Cleaves Shipping5

Shipping Quarterly (2Q21) – Off to the Races- Cleaves Securities AS, April 19, 2021 Cleaves Shipping

Shipping Report 2021 – Positioning for a Post-Pandemic Party- Cleaves Securities, February 1, 2021 Cleaves Shipping

Shipping Quarterly: Q4 2020 A Mixed Picture ; Dry Bulk- Despite seasonal weakness in 1Q21E, expect consecutive annual gains until at least 2023E; Oil Tankers- Short-lived gains in 4Q2020; LNG Carriers- Earnings to stay low amidst healthy fleet growth and limited demand growth until a potential super-cycle develops from 2024E; LPG Carrieers- VLGC share index -30% by 1Q21E, but +144% by year end 2022E- Cleaves Securities, October 14, 2020 Cleaves Shipping

Cleaves Securities Shipping Weekly 41/2020- Coronavirus & US Election Monitor ; Dry Bulk Shipping &OilTanker Rates; LNG &LPG Carriers – Cleaves Securities, October 12, 2020 Cleaves Shipping

Cleaves Shipping Weekly 22 – VLCC owners managed to push spot rates significantly up at the start of the week – Cleaves – May 29, 2020 Cleaves Shipping