APPENDIX 1

TAIWAN SHIPPING INDUSTRY

(Comparative Statistics)

Evergreen

Uniglory

Yang Ming

Wan Hai

U Ming

Far Eastern

Sincere

(12/31/1996)

(12/31/1996)

(6/30/1997)

(12/31/1997)

(12/31/1996)

(12/31/1996)

(12/31/1996)

Financial Data

Sales

(NT$m)

45,858

15,616

32,931

22,123

4,121

3,744

2,010

Operating Income

(NT$m)

4,878

1,002

1,744

2,389

766

618

444

Total Assets

(NT$m)

64,077

16,001

38,949

11,226

15,475

8,048

12,085

Long Term Investments

(NT$m)

11,607

514

623

178

237

743

0

Total Debt

(NT$m)

24,550

6,095

14,481

1,877

6,838

3,131

7,263

Equity

(NT$m)

30,909

6,633

21,101

7,522

8,184

4,284

4,315

Funds from Operations

(NT$m)

7,989

1,955

4,555

2,508

1,588

757

946

Financial Ratios

Pretax interest cover

(x)

3.4

3.6

2.8

22.5

3.2

4.6

1.5

EBITDA cover

(x)

5.6

6.8

6.5

29.4

6.4

6.0

3.1

Return on Capital

(%)

10.4

9.9

6.5

30.9

6.6

12.2

6.2

FFO to Total Debt

(%)

32.5

32.1

31.5

133.6

23.2

24.2

13.0

Net Debt to Capital

(%)

41.6

40.8

40.5

10.4

44.8

38.8

60.0

Operating Statistics

No. of vessels employed

56

29

46

45

23

6

14

No. of vessels on order

14

11

5

2

4

3

3

Capacity - in service  

('000 teu)

164,082

30,084

87,759

45,914

0

0

0

                - on order

('000 teu)

54,702

12,084

26,000

2,160

0

0

0

Capacity - in service

('000 mt)

0

0

1,102

0

1,795

423

1,574

                - on order

('000 mt)

0

0

0

0

428

219

510

Operations:

Deep sea

Regional

Deep sea

Regional

Dry bulk

Dry bulk.

Dry bulk

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Silo.

Dry bulk.