Marine Money International Announces Financial Performance Rankings

for the 100 Top Shipping Companies for 2009

The editors at Marine Money International, the leading trade publication reporting on the business of ship finance, are pleased to announce the Rankings of the best performing shipping companies for the year ending 2009. The results will appear in the June/July 2010 issue of Marine Money.

2009 was a year that saw unprecedented pressures across the shipping industry as a result of the collapsing credit markets, weaker commodity prices and declining trade. Analyzing last year's financial data, the results were split: on one hand it was a record year in terms of returns to shareholders for the companies, yet on the other hand for most sectors of the industry actual returns and financial strength measures suffered.

The one sector to escape ravaged profits was the dry bulk sector where China's demand spurred freight rates up. Seven of 2009's top ten performers were dry bulk focused.

Topping the list for 2009 was new entrant Safe Bulkers Inc. followed by Navios Maritime Partners, U-Ming Marine, Golden Ocean Group, Noble Group, Precious Shipping, Teekay Offshore Partners, Jinhui Shipping, Kirby Corporation and Eitzen Bulk. For U-Ming, Precious and Kirby Corp, 2009 is their second consecutive year in the Top Ten. For Precious Shipping, a former number 1 ranked company, it is the fifth out of six years in the Top Ten, the only non Top Ten year being a stop at 14th place, a remarkably consistent performance for the Thailand listed top dry bulk carrier.

Marine Money International has been publishing its Rankings for the past 20 years, drawing attention to the results from the entire shipping industry. The shipping companies have been assessed based on the following measures: Asset Turnover, Profit Margin, Return on Equity, Return on Assets, Market Value of Equity and Book Value of Equity. The performance measures have been combined to calculate Overall Performance. The model also ranks companies separately in terms of financial strength.

George Weltman, Marine Money Publisher noted, "Although historically credit metrics have always played second fiddle to the overall performance rankings that may no longer be the case. These numbers are, in a way, more forward looking as they measure survivability looking at liquidity, leverage and cash flow coverage. Both results warrant close scrutiny as together they provide the measure of the performance of these companies."

Marine Money Chairman, Jim Lawrence congratulated the Ranking's Top Performers for the hard work they put in to achieve the results and to "the 1,000s of men and women ashore and at sea at these shipping companies around the world, who pulled together to achieve something special".

Marine Money is the premier provider of maritime finance transactional information and transaction analysis. Relied upon by shipowners, financiers, investors, ship managers, brokers, lawyers and accountants for the past 20 years, Marine Money International through its publications, studies and conferences has worked to bridge the gap between shipowners and the international capital markets.

June 22-24, 2010 at the Pierre Hotel in New York City more than 1,000 delegates will attend the 23rd annual Marine Money Week conference. The Rankings Awards will be presented to the Top Ten Ranked companies' senior management. Information is available at www.marinemoney.com.

For further information please contact: George Weltman [email protected] +1 203-300-0990 or Jim Lawrence [email protected] +1 203-550-2621.