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STAR REEFERS INC

STAR REEFERS INC. RECOVERY OF THE REEFER MARKET ASSET VALUES LEAD THE WAY OSLO 25 MAY 2004. 1Q 2004. EPS USD 0.72 against USD 0.92 last year Net Adjusted Value of USD 16.25 per share up from USD 9.40 31 March 03 Freight rates 61 c/cbft in 1st Quarter up from 57 c/cbft last year

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STAR REEFERS INC

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  1. STAR REEFERS INC RECOVERY OF THE REEFER MARKET ASSET VALUES LEAD THE WAY OSLO 25 MAY 2004

  2. 1Q 2004 • EPS USD 0.72 against USD 0.92 last year • Net Adjusted Value of USD 16.25 per share up from USD 9.40 31 March 03 • Freight rates 61 c/cbft in 1st Quarter up from 57 c/cbft last year • Private placement 10% of shares at NOK 83 per share • Cash flow from operating activities increased from USD 1.7 million to USD 5.7 million • A total of 45 vessels operated during the 1st Quarter STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway

  3. Profit & Loss Account . STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway

  4. Balance sheet . STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway

  5. Seasonal spot rates 2004 Jan to April • Steady increase in rates from historic low levels STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway

  6. 12 Months T/C rates STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway

  7. Net Scrapping STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway

  8. Reefer Market Development in May 2004 • First 3 weeks of May 04 rates for 450,000 cbft up 60% • A twin peak developing as rates pushes 100 cents mark • 540,000 1992 built vessels time chartered for 4 years at 62 cents STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway

  9. Exports Rising in 2004 • New Zealand volume exports up 5.4% year over year • Chilean export volume up 10.7% year over year • Argentinean deciduous up 1% • Argentinean citrus up 15.4% • Israeli citrus export up 16% • Peru Q1 banana export up 43% STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway

  10. EU Banana Regime • New banana regime after 10 new states enter EU • Annual quota of 450 000 tons • 300 000 tons to be imported remainder of year STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway

  11. Ship and Scrap Values • Appraisal Dec-03 to Apr-04 up 15% • Scrap values Dec-03 to Apr-04 up 50% STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway

  12. Net Adjusted Value . STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway

  13. IF Rates Return (Effect on owned and BB Fleet) . STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway

  14. Outlook • Asset values lead the way • Long term charter market shows confidence • Quality tonnage in demand • Continued strong container markets into 2006 • Weak USD currency environment • Steady increase in fruit and frozen fruit exports STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway

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