STAR Reefers Preliminary Results rd March 2005

Preliminary 2005 Recent Reefer Industry Developments Market growth expected to exceed 3% p.a. Spot rates for larger ships up 27% in 2004 Fruit majors looking for longer contracts Operators entering medium term charters Aggressive competition amongst operators Container lines remain focussed on dry cargo Competition for quality 2nd hand ships Scrapping of 25 vessels or 6 million cbft in 2004 Mature fleet with only 4 newbuilding orders placed in 2004 Star well positioned to take advantage of this period of change

Preliminary 2005 Larger Vessel Rates in 2004 Source: Orion Shipping Rates for larger vessels up 27% YoY in 2004

Preliminary 2005 Smaller Vessel Rates in 2004 Source: Orion Shipping Rates for smaller vessels up 13% YoY in 2004

Preliminary 2005 Are Rates Returning to 1997 Levels? Are Rates Returning to 1997 Levels? 12 month rates up approx. 15% entering 2005

Preliminary 2005 Box Ships Busy Earning Good Money in Dry Containers - text - 6 – 12 month TC rates container ships (Source Carl Boch)

Preliminary 2005 Age Distribution of Reefer Fleet (over cbft) Age Distribution of Reefer Fleet (over cbft) 236 mill. cbft. (548 ships) over cbft

Preliminary 2005 Net Scrapping continues in a strong market... Net Scrapping continues in a strong market......but most of it is the older ”frozen” vessels. Source Orion Shipping

Preliminary 2005 Reefer capacity continues to decline... Reefer capacity continues to decline... Only 4 orders placed in 2004

Preliminary 2005 STAR Reefers Highlights 2004 Freight rates up some 17% STAR fleet values up 35% Sale of 2 ships generating profit of $ 4.8 million Contract renewals 2005 at levels up 15+% Equity infusion at NOK 83 per share Strenghening balance sheet. 10 year Time Charters for 2 newbuildings Acquisition of Regal Star

Preliminary 2005 Employment of Star Reefers Fleet Employment of Star Reefers Fleet Focus on Customer Relationships

Preliminary 2005 Star Reefers Revenue by Goods Carried 2004 Focus on bananas

Preliminary 2005 Time Charter for Two Newbuildings Vessels to be built at Shikoku Yard in Japan Delivery Q and Q Specialised Reefers of 585,000 cbft. High Speed High container intake Low bunker consumption 10 year duration of charters STAR Reefers is committed to the reefer market long term

Preliminary STAR Core Fleet

Preliminary Profit & Loss Account

Preliminary Balance Sheet

Preliminary Profit & Loss Account

Preliminary Star Reefers Shareholders February 2005

Preliminary 2005 Share Price Star Reefers 2004 Share Price Star Reefers 2004 Shareprice up 75% 12 months