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Precious Shi pping PCL

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

PSL)

1

SET Opportunity Day,11 th Floor, SET Building,

4 th November 2014

Website http://www.preciousshipping.comE-Mail [email protected]

[email protected]

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INDUSTRY OVERVIEW

2

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500

2500

4500

6500

8500

10500

BDI

The Market as manifested by the BDI

3

BDI (Cape, Panamax, Supramax and Handy)

All time High 11,793 20 th May 2008

Recent Low 647 3 rd February 2012 Previous Highs 11,039 13 th November 2007

6,208 6 th December 2004

4,291 3 rd June 2009

All Time Low 554 July 1986

Latest 1,428 29th October 2014

Largest daily fall 963 12 th June 2008

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Precious Shi pping PCL 4

0

1000

2000

3000

4000

5000

6000

7000

8000

1985 1986 1987 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 3Q'2014

906 715 1,0181,137

2,617

4,510

3,3713,180

7,065

6,390

2,617 2,758

1,549920

1,206 1,100

Index Value

Structural changes in Demand & Supply asmanifested by changes in the annual BDI

Thirdlowest BDIin history! Sixth

lowest BDIin history!

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Baltic Dry Index (BDI) - Seasonality

1800

1850

1900

1950

2000

2050

2100

2150

2200

2250

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

B D I

BDI Seasonality

Average 1985 - 2013

Industrial production slumps betweenholidays and Chinese New Year

Iron ore stock building

South American Grain Seasoncomes to an end

Coal demand for summer cooling

Northern Hemisphere GrainExport Seasons starts

Coal demand and steelproduction increases during fall

Winter demand for steam coal

Peak of steel production andharvest in the Northern HemispehereShort breather from

iron ore stock building

OECD Countries on Summer Holidayswith Industrial Production falling

No Grain shipmen tsduring July/September

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Precious Shi pping PCL Source: H artland Shi pping Services

5 year old annual average asset values ($m)

6

1985 1986 1987 2010 2011 2012 2013

Capesize 13.3 14.6 21.7 57.0 43.1 34.2 36.3

Panamax 7.1 6.4 10.8 38.6 33.7 22.1 21.5

Handymax 5.0 5.4 8.7 31.7 28.3 22.3 21.3

Handysize 4.1 3.1 5.5 25.6 21.4 17.5 17.8

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Operating Expenses per day (USD)

7 Source: M oore Stephens

1985 1986 1987 2010 2011 2012 2013

20/40kDWT Handysize Bulker 3,555 3,462 3,404 5,278 5,340 5,271 5,222

40/60kDWT Handymax Bulker 3,716 3,618 3,558 5,966 6,018 5,831 5,733

60/100kDWT Panamax Bulker 4,308 4,093 4,055 6,472 6,609 6,265 6,118

100k+DWT Capesize Bulker 4,834 4,657 4,628 7,437 7,759 7,433 7,303

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1 Year TC rates (USD)

8 Source: H artland Shi pping Services

1985 1986 1987 2010 2011 2012 2013

Capesize 7,466 6,050 8,958 32,967 16,938 13,685 15,811

Panamax 4,900 4,250 6,980 24,559 14,662 9,706 10,115

Handymax 4,880 4,110 5,370 20,847 14,108 10,130 10,034

Handysize 3,630 3,180 4,990 15,662 11,587 8,234 8,104

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Industry Overview - Supply Side Analysis

9

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Dry Bulk Fleet as of 1st Oct 2014

10 Sour ce : CRS/Ar ies

* Small Handy includes tween deckers of 10-30K DWT

Changes in 1 st 3Q 2014

Ship Type DWT Range (MT) Ships Av Age (yrs) Total DWT(m MT)

Av DWT(MT)

% of DWT

Small Handy* 10,000 29,999 2,779 12.89 55.91 20,119 7.32%Handymax 30,000 39,999 1,558 7.76 53.84 34,557 7.04%

Supramax 40,000 59,999 2,774 8.20 145.68 52,516 19.06%

Panamax 60,000 89,999 2,333 8.34 174.91 75,829 23.15%

Capesize 90,000+ 1,917 6.87 331.95 173,161 43.43%

Total / Average 11,361 9.09 762.29 67,273 100%

Ship Type DWT Range (MT) Ships (No / %age) DWT (m MT / %age)

Small Handy* 10,000 29,999 +9(+0.32%) +0.23(+0.41%)

Handymax 30,000 39,999 +91(+6.20%) +3.23 (+6.38%)

Supramax 40,000 59,999 +76 (+2.82%) +4.15 (+2.93%)

Panamax 60,000

89,999 +132 (+6.00%) +10.12 (+6.07%)Capesize 90,000+ +61 (+3.29%) +11.37 (+3.55%)

Total / Average +369 (+3.36%) +29.10(3.96%)

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Precious Shi pping PCL Sour ce: CRS - PSL

Confirmed Orders on 1 st October 2014 till end 2017

11

0

5

10

15

20

25

30

35

Small Handy Handymax Super Handymax Panamax Capesize

0.87

2.20

4.66

11.119.46

0.88

8.49

4.16

30.44

28.66

0.38

4.51

1.71

23.43

33.17

0.09 1.10 0.20

6.234.88

2014 2015 2016 2017

Total Confirmed Orders:2014: 28.32 m DWT or +3.71%2015: 72.63 m DWT or +9.50%2016: 63.20 m DWT or +8.27%2017: 12.50 m DWT or +1.64%

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Precious Shi pping PCL Sour ce: CRS - PSL

Bulk Carrier Contracting (MDWT)

12

30.5

57.2

169.1

104.1

38.5

105.2

43.1

25.2

102.4

51.1

68.1

0

20

40

60

80

100

120

140

160

180

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Bulk Carrier Contracting (m MT DWT) Estimated Bulk Carrier Contracting (m MT DWT)

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Scrapping Activities by Dwt

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

M D w

t

Year

Scrapping Activities by Dwt

By Age Group of Vessel as on 1st Jan 2014

>=35

30-34

25-29

20-2415-19

10-14

Younger ships (+15 Yrs) being scrapped.Total scrappingwas 4.8% of the existing fleet .

Source: Howe Robinson / CRS

Total scrapping was just 3.1%of the existing fleet.

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Precious Shi pping PCL 14 Sour ce : CRS/Ar ies

Dry Bulk Fleet - New Buildings Projected vs Delivered

0200

400

600

800

10001200

1400

1600

1800

2000

2008 2009 2010 2011 2012 2013 2014

525

1,079

1,7161,869

1,783

1,352

1,024

376

572

1,026

1,248 1,284

835

512

683

ProjectedDeliveredEstimate

%ageslippage inDWT 23%




%ageslippage in

DWT 29% %ageslippage inDWT 38%

Est. %ageslippage inDWT 32%

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Year End No of ships Av Dwt Total Dwt % Change

2000 6,820 43,300 295,306,000 7.1%

2001 6,807 45,063 306,743,841 3.9%

2002 6,804 46,240 314,620,080 2.6%

2003 6,794 47,166 320,446,010 1.9%

2004 7,015 47,861 335,744,268 4.8%

2005 7,332 49,727 364,599,640 8.6%

2006 7,587 51,060 387,392,197 6.3%

2007 7,930 51,945 411,923,499 6.3%

2008 8,253 53,096 438,199,632 6.4%

2009 8,542 56,038 478,676,049 9.2%

2010 9,388 58,317 554,370,000 15.8%

2011 9,864 63,085 622,271,023 12.25%

2012 10,492 66,026 692,737,000 10.2%

2013 10,992 66,884 735,191,502 6.1%

2014* 774,587,572 5.4%

2015* 808,242,624 4.3%

* based on 35% slippage & 20m DWT scrapping for 2014 and 2015.

5.06%

12.13%

CAGR

Annual increase in Dry Bulk Ship Supply in DWT

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Global shipbuilding orderbook stands at 5,274 vessels and totals c.US$299B

US$75B are expected to be delivered in 2014



US$42B are expected to be delivered in 2017 and beyond

Who will fund the large amount of shipbuilding contracts?

Source: JP M organ

lk l

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84%

81% 82%

97%

93%

84% 83%

76%

68%

70%

74%

78%

60%

65%

70%

75%

80%

85%

90%

95%

100%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

2 0 0 4

2 0 0 5

2 0 0 6

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

2 0 1 1

2 0 1 2 e

2 0 1 3 e

2 0 1 4 e

2 0 1 5 e

Demand Growth Fleet Growth Utilisation incl. speed optimisation Utilisation on full speed

Dry Bulk Utilization

17 Source: DNB M arkets

forecast annualton-mile demandgrowth of 10.3%over 2013 2015

Average annualton-mile demand

growth of 8%over 2010 2012

C i fl @ A h

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Congestion percentage fleet @ Anchorage


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The US will complete QE taper and economic data confirms the US economy is on the mend!

Chinas economic outlook is expected to remain at current levels and continue working smoothly.

The Euro Zone economy is facing an uneven and patchy recovery with the latest PMI for October

2014 increasing to 50.4.

Abenomics seems to have partially worked in Japan, the second largest dry bulk player, after China.

India will support the Dry Bulk markets with imports of Coal for their port based Power Plants, ironore imports for their steel mills and Agri-bulk exports with their inefficient ports aiding congestion.

Recent Positive Changes in Macro Economic Indicators

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China - facts

20

2009 2010 2011 2012 2013 2014*

GDP 9.2% 10.4% 9.2% 7.8% 7.7% 7.3%

Iron Ore Imports (m MT) 628 618 686 745 820 933

Coal Imports ( m MT) 145 164 182 289 322 298

Steel Production ( m MT) 566 626 684 709 775 820Steel Exports (m MT) 25 43 49 56 62 87

Steel Exports %age ofProduction 4.4% 6.9% 7.2% 7.9% 8.0% 11%

Source : J.P. M organ

*annualized based on 1 st 3Q 2014

* GDP in 3Q 2014

il d

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Railroads

21

China India USA

Area ( Thousand Sq Km) 9,327 2,973 9,147

Rail Road ( Km ) 103,000 64,460 228,218

USA had about 100,000 km of rail road in around 1875China Stimulus investment plan for rail - increase rail length by 6,600 Km in 2014

Sources:Worldbank DataNational Railway Administration of The People Republic of ChinaUnited States Census Bureau, Report on Transportation Business in the United States at the Eleventh Census 1890

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PSLs Strategy for 2014/2015 - expand fleet, fixships on long term charters, sell older ships at a

profit.

22

60 70K b lk i f 1 t O t 2014

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60-70K bulk carriers as of 1st Oct 2014


Fleet as at1st Jan 2014 Delivered YTD Scrapped YTD

Fleet as at1st Oct 2014

Net fleet Growth(annualized)

VesselsDWT

(MMT) VesselsDWT

(MMT) VesselsDWT

(MMT) VesselsDWT

(MMT) VesselsDWT

(MMT)

350 22.93 62 3.90 32 2.14 380 24.69 11.43% 10.2%

Ultramax Fleet

2014 On Order Total Orderbook %age of as on 1st Jan

2014 Fleet

Delivered On order Total 2015 2016 2017

62 62 124 286 210 68 626 179%

Order Book Number of Vessels

Order Book Million DWT

2014 On Order Total Orderbook %age of as on 1st Jan

2014 Fleet

Delivered On order Total 2015 2016 2017

3.90 3.95 7.85 18.01 13.25 4.27 39.48 172%

60 70K bulk carriers as of 1st Oct 2014

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60-70K bulk carriers as of 1st Oct 2014


Years Vessels % DWT (MMT) %

0-4 199 52.37% 12.46 50.47%

5-9 2 0.53% 0.14 0.57%

10-14 0 0.00% 0 0.00%

15-19 37 9.74% 2.56 10.37%

20-24 62 16.31% 4.26 17.25%

25+ 80 21.05% 5.27 21.34%

Ultramax Fleet

Ultramax Fleet Top 10 Owners Owner Vessels

COSCO GROUP 17

Setaf-Saget 14

Ningbo Group. 12

Kiran Holding 8

Dongguan Haichang 7

Wisdom Marine 7

Shoei Kisen K.K. 6Gearbulk 6

Nissen Kaiun K.K. 6

Shipping Allied 5

PSL Fleet

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PSL Fleet

25

As of 31 st Dec 2010 31 st Dec 2011 31 st Dec 2012 31 st Dec 2013 30 th Sep 2014 ExpectedJune 2016

Number of

Vessels21 25 36 40 44 48

Average Age(Simple Avg) 15.43 years 14.20 years 11.3 6 years 11.35 years 9.45 years 3.56

Insured Value USD 327.50Million USD 329.50 Million USD 522.00 Million USD 596.30 Million USD 762.60 Million

Book Value USD 205.37Million USD 296.69 Million USD 528.29 Million USD 568.17 Million USD 677.47 Million

Total DWT 522,925 704,258 1,156,109 1,351,583 1,525,054 2,312,500

Total LDT 117,978 157,146 261,343 305,169 345,469

Average DWTper Vessel 24,901 28,170 32,114 33,790 34,660 48,177

PSLs asset transition from 40 ships in 2013

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pto 48 young, economical, efficient ships in 2016


1 Cement ship still to arrive in 2014. 15X64K + 2X38K brand new ships will arrive in 2015. up to 21older/non-economical existing ships will be sold in the second half of 2015. 7X64K brand new ships will arrive in 2016.

44 ships plus 25 brand new ships less up to 21older/non-eco ships equals 48 young, eco, efficient ships.

The Seven Deadly Sins or Shipping Risks and O pportunities

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The Seven Deadly Sins or Shipping Risks and O pportunities

27

1 Do not buy any assets during peak years (PSL did not make any significant purchase between 2004 and

2009).

2 Sell older ships and en-cash capital gains on a regular basis (10 ships sold in 2007, 21 Ships sold in 2009 , 4

Ships in 2010 and 1 Ship in 2014. Thus total disposal target of 36 ships accomplished).

3 Do not speculate whether it be by chartering ships in or by buying FFAs or by taking bunker hedges (PSL

does not undertake any of these activities).

4

Fix Ships on Long Term Time Charter when markets are high and achieve a 50% forward cover on a rolling 4

year basis (Being done on an ongoing basis).

5 Deleverage your Balance Sheet when times are good (PSL prepaid 9 year loan of USD 265 million taken in

2003/4 in just 2 years out of cash flow generated from PSL fleet).

6 Reduce dividends to the minimum level when you have debt in your balance sheet (PSL paid out the

minimum levels of dividend during 2004/2005 when PSLs debt was at its peak).

7 Acquire additional ships from the New Building/second-hand markets to replace your oldest ships only

when opportunities present themselves when the BDI has collapsed (26 bought so far, another 25 on order).

BDI vs changes in PSL Fleet

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20

22

24

26

28

30

32

34

36

38

40

42

44

46

48

50

52

54

56

500

2500

4500

6500

8500

10500

1 - J u n - 0

3

1 - D e c - 0

3

1 - J u n - 0

4

1 - D e c - 0

4

1 - J u n - 0

5

1 - D e c - 0

5

1 - J u n - 0

6

1 - D e c - 0

6

1 - J u n - 0

7

1 - D e c - 0

7

1 - J u n - 0

8

1 - D e c - 0

8

1 - J u n - 0

9

1 - D e c - 0

9

1 - J u n - 1

0

1 - D e c - 1

0

1 - J u n - 1

1

1 - D e c - 1

1

1 - J u n - 1

2

1 - D e c - 1

2

1 - J u n - 1

3

1 - D e c - 1

3

1 - J u n - 1

4

1 - D e c - 1

4

P S L F l e e

t S i z e

B D I

Year

BDI PSL Fleet Size

BDI vs changes in PSL Fleet

28

BDI vs PSL Fleet Average TC Rate USD/ Day

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13,248

14,449

11,387

13,147

16,489

13,459

11,265

8,221

7,508

8,120

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

500

2,500

4,500

6,500

8,500

10,500

12,500

J a n - 0

3

J a n - 0

4

J a n - 0

5

J a n - 0

6

J a n - 0

7

J a n - 0

8

J a n - 0

9

J a n - 1

0

J a n - 1

1

J a n - 1

2

J a n - 1

3

J a n - 1

4

J a n - 1

5

A v e r a g e

T C R a

t e U S D / D a y

B D I

Year

BDI

PSLAverage Rate USD/Day

7,870

12,304

BDI vs PSL Fleet Average TC Rate USD/ Day

29

* 2014 Average TC Rate upto 30 th Sep 2014

Cur rent and Rolling 4 Year Forward Book 1 st Oct 2014)

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5,798

2,717 2,562 2,555 2,240

10,645

13,465 13,713 13,713 13,84915,507

18,795

25,007 25,550 25,550

37%

14%10% 10% 9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

5,000

10,000

15,000

20,000

25,000

30,000

2014 2015 2016 2017 2018

Fixed T/C days T/C rate Total Days %age Fixed

Contractvalue USD 62 m USD 37 m USD 35 m USD 35 m USD 31 m

30

Mar ket Segm entation 3r d Quar ter 2014

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Mar ket Segm entation 3r d Quar ter 2014


Index Q3 2014 AverageIndexMarket

Av. TC RatePSL

Av. TC RatePerformancevsBenchmark

BHSI(Handysize) 419 USD 6,218 USD 6,586 +5.92%

BSI(Supramax) 849 USD 8,877 USD 6,952 -21.69%

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Financials

32

New Buildings ships not yet delivered - Status on 30 th September 2014

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No. Hull/Yard Number Contractual Delivery

Date(Incl grace period)

EarliestCancellation Date

PricePer ContractUS$ Million

Advances PaidUS$ Million

BalanceCapex

US$ Million

Cement Carrier -20,000 Dwt Ordered from China

1 CC200-04 30-Dec-14 28-Jun-15 24.48 9.79 14.69

Handysize Vessels - 38,500 Dwt -- Ordered from China

2 BC385-11 30-Jun-15 27-Dec-15 22.32 6.70 15.62

3 BC385-12 30-Jan-16 28-Jul-16 22.32 4.46 17.86

4 SF130120 30-Sep-15 28-Mar-16 21.96 3.29 18.67

5 SF130121 30-Dec-15 27-Jun-16 21.96 3.29 18.67

6 SF130122 29-Mar-16 25-Sep-16 21.96 3.29 18.67

7 SF130123 30-Jun-16 27-Dec-16 21.96 3.29 18.67

Ultramax Vessels - 64,000 Dwt Ordered from China

8 SF130124 30-Aug-15 27-Mar-16 27.48 4.12 23.36

9 SF130125 30-Nov-15 27-Jun-16 27.48 4.12 23.36

10 SF130126 01-Mar-16 27-Sep-16 27.48 4.12 23.36

11 SF130127 30-May-16 26-Dec-16 27.48 4.12 23.36

12 SF130128 30-Dec-15 27-Jun-16 27.90 4.19 23.72

13 SF130129 14-Apr-16 11-Oct-16 27.90 4.19 23.72

Sub-Total 322.68 58.97 263.71

New Buildings ships not yet delivered - Status on 30 th September 2014

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No. Hull/Yard Number Contractual Delivery

Date(Incl grace period)

EarliestCancellation Date

PricePer ContractUS$ Million

Advances PaidUS$ Million

BalanceCapex

US$ Million

Ultramax Vessels - 64,000 Dwt Ordered from China

14 SAM14017B 30-Apr-15 28-Aug-15 27.90 5.58 22.32

15 SAM14018B 30-Apr-15 28-Aug-15 27.90 5.58 22.32

16 SAM14019B 30-Jun-15 28-Oct-15 27.90 5.58 22.32

17 SAM14020B 30-Jun-15 28-Oct-15 27.90 5.58 22.32

18 SAM14021B 30-Sep-15 28-Jan-16 27.90 2.79 25.11

19 SAM14022B 30-Sep-15 28-Jan-16 27.90 2.79 25.11

20 SAM14023B 30-Nov-15 29-Mar-16 27.40 2.74 24.6621 SAM14024B 30-Nov-15 29-Mar-16 27.40 0.00 27.40

22 SAM14025B 14-Jan-16 13-May-16 27.90 0.00 27.90

23 SAM14026B 14-Jan-16 13-May-16 27.90 0.00 27.90

24 SAM14027B 30-Apr-16 28-Aug-16 27.90 0.00 27.90

25 SAM14028B 30-Apr-16 28-Aug-16 27.90 0.00 27.90

Sub-Total 333.80 30.64 303.16

Grand Total 656.48 89.62 566.86

FINANCIAL HIGHLIGHTS INCOME STATEMENT

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Particulars Jan-Sep 2014 Jan-Sep 2013 Q3-2014 Q2-2014 Q3-2013

Total Revenues - US$ Million 104.90 117.79 35.37 34.34 35.86

Gross Profit - US$ Million 42.50 32.36 9.48 15.45 10.43

Net Income - US$ Million (1.91 ) 15.32 (4.56 ) (1.62 ) 0.65

Gain on sale of Fixed Assets - US$ Million (US$ PerShare) 0.83 (0.0008) 0.00 (0.0000) 0.00 (0.0000) 0.00 (0.0000) 0.00 (0.0000)

Gain on novation / cancellation of shipbuildingcontracts - US$ Million (US$ Per Share) 1.23 (0.0012) 28.68 (0.0276) 1.23 (0.0012) 0.00 (0.0000) 6.13 (0.0059)

EBITDA - US$ Million (Avg per Ship) 30.56 (0.75) 18.15 (0.47) 5.70 (0.13) 11.21 (0.28) 5.75 (0.14)

Average TC Income per Ship per day (US$) 8,120 7,194 6,575 8,687 7,041

Average Ship Running Cost per Ship per day (US$) 4,648 4,503 4,547 4,769 4,622

Operating days ( Average Number of Ships) 11,158 (40.87) 10,531 (38.58) 3,967 (43.12) 3,659 (40.21) 3,650 (39.67)

Earnings per share (Baht) (0.06) 0.44 (0.14) (0.05) 0.02

Dividend declared for the year / period pershare (Baht) 0.20 0.30 0.00 0.10 0.10

Cash Dividend paid out per share (Baht) 0.30 0.30 0.10 0.20 0.10

Gross Profit Margin (%) 41.45 36.59 27.85 45.14 35.31

Net Profit Margin (%) (1.83) 13.00 (12.90) (4.72) 1.80

FINANCIAL HIGHLIGHTS FINANCIAL POSITION

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Particulars 30-Sep-2014 31-Dec-2013

Cash & Cash Equivalents - US$ Million 41.63 89.65

Total Current Assets - US$ Million 61.56 150.42

Advances to ABG - US$ Million0.00 18.00

Advances to Shanhaiguan China- US$ Million 20.95 31.12Advances to Sainty US$ Million 33.38 8.22Advances to Sanfu US$ Million 38.03 1.60Ships Net - US$ Million 677.47 568.17Fixed Assets Net - US$ Million 678.21 568.96Total Assets - US$ Million 850.92 777.41Total Current Liabilities - US$ Million 14.35 9.85Loan for New Buildings - US$ Million 0.00 0.00Loan for Existing Ships - US$ Million 364.91 282.59Total Long-Term Loans - US$ Million 364.91 282.59

Total Liabilities - US$ Million 386.56 301.06

Total Shareholders Equity - US$ Million 464.36 476.36

Book Value per share (US$) 0.45 0.46Book Value per share (THB) 14.46 15.04

Return on Equity (%) -0.54% 3.69%Return on Total Assets (%) -0.31% 2.24%Total Liabilities/Equity Ratio 0.83 0.63Number of Ships (at the end) 44 40

Operating Expenses

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These are the fixed costs required to run a ship and are evenly spread over the entire year of 365 daysPSLs Opex per day per ship for 2013 and Jan-Sep 2014 was USD 4,535 and 4,648 respectively.Broken into:

37

Particulars 2013 Jan-Sep-2014USD % USD %

Crew costs (Abt. 26 people /ship) 2,039 44.9 7 % 2,161 46.49%

Manning Expenses 199 4. 39 % 244 5.25%

Victualing 175 3.86% 177 3.81%

Lube oils 259 5.71% 234 5.03%

Insurance 397 8.7 5 % 337 7.25%

Repairs/Maintenance 12 6 2.7 8 % 160 3.44%

Stores/Spares 46 4 10. 23 % 506 10.89%

Dry-dock/Special Surveys 522 11.5 1 % 466 10.03%

Management Expenses 289 6.3 7 % 286 6.15%

Misc. expenses 65 1.43% 77 1.66%

Total 4,53 5 100.00% 4,648 100.00%

OPEX TARGET FOR 2014: USD 4,500 per day per ship

Operating Expenses Comparison

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p g p p

OPEX Comparison with Industry compiled by Moore Stephens & Co.OPEX excluding dry dock and special survey cost

38

For Years 2008 2009 2010 2011 2012 2013

ParticularsIndustry PSL Industry PSL Industry PSL Industry PSL Industry PSL Industry PSL

US$ (Per Day)

Crew Cost 2,224 2,030 2,280 2,117 2,387 2,145 2,422 2,145 2,539 2,311 2,569 2,413

Stores 711 539 669 500 687 453 689 530 655 496 620 491

Repairs &Maintenance 832 382 721 356 807 301 808 325 769 322 771 358

Insurance 580 417 575 521 555 397 534 432 483 359 464 397

Administration 792 417 870 517 842 554 889 491 825 451 798 354

Total OperatingCosts 5,139 3,785 5,115 4,011 5,278 3,850 5,342 3,923 5,271 3,939 5,222 4,013

Operating Expenses Comparison

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p g p p

OPEX Comparison with Industry compiled by Moore Stephens & Co.OPEX excluding dry dock and special survey cost

39

-

1,000

2,000

3,000

4,000

5,000

6,000

Industry PSL Industry PSL Industry PSL Industry PSL Industry PSL Industry PSL

2008 2009 2010 2011 2012 2013

5,139

3,785

5,115

4,011

5,278

3,850

5,342

3,923

5,271

3,939

5,222

4,013

U S $ ( P e

r D a y

)

Total Operating Costs

AVERAGE OPEX / TC RATES (1995 Sep 2014)

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3,060 3,118 2,889 2,556 2,590 2,648 2,589 2,6042,670 2,810 3,055 3,622

4,005 4,804 5,040 4,725 4,613 4,481 4,535 4,6487,306 6,661 5,742 4,834 4,808 5,760 5,855 5,854

7,870

13,24814,449

11,38713,147

16,48913,459

12,304 11,265

8,221 7,508 8,120

19,514 20,19320,888 21,225 21,225

22,014 22,700 22,85523,061

25,213 25,330 25,330 25,688 25,688 25,243 24,901

28,170

32,11433,790 34,660

0

5000

10000

15000

20000

25000

30000

35000

40000

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 'Sep-14

Opex(USD) TC Rate(USD) Av Size (DWT)

Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Sep-2014

Avg Age 15.97 16.18 14.24 14.59 15.59 15.57 15.65 15.82 16.60 17.35 18.98 19.98 19.59 20.59 17.08 15.43 14.20 11.36 11.35 9.45

40

FUNDED DEBT & DEBT / EQUITY RATIO

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30.97 45.28

226.05226.90

256.58

211.28185.00

132.93110.38

105.7186.12

240.41

156.69

44.16

0.0021.07

128.08

162.97

221.71

296.00318.27

364.91

0.56 0.56

2.52

2.40

3.79

2.92 3.02

1.481.31 1.20

0.901.13

0.280.00 0.00 0.05

0.260.34

0.460.63 0.59

0.79

0

50

100

150

200

250

300

350

400

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13'Sep-14

D e

b t ( M i l l i o n

U S D )

R a

t i o

Year

Funded Debt (Million USD) Debt/Equity Ratio

Maximum outstanding during the year

41

FUNDED DEBT*/ EBITDA

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4.73

4.33

5.866.51 6.40

3.63

3.35

3.29

1.851.25

0.400.00 0.00 0.00

0.251.01

2.48

6.19

4.77

8.69

0.00

1.00

2.003.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 Sep-14

Year

*Excludes Pre-delivery debt Sep-2014 Number are annualised

Cash Operating Profit / Operating Profit

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22.49

37.22 36.0725.67

14.91 13.0025.05 26.19 23.60

40.10

144.57

196.44

134.66

162.43 164.09

102.15

49.60

37.5926.66

44.42

25.92

11.43

20.88 14.122.93

-10.01 -12.66

1.05 5.17 5.30 22.87

110.07

154.35

92.51

124.68

149.06

87.92

35.71

22.70 4.4715.98

-4.45

-50

0

50

100

150

200

250

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13Sep-14

M i l l i o n

U S D

Cash Operting P&L(EBITDA-Interest) Operating P&L(EBITDA-Interest-Depreciation)

43

Sep-2014 Numbers are annualised

Net Profit / Cash Profit

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11.4320.88

14.48

-15.26

6.41-6.35 1.26

6.62 -0.4724.78

110.10

154.22

92.63

125.13

148.14

88.09

35.5223.64 4.45

17.49

-2.42

22.4937.22 36.43

7.48

31.3319.31 25.26

27.6417.83

42.01

144.59

196.31

134.78

162.88 163.16

102.32

49.4238.54

26.64

45.94

27.95

29

3538

45

41 41

35

3128

30

5254 54

4544

33

21 22

30

3941

0

10

20

30

40

50

60

-20

30

80

130

180

230

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 Sep-14

M i l l i o n

U S D

Ne t P rofi t/(lo ss) Ca sh P ro fi t( NP+ De pr ec iati on ) Ave rage No of Ve ss el

44

Sep-2014 Numbers are annualised

Dividend policy: not less than 25% of net profitActual Dividend Paid Out

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0.300.20

0.300.40

0.65

0.25

0.50

0.75

1.00

1.50

2.00

1.20

0.100.100.15

0.22

0.80

0.60

0.38

0.78 0.78

1.56

0.75

80%

286%

80%

61%59%56%

70%

25%28%

42%

250%

78%

0.00

0.50

1.00

1.50

2.00

2.50

2003 2004 2005 2006* 2007 2008 2009 2010 2011 2012 2013 2014

Year

Dividends Baht

0%

50%

100%

150%

200%

250%

300%

350%

Dividends as % ofEPS

Interim Dividends Final Dividends As % of EPS

45

* 2006 Final Dividend includes 1:1 bonus share at par All dividends shown adjusted for 1:1 bonus shares at par

FINANCIAL PROFILE

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Sep-14 2013 2012 2011 2005

Fun ded Debt $364.91m $282.59m $296.00m $221.71m $80.00mEquity $464.36m $476.36m $472.85m $484.57m $286.84m

Funded Debt/Equity 0.79 0.59 0.63 0.46 0.28

EBITDA $41.99m $59.30m $40.60m $51.95m $202.34m

Debt*/EBITDA** 8.69 4.77 6.19 2.48 0.40

Daily Earnings $8,120 $7,508 $8,221 $11,265 $14,449Daily O pex $4,648 $4,535 $4,481 $4,613 $3,055

Total Asse ts $850.92m $777.41m $784.47m $722.39m $379.98m

Net Profit (Loss ) ($1.91)m $17.49m $4.45m $23.64m $154.22m

Total Revenues $104.90m $156.72m $123.24m $112.19m $277.09m

*Excludes Pre-delivery debt ** Sep-2014 Numbers are annualised where necessary

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Awards and Achievements

47

Corporate Governance

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Good Corporate Governance is a must treat everyone equally and fairly. CLSAranked PSL as second best company in Thailand for Corporate Governance for 2008.

Transparency with good flow of information is vital for Investor confidence.Be consistent with the quality and timeliness of your information release.

Avoid Financial Engineering of your balance sheet so that even the least savvyinvestor can understand the financial health and well being of your company.

Stick to your business model. If you are a shipping company then thats what youshould be doing. And in that space stick to what you know best.

Do not speculate in any fashion or at all. If investors wished to speculate they wouldgo to the casino and not hand you their money to run a shipping company.

ASIAMONEY adjudged PSL as the Best Company for Overall Corporate Governance,Disclosure and Transparency, Shareholders rights and equitable treatment, InvestorRelations and also Best Investor Relations Officer in Thailand for two years (2009-2010) in a row.

Corporate Governance (cont.)

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The Securities Analysts Association of Thailand voted PSL as having the Best CEO in the smallmid cap companies category for 2009.

In 2011, IR Magazine distinguished PSL as the Best investor relations in the Singapore market

by a Thai company.PSL Managing Director, Mr. Khalid M Hashim was accorded The Lifetime Achievement Awardfor 2012, at The Seatrade Asia Awards Ceremony. PSL was a finalist for The Dry Bulk Operatorof the year award at the same function.

PSL is 2012s Best Ship Operator, Lloyds List Asia Awards .

Classified as one of the Companies as Excellent and should be a role model for conducting

Annual General Meeting for 3 consecutive years ; 2012, 2013 and 2014 by Thai InvestorsAssociation.

PSL is 2013s Winner of the Maritime Security & Safety Award, Seatrade Asia Awards 2013. Atthe same ceremony, PSL was a finalist in The Wet / Dry Bulk Operator Award category .

PSL was awarded Best Investor Relations (10-20 Bn Baht) at the SET 2013 Awards ceremonyheld on 20th November 2013.

Conferred the CSRI Recognition 2013 Award for honor and inspire Thai Listed Companieswhich have shown that they are committed to continuously operating with social responsibilityand are good role model of sustainable businesses by Thailands Corporate SocialResponsibility Institute (CSRI) and the SET

Corporate Governance (cont.)

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Classified as one of the listed companies with Excellent CorporateGovernance conducted by IOD & National CG Committee for all fiveconsecutive years; 2010, 2011, 2012, 2013 and 2014.

Also, for the years 2012 - 2014, PSL has been ranked as one of listedcompanies in the Top Quartile which means the best in CG amonglisted companies with the market cap over THB 10,000 million.

Classified as one of the top 50 publicly listed Companies in Thailandfrom ASEAN Corporate Governance Scorecard guidelines for 2013/2014.

Industry Awards and Honors

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Industry Awards and Honors

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Marine Money Ranking: Methodology

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Precious Shi pping PCL Source M ari ne M oney

Methodology: Simple Average of Performance Ranks

Performance Ranks:Total Return toShareholders (TRS)

(Change in Share Price + Dividend)/ (SharePrice at the beginning of Period)

Assets Turnover Sales / Total Assets

Profit Margin EBITDA / Sales

Return onEquity(ROE) Net Income / Average Shareholders Equity

Return onAssets(ROA) EBIT / Average Total Assets

Price / Book Value Market Value of Equity / Book Value of Equity

53

Marine Money International Rankings 2007-2013

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Precious Shi pping PCL Source: M arine M oney 54

* 5th Rank in Financial Strength

** 10th Rank in Financial Strength

Particulars1st RankRatio2013

1stRank2013

PSLRank2013

PSLRatio2013

1stRank2012

PSLRank2012

1stRank2011

PSLRank2011 *

1st Rank2010

PSLRank2010 **

1stRank2009

PSLRank2009 *

1stRank2008

PSLRank2008

1st Rank SafeBulker s Inc.

52

Golar LNG

PartnersLP

39 KirbyCorpo-ration

23

YangMing

MarineTransport

45 SafeBulker s Inc.

6 Frontli-ne LTD 7

Total Return toShareholders(TRS) 302.80% 5 36 51.70% 29 45 2 13 3 42 37 15 7 35

Total AssetsTurnover Rate 1.35 49 58 0.16 41 61 12 67 8 78 46 53 39 43

Profit Margin106.80% 10 36 30.80% 3 34 49 25 57 25 1 17 39 16

Return onEquity (ROE) 42.20% 8 37 3.50% 3 40 8 32 4 41 1 16 3 23

Return onAssets (ROA) 12.40% 4 57 0.20% 1 46 1 33 3 48 1 5 16 1

Price / BookValue 6.48 16 58 0.73 1 21 4 16 14 33 3 33 1 48

Total 92 281 78 247 76 186 89 267 89 139 105 166

Overall Performance VS. Financial Strength Rankings 2013

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Precious Shi pping PCL Source: M ari ne M oney 55

Rank Company Name Financial StrengthRankingOverall Performance

Ranking

1 Kirby Corporation 5 4

2 Safe Bulkers Inc. 10 13 Golden Ocean Group 11 2

4 Navios Maritime Partners 12 5

5 AP Moller - Maersk Group 9 10

6 Algoma Central Corporation 2 23

6 Matson, Inc. 17 8

8 Wilh. Wihelmsen ASA 13 13

9 Diana Shipping Inc. 1 27

9 Grindrod Limited 8 30

Ranked in Top 40 in Both Catergories

31 Precious Shipping 22 52

Rankings Placement of Marine MoneysTop 10 Ranked Companies during 2005 - 2012

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According to Marine Money June/July 2013, PSL was ranked in Top 10 Companies based on performance since year 2005.

CHAMPAGNE TOAST!

Quote from Marine Money :

Lets celebrate for a minute the top performers from Marine Moneys Top Ranked companies overthe past eight years. It is, in fact, an eclectic group, proving that management, strategic focus, financial

structure and a little bit of sectoral good fortune is critical.

The following ranked the highest based on their annual placement: Norden, Frontline Ltd, SFI,CMB, Precious Shipping, U-Ming, Grindrod, Safe Bulkers, Kirby Corp, and Navios Maritime.

The rankings weigh Total Return to Shareholders, Turnover, Profit, RoE, RoA and Price/Book for a final Ranking and so, are a broad based spectrum of results. That some seemingly pure commoditycompanies are at the top over time is a testament to managements skills through a cycle and worthy ofnote.

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Shareholders returns

57

Total Return to Shareholders: 1993 to 2014

40600

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-85

4 6 -10 9 6 2551

61

82.2 90112

7235 22 16 16 8

-85 -81 -75 -85 -76 -70-45 6

67

149.2

239.2

351.2

423.2458 480

496 512 520

0

5

10

15

20

25

30

35

40

-200

-100

0

100

200

300

400

500

600

N o o

f s

h a r e s

B a

h t

Inflow/Outflow

Net Cash Position before sale of investment

No of Shares held

1 IPO share value after 21 years @ 21.80 B / share (as of 22nd

October 2014)adjusted for rights, splits and bonus = 872 BahtTotal net Cash position = Baht 1,392 Returns = 16.38 times

Value of Investment to Shareholders

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Investment (Beginning of Year) 1993(IPO) 1995 2000 2005 2010

Cost of Investment (THB) 1,000 1,000 1,000 1,000 1,000

Share price (THB) 85 302 10 39.75 18.6

Shares Obtained (Nos.) 11.76 3.31 100.00 25.16 53.76

Dividends Received (THB) 6,884.71 1,904.64 28,010.00 609.05 90.05

Paid for Rights (THB) -117.65 -33.11 0.00 0.00 0.00

Shares at the end of 2013(Nos.) 470.59 132.45 2,000.00 50.31 53.76

Value at the end of 2013 (THB) 16,791 4,693 70,610 1,681 1,235

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Thank You

APRECIOUS SHIPPINGPRESENTATION

60

Documents

141104_PSL Opday Q3 14