We are very pleased to have moved our annual forum to Imabari City, Shikoku Island and will include on May 14th a shipyard tour of Saijo Shipyard followed by the Official Opening Dinner sponsored by Imabari Shipbuilding Co., Ltd. The forum on the 15th will also be concluded with the Official Closing Dinner for all delegates.

This year's forum will be more important than ever considering the global financial volatility, USD/JPY exchange rate and nervous shipping markets. The forum will identify the funding capacity for Japanese shipowners from domestic and foreign banks following the sub prime crisis as well as other cost saving measures for owners.

Our keynote speaker will be Mr. Yukito Higaki - President of Imabari Shipbuilding Co.

May 14th

Imabari Shipbuilding Co., Ltd. shipyard tour of Saijo Shipyard and Official Opening Dinner

13:00   Departure with bus from Imabari Kokusai Hotel (1 hour in transit)

14:00   Shipyard tour of Saijo Shipyard *

* (Persons involved in the shipbuilding industry should refrain from participation)

16:00   Return with bus to Imabari Kokusai Hotel (1 hour in transit)

19:00   Cocktail reception and Official Opening Dinner sponsored by Imabari Shipbuilding Co., Ltd.

May 15th

“Adapting to the Current Financial Volatility”

08:30   Registration and Welcome Coffee/Tea

09:00   Welcome Remarks by Organizer and Official Partner

            Mr. Peder Bogen – President, Marine Money Asia

            Mr. Junya Yoshida – GM of Shipping Finance Dep./Structured Finance Dep., SMBC

09:10   Keynote Speech

• Current situation in ship building/shipping industry
• Introducing Imabari Shipbuilding Co., Ltd. - growing together with shipowners

            Mr. Yukito Higaki – President, Imabari Shipbuilding Co., Ltd.

SETTING THE STAGE

10:10   Global Macro Economic Overview

• Financial crisis and its effects on interest rates and trade
• USD vs. YEN outlook
• Changing environment of funding sources

Dr. Matthias Umlauf – Senior Economist, HSH Nordbank

10:40   Credit Market Outlook

• Sub-prime crisis and it’s effect on shipping banks in Japan and International

Mr. Rodricks Wong – Financial Analyst, Marine Money Asia

11:00   NETWORKING BREAK

11:20   Outlook for the dry-bulk shipping sector

• Medium term outlook
• Asian iron-ore contract’s effect on demand and supply

Mr. Fredrik Eilert-Olsen – Head of Drybulk, Fearnleys Asia (Singapore)

11:40   Japanese Shipowners in Perspective

• Impact on Japanese shipowners by the ship management cost and Yen exchange rate change

Mr. Shin Watanabe – Joint General Manager of Corporate Research Dep., SMBC

IMPROVING YOUR OPEX

12:00   Ship-Management: Sustaining Cost Efficient Shikoku Charters

Mr. Ole B. Stene – Chairman, InterManager/MD, Aboitiz Jebsen Bulk Transport Corp.

12:20   Bunker Cost: Hedging Opportunities

            Mr. Paul H. Stebbins – Chairman & CEO, World Fuel Services Corp.

12:40   Reducing your cost by choosing the right flag

• Ship mortgages as a financing vehicle for Japanese owners
• The flag state’s role in protecting the security interests of lenders
• The financial advantages to owners of forming corporate entities in reputable jurisdictions

Mr. Masaharu Okamoto – Japan Representative, Marshall Islands Ship Registry/ IRI

13:00   NETWORKING LUNCHEON SPONSORED BY CALYON

REDUCING YOUR CAPEX – CHOOSE THE RIGHT COUNTRY FOR YOU

14:20   Financial Support for the Japanese Shipowners by DBJ

            Mr. Yoshiteru Fujita – Deputy Director of Transportation Dep., DBJ

14:40   Dubai Maritime City

            Mr. John R. Ewing – Chief Commercial Officer, Dubai Maritime City

15:00   Singapore; Benefiting from a Friendly Tax system & Stock Exchange

            Mr. Ronald Tan – Associate Director of Listings Dep., Singapore Exchange

15:20  NETWORKING BREAK

UNDERSTANDING THE BANK’S CAPACITY FOR JAPAN’S SHIPOWNERS

15:45   Panel Discussion: How do We Pay for the Order Book?

• What is the funding need for the global and Japanese shipping industry until 2013?
• Where is the shortfall going to be made up?
• Where will the next frontier of ship finance be?

Ms. Kikuko Asai, Deputy GM, Corporate Banking Div. No.16, Mizuho Corporate Bank

Mr. Harvey Ven – Director, Calyon Asia Shipfinance Ltd.

Mr. Hironori Yamaguchi – Senior Loan Officer, Loan Division No. 2, Iyo Bank

Mr. Akihito Usui – Manager of Loan Dep., Tokyo Branch, China Construction Bank

Mr. Hiroshi Tanaka – Manager, Ship Finance Group, The Hiroshima Bank, Ltd.

Moderator: Mr. Yohei Ugari – Head of Business Promotion Group/Shipping Finance Dep./Structured Finance Dep., SMBC

SHIPOWNERS & MEGA CARRIERS EXPRESS THEIR VIEWS

16:30   PANEL DISCUSSION: WHO WILL PAY FOR THE ORDER BOOK?

           Mr. Genji Ohkouchi – President, Doun Kisen Co., Ltd.

Mr. Katsuya Abe – President, Nissen Kaiun Co., Ltd.

Mr. Masashi Taga – President, Santoku Senpaku Co., Ltd.

Mr. Makoto Yamaguchi – Executive Officer & GM, Bulk Carrier Division, Mitsui O.S.K. Lines

Mr. Yosuke Hayasaka – Fleet Planning Team, Corporate Planning Group, NYK Line

Mr. Norihiko Fujii – General Manager, Bulk Carrier Group, Kawasaki Kisen Kaisha, Ltd.

Moderator: Mr. Hiroshi Sato – Deputy General Manager, Marine Dep., ITOUCHU Corporation

17:15   Closing Remarks by Official Partner and Organizer

Mr. Jun Ohta – General Manager of Structured Finance Dep., SMBC

Mr. Peder Bogen – Managing Director, Marine Money Asia

17:30   CLOSING COCKTAIL RECEPTION FOLLOWED BY THE OFFICIAL CLOSING DINNER SPONSORED BY MARSHALL ISLANDS SHIPREGISTRY/IRI

Program content subject to change without notice.