This report does not constitute a rating action. Overview Key strengths Key risks Larger and more diversified fleet compared with closest rated peers with exposure to three distinct shipping segments (dry bulk, container, and oil and oil products), which helps to partly mitigate individual segment volatility. Exposure to higher-than-average industry risk, which stems from the industry's capital intensity, high fragmentation, history of industry oversupply, and limited ability to differentiate services provided leaving players to compete mainly on price. Solid medium-term contract coverage (with average charter duration of 1.9 years), and competitive and predictable fleet running costs. Cash flow generation prospects that are prone to counterparties' financial capacity and willingness to fulfill charter commitments, notably in the container shipping segment. Relatively
