below it. The strategic question is whether cash conversion, fleet quality or capital structure limits recognition. Rebuild Both Measures Below-median multiple · below-median revenue growth 3 names TORM plc (TRMD) · Scorpio Tankers Inc. (STNG) · Teekay Corporation (TK) Among the three names in this position, both valuation and growth sit below the relevant middle of the range. The agenda starts with fleet mix, cost structure, employment strategy and capital allocation.

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    03 · GROWTH VS PROFITABILITY

    Growth and Profitability, Mapped Against What the Market Pays

    The 14 companies with both estimates mapped on revenue growth against EBITDA margin, with median EV/EBITDA by quadrant.

    We plot growth against margin for the 14 companies with both estimates, cut at the covered medians, and show the median multiple each quadrant commands. The balanced quadrant and the margin-only quadrant separate cleanly from the rest. So what: profitability, paired with growth, is where the valuation story sharpens.

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    03 · GROWTH VS PROFITABILITY Growth and Profitability, Mapped Against What the Market Pays Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2025A, y-axis) · 14 companies with both estimates · cuts at the covered medians (-15% growth, 50% 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=4; margin-only n=3; growth-only n=3; neither n=4). TK plotted at the chart edge. Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -60% -40% -20% 0% 40% 60% MARGIN ONLY median 9.5x BALANCED median 5.1x NEITHER median 7.7x GROWTH ONLY median 7.9x TK LPG STNG TNK INSW TRMD HAFN IMPP NVGS GASS NAT DLNG NMM SFL x: revenue growth (CY2027E) · y: EBITDA margin (CY2025A) HOW TO READ THIS Each dot is a rated company. The crosshairs are the covered medians; the corner figures are the median multiple of each quadrant. The growth-only median rests on 3 names and is lifted by NAT at 22.1x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 5 of 14 names clear it (SFL, NVGS, NMM, DLNG, GASS).

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    03 · THE AGENDA

    The Strategic Choice Turns on Earnings Visibility and Fleet Economics

    The strategic questions an owner or acquirer should resolve around earnings visibility and fleet economics.

    We frame the strategic choice as a set of questions: how much earnings visibility does the fleet carry, and how well matched are its economics to the cycle. These are observations grounded in the cohort data shown earlier, not investment advice. So what: resolving these questions is the practical next step for anyone assessing a position in this sector.

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    03 · THE AGENDA The Strategic Choice Turns on Earnings Visibility and Fleet Economics 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. Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Contracted Earnings More period employment can reduce exposure to near-term freight swings, but it also limits participation when spot markets strengthen. What changes the answer: The answer changes with charter rates, counterparty quality and the spread over all-in cash breakeven. Preserve Spot Optionality Spot exposure can retain upside to freight markets where the fleet has competitive operating costs and sufficient liquidity. What changes the answer: The answer changes with fleet utilisation, voyage economics and covenant headroom. Rotate the Fleet The sale and purchase market can shift capital toward eco tonnage and away from vessels approaching special survey or drydocking. What changes the answer: The answer changes with charter-free vessel values, yard availability and expected retrofit spend. Protect Cycle Flexibility Debt amortisation, newbuild commitments and liquidity determine how much room management retains when freight conditions move. What changes the answer: The answer changes with refinancing runway, minimum value covenants and contracted charter coverage.

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    SECTION 04

    04

    Section divider introducing precedent transactions.

    Precedent transactions in this sector support more than one valuation frame, because strategic fit, charter attachment and fleet composition all matter. We look next at how deals were actually priced.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Support More than One Valuation Frame Strategic fit, charter attachment and fleet composition matter alongside cash flow. 04 of 06 Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Price Fleet, Charter and Cash Flow Through Different Lenses

    Three case studies drawn from the transactions with disclosed terms, showing how fleet, charter and cash flow were priced.

    We walk through 3 of 19 transactions with disclosed terms as case studies, with multiples on LTM financials at announcement where disclosed. These deal multiples sit on a different basis than the CY2025A public multiples elsewhere in this report, so we don't claim a spread between them. Each case reflects our read of the recorded evidence on why the deal happened. So what: precedent deals confirm that buyers pay for more than the cash-flow multiple alone.

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    04 · DEAL CASE STUDIES Precedent Transactions Price Fleet, Charter and Cash Flow Through Different Lenses 3 of 19 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. 125 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 73 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. Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Oct-2021 $6.2B Stonepeak Stonepeak backed a large contracted-tonnage platform. The transaction paired infrastructure capital with Teekay LNG Partners L.P. EV / LTM revenue 9.2x EV / LTM EBITDA 9.4x WHY THE DEAL HAPPENED The transaction suggests an underwriting focus on charter streams and counterparty quality rather than near-term freight alone. That fit is consistent with infrastructure capital assessing long-duration cash flow. HOW THE TARGET WAS VALUED The disclosed value was $6.2B, equal to 9.2x revenue and 9.4x EBITDA. Those measures provide both a revenue and cash-flow benchmark for contracted tonnage. Oct-2025 $1.2B Knutsen NYK Offshore Tankers AS Knutsen NYK Offshore Tankers AS moved to own KNOT Offshore Partners LP. EV / LTM revenue 3.5x EV / LTM EBITDA 5.9x WHY THE DEAL HAPPENED The combination suggests value in aligning vessel ownership, commercial knowledge and contracted operations. The operator-to-partnership structure also points to familiarity with the fleet and its charter profile. HOW THE TARGET WAS VALUED The disclosed value was $1.2B, equal to 3.5x revenue and 5.9x EBITDA. The two measures benchmark both fleet-supported revenue and operating cash flow. Mar-2021 $977M International Seaways, Inc. International Seaways, Inc. added Diamond S Shipping Inc. to its operating base. EV / LTM revenue 2.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a scale rationale within energy shipping, including a broader fleet and deeper commercial reach. The buyer already operated inside the sector. HOW THE TARGET WAS VALUED The disclosed value was $977M, equal to 2.1x revenue. That revenue benchmark offers a reference where an EBITDA multiple was not provided.

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    SECTION 05

    05

    Section divider introducing management's actionable levers.

    Fleet mix, breakeven, charter coverage and capital allocation remain within management's control. We turn to where those levers matter most.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Management Controls the Levers That Strengthen Market Standing Fleet mix, breakeven, charter coverage and capital allocation remain actionable. 05 of 06 Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Earnings Profile Is Where Value Is Holding up Across the Set

    Our view on where value is holding up across the set and the questions this raises for the next twelve months.

    Earnings profile is where value is holding up across this set, in our view, and it's the lens we'd apply to the next twelve months. These are observations drawn from the analysis in this report, not recommendations. So what: earnings visibility, not scale alone, looks like the variable worth managing toward.

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    05 · STRATEGIC IMPLICATIONS Earnings Profile Is Where Value Is Holding up Across the Set 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. Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Choose the Cash-Flow Profile Deliberately Set spot and period employment against cash breakeven, debt service and drydock needs. The objective is a fleet profile that can withstand weaker freight while retaining selected upside. FOR MANAGEMENT TEAMS Direct Capital Toward Resilient Tonnage Test fleet renewal, retrofits and vessel disposals against charter demand, special survey timing and delivered asset value. Eco tonnage matters when fuel economics and charterer preferences support it. FOR BOARDS Keep Balance-Sheet Choices Open Match debt amortisation and newbuild commitments to the visibility of charter cash flow. Liquidity and unencumbered vessels can preserve options across the freight cycle.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

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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 Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

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

    The 15 rated companies, grouped by valuation tier on EV/EBITDA (CY2025A), with 7 companies unrated.

    We list all 15 rated companies here, shaded above or below the 7.8x sector median, alongside the 7 companies that carry no eligible multiple. This is the full rated universe behind every chart earlier in the report. So what: you can trace any multiple shown in this deck back to the specific company here.

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    06 · PUBLIC COMPARABLES (1 OF 2) 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 · 15 rated companies; 7 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 15 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. Oil and Gas 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 — ≥9.7x · median 16.8x · 4 companies Toro Corp. TORO Diversified energy shipping platforms $154M 25.6x n/a 29% n/a Nordic American Tankers Limited NAT Diversified energy shipping platforms $2.0B 22.1x -2% 31% 58 International Seaways, Inc. INSW Diversified energy shipping platforms $5.5B 11.5x -23% 56% 51 SFL Corporation Ltd SFL Diversified energy shipping platforms $4.2B 9.9x 10% 58% n/a CORE — 6.0x–9.7x · median 7.8x · 7 companies Hafnia Limited HAFN Diversified energy shipping platforms $5.3B 9.5x -20% 25% n/a Dorian LPG Ltd. LPG Seaborne midstream tonnage providers and vessel lessors $2.7B 9.5x -37% 69% n/a Navigator Holdings Ltd. NVGS Diversified energy shipping platforms $2.2B 7.9x -6% 48% 49 Teekay Tankers Ltd. TNK Diversified energy shipping platforms $2.3B 7.8x -24% 31% n/a TORM plc TRMD Diversified energy shipping platforms $4.4B 7.6x -21% 43% n/a Scorpio Tankers Inc. STNG Diversified energy shipping platforms $3.8B 6.7x -27% 61% 34 Navios Maritime Partners L.P. NMM Diversified energy shipping platforms $4.6B 6.3x 9% 54% n/a DISCOUNT — <6.0x · median 3.0x · 4 companies Teekay Corporation TK Seaborne midstream tonnage providers and vessel lessors $1.6B 5.6x -79% 30% n/a Dynagas LNG Partners LP DLNG Diversified energy shipping platforms $416M 3.8x 1% 70% n/a StealthGas Inc. GASS Diversified energy shipping platforms $199M 2.2x -5% 52% n/a

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    06 · PUBLIC COMPARABLES (2 OF 2)

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

    The remainder of the 15 rated companies, grouped by valuation tier on EV/EBITDA (CY2025A).

    This page completes the rated comparable set, again shaded against the 7.8x sector median. Together with the prior page, it gives the full company-level detail behind the group medians shown earlier. So what: nothing in this report's valuation view rests on a company you can't see here.

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    06 · PUBLIC COMPARABLES (2 OF 2) 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 · 15 rated companies; 7 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 15 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. Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2025A) Rev growth EBITDA margin Rule of 40 DISCOUNT — CONTINUED — <6.0x · median 3.0x · 4 companies Imperial Petroleum Inc. IMPP Seaborne midstream tonnage providers and vessel lessors $14M 0.2x -10% 46% n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Precedent transactions with disclosed terms, listed newest first, with multiples on LTM financials at announcement.

    We list the transactions with disclosed terms here, newest first, with multiples on LTM financials at announcement where disclosed. These deal multiples sit on a different basis than the CY2025A public multiples used elsewhere in this report. So what: this is the primary reference for anyone testing the case studies against the full deal list.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (92 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. 125 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 73 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. 18 of 19 transactions shown; the rest are in the companion workbook. Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 Undisclosed buyer → DHT Europe and DHT China $102M n/a n/a DHT Europe and DHT China carried a recorded value of $102M. The transaction illustrates activity below the whole-company level. Oct-2025 Knutsen NYK Offshore Tankers AS → KNOT Offshore Partners LP $1.2B 3.5x 5.9x Knutsen NYK Offshore Tankers AS agreed to acquire KNOT Offshore Partners LP for $1.2B, equal to 3.5x revenue and 5.9x EBITDA. Sep-2025 Hafnia Limited → TORM plc $3.1B 2.3x 5.2x Hafnia Limited agreed to acquire TORM plc for $3.1B, equal to 2.3x revenue and 5.2x EBITDA. Sep-2024 PVH Corp. → KNOT Shuttle Tankers 31 AS n/a 8.6x 8.1x KNOT Shuttle Tankers 31 AS was valued at 8.6x revenue and 8.1x EBITDA. Jun-2024 Undisclosed buyer → Scorpio Tankers Inc. $5.1B 3.7x 5.2x Scorpio Tankers Inc. carried a recorded value of $5.1B, equal to 3.7x revenue and 5.2x EBITDA. Jan-2023 Vista Outdoor → Frontline plc n/a n/a 11.0x Frontline plc was valued at 11.0x EBITDA in the announced transaction. Oct-2021 Stonepeak → Teekay LNG Partners L.P. $6.2B 9.2x 9.4x Stonepeak agreed to acquire Teekay LNG Partners L.P. for $6.2B, equal to 9.2x revenue and 9.4x EBITDA. Mar-2021 International Seaways, Inc. → Diamond S Shipping Inc. $977M 2.1x n/a International Seaways, Inc. agreed to acquire Diamond S Shipping Inc. for $977M, equal to 2.1x revenue. May-2020 Capgemini SE → VLCC TI Hellas n/a n/a 11.2x VLCC TI Hellas was valued at 11.2x EBITDA in the announced transaction.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    The remainder of the precedent transactions with disclosed terms, newest first.

    This page completes the precedent transaction list, again on LTM financials at announcement where disclosed. Together with the prior page, it gives the full set of disclosed-terms deals behind the case studies earlier in the report. So what: the complete deal list is here for anyone who wants to check a specific transaction.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 19 transactions with disclosed terms in this tier (92 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. 125 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 73 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. 18 of 19 transactions shown; the rest are in the companion workbook. Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2019 Advisor Group, Inc. → Joint Venture (JV) with Qatar Gas Transport Corporation (Nakilat) n/a n/a 12.1x Value shown as recorded in the filing; deal value unit unresolved. Dec-2018 IK Investment Partners → Hafnia Tankers Ltd. n/a n/a 15.0x Feb-2018 Endurance International Group Holdings, Inc. → KNOT Shuttle Tankers 30 AS n/a 2.3x 11.3x Dec-2017 International Seaways, Inc. → six VLCC tankers $434M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2017 International Seaways, Inc. → Gener8 Maritime Subsidiary VII, Inc. $434M n/a n/a Mar-2017 Frontline Ltd. → DHT Holdings, Inc. $1.6B 4.5x n/a Value shown as recorded in the filing; deal value unit unresolved. Sep-2016 Albaugh, LLC → Aurora LPG Holding ASA n/a n/a 7.5x May-2011 JBT Corporation → Crude Carriers Corp. n/a n/a 13.6x Jun-2010 ICL Brasil Ltda. → Bourbon SA n/a n/a 9.8x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    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. 22

    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. Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2025A actuals (15 of 22 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 6 of 22 companies, so this report prices the whole set on CY2025A (15 of 22) rather than mixing periods. EV / EBITDA on CY2025A is the lead convention: it is the sector-appropriate prior for Oil and Gas Marine Transportation and it clears the coverage gate with 15 of 22 companies (68%). EV / Revenue, P / E are carried as a cross-check. The set earns: 15 of 22 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 872 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 (871) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Market Shows a Wide Value Range Across Operating Models and Charter Profiles.

    Closing slide restating the sector's wide valuation range across operating models and charter profiles.

    The market shows a wide value range across operating models and charter profiles. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace.

    Everything on this page

    The Market Shows a Wide Value Range Across Operating Models and Charter Profiles. NeuraCap AI — Oil and Gas Marine Transportation Coverage September 2026 · Prepared by NeuraCap AI · Confidential Oil and Gas Marine Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

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