PSL Opday Q3 14

PRECIOUS SHIPPING PUBLIC COMPANY LIMITED
(PSL)
SET Opportunity Day,

11th Floor, SET Building,
4th November 2014
Precious Shipping PCL
Website
E-Mail
http://www.preciousshipping.com
psl@preciousshipping.com
ir@preciousshipping.com
INDUSTRY OVERVIEW
The Market as manifested by the BDI
10500
BDI (Cape, Panamax, Supramax and Handy)

th
11,793 20 May 2008
All time High

Recent Low
Previous Highs
BDI
th
6,208 6 December 2004
rd
4,291 3 June 2009
8500
All Time Low
6500
rd
647 3 February 2012
th
11,039 13 November 2007
Latest
Largest daily fall
554 July 1986

1,428 29th October 2014
th
963 12 June 2008
4500
2500
500
Structural changes in Demand & Supply as

manifested by changes in the annual BDI
8000
7,065
6,390
7000
Third
lowest BDI
in history!
6000
4,510
5000
4000
3,371 3,180
2,617
2,617
3000
2000
906
715
1,018
Sixth
lowest BDI
in history!
2,758
1,549
1,137
920
1,206
1,100
1000
0
1985
1986
1987
2002
2003
2004
2005
2006
2007
2008
Index Value
2009
2010
2011
2012
2013 3Q'2014
Baltic Dry Index (BDI) - Seasonality

BDI Seasonality
2250
South American Grain Season

comes to an end
Winter demand for steam coal
2200
OECD Countries on Summer Holidays

with Industrial Production falling
2150
Iron ore stock building

2100
Coal demand for

summer cooling
BDI
2050
2000
Peak of steel production and

harvest in the Northern Hemispehere
Short breather from

iron ore stock building
1950
No Grain shipments
during July/September
Coal demand and steel

production increases during fall
1900
Northern Hemisphere Grain

Export Seasons starts
1850
Industrial production slumps between

holidays and Chinese New Year
1800
Jan
Feb
Mar
Apr
May
Jun
Jul
Average 1985 - 2013
Aug
Sep
Oct
Nov
Dec
5 year old annual average asset values ($m)
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
Source: Hartland Shipping Services
Operating Expenses per day (USD)
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
Source: Moore Stephens
1 Year TC rates (USD)
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
Source: Hartland Shipping Services
Industry Overview - Supply Side Analysis
Dry Bulk Fleet as of 1st Oct 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%
11,361
9.09
762.29
67,273
100%
Total / Average
Changes in 1st 3Q 2014

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%)
+369 (+3.36%)
+29.10(3.96%)
Total / Average
* Small Handy includes tween deckers of 10-30K DWT
10
Source : CRS/Aries
Confirmed Orders on 1st October 2014 till end 2017

35
33.17
Total Confirmed Orders:

30
2014:
2015:
2016:
2017:
28.32
72.63
63.20
12.50
m DWT
m DWT
m DWT
m DWT
or
or
or
or
30.44
+3.71%
+9.50%
+8.27%
+1.64%
28.66
25
23.43
20
15
11.11
9.46
10
8.49
6.23
4.66
4.51
4.88
4.16
2.20
1.71
1.10
0.87 0.88 0.38

0.09
0.20
Small Handy
Handymax
Super Handymax
2014
2015
2016
11
Panamax
Capesize
2017
Source: CRS - PSL
Bulk Carrier Contracting (MDWT)

180
169.1
160
140
120
105.2
104.1
102.4
100
80
68.1
57.2
60
51.1
40
43.1
38.5
30.5
25.2
20
0
2005
2006
2007
2008
2009
Bulk Carrier Contracting (m MT DWT)
2010
2011
2012
2013
2014
Estimated Bulk Carrier Contracting (m MT DWT)
12
Source: CRS - PSL
Scrapping Activities by Dwt
Scrapping Activities by Dwt

By Age Group of Vessel as on 1st Jan 2014
40.0
35.0
Younger ships (+15 Yrs) being scrapped.Total scrapping

was 4.8% of the existing fleet.
30.0
>=35
M Dwt
25.0
30-34
Total scrapping was just 3.1%

of the existing fleet.
20.0
25-29
20-24
15-19
15.0
10-14
10.0
5.0
0.0
Year
Source: Howe Robinson / CRS
13
Dry Bulk Fleet - New Buildings Projected vs Delivered

Projected
Delivered
Estimate
%age
slippage in
DWT 38%
2000
%age
slippage in
DWT 28%
1,869
1400
1000
1,248
%age
slippage in
DWT 23%
1,079
%age
slippage in
DWT 38%
Est. %age
slippage in
DWT 32%
%age
slippage in
DWT 41%
1600
1200
1,783
1,716
1800
%age
slippage in
DWT 29%
1,284
1,352
1,024
1,026
835
800
600
400
683
572
525
376
512
200
0
2008
2009
2010
2011
14
2012
2013
2014
Source : CRS/Aries
Annual increase in Dry Bulk Ship Supply in DWT

Year End
No of ships
Av Dwt
Total Dwt
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.
15
% Change
CAGR
5.06%
12.13%
Who will fund the large amount of shipbuilding contracts?
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
16
Source: JP Morgan
Dry Bulk Utilization

Average annual
ton-mile demand
growth of 8%
over 20102012
18%
97%
forecast annual
ton-mile demand
growth of 10.3%
over 20132015
100%
16%
95%
93%
14%
90%
12%
84%
85%
10%
81%
84%
83%
82%
8%
80%
78%
6%
76%
75%
74%
4%
70%
70%
2%
68%
65%
Demand Growth
Fleet Growth
Utilisation incl. speed optimisation
17
2015e
2014e
2013e
-2%
2012e
2011
2010
2009
2008
2007
2006
2005
2004
0%
Utilisation on full speed
Source: DNB Markets
60%
Congestion percentage fleet @ Anchorage
18
Source : CRS/Aries
Recent Positive Changes in Macro Economic Indicators
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, iron
ore imports for their steel mills and Agri-bulk exports with their inefficient ports aiding congestion.
19
China - facts
2009
2010
2011
2012
2013
2014*
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
820
Steel Exports (m MT)
25
43
49
56
62
87
Steel Exports %age of

Production
4.4%
6.9%
7.2%
7.9%
8.0%
11%
GDP
*annualized based on 1st 3Q 2014

* GDP in 3Q 2014
20
Source: J.P. Morgan
Railroads
Area ( Thousand Sq Km)

Rail Road ( Km )
China
India
USA
9,327
2,973
9,147
103,000
64,460
228,218
USA had about 100,000 km of rail road in around 1875

China Stimulus investment plan for rail - increase rail length by 6,600 Km in 2014
Sources:
Worldbank Data
National Railway Administration of The People Republic of China
United States Census Bureau, Report on Transportation Business in the United States at the Eleventh Census 1890
21
PSLs Strategy for 2014/2015 - expand fleet, fix

ships on long term charters, sell older ships at a
profit.
22
60-70K bulk carriers as of 1st Oct 2014

Ultramax Fleet
Fleet as at
1st Jan 2014
Delivered YTD
Scrapped YTD
Fleet as at
1st Oct 2014
Net fleet Growth

(annualized)
Vessels
DWT
(MMT)
Vessels
DWT
(MMT)
Vessels
DWT
(MMT)
Vessels
DWT
(MMT)
Vessels
DWT
(MMT)
350
22.93
62
3.90
32
2.14
380
24.69
11.43%
10.2%
Order Book Number of Vessels

2014
On Order
Delivered
On order
Total
2015
2016
2017
62
62
124
286
210
68
Total Orderbook
%age of as on 1st Jan

2014 Fleet
626
179%
Total Orderbook
%age of as on 1st Jan

2014 Fleet
39.48
172%
Order Book Million DWT

2014
On Order
Delivered
On order
Total
2015
2016
2017
3.90
3.95
7.85
18.01
13.25
4.27
23
Source : CRS/Aries
60-70K bulk carriers as of 1st Oct 2014

Ultramax Fleet
Ultramax Fleet Top 10 Owners
DWT (MMT)
Years
Vessels
0-4
199
52.37%
12.46
50.47%
5-9
0.53%
0.14
0.57%
10-14
0.00%
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%
Owner
Vessels
COSCO GROUP
17
Setaf-Saget
14
Ningbo Group.
12
Kiran Holding
Dongguan Haichang
Wisdom Marine
Shoei Kisen K.K.
Gearbulk
Nissen Kaiun K.K.
Shipping Allied
24
Source : CRS/Aries
PSL Fleet
As of
31st Dec 2010
31st Dec 2011
31st Dec 2012
31st Dec 2013
Expected
June 2016
30th Sep 2014
Number of
Vessels
21
25
36
40
44
48
Average Age
(Simple Avg)
15.43 years
14.20 years
11.36 years
11.35 years
9.45 years
3.56
Insured Value
USD 327.50
Million
USD 329.50 Million
USD 522.00 Million
USD 596.30 Million
USD 762.60 Million
Book Value
USD 205.37
Million
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
Total LDT
117,978
157,146
261,343
305,169
345,469
Average DWT
per Vessel
24,901
28,170
32,114
33,790
34,660
25
2,312,500
48,177
PSLs asset transition from 40 ships in 2013

to 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.
26
Source : CRS/Aries
The Seven Deadly Sins or Shipping Risks and Opportunities
Do not buy any assets during peak years (PSL did not make any significant purchase between 2004 and
2009).
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).
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).
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).
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).
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).
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).
27
Year

28
1-Dec-14
1-Jun-14
1-Dec-13
1-Jun-13
36
BDI
BDI
1-Dec-12
1-Jun-12
52
1-Dec-11
1-Jun-11
1-Dec-10
1-Jun-10
1-Dec-09
1-Jun-09
1-Dec-08
1-Jun-08
1-Dec-07
1-Jun-07
1-Dec-06
1-Jun-06
1-Dec-05
1-Jun-05
1-Dec-04
1-Jun-04
1-Dec-03
1-Jun-03
PSL Fleet Size
BDI vs changes in PSL Fleet
56
54
50
PSL Fleet Size

10500
48
46
44
8500
42
40
38
6500
34
32
4500
30
28
26
2500
24
22
20
500
BDI vs PSL Fleet Average TC Rate USD/ Day
18,000
12,500
16,489
BDI
16,000
PSLAverage Rate USD/Day
14,000
13,248
10,500
13,459
13,147
12,304
11,265
12,000
8,500
11,387
10,000
8,120
8,221
6,500
BDI
Average TC Rate USD/Day
14,449
7,870
8,000
7,508
6,000
4,500
4,000
2,500
Jan-15
Jan-14
Jan-13
Jan-12
Jan-11
Jan-10
Jan-09
Jan-08
Jan-07
Jan-06
Jan-05
Jan-04
0
Year
Jan-03
2,000
500
* 2014 Average TC Rate upto 30th Sep 2014
29
Current and Rolling 4 Year Forward Book (1st Oct 2014)

Contract
value
USD 62 m
USD 37 m
USD 35 m
USD 35 m
USD 31 m
30,000
100%
25,000
25,550
25,550
25,007
80%
70%
18,795
20,000
60%
15,507
15,000
10,000
5,000
90%
13,465
13,849
13,713
13,713
10,645
37%
5,798
0
2014
50%
40%
30%
14%
20%
10%
10%
2,717
2,562
2,555
2,240
2015
2016
2017
2018
Fixed T/C days
T/C rate
Total Days
30
9%
%age Fixed
10%
0%
Market Segmentation 3rd Quarter 2014
Index
Q3 2014 Average
Index
Market
Av. TC Rate
PSL
Av. TC Rate
Performance
vs
Benchmark
BHSI
(Handysize)
419
USD 6,218
USD 6,586
+5.92%
BSI
(Supramax)
849
USD 8,877
USD 6,952
-21.69%
31
Source : CRS/Aries
Financials
32
New Buildings ships not yet delivered - Status on 30th September 2014
No.
Hull/Yard Number
Contractual Delivery
Date
(Incl grace period)
Earliest
Cancellation Date
Price
Per Contract
US$ Million
30-Dec-14
28-Jun-15
24.48
9.79
14.69
Advances Paid
US$ Million
Balance
Capex
US$ Million
Cement Carrier -20,000 Dwt Ordered from China
CC200-04
Handysize Vessels - 38,500 Dwt -- Ordered from China
BC385-11
30-Jun-15
27-Dec-15
22.32
6.70
15.62
BC385-12
30-Jan-16
28-Jul-16
22.32
4.46
17.86
SF130120
30-Sep-15
28-Mar-16
21.96
3.29
18.67
SF130121
30-Dec-15
27-Jun-16
21.96
3.29
18.67
SF130122
29-Mar-16
25-Sep-16
21.96
3.29
18.67
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
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
322.68
58.97
263.71
Sub-Total
33
New Buildings ships not yet delivered - Status on 30th September 2014
No.
Hull/Yard Number
Contractual Delivery
Date
(Incl grace period)
Earliest
Cancellation Date
Price
Per Contract
US$ Million
Advances Paid
US$ Million
Balance
Capex
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
24.66
21
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
34
FINANCIAL HIGHLIGHTS INCOME STATEMENT

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$ Per

Share)
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 shipbuilding

contracts - 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)
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
11,158 (40.87)
10,531 (38.58)
3,967 (43.12)
3,659 (40.21)
3,650 (39.67)
(0.06)
0.44
(0.14)
(0.05)
0.02
Dividend declared for the year / period per

share (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
EBITDA - US$ Million (Avg per Ship)
Operating days ( Average Number of Ships)

Earnings per share (Baht)
35
FINANCIAL HIGHLIGHTS FINANCIAL POSITION

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
0.00
18.00
Advances to Shanhaiguan China- US$ Million
20.95
31.12
Advances to Sainty US$ Million
33.38
8.22
Advances to Sanfu US$ Million
38.03
1.60
Ships Net - US$ Million
677.47
568.17
Fixed Assets Net - US$ Million
678.21
568.96
Total Assets - US$ Million
850.92
777.41
Total Current Liabilities - US$ Million
14.35
9.85
Loan for New Buildings - US$ Million

Loan for Existing Ships - US$ Million
0.00
0.00
364.91
282.59
Total 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$)
0.45
0.46
Book Value per share (THB)
14.46
15.04
Return on Equity (%)
-0.54%
3.69%
Return on Total Assets (%)
-0.31%
2.24%
0.83
0.63
44
40
Advances to ABG - US$ Million
Total Liabilities/Equity Ratio

Number of Ships (at the end)
36
Operating Expenses
These are the fixed costs required to run a ship and are evenly spread over the entire year of 365 days
PSLs Opex per day per ship for 2013 and Jan-Sep 2014 was USD 4,535 and 4,648 respectively.
Broken into:
Particulars
2013
USD
Jan-Sep-2014
USD
2,039
44.97%
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
8.75%
337
7.25%
Repairs/Maintenance
126
2.78%
160
3.44%
Stores/Spares
464
10.23%
506
10.89%
Dry-dock/Special Surveys
522
11.51%
466
10.03%
Management Expenses
289
6.37%
286
6.15%
65
1.43%
77
1.66%
4,535
100.00%
4,648
100.00%
Crew costs (Abt. 26 people /ship)
Misc. expenses
Total
OPEX TARGET FOR 2014: USD 4,500 per day per ship
37
Operating Expenses Comparison

OPEX Comparison with Industry compiled by Moore Stephens & Co.
OPEX excluding dry dock and special survey cost
For Years
2008
2009
2010
2011
2012
2013
Particulars
PSL Industry
PSL
Industry
PSL
Industry
PSL
Industry
PSL
Industry
PSL
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 Operating
Costs
5,139
3,785
5,115
4,011
5,278
3,850
5,342
3,923
5,271
3,939
5,222
4,013
US$ (Per Day)
Crew Cost
Industry
38
Operating Expenses Comparison

OPEX Comparison with Industry compiled by Moore Stephens & Co.
OPEX excluding dry dock and special survey cost
Total Operating Costs
6,000
5,139
5,342
5,278
5,115
5,271
5,222
5,000
4,011
US$ (Per Day)
3,785
4,013
3,939
3,923
3,850
4,000
3,000
2,000
1,000
Industry
2008
PSL
Industry
2009
PSL
Industry
PSL
2010
Industry
2011
39
PSL
Industry
2012
PSL
Industry
2013
PSL
AVERAGE OPEX / TC RATES (1995 Sep 2014)

Year
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Sep2014
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
40000
33,790
35000
34,660
32,114
28,170
30000
25,213 25,330 25,330 25,688 25,688 25,243 24,901
25000
20,888 21,225 21,225
19,514 20,193
20000
22,855 23,061
22,014 22,700
16,489
13,248
15000
14,449
13,459
13,147
11,387
10000
7,306
6,661
12,304
11,265
8,221 7,508 8,120
7,870
5,742
4,834 4,808
5,760 5,855 5,854
3,622 4,005
3,060 3,118 2,889
5000
2,670 2,810 3,055
2,604
2,556 2,590 2,648 2,589
4,804 5,040 4,725 4,613 4,481 4,535 4,648
0
95
96
97
98
99
00
01
02
Opex(USD)
03
04
05
TC Rate(USD)
40
06
07
08
09
Av Size (DWT)
10
11
12
13
'Sep-14
FUNDED DEBT & DEBT / EQUITY RATIO

Funded Debt (Million USD)
4.00
Debt/Equity Ratio
400
3.79
364.91
2.92 3.02
Ratio
3.00
2.52
2.50
2.00
256.58
2.40
226.05
226.90
240.41
221.71
211.28
185.00
1.50
1.00
0.56 0.56
0.50
318.27
296.00
30.97 45.28
0.00
300
250
200
162.97
156.69
1.48
1.31 1.20
128.08
1.13
132.93
0.90
0.79
110.38
0.63
0.59
105.71
0.46
86.12
44.16
0.34
0.28
0.26
21.07
0.00 0.00
0.00 0.05
93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13'Sep-14
Year
Maximum outstanding during the year
350
41
150
100
50
0
Debt ( Million USD)
3.50
FUNDED DEBT*/ EBITDA

10.00
8.69
9.00
8.00
7.00
6.51
6.40
6.19
5.86
6.00
5.00 4.73
4.00
3.63
4.33
3.00
4.77
3.29
3.35
2.48
1.85
2.00
1.25
1.01
0.40
0.00 0.00 0.00 0.25
1.00
0.00
95
96
97
98
99
00
01
02
03
04
05
06
07
08
09
Year
*Excludes Pre-delivery debt
Sep-2014 Number are annualised
42
10
11
12
13 Sep14
Cash Operating Profit / Operating Profit
250
196.44
200
Million USD
162.43
144.57 154.35
150
164.09
149.06
134.66
102.15
124.68
100
110.07
92.51
40.10
50
37.22 36.07
25.67
25.05 26.19 23.60
22.49 20.88
14.91 13.00
14.12
2.93
1.05 5.17 5.30
11.43
-10.01
-12.66
0
22.87
87.92
49.60
35.71
44.42
37.59 26.66
15.98
22.70 4.47
25.92
-4.45
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13Sep-14
-50
Cash Operting P&L(EBITDA-Interest)
Sep-2014 Numbers are annualised
43
Operating P&L(EBITDA-Interest-Depreciation)
Net Profit / Cash Profit

60
230
52
54
54
196.31
180
45
Million USD
41
41
38
35
130
35
134.78
31
29
28
30
31.33
19.31
20.88
95
14.48 7.48
6.41
-6.35
96
97
98
99
25.26 27.64
1.26
00
6.62
01
17.83
30
21
04
05
Cash Profit(NP+Depreciation)
44
20
27.95
26.64
35.52
17.49
10
23.64 4.45
-2.42
24.78
Sep-2014 Numbers are annualised
45.94
38.54
06
07
08
09
-15.26
Net Profit/(loss)
22
49.42
03
40
30
88.09
-0.47
02
41
33
42.01
37.22 36.43
-20 94
148.14
92.63
3022.49
39
125.13
102.32
110.10
80
11.43
50
162.88 45 163.16
44
154.22
144.59
Average No of Vessel
10
11
12
13 Sep0
14
Dividend policy: not less than 25% of net profit

Actual Dividend Paid Out
2.50
350%
Dividends Baht
300%
286%
250%
250%
1.56
1.50
1.50
200%
1.20
0.78 0.75 0.78
0.50
150%
1.00
1.00
0.80
0.60
70%
0.50
0.38
0.25
0.75
0.6580%
100%
80%
0.40
28%
25%
42%
56%
0.22
61%
59%
0.15
78%
0.30
0.30
0.20
0.10
50%
0.10
0.00
0%
2003
2004
2005 2006* 2007
2008
2009
2010
2011
2012
2013
Year
Interim Dividends
Final Dividends
* 2006 Final Dividend includes 1:1 bonus share at par

All dividends shown adjusted for 1:1 bonus shares at par
45
As % of EPS
2014
Dividends as % of EPS
2.00
2.00
FINANCIAL PROFILE
Se p-14
2013
2012
2011
2005
Funde d De bt
$364.91m
$282.59m
$296.00m
$221.71m
$80.00m
Equity
$464.36m
$476.36m
$472.85m
$484.57m
$286.84m
Funde d De bt/Equity
0.79
0.59
0.63
0.46
0.28
EBITDA
$41.99m
$59.30m
$40.60m
$51.95m
$202.34m
De bt*/EBITDA**
8.69
4.77
6.19
2.48
0.40
Daily Earnings
$8,120
$7,508
$8,221
$11,265
$14,449
Daily O pe x
$4,648
$4,535
$4,481
$4,613
$3,055
Total Asse ts
$850.92m
$777.41m
$784.47m
$722.39m
$379.98m
Ne t Profit (Loss)
($1.91)m
$17.49m
$4.45m
$23.64m
$154.22m
Total Re ve nue s
$104.90m
$156.72m
$123.24m
$112.19m
$277.09m
*Excludes Pre-delivery debt
** Sep-2014 Numbers are annualised where necessary
46
Awards and Achievements
47
Corporate Governance
Good Corporate Governance is a must treat everyone equally and fairly. CLSA
ranked 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 savvy
investor 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 you
should 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 would
go 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, Investor
Relations and also Best Investor Relations Officer in Thailand for two years (20092010) in a row.
48
Corporate Governance (cont.)

The Securities Analysts Association of Thailand voted PSL as having the Best CEO in the small
mid 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 Award
for 2012, at The Seatrade Asia Awards Ceremony. PSL was a finalist for The Dry Bulk Operator
of 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 Investors
Association.
PSL is 2013s Winner of the Maritime Security & Safety Award, Seatrade Asia Awards 2013. At
the 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 ceremony
held on 20th November 2013.
Conferred the CSRI Recognition 2013 Award for honor and inspire Thai Listed Companies
which have shown that they are committed to continuously operating with social responsibility
and are good role model of sustainable businesses by Thailands Corporate Social
Responsibility Institute (CSRI) and the SET
49
Corporate Governance (cont.)
Classified as one of the listed companies with Excellent Corporate

Governance conducted by IOD & National CG Committee for all five
consecutive years; 2010, 2011, 2012, 2013 and 2014.
Also, for the years 2012 - 2014, PSL has been ranked as one of listed
companies in the Top Quartile which means the best in CG among
listed companies with the market cap over THB 10,000 million.
Classified as one of the top 50 publicly listed Companies in Thailand
from ASEAN Corporate Governance Scorecard guidelines for 2013/2014.
50
Industry Awards and Honors
51
Industry Awards and Honors
52
Marine Money Ranking: Methodology

Methodology: Simple Average of Performance Ranks
Performance Ranks:
Total Return to
Shareholders (TRS)
(Change in Share Price + Dividend)/ (Share

Price at the beginning of Period)
Assets Turnover
Sales / Total Assets
Profit Margin
EBITDA / Sales
Return on
Equity(ROE)
Return on
Assets(ROA)
Price / Book Value
Net Income / Average Shareholders Equity

EBIT / Average Total Assets
Market Value of Equity / Book Value of Equity
53
Source Marine Money
Marine Money International Rankings 2007-2013

Particulars
1st
1st Rank
Ratio
2013
Total Assets
Turnover Rate
Profit Margin
Return on
Equity (ROE)
Return on
Assets (ROA)
Price / Book
Value
Total
PSL
Rank
2013
Safe
Bulker
s Inc.
Rank
Total Return to
Shareholders
(TRS)
1st
Rank
2013
PSL
Ratio
2013
1st
Rank
2012
Golar
LNG
Partners
LP
52
1st
Rank
2011
PSL
Rank
2012
PSL
Rank
2011 *
Kirby
Corporation
39
PSL
Rank
2010 **
1st Rank
2010
Yang
Ming
Marine
Transport
23
1st
Rank
2009
Safe
Bulker
s Inc.
45
1st
Rank
2008
PSL
Rank
2009 *
PSL
Rank
2008
Frontline LTD
302.80%
36
51.70%
29
45
13
42
37
15
35
1.35
49
58
0.16
41
61
12
67
78
46
53
39
43
106.80%
10
36
30.80%
34
49
25
57
25
17
39
16
42.20%
37
3.50%
40
32
41
16
23
12.40%
57
0.20%
46
33
48
16
6.48
16
58
0.73
21
16
14
33
33
48
92
281
78
247
76
186
89
267
89
139
105
166
* 5th Rank in Financial Strength

** 10th Rank in Financial Strength
54
Source: Marine Money
Overall Performance VS. Financial Strength Rankings 2013

Rank
Company Name
Financial Strength
Ranking
Overall Performance
Ranking
Kirby Corporation
Safe Bulkers Inc.
10
Golden Ocean Group
11
Navios Maritime Partners
12
AP Moller - Maersk Group
10
Algoma Central Corporation
23
Matson, Inc.
17
Wilh. Wihelmsen ASA
13
13
Diana Shipping Inc.
27
Grindrod Limited
30
Precious Shipping
22
52
31
Ranked in Top 40 in Both Catergories
55
Source: Marine Money
Rankings Placement of Marine Moneys

Top 10 Ranked Companies during 2005 - 2012
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 over
the 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 commodity
companies are at the top over time is a testament to managements skills through a cycle and worthy of
note.
56
Shareholders returns
57
Total Return to Shareholders: 1993 to 2014

600
40
Inflow/Outflow
500
458
Net Cash Position before sale of investment
Baht
512
35
423.2
No of Shares held
30
351.2
300
25
239.2
200
20
149.2
100
4
-10
0
-85
-100
496
-81
-75
-85
-76
-70
25
-45
51
67
82.2
112
90
72
35
61
15
22
16
16
10
-85
-200
1 IPO share value after 21 years @ 21.80 B / share (as of 22nd October 2014)
adjusted for rights, splits and bonus = 872 Baht
Total net Cash position = Baht 1,392 Returns = 16.38 times
58
No of shares
400
480
520
Value of Investment to Shareholders

Investment (Beginning of Year) 1993(IPO)
Cost of Investment (THB)
1995
2000
2005
2010
1,000
1,000
1,000
1,000
1,000
85
302
10
39.75
18.6
11.76
3.31
100.00
25.16
53.76
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
Share price (THB)

Shares Obtained (Nos.)
Dividends Received (THB)
59
Thank You!
A
PRECIOUS SHIPPING
PRESENTATION
60

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PRECIOUS SHIPPING PUBLIC COMPANY LIMITED

SET Opportunity Day,

Precious Shipping PCL

Precious Shipping PCL

The Market as manifested by the BDI

BDI (Cape, Panamax, Supramax and Handy)

All time High

554 July 1986

Precious Shipping PCL

Structural changes in Demand & Supply as

Precious Shipping PCL

Baltic Dry Index (BDI) - Seasonality

South American Grain Season

Winter demand for steam coal

OECD Countries on Summer Holidays

Iron ore stock building

Coal demand for

Peak of steel production and

Short breather from

Coal demand and steel

Northern Hemisphere Grain

Industrial production slumps between

Average 1985 - 2013

Precious Shipping PCL

5 year old annual average asset values ($m)

Precious Shipping PCL

Source: Hartland Shipping Services

Operating Expenses per day (USD)

20/40kDWT Handysize Bulker

40/60kDWT Handymax Bulker

60/100kDWT Panamax Bulker

100k+DWT Capesize Bulker

Precious Shipping PCL

Source: Moore Stephens

1 Year TC rates (USD)

Precious Shipping PCL

Source: Hartland Shipping Services

Industry Overview - Supply Side Analysis

Precious Shipping PCL

Dry Bulk Fleet as of 1st Oct 2014

DWT Range (MT)

Changes in 1st 3Q 2014

DWT Range (MT)

Ships (No / %age)

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

Precious Shipping PCL

Confirmed Orders on 1st October 2014 till end 2017

Total Confirmed Orders:

0.87 0.88 0.38

Precious Shipping PCL

Source: CRS - PSL

Bulk Carrier Contracting (MDWT)

Bulk Carrier Contracting (m MT DWT)

Precious Shipping PCL

Estimated Bulk Carrier Contracting (m MT DWT)

Source: CRS - PSL

Scrapping Activities by Dwt

Scrapping Activities by Dwt

Younger ships (+15 Yrs) being scrapped.Total scrapping

Total scrapping was just 3.1%

Precious Shipping PCL

Source: Howe Robinson / CRS

Dry Bulk Fleet - New Buildings Projected vs Delivered