M A R I N EM O N E YW E E KJUNE 17-19 , 2008THE P I ERRE HOTEL

NEW YORK CITY

Lead Sponsor

M A R I T I M E

R

Corporate Sponsors

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S U S T A I N I N GG R O W T H

&

w w w . m a r i n e m o n e y . c o m

Tuesday Afternoon, June 17, 2008 – Wedgwood Room

Where Will the $300 Billion of Capital Come From - 2009-2011?A “Don’t Miss” executive briefing for every lender,

and borrower, involved in marine finance

2:00 Chairman’s Opening RemarksSimon Rose, CEO, Dahlman Rose & Co. LLC

2:05 Session ChairmanKevin Kennedy, CFO, Synergy Marine Limited

2:10 Outlook for Capital Requirements• Forecast for vessel values and charter rates

• Quantifying the size of the order book

• What will really get delivered – And need to be financed?

Dr Arlie G. Sterling, President, Marsoft, Inc.

2:30 Assessing the Capacity of the Global Ship Finance Industry• Historical capacity of vessel financing markets

• Who will supply debt finance for the $200 billion orderbook?

• If Wall Street is Closed, Where will $100 billion of equity come from?

Michel Bourgery, Managing Director, Head of Advisory and M&A, DVB Bank

2:50 Ship Finance Market in the Naughties:Trends in Deal Size, Conditions in Syndication Market and Pricing

Rory Hussey, Managing Director, Syndicated Finance, ING Bank

3:10 International Commercial Banking & Debt Capital Markets• Will traditional banks have adequate capacity?

• Flight to modern assets: Where does it leave older tonnage

• The role of shipbuilding governments like Korea, China and Japan

• Financing “projects” not corporations

• The need for mezzanine/junior debt

Ronny Bjørnådal, SVP & Global Head Syndicated Loans, Nordea Bank

Hans Petter Aas, Head of Global Shipping, DnB NOR

Andreas Povlsen, Managing Director, Global Shipping, BTMU

Harris Antoniou, CEO, Energy, Commodities & Transportation, Fortis Bank

Harald Kuznik, Global Head of Shipping, HSH Nordbank AG

4:00 The Borrower’s Perspective – Big Companies and Small• What has changed?

• Current market conditions

• Outlook for capex needs

• Non-recourse borrowing

Anthony Kandylidis, CEO, Oceanfreight

Marco Fiori, CEO, d'Amico International Shipping S.A.

Felipe Menéndez, CEO, Ultrapetrol

Ed Terino, CEO, Arlington Tankers

Paul Durham, CFO, Tsakos Energy Navigation

Moderator: Lawrence Rutkowski, Partner, Seward & Kissel LLP

5:00 Chairman’s Closing Remarks

6:00 Gala Opening Reception

Wednesday, June 18, 2008 – Grand Ballroom

State of the World, State of the Markets…Future of the Ship Finance Industry

7:30 Registration and Continental Breakfast sponsored by

8:20 Welcome and Opening RemarksMatt McCleery, President, Marine Money International

Chairman’s Opening RemarksSimon Rose, CEO, Dahlman Rose & Co. LLC

• Asset heavy or trading: What is the optimal model?

TBA, Overseas Shipholding Group

Peter Evensen, Executive Vice President & Chief Strategy Officer, Teekay Shipping Corporation (invited)

Tor Olav Trøim, Vice Chairman, Frontline Management AS

Jeff D. Pribor, CFO, General Maritime Corporation

Georgios Th. Kassiotis, CEO, Omega Navigation Enterprises

Nikolai L. Kolesnikov, EVP, Chief Strategy & Financial Officer, Sovcomflot

Moderator: Craig Fuehrer, Managing Director, Deutsche Bank

1:00 Rankings Awards Luncheon sponsored by

2:00 Container Session Opening RemarksPaul Dowell, Director of Research & Consultancy, Howe Robinson Shipbrokers

Peter Shaerf, Managing Director, AMA Capital Partners LLC

2:20 Container Vessels• Is there too much capital available for shipping?

• Impact of U.S. recession on transpacific volumes

• Vessel displacement: Impact of newbuildings on the current fleet

Sai W. Chu, CFO, Seaspan Corporation

Dr. John Coustas, CEO, Danaos Corporation

Ban-Huat Quah, CFO, Rickmers Maritime

Chuck G. Raymond, CEO, Horizon Lines

Aristides Pittas, CEO, Euroseas

Andreas N. Papathomas, CEO, Synergy Marine Limited

3:10 Afternoon Networking Coffee

3:40 150 Years of Shipping Returns on Capital: The Wild Ride Continues• 150 years of shipping cycles

• Macro demand drivers and returns on capital

• Will it end in tears? When?

Dr. Andreas Vergottis, Research Director, Tufton Oceanic Ltd.

8:30 Getting Fundamental: Assessing the Supply of & Demand for Commodities,Transportation and Infrastructure

• Quantifying the supply of cargo – from iron ore to coal to metals

• Outlook for demand for dry cargo commodities

• Will there be enough, or too many, ships to carry available cargo?

• Can shore-side infrastructure keep pace with the supply & demand for commodities?

• Making money from temporary imbalances of supply & demand

Dahlman Rose Metals and Mining Team

9:45 Dry Cargo Companies – Creating Sustainability in a Cyclical Market• Creating sustainable returns for shareholders in the current market

• Value alignment: Will share prices rise or vessel values fall?

• Asset light or asset heavy – Different strategies for creating value

• “Drop-downs” – Do They work?

Arvid Tage, CEO, Britannia Bulk plc

Khalid M. Hashim, Managing Director, Precious Shipping

Sophocles Zoullas, CEO, Eagle Bulk Shipping

Ted C. Petrone, President, Navios

Joseph E. Royce, CEO, TBS International

John Wobensmith, CFO, Genco Shipping & Trading

10:30 Networking Coffee sponsored by

11:00 The Oil Debate: There Will Clearly be Demand but Will there be Supply?Have we Reached Peak Oil Production?

• The peakist versus non peakist view

• The quest for finding oil offshore

Jeff Dietert, Managing Director, Research, Simmons & Company International

11:45 Tanker Owner Panel: Positioning your Company for the “New Era” of Oil• Why can’t stocks trade above Net Asset Value?

• Why is paper so much cheaper than steel?

• Digesting the massive order book

• Consolidation: Does it actually benefit shareholders?

Omar Nokta, Managing Director, Equity Research, Dahlman Rose & Co. LLC

Gregory Lewis, Senior Analyst, Shipping, Credit Suisse

10:10 Networking Coffee sponsored by

10:40 CEO Summit: The Perspective of Large Cap,Small Cap and Foreign Listed Shipping Companies

• Access to equity capital• Valuations & research coverage• Lessons learned – Recommendations to private companies• Sustaining performance – Year after year after year

Joseph H. Pyne, CEO, Kirby Corporation

Ion G. Varouxakis, CEO, FreeSeas

Michael Bodouroglou, CEO, Paragon Shipping

Morits Skaugen, CEO, I.M. Skaugen

Philip Clausius, CEO, First Ship Lease

Moderator: Jovi Tenev, Partner, Holland & Knight LLP

11:20 Investment Banking & the Equity Capital Markets• Will the equity markets provide the equity needed for newbuildings?• How can shipping shares break away from shipping cycles?• Selling equity when comps trade below NAV?• Enough is enough – Distinguishing between companies that look the same• Off-balance sheet options for raising needed equity• Are SPACs a viable companion to public companies?• Strategies for today’s choppy capital markets

Andy Dacy, Global Head of Shipping & Cruise, JP Morgan Securities, Inc.

Anthony C. Argyropoulos, Managing Director, Cantor Fitzgerald & Company

Simon Smith, Managing Director, UBS Investment Bank

Loli Wu, Managing Director, Citi

Mark Friedman, Managing Director, Merrill Lynch & Co., Inc.

Joseph M. Giacobbe, Managing Director, Banc of America Securities

David A. Herman, Vice President, Credit Suisse First Boston LLC

Craig Fuehrer, Managing Director, Deutsche Bank

Moderator: Brett M. Esber, Partner, Blank Rome LLP

4:00 The Equity PerspectiveWith the global market capitalization of shipping equity now over $500 billion and turnover of derivatives exceeding

$125 billion per year, the volatile and sometimes inefficiently valued shipping industry has become an ideal market-

place for private equity and for specialist hedge funds. In this session, hear the strategies of leading players.

George Elliott, CEO, Naftilia Asset Management Ltd.

Dr. Andreas Vergottis, Research Director, Tufton Oceanic Ltd.

Tobias König, CEO, König & Cie KG

Jay Charles Goodgal, President, Castalia Advisors LLC

Marc Minikes, CFA, Kayne Anderson Capital Advisors, LP

Ted Young, Managing Director - Merchant Banking, Bear Stearns & Co. Inc.

Jesper Clausen, CEO, V.Financial

5:30 Cocktail Reception at42 E. 58th Street (between Madison & Park Avenues)

Thursday, June 19, 2008 – Grand Ballroom

8:00 Registration and Continental Breakfast sponsored by

NASDAQ Open

Wall Street Outlook

9:00 State of the US EconomyIssues and drivers: Inflation, interest rates, currency, and the federal government reaction

Economist – TBA

9:20 Key Drivers for Equity Appreciation• Top prospects for the year to come

• Market sector calls

• The valuation conundrum

Justine B. Fisher, Vice President, High Yield Research, Goldman, Sachs & Co.

Natasha L. Boyden, Senior Vice President, Cantor Fitzgerald & Company

Jonathan B. Chappell, Executive Director, J.P. Morgan Securities Inc.

Douglas J. Mavrinac, Managing Director, Equity Research, Jefferies & Company, Inc.

12:15 Hot Topics – Capital MarketsHamish W. M. Norton, Managing Director, Jefferies & Company, Inc.

12:30 Deal of the Year Awards Lunch sponsored by

2:15 Global Macro of Offshore E&P Market• Where is new supply coming from?• Production onshore vs. offshore• Offshore dynamics – Including a regional overview, new discoveries, and spending trends

John Westwood, Chairman, Douglas-Westwood Limited

2:40 Norwegian Drillers 2004 - 2008• A success story with caveats

Frank Harestad, Senior Oil Services Analyst, Pareto Securities ASA

3:00 Investment Opportunities in the Offshore Market – Analyst Panel• Top prospects for the year to come• Market sector calls: Drillers, FPSO’s, subsea completion, supply boats• The valuation conundrum

Judson Bailey, CFA, Vice President, Jefferies & Company, Inc.

Omar Nokta, Managing Director, Equity Research, Dahlman Rose & Co. LLC

3:45 Marine Transport companies’ recent involvement in the offshore market?• Why offshore and why now?• Valuation comparisons• Comparative advantages

5:00 Chairman’s Closing RemarksSimon Rose, CEO, Dahlman Rose & Co. LLC

Program subject to change without notice .

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21ST ANN. MARINE MONEY WEEK – June 17-19, 2008The Pierre Hotel, Fifth Avenue at 61st Street, NewYork City

CANCELLATIONS: Should you be unable to attend the forum for any reason, please inform us in WRITING and a credit voucher will be issued towards any future purchases of Marine Money publications and forums. Substitutions are welcome at any time, please inform us in writing of substitutions.

If for any reason Marine Money decides to cancel this forum, Marine Money does not accept responsibility for covering airfare, hotel or any other costs incurred by registrants. Program content subject to change without notice.