Shipping Daily-06/22/2026

Research evidence excerpt

Shipping Daily-06/22/2026

G imports " 2.0 1.6 30.3% 3.4 -39.8%

Australia – China route, (C5), so this will ensure utilization against a stellar LNG: 6 Lastdays Yesterday change1-day % Week ago change1-week% change1-month%

counterparty for CMBT. Fortescue is at the forefront of decarbonization LNGHenryCarrierHub spotspotnaturalrate (TFDE)gas USD/mmbtuUSD/day $96$3.28250 0.0%1.4% $95$3.15000 1.3%4.2% 12.8%-2.3%

(aiming for ‘Real Zero’ by 2030), with ‘electrifying its mobile fleet and Japan spot LNG " $15.3 0.0% $18.8 -18.5% -18.6%

decarbonizing global shipping’ being two of the priorities here TTFCommodity(EU nat gas)trade (monthly) Last 6 months " Last$14.3data Month1.5%ago 1-month$14.4 ch. Year-0.7%ago 1-yr-12.5%ch.

Japan LNG imports mtons/month 5.9 5.8 0.9% 5.2 13.9%• As such, positive to see that CMBTs investment in ammonia actually bears

China LNG imports " 4.9 3.5 37.5% 4.8

fruits (although the economics are unknown at this point), and then a sizeable Korea LNG imports " 3.0 3.4 -11.7% 4.0 -25.3%0.3%

share of its fleet tied up against one of the higher quality counterparties India LNG imports Last " Price1.8chg 1.5TOTAL RETURN20.2% Pareto2.1 Consenus-15.9%

• Our generic capesize spot rate estimate for 2027 – 28 is $32.5 / 34k/day, with Share prices 6 days Last price -1 day -1 week YTD P/NAV P/E 1Y FWD

newcastlemaxes carrying a larger cargo obviously earnings a sizeable ArdmoreBruton Ltd.Shipping kr$17.150.8 -0.8%2.8% -61 %% 6618 %% 0.73x- 15.1x19.0x

premium to this. 12x ships will account for ~25% of CMB.TECH’s Capitald'AmicoTankersInternational kr€128.37.9 1.3%2.3% 12 %% 64na% 0.69x0.86x 12.0x14.9x

newcastlemax exposure. We peg CMBT at 0.72x NAV, by far the lowest in our DHT Holdings $18.9 4.3% 2 % 64 % 1.26x 10.2x