TRITON Investment and Financial Performance
CREDIT PROFILE OF MAJOR SHIPPING LINES FUNDAMENTALLY
IMPROVED
T TRITON
Exceptional financial performance by major shipping lines positively changing long term outlook
>> All major liners reporting record profitability
» Expect major lines to significantly delever in 2021
Financial Performance of a Sample of Shipping Lines
($MM)
Annualized EBITDA /
Shipping Line
2019 2020 Q1 Annualized
EBITDA EBITDA
EBITDA
Total Debt &
Lease Liabilities
Total Debt & Lease
Liabilities
Maersk
5,712 8,226
16,156
14,461
1.1x
CMA
3,759
6,109
12,740
17,216
0.7x
Hapag-Lloyd
2,223
3,083
7,432
6,254
1.2x
Zim
386
1,036
3,284
2,141
1.5x
Source: Company reported data. EBITDA is a non-GAAP financial measure and definitions may vary. See Non-GAAP Financial Information in the Appendix.
► Liner consolidation and stronger alliances have improved long-term industry structure
>> Industry demonstrated improved resiliency in reacting to temporary steep drop in trade
volumes during the initial COVID-19 lockdowns
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