Q3 FY2010 Results Presentation

A Structured Ship Finance Provider Q3 FY2010 Results Presentation

g l o b a l p a r t n e r f o r p r e m i u m o p e r a t o r s

| 1 Important Notice

This presentation has been prepared by PST Management (“PSTM”) as Trustee-Manager of Pacific Shipping Trust (“PST”) for the exclusive use of the party to whom PSTM delivers this presentation to, comparing of results three months ended 30 September 2010. This shall be read in conjunction with PST’s financial results for the third quarter ended 30 September 2010 in the SGXNet announcement.

This presentation is for information purposes only and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities, nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever.

The value of the units in PST (the “Units”) and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by PSTM. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Trustee-Manager redeem their Units while the Units are listed. Unitholders may only deal in their Units through trading on the Singapore Exchange Securities Trading Limited (the “SGX-ST”).

The information contained in this presentation has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Neither PSTM or any of its respective affiliates, advisers or representative shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation.

This presentation may contain forward-looking statements and illustrations that involve risks, uncertainties and other factors. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements and illustrations as a result of a number of risks, uncertainties and assumptions. Such forward-looking statements are based on numerous assumptions regarding PST’s present and future business strategies and the environment in which PST will operate in the future, and must be read together with such assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition, shifts in levels of expected income and expenses, changes in operating expenses and governmental and public policy changes. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of PST. Past performance is not necessarily indicative of future performance. The future financial performance of PST is not guaranteed. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the Trustee-Manager's current view of future events.

PSTM specifically prohibits redistribution of this material and accepts no liability whatsoever for the actions of third parties in this respect. This material must not be copied, reproduced, distributed or passed to others at any time, in whole or in part, without the prior written consent of PSTM.

| 2 1 overview

2 financial highlights

3 recent developments

4 appendices

| 3 Pacific Shipping Trust.

Description: Listed on the Singapore Exchange since 26 May 2006

Sponsor: Pacific International Lines (PIL)

Trustee-Manager: PST Management Pte Ltd

Key Unitholders: PIL, DBS Group, PSA Corporation, Khoo Teck Puat Foundation

Board of Directors:

Business Model: A structured ship finance company and a value investment vehicle offering investors stable DPU growth through income from long-term charters, sale & leaseback of vessels

Fleet: 16 Vessels (12 Containerships, 2 Bulk Carriers and 2 Multi-Purpose Vessels) (1) Charterers (2) : PIL, CSAV, Shagang and Cosco Xiamen Average age of 16 vessels: Approximately 4.6 years Contracted charter income: Up to US$570 Million from Oct 2010 – 2022 Distribution Policy: The distribution policy of PST is subject to review by the Board and may be adjusted from time to time depending on prevailing market conditions.

Notes: (1) 12 Containerships in operation, two 180,000 DWT Capesize Bulk Carriers on order and expected to be completed and delivered in September 2011, two 24,000 DWT Multi- Purpose Vessels on order and expected to be completed and delivered in September and December 2012. (2) Pacific International Lines (Private) Limited (“PIL”), Compania Sud Americana de Vapores S.A. (“CSAV”), Jiangsu Shagang Group Co., Ltd. (“Shagang”) or its nominee, and Xiamen Ocean Shipping Company (“Cosco Xiamen”) | 4 financial highlights

| 5 Financial Highlights Q3 FY2010.

Q3 FY2010 Q3 FY200939% YoY Chg (USD Million) (USD Million) %

Revenue 15.6 15.6 NM

Distributable Income 7.0 6.9 2

Income Distributed 4.9 4.8 2

DPU (US Cent) (1) 0.832 0.818 2

(1) The distribution policy of PST is subject to review by the Board and may be adjusted from time to time depending on commercial considerations and prevailing market conditions.

PST continues to deliver a healthy and stable performance | 6 Improved Unitprice.

PST Relative Performance to STI (%)

220%

200%

174%

150%

100%

%(rebased2Jan'10=100%) to PST STI 02 Jan’09 USD 0.15 1,829.71 20 Oct’10 USD 0.33 3,179.15

50% Jan 2009 Apr 2009 Jul 2009 Oct 2009 Jan 2010 Apr 2010 Jul 2010 Oct 2010

Source: Bloomberg, 20 October 2010

| 7 Prudent Long-Term Liability and Risk Management.

Liability Management Debt Profile Illustration (1)

Retained income 100% 14% Expenses 27% 75% NAV Preservation Income to be distributed 46% 31% Principal 31% repayment 28%

2010 2011 2012 2013 2014 2015 2016

Source: As at Q3 FY2010 Results (1) From start 2010 till end 2016, when existing charters expire. Based on current operating fleet excluding the 2 new 180K DWT Capesize Bulk Carriers or the 2 new MPPs

PST addresses asset erosion by paying down debt against the asset depreciation, reducing the trust’s liabilities and preserving Net Asset Value.

| 8 recent developments

| 9 PST’s Continued Growth Story.

ACQUIRED 25Jun ACQUIRED 2 x CAPESIZE 8Oct 2 x MPPs BULK CARRIERS

Jan’10

21Apr 21Jul 20Oct Q1 PST Q2 PST maintains Q3 PST delivers stable continues to stable results & results & gathers growth perform well diversifies momentum

| 10 PST’s Continued Growth Story – The Acquisitions.

1 25 June 2010 2 8 October 2010 PST acquired 2 x CAPESIZE BULK PST acquired 2 x MPPs to be chartered CARRIERS to be chartered to to COSCO XIAMEN , part of China’s SHAGANG , China’s largest private largest shipping group, COSCO enterprise

Vessels 2 x 180K DWT Vessels 2 x 24K DWT Multi- Capesize Bulk Carriers Purpose Vessels PST gathers growth Yard HHI Yard DSIC momentum! Expected Sep 2011 Expected Sep & Dec 2012 Delivery Delivery Contract Price US$61.6 Million per Contract Price US$30.0 Million per vessel vessel Charterer Jiangsu Shagang Charterer Cosco Xiamen Time Charter US$27,000 per day per Time Charter US$14,900 per day per Rate vessel Rate vessel Charter Tenor 10 Yrs TC Charter Tenor 10 Yrs TC

Notes: Illustration based on respective date of signings of the Time Charter Agreements and Ship Building Contracts. Please refer to appendices for summary of acquisitions

| 11 PST’s Continued Growth Story – Effects & Benefits.

Results of PST’s Continued Growth. Results of PST’s Continued Growth. PST continues to Vessels 12 to 14 vessels Vessels 14 to 16 vessels pursue this growth 12 Containerships, 2 12 Containerships Asset Types Asset Types Bulk Carriers and 2 and 2 Bulk Carriers Multi-Purpose Vessels and further explore PIL (10), CSAV (2), PIL (10), CSAV (2) opportunities for Charterers Charterers SHAGANG (2) and and SHAGANG (2) COSCO XIAMEN (2) meaningful Total Contracted 65% to close to Total Contracted 23% to up to Revenue USD 500 Million Revenue USD 570 Million acquisitions Long-term Long-term Up to FY2021 Up to FY2022 Charters Charters

Notes: Illustration based on respective date of signings of the Time Charter Agreements and Ship Building Contracts. Please refer to appendices for summary of acquisitions

| 12 Charterer Base Diversification.

1 June 2010 2 October 2010 2 x CAPESIZE BULK CARRIERS 2 x MPPs to be chartered to to be chartered to SHAGANG COSCO XIAMEN

Cosco CSAV Shagan Xiamen 23% Shagang g 19% PIL 41% 35%

PIL 44% PIL CSAV Shagang CSAV 77% 15% 34% PIL 12% 100% 8 container ships 10 container ships 10 container ships 10 container ships bareboat bareboat bareboat chartered bareboat chartered to chartered to PIL + 2 container chartered to PIL to PIL + 2 container PIL + 2 container ships ships time-chartered to CSAV ships time-chartered time-chartered to CSAV + 2 capesize bulk carriers to to CSAV + 2 capesize bulk be time-chartered to carriers to be time- SHAGANG + 2 multi-purpose chartered to SHAGANG vessels to be time-chartered to COSCO XIAMEN Note: Based on Total Contracted Revenue as at respective contractual signings | 13 Asset Class Diversification.

1 June 2010 2 October 2010 2 x CAPESIZE BULK CARRIERS 2 x MPPs to be chartered to to be chartered to SHAGANG COSCO XIAMEN

No. of Vessels:

12 12 + 2 12 + 2 + 2

MPP Bulk 12.5% carrier Bulk 14% carrier 12.5%

Container ship Container ship Container 86% 75.0% ship 100%

| 14 Increase in Assets and Contracted Revenue.

1 June 2010 2 October 2010 2 x CAPESIZE BULK CARRIERS 2 x MPPs to be chartered to to be chartered to SHAGANG COSCO XIAMEN

Vessel Book Value (USD Millions) Total Contracted Revenue (USD Millions) 800 +42% 600 +114% 600 60.0 108 123.2 400 -- 400 196 - 200 433.4 433.4 200 266 266

0 - Book Value Existing 12 Vessels 30 With Acquisition of 2 X Capesize + 2 Total Contracted Revenue Total Contracted Revenue Sep'10 X MPP Oct 2010-2016 Oct 2010-2022 Current Vessel Book Value 2 X 180K DWT Capesize 2 X 24K DWT MPP | 15 PST’s Long-term Strategy.

Contracted Revenue 2009 - 2022 (USD Millions)

1 Income from Shagang Vessels

100 Income from Cosco Xiamen Vessels

60 PST can leverage on its strong position to grow! 40

- FY9 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21FY22

Existing Fleet Shagang vessels Cosco Xiamen vessels | 16 Conclusion.

The recent acquisitions of the Capesize Bulk Carriers and MPPs further diversifies PST’s asset class and charterers

With PST’s proactive approach in managing its charter revenue, PST has added on contracted revenue stretching to FY2022. This demonstrates PST’s sustainable business model of providing steady and continuous income stream

PST will continue to build on its growth momentum as it explores further opportunities for meaningful acquisitions

| 17 appendix : recent acquisitions

| 18 Acquisition Overview – 25 Jun 2010.

Vessels 2 X 180,000 DWT Capesize Bulk Carriers39% (Hulls No. 2408 & 2409 (the "New Vessels"))

Yard Hyundai Heavy Industries Co., Ltd., Korea ( “HHI ”)

Expected Delivery September 2011

Purchase Price US$61.6 Million per vessel

Charterer Jiangsu Shagang Group Co., Ltd., China or its nominee

Charter Rate US$27,000 per day per vessel

Charter Tenor 10 Years Time-charter

| 19 Acquisition Overview – 8 Oct 2010.

Vessels 2 X 24,000 DWT Multi-Purpose39% Vessels (Hulls No. MC 240-5 & MC 240-6)

Yard Dalian Shipbuilding Industry Co. Ltd (“DSIC”)

Expected Delivery September & December 2012

Contract Price US$30.0 Million per vessel

Charterer Xiamen Ocean Shipping Company (“Cosco Xiamen”)

Time Charter Rate US$14,900 per day per vessel

Charter Tenor 10 Years (58 + 62 mths) Time-charter (1)

Purchase Option US$ 14.7m @ end of Yr 10 (2)

(1) Under the Time Charter Agreements, the charter period is for an initial period of 58 months commencing upon delivery of each New Vessel, with an option to renew by Cosco Xiamen for an additional period of 62 months (2) In the event the option to renew the charterparty is exercised by Cosco Xiamen, Cosco Xiamen or its nominated nominee (if applicable) has the option to purchase the New Vessels from PST at a price of USD 14.7 Million per vessel on completion of the additional period.

| 20 appendix : industry

| 21 MPP Shipping Fundamentals.

What are MPPs ? MPPs are flexible and versatile vessels that can easily act as bulk carriers, containerships or heavy lift vessels as they are equipped with heavy crane capacities.

Industry Overview:

MPP fleet of about 2,800 vessels totaling 24m dwt

Healthy orderbook representing 28% of existing fleet

Cargo demand for the MPP sector will increase by an average annual rate of 3.3% between 2010 and 2014

MPP fleet held up relatively well in 2009 because a lot of the cargo is on a long-term commitment for project work

Source: Drewry (Aug’10)

The MPPs are in-demand due to the versatile nature of the vessel and its relatively small global fleet . With the increase in infrastructure projects globally, there is an increased demand for the MPP to provide the carriage of project and specialised cargoes.

| 22 appendix : rankings

| 23 Marine Money Rankings – Industry Comparison.

Total Returns Return Return Debt / Debt to Share Profit on on Price / EV / Capitalis Coverage holders Margin Equity Asset Book EBITDA ation Ratio

Pacific Shipping 111.9% 89.3% 11.9% 8.2% 0.67 6.09 45.1% 12.88 Trust

Industry 32.63% 31.4% (4.1%) 2.0% 1.61 5.78 46.3% 5.77 Mean

Source: Marine Money Rankings June/July 2010

| 24 Marine Money Rankings – Top 50.

Company TRS Turn Profit ROE ROA P/B 2009 Company TRS Turn Profit ROE ROA P/B 2009 over Overall over Overall Safe Bulkers 37 46 1 1 1 3 1 Trailer Bridge 46 13 66 100 11 1 26 Navios Partners 7 59 10 10 6 9 2 Pacific Basin 24 36 62 44 37 42 27 U-Ming 17 50 22 12 7 13 3 Dockwise 8 52 40 56 33 61 28 Golden Ocean 6 40 45 3 16 22 4 Mercator SG 78 47 24 9 2 97 29 Noble Group 3 3 91 11 19 7 5 Mitsui OSK 97 12 72 19 10 48 30 Precious Shipping 15 53 17 16 5 33 6 Excel Maritime 81 61 9 7 8 96 31 Teekay Offshore 12 39 43 2 42 6 7 Paragon 68 69 8 20 13 86 32 Jinhui Shipping 1 44 27 8 4 81 8 Wilhelmsen 45 48 57 5 56 53 33 Kirby Corp 47 22 49 32 3 16 9 Alogoma Central 25 20 73 42 43 65 34 Eitzen Bulk 66 5 86 4 9 2 10 Horizon Lines 20 7 85 91 46 20 35 Aegean Marine 21 4 90 24 29 5 11 MISC 71 30 58 47 38 25 36 James Fisher 43 15 74 18 23 10 12 China Shipping 29 55 54 58 59 15 37 Capital Product 33 83 6 21 20 23 13 AP Moller - Maersk 42 19 63 74 41 39 38 CMB 49 38 42 13 17 36 14 D/S Norden A/S 52 16 84 33 51 45 39 Genco 30 77 4 17 14 57 15 DHT Holdings 87 74 15 37 25 47 40 Hellenic Carriers 28 60 13 14 15 75 16 Golar LNG 16 99 33 50 72 17 41 Diana Shipping 59 71 7 28 12 31 17 Seacor 58 32 59 46 40 52 42 Grindrod 50 6 87 25 18 26 18 Knightsbridge 77 75 26 39 30 44 43 Malaysian Bulk 32 92 18 30 32 14 19 Odfjell 51 31 65 26 64 54 44 Ship Finance Intl 39 94 19 6 39 24 20 Sinotrans 11 95 29 54 52 51 45 International SH 44 17 70 15 21 55 21 NYK 93 10 79 38 31 46 46 PST 10 88 3 34 22 67 22 Navios Holdings. 13 63 51 45 57 69 47 Frontline 73 49 39 27 35 8 23 Alexander & Baldwin 36 25 78 60 70 30 48 Teekay LNG 14 98 12 40 50 21 24 DFDS A/S 79 21 60 63 24 56 49 Chemoil 2 2 92 59 62 19 25 Belships 18 24 89 22 87 64 50

Source: Marine Money Rankings June/July 2010

| 25 Marine Money Rankings – Recent IPOs.

Company 2007 Rank 2008 Rank 2009 Rank IPOs: 2006 Aegean Marine Petroleum Network Inc 21 32 11 Chemoil Energy Limited 60 65 25 Danaos Corporation 41 56 69 Eitzen Chemical ASA 97 95 100 Goldenport Holdings Inc. 13 42 80 Omega Navigation 80 63 - Pacific Shipping Trust 82 68 22 Teekay Offshore Partners LP 51 55 7 Ultrapetrol Bahamas Limited 55 76 75 IPOS: 2007 Capital Product Partners - 34 13 D'Amico International Shipping - 15 87 Dockwise - 91 28 First Ship Lease Trust - 71 56 Gulf Navigation - 74 89 Globus Maritime - 52 81 Hellenic Carriers - 44 16 Mercator Lines - 53 29 Navios Maritime Partners - 13 2 Nordic Tankers - 88 97 Ocean Freight - - 98 OSG Americas - 92 - Paragon Shipping - 49 32 Rickmers Maritime - 75 58 Sinotrans Shipping - 62 44 Star Bulk - 43 95 Teekay Tankers - 5 65 IPOs: 2008 Brittania Bulk* Safe Bulkers - - 1

* Filed for bankruptcy Source: Marine Money Rankings June/July 2010 | 26 appendix : portfolio

| 27 PST Portfolio.

KOTA KOTA KOTA KOTA KOTA KOTA KOTA KOTA Name of Vessel ANGGERIK ANGGUN ARIF AZAM KADO KAYA RANCAK RAJIN Year Built 2005 2003 2003 2003 2005 2005 2005 2005

Gross Tonnage 17,652 17,652 17,652 17,652 31,070 31,070 9,678 9,678

Net Tonnage 8,156 8,156 8,156 8,156 15,648 15,648 4,558 4,558

Speed (knots) 19.0 19.0 19.0 19.0 22.0 22.0 17.1 17.1

(1) Classification LR LR LR LR NKK NKK NKK NKK

(2) Vessel Type CS CS CS CS CS CS CS CS

Construction SKDC SKDC SKDC SKDC SKDC SKDC SKDC SKDC (3) Dockyard Capacity 1454 1454 1454 1454 3081 3081 943 943 TEU TEU TEU TEU TEU TEU TEU TEU (4) Cargo Gear 2 x 2 x 2 x 2 x GL GL GL GL 40mt 40mt 40mt 40mt (5) Charterer PIL PIL PIL PIL PIL PIL PIL PIL

(6) Charter Type BBC BBC BBC BBC BBC BBC BBC BBC

Charter Period (yrs) 8 8 8 8 9 9 10 10

Notes: 1. Classification Societies: Lloyd’s Register (“LR”) and Nippon Kaiji Kyokai (“NKK”) 2. Vessel Type: Containership (“CS”) and Bulk Carrier (“BC”) 3. Construction Dockyard: Shin Kurushima Dockyard Co. Ltd, Japan (“SKDC”), Dalian Shipbuilding Industry Co. Ltd., China (“DSIC”) and Hyundai Heavy Industries Co., Ltd., Korea (“HHI”) 4. Cargo Gear: Geared or Gearless (“GL”) 5. Charterers: Pacific International Lines (Private) Limited (“PIL”), Compania Sud Americana de Vapores S.A. (“CSAV”) and Jiangsu Shagang Group Co., Ltd. (“Shagang”) or its nominee. 6. Charter Type: Bareboat Charter (“BBC”) and Timecharter (“TC”) | 28 PST Portfolio.

COSCO COSCO KOTA KOTA CSAV CSAV SHAGANG SHAGANG XIAMEN XIAMEN Name of Vessel NABIL NAGA LAJA LAUCA HONGFA HONGCHANG MC-240-5 MC-240-6 Year Built 2008 2008 2008 2008 2011 2011 2012 2012 Gross Tonnage 20,902 20,902 39,906 39,906 93,200 93,200 - - Net Tonnage 9,119 9,121 24,504 24,504 60,000 60,000 - - Speed (knots) 20.2 20.2 24.5 24.5 16.25 16.25 16.0 16.0 (1) Classification LR LR LR LR NKK NKK LR LR (2) Vessel Type CS CS CS CS BC BC MPP MPP Construction DSIC DSIC DSIC DSIC HHI HHI DSIC DSIC (3) Dockyard Capacity 1800 1800 4250 4250 180K 180K 24K DWT 24K DWT TEU TEU TEU TEU DWT DWT Tween Tween Deck Deck

(4) Cargo Gear 2 x 2 x GL GL GL GL 1 x 60mt + 2 x 1 x 60mt + 2 x 40mt 40mt 100mt 100mt (5) Charterer PIL PIL CSAV CSAV SHAGANG SHAGANG COSCO COSCO XIAMEN XIAMEN (6) Charter Type BBC BBC TC TC TC TC TC TC Charter 8 8 5 5 10 10 10 (7) 10 (7) Period (yrs)

About Pacific Shipping Trust

Pacific Shipping Trust is the first business trust listed on the SGX-ST. It provides structured financing solutions to established shipping companies, thereby generating visible and stable cashflow stream through long-term charters. By acquiring vessels and leasing them to reputable charterers on long-term bareboat or time charters, PST seeks to generate a steady stream of high-yielding income for its Unitholders.

The trustee-manager of PST is PST Management Pte. Ltd., a wholly-owned subsidiary of Pacific International Lines (Private) Limited, one of the largest private shipowner and operator in South East Asia.

PST Management Pte. Ltd. As Trustee-Manager of Pacific Shipping Trust 140 Cecil Street #07-01 PIL Building Singapore 069540 Tel. +65 6429 3401 Email. [email protected] Contact. Seth Goh

www.pacificshippingtrust.com

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