1. STAR Reefers Presentation of 3Q 2004 November 2 2004

2. STAR Reefers 3Q 2004 STAR Reefers Highlights in 3Q EPS $ 0.48 against $ -0.32 last year Freight rates 49 cents in 2Q vs. 39 cents last year Sale of 2 ships generating profit of $ 4.6 million Contract renewals 2005 at levels up 15-25% Strenghening balance sheet

3. STAR Reefers 3Q 2004. Profit & Loss Account

4. STAR Reefers 3Q 2004. Balance Sheet

5. STAR Reefers 3Q 2004 2004 With 2nd Peak in May and a Strong Summer Market

6. STAR Reefers 3Q 2004 Are Rates Returning to 1997 Levels? Are Rates Returning to 1997 Levels?

7. STAR Reefers 3Q 2004 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

8. STAR Reefers 3Q 2004 Reefer Age Distribution Fleet over 300 000 cbft 231 mill. cbft. Reefer Age Distribution Fleet over 300 000 cbft 231 mill. cbft. 39% of fleet is over 20 years and almost no newbuildings

9. STAR Reefers 3Q 2004 Box Ships Busy Earning Good Money in Dry Containers - text - 6 – 12 month TC rates container ships (Source Carl Boch)

10. STAR Reefers 3Q 2004 Recent Reefer Industry Developments Market growth expected to exceed 2,5% p.a. Significant increase in spot rates Customers concerned about availability of tonnage Fruit major securing tonnage on 3 year contract Aggressive competition amongst operators Operators chartering in vessels on medium term (3 – 5 years) Container lines concentrated on dry cargo Competition for quality 2nd hand ships Scrapping continuing in strong market Old fleet Almost no new orders Star well positioned to take advantage of this period of change

11. STAR Reefers 3Q 2004 Star Strategy Objective Strategy To generate a RoE better than our major competitors Simplify and improve the management of the Company Optimise fleet structure Business risk management Reduce costs To evaluate new reefer shipping and terminal opportunities.

12. STAR Reefers 3Q 2004. STAR Core Fleet

13. STAR Reefers 3Q 2004 Reefer Age Distribution of Fleet over 300 000 cbft (231 mill) Age >25 20-25 20-15 15-10 10-5 >5 # Ship Star Owned/BB -1 5 12 4 - # Ships Star Chartered - - 1 9 2 2