Shipping Daily-05/12/2026

Research evidence excerpt

Shipping Daily-05/12/2026

209 0.5% 15.7%

numbers before open today, while FLNG and TORM are due tomorrow IronMarketore indicators:import price (China) Last 6 days USD/ton Last$111.3price 1-day1.2%ch. Week$106.7ago 1-week4.3%ch. 1-month5.9% ch.

morning, before OET and TNK round off this week’s reporting after close Baltic Dry Index Index 3 001 0.8% 2 730 9.9% 33.4%

tomorrow. CommodityChina iron oretradeimports(monthly) Last 6 months mtons Last103.9data Month104.7ago 1-month-0.8% ch. Year103.1ago 1-yr0.7%ch.

China coal imports " 33.1 39.1 -15.3% 37.8 -12.5%

INSW: Up to $200m “at the market” offering at 1.1x NAV LPG: 6 Lastdays Yesterday change1-day % Week ago change1-week% change1-month%

VLGC: Middle East - Asia USD/day $192 282 8.4% $158 999 20.9% #DIV/0!

• Yesterday after close, INSW announced an equity distribution agreement for VLGC:MarketUSGoMindicators:- Asia Last 6- days " Last$177price796 1-day0.9%ch. Week$145 248ago 1-week22.4%ch. 1-month86.7%ch.

which they from time to time may issue up to $200m worth of shares through Mt. Belvieu spot propane USD/ton $464 1.4% $478 -2.8% 11.5%

an “at the market” offering. Use of proceeds is “general corporate purposes” JapanJapan 1Mspotfwdnaphthapropane "" $784$984 5.1%7.1% $1$771018 -3.3%1.7% -1.7%-8.4%

• We peg INSW at 1.11x NAV vs. 0.74x on average since 2018. On our numbers SaudiCommodityArabia tradespot propane(monthly) Last 6 months " Last$703data Month3.1%ago 1-month$723 ch. Year-2.8%ago 1-yr1.4%ch.

the name has not been at a premium to NAV until March this year, so Japan LPG imports mtons/month 0.9 1.0 -9.7% 1.2 -19.7%

understandable that management would like to take advantage of the IndiaChinaLPGLPGimportsimports "" 0.82.6 1.72.4 -51.4%7.0% 1.92.9 -56.2%-10.9%

premium pricing.