IMO 2020 Customer Announcement

Dear Valued Client,

The new International Maritime Organization (IMO) Low Sulphur Regulation will be in effect as of January 1st,
2020, with the aim to reduce the sulphur oxide (SOx) released in the atmosphere and all shipping companies
and their vessels trading worldwide will have to comply.

We are in the process of preparing the fuel tanks, piping systems and engines of our vessels in order to
comply with the new regulation. As a result, significant costs will already incur during the 4th Quarter of
2019, i.e. before the official enforcement of the regulation.

After evaluating the ways in which we can comply with this new regulation, we have decided to pursue
the most environmentally friendly option of switching from IFO380 heavy fuel oil (IFO380) to an IMO2020
compliant low sulphur fuel.

In addition to the costs related to preparing our fleet, the fuel itself is significantly more expensive.
Please be informed that all tramp bookings for voyages commencing on or after September 1st, 2019 will be
subject to a new bunker adjustment clause. This bunker clause will form part of each individual quotation for
our services.

For our global liner services, a Low Sulphur Surcharge of USD 35.00 per freight ton will be implemented and
charged to our customers for all liner bookings commencing on or after September 1st, 2019, irrespectively
of volume, loading and discharging region. This surcharge will replace all current fuel-related surcharges
applied to our liner services.

If you have any questions about the new IMO2020 regulatory change, please do not hesitate to contact
your ZEAMARINE representative. You are also invited to check our website for further updates.

Yours truly,
Dominik Stehle
Chief Commercial Officer

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