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• Positive<br />
Reefer Industry Outlook<br />
– Consolidation trend continues !<br />
– Low order book !<br />
– Large scrapping potential !<br />
– <strong>Inc</strong>reased demand from former Soviet Union and Far East !<br />
– EU and US banana conflict put to rest !<br />
– USD decline ?<br />
• Negative<br />
– Fragmented ownership of vessels and pool tonnage<br />
– Containerisation continues<br />
– Global economy next 12 - 24 months<br />
– Crop disturbances affect ton-miles and cargo availabilities<br />
Continued consolidation may offset market uncertainties
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