oil and tanker market analysis

Compiled and published by Fearnresearch, April 2004P.O.Box 1158 Sentrum,N-0107 Oslo, Norway.Telephone 47 - 22 93 60 00, Telefax: 47 - 22 93 61 10E-mail: [email protected]

ISSN 1502-167X

April 2004 OIL AND TANKER MARKET

The Oil and Tanker Market report examines the different segments of the tanker market. It highlightsrecent developments in the oil and tanker markets, and gives analyses of the different size segments suchas VLCC, Suezmax, Aframax and Product Carriers. This report contains a wide range of statistics ontrade, rates and ship prices, together with updated fleet figures on vessels for crude oil and oil productstransportation.

Trade information for tankers and combined carriers is based on our tracking of all individual vesselsabove 50,000 dwt.

The information on fleet development is based on Fearnresearch’s own continuously updated data-base. Only confirmed orders are taken into account, whilst undeclared options and order rumours areexcluded. The fleet forecast is based on evaluation and analysis of the existing fleet, order book andexpected market development. In addition, come evaluation of new orders and removals from thefleet.

Deliveries and demolition of tankers are important indicators of the supply of trading tonnage, incombination with lay-up, storage tonnage and tonnage tied up in coastal trades.

The report provides medium-term forecasts for fleet, trade, timecharter rates and ship prices.

FEARNRESEARCH 2004

Copyright 2004. The articles and compilations in this publications may not be reproduced in part or as a whole without theexpress permission of Fearnleys AS. While information is presented in good faith, Fearnleys AS cannot accept liability forany errors of fact or opinion. No liability can be accepted for any loss incurred in any way whatsoever by any person whomay seek to rely on the information contained herein.

OIL AND TANKER MARKET

NO. 1/2004

CONTENTS

Summary ................................................................................................................................................................ 4Tanker Rates .................................................................................................................................................... 4

Crude Tankers ............................................................................................................................................ 4Clean Product Tankers ............................................................................................................................... 4

Tanker Values ................................................................................................................................................... 5Second-hand Prices .................................................................................................................................... 5Newbuilding Prices ..................................................................................................................................... 5

Fleet Development ........................................................................................................................................... 6New Orders ................................................................................................................................................ 6Deliveries .................................................................................................................................................... 6Sold for demolition ..................................................................................................................................... 6Laid-Up / Storage ........................................................................................................................................ 6Age/Size Distribution .................................................................................................................................. 7S&P Activity ............................................................................................................................................... 7

World Oil Supply and Demand ........................................................................................................................ 7Oil Trade Development .................................................................................................................................... 7Seaborne Oil Trade 4Q03 ................................................................................................................................ 8Combined carriers ............................................................................................................................................ 9Looking Ahead ............................................................................................................................................... 10

Tanker Supply ........................................................................................................................................... 10Tanker Demand ........................................................................................................................................ 10Period Rates .............................................................................................................................................. 11Tanker Second-Hand Values ..................................................................................................................... 11Tanker Newbuilding Prices....................................................................................................................... 11

Oil Markets and Demand Indicators ................................................................................................................ 12Economic Growth & Industrial Production .................................................................................................. 12Stock Markets ................................................................................................................................................ 12Currencies ...................................................................................................................................................... 13World Energy Demand ................................................................................................................................... 13Oil Demand changes ...................................................................................................................................... 13Crude Oil Price ............................................................................................................................................... 13Oil vs. Coal Price ........................................................................................................................................... 14World Oil Demand ......................................................................................................................................... 14US Oil Supply ................................................................................................................................................. 14World Oil Production ..................................................................................................................................... 14Middle East OPEC Production ....................................................................................................................... 15Russian Crude Oil Exports ............................................................................................................................. 15North Sea Exports ......................................................................................................................................... 15World Crude Oil Stocks ................................................................................................................................. 15

VLCC .................................................................................................................................................................... 16VLCC Market ................................................................................................................................................. 16

Period Business ......................................................................................................................................... 16VLCC Values .................................................................................................................................................. 17VLCC Fleet .................................................................................................................................................... 18

Fleet Forecast ........................................................................................................................................... 19VLCC Trades 4Q03 ....................................................................................................................................... 20

Suezmax ............................................................................................................................................................... 21Suezmax Market ............................................................................................................................................ 21

Period Business ......................................................................................................................................... 22Suezmax Values .............................................................................................................................................. 22Suezmax Fleet ................................................................................................................................................ 23

Fleet Forecast ........................................................................................................................................... 24Suezmax Trades 4Q03 ................................................................................................................................... 25

Aframax ............................................................................................................................................................... 26Aframax Market ............................................................................................................................................. 26

Spot Rates................................................................................................................................................. 26Period Business ......................................................................................................................................... 27

Aframax Values .............................................................................................................................................. 28Aframax Fleet ................................................................................................................................................. 28

Fleet Forecast ........................................................................................................................................... 30Aframax Trades 4Q03 ................................................................................................................................... 30

Product ................................................................................................................................................................. 31Product Market .............................................................................................................................................. 31

Spot Rates................................................................................................................................................. 31Period Business ......................................................................................................................................... 32

Product Tanker Values ................................................................................................................................... 32Product Fleet .................................................................................................................................................. 34

Panamax Fleet (50-80,000 dwt) ............................................................................................................... 34Fleet Forecast ........................................................................................................................................... 3410-50,000 DWT ....................................................................................................................................... 34

Product Trades .............................................................................................................................................. 38Panamax Tanker Trades ........................................................................................................................... 38Product Tanker Trades ............................................................................................................................. 38

Combined Carriers ............................................................................................................................................. 40Combined Carrier Values ................................................................................................................................ 40Combined Carrier Fleet .................................................................................................................................. 40Combined Carrier Trades ............................................................................................................................... 40

APPENDIX .......................................................................................................................................................... 42SEABORNE CRUDE OIL TRADE .............................................................................................................. 44OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 50,000 DWT + ............................................. 45OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 50-80,000 DWT ............................................ 46OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 80-120,000 DWT .......................................... 47OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 120-200,000 DWT ........................................ 48OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 200,000 DWT + ........................................... 49OIL SHIPMENTS BY COMBINED CARRIERS 50,000 DWT + ................................................................. 50COMBINED CARRIER EMPLOYMENT ..................................................................................................... 50OIL AND COMBINED CARRIERS EMPLOYED IN COASTAL TRADES ................................................. 51NORTH SEA OIL SHIPMENTS................................................................................................................... 51OIL SHIPMENTS BY DOUBLE HULL VESSELS ....................................................................................... 52OIL SHIPMENTS BY DOUBLE HULL VESSELS ....................................................................................... 53LOAD FACTOR. OIL TANKERS .................................................................................................................. 54RUSSIAN CRUDE OIL SHIPMENTS........................................................................................................... 54OIL DEMAND ............................................................................................................................................... 55OIL PRODUCTION ...................................................................................................................................... 56OIL STOCKS IN MAIN AREAS .................................................................................................................... 57OIL CONSUMPTION .................................................................................................................................... 58OIL BALANCE .............................................................................................................................................. 59OIL TRADE STATISTICS.............................................................................................................................. 60TOTAL TANKER FLEET DEVELOPMENT ................................................................................................ 63CRUDE TANKER FLEET DEVELOPMENT ............................................................................................... 64PRODUCT TANKER FLEET DEVELOPMENT.......................................................................................... 65SHUTTLE TANKER FLEET DEVELOPMENT ........................................................................................... 66EXISTING TANKER FLEET BY HULL ....................................................................................................... 67COMBINED FLEET DEVELOPMENT ....................................................................................................... 70LAY-UP AND STORAGE .............................................................................................................................. 72NEWBUILDING AND SECOND-HAND TANKER VALUES (BY AGE) ..................................................... 73SECOND-HAND TANKER VALUES (BY YEAR OF BUILD) ..................................................................... 74TANKER FREIGHT RATES .......................................................................................................................... 75REPORTED TANKER SALES 1. QUARTER 2004 ...................................................................................... 77GLOSSARY AND ABBREVIATIONS ............................................................................................................ 78

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Oil and Tanker Market4 | April 2004

Summary••••• Over the quarter, the Baltic Dirty Tanker Index fell

40%, and the Clean Tanker Index fell 5% comparedwith end 4Q.

••••• IEA now estimates annual growth of 2.1% in glo-bal oil demand in 2003 and 2.1% in 2004. Worlddemand is expected to decrease from 80.3 mbdin 1Q04 to 78.3 mbd in 2Q04.

••••• Fearnresearch estimates world seaborne crudeoil trade to increase from 1680 mt in 2003 to 1765mt in 2004 and oil products trade from 432 mt to450 mt.

••••• High second-hand and contracting activity. Sev-eral enbloc deals concluded.

••••• Representative prices for 5-years-old vessels con-tinued to increase. Mid-sized crude tankers gained10%-18%, whereas VLCCs gained 3% and Producttankers about 10% during the quarter.

••••• Seaborne oil trade by vessels over 50,000 dwtdecreased 3.1% or 18.8 mdwt to 590.9 mdwt in4Q03.

Tanker Rates

Crude TankersCompared to the spectacular final quarter of 2003, thefirst quarter of 2004 can concisely be described as a quarterof mixed messages. Although January saw a quick returnto high rate levels following the holiday lull, Februaryillustrated that the market was perhaps not as solid as itseemed in January and was heading for a correction. Thisturned out to be the case, and rates in most areas of thecrude oil transportation market fell substantially duringFebruary mostly as a result of a lower level of tradingactivity. It should also be noted that a sharp decline indelays transitting the Turkish Straits during February hada decidedly negative effect on Suezmax rates in the area.March was a far more volatile month, and both ownersand charterers were able to press their advantage atdifferent times depending on the tonnage or the cargosituation.

Clean Product TankersProduct tankers enjoyed a generally more favorable quarterthan their crude carrier counterparts, although it was notall clear sailing, particularly in March when product tanker

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ID: 68

MONTHLY AVERAGES

VLCCMODERNMEG-EAST

AFRAMAXMODERNCROSS-MED

'000 USD/DAY

CRUDE FREIGHT MARKET

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SUEZMAXMODERNW.AFR-US

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ID: 71

MONTHLY AVERAGES'000 USD/DAY

70 000 DWTMEG-JAPAN

35 000 DWTCARIBS-USNH

CLEAN FREIGHT MARKET

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END OF MONTH

SECOND-HAND TANKER PRICES

MILLION USD

M/T 40' DH

M/T 95' DH

M/T 150' DH

M/T 280' DH

ID: 982

5 YEARS OLD

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Oil and Tanker Market

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April 2004 | 5

rates fell in most areas. The first two months of the quarter,however, were characterized by what can only bedescribed as an upward rate spiral. This was mainlyoccasioned by the increase in activity caused by the manyarbitrage opportunities available in the market.Nonetheless, with the advent of March this trend hadclearly run its course, and rates in virtually every majorproduct market fell as activity dwindled and tonnageaccumulated

Tanker Values

Second-hand PricesSales volumes continued to be good, albeit lower than inthe preceeding quarter. During the quarter two majorenbloc deals were concluded. Teekay bought NavieraTapias and Genmar acquired Soponata. Values continuedto climb and new heights were reached. A quick “resale”of two aframaxes acquired at record levels from theNiarchos fleet liquidation lifted Aframax values to almostunprecedented heights. The high VLCC prices obtainedfor brand new VLCCs last quarter were maintainedthrough, amongst others, the USD 86 million obtained fora 2002 model.

The value of a 5-year-old VLCC rose a little from USD75.0 million to USD 77.0 million during the quarter. Pricesfor a 10-year-old VLCC were adjusted up from USD 37.5million to USD 41.0 million.

Modern vessels of 300,000 dwt, built 1994/95, wereadjusted up USD 4.0 million to USD 64.0 million during1Q, while newbuilding prices were adjusted up from USD75.0 million to USD 84.0 million.

The representative price for a 5-year-old 150,000 tonnerwas adjusted up to USD 53.0 million. 10-year-old vesselsof 130,000 dwt, were also adjusted up to USD 28.0 million.

The second-hand value of a 5-year-old 95,000 tonner wasadjusted up USD 7.0 million to USD 45.0 million duringthe quarter. 10-year-old 80,000 tonners went up USD 5.0million to USD 24.0 million.

Newbuilding PricesFor the different sizes, our reference newbuilding pricesdeveloped as followsduring 1Q: VLCC up from USD75.0 million to USD 84.0 million, Suezmax up from USD51.0 million to USD 56.0 million, and Aframax up fromUSD 41.0 million to 46.0 million. A 45,000 dwt producttanker moved up from USD 30.5 million to USD 34.0million during the quarter.

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QUARTERLY

SECOND HAND SALES IN NUMBEROIL TANKERS 25 000 DWT +

NO. OF SHIPS

25'-50'

50'-80'

80'-120'

120'-200'

200'+

ID: 1034SIZE GROUPS IN '000 DWT

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START OF QUARTER

FLEET DEVELOPMENTOIL TANKERS 10 000 DWT +

MILLION DWT

ID: 944200'+

50-80'

10-50'

120-200'80-120'

EST.

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TANKER NEWBUILDING PRICES

MILLION USD

ID: 589

300 000 DWT

150 000 DWT

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47 000 DWT

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Fleet DevelopmentThe total tanker fleet increased 2.1% during 1Q04. Someholdovers from 4Q03 to 1Q04 led to quite high deliveryvolumes particularly in the case of Aframaxes and productcarriers. 62% of the existing fleet are double hull. A largeorder book will bring the total tanker fleet up by 7.0% in2004, 6.2% in 2005, and 3.9% in 2006.

New OrdersA total of 12.5 mdwt of new orders were placed during1Q04. This was 2.5 mdwt, or 25%, more than in 4Q03.Contracting of crude carriers has shown a declining trendthrough the quarter and the volume in March was abouthalf the January volume. Contracting of product carrierswas maintained through the quarter. Scheduled deliveriesare in late 2006 and 2007, but a few orders were placedfor 2008 delivery.

In total 131 vessels were contracted during 1Q. Of these,there were 15 (11) VLCC’s, 11 (5) Suezmaxes, 20 (20)Aframaxes, 35 (21) Panamaxes and 50 (67) in the sizerange 10-50,000 dwt.

Tanker tonnage on order at end 1Q04 totalled 83.1 mdwt.The total tanker order book corresponded to 28% of theexisting tanker fleet.

DeliveriesTanker deliveries reached 8.7 mdwt during 1Q04. A totalof 88 (62) vessels were delivered during the quarter,including 8 (5) VLCC’s, 10 (6) Suezmaxes, 23 (17)Aframaxes, 15 (3) Panamaxes, and 31 (23) in the 25-50,000 dwt range (previous quarter in brackets).

Sold for demolition20 vessels were sold for demolition in 1Q, down from 33in 4Q. The numbers by size ranges were as follows: 3 (1)V/ULCC’s, 2 (2) Suezmaxes, 3 (10) Aframaxes, and 3(6) Panamaxes. In addition, 9 (14) vessels in the size range10-50,000 dwt were sold to breakers. (previous quarterin brackets).

Laid-Up / StorageThere were only minor changes in the lay-up figures in1Q04. 1 vessel were taken out of lay-up . 4 vesselstotalling 0.3 mdwt were laid up at the end of 1Q04 against9 vessels of 0.9 mdwt one year ago. 4 vessels of 0.4mdwt were used as storage at the end of March, 1 lessthan last quarter.

TANK TONNAGE ON ORDER APRIL 2004

COUNTRY OF BUILD

No. '000 DWTKorea 465 42796Japan 165 21065China 177 13410Croatia 49 2664USA 6 1021Brazil 4 420Ukraine 8 376Rumania 6 282Russia 6 218Germany 5 161Argentina 2 150Italy 1 147Spain 5 127India 1 93Turkey 5 80Portugal 3 47

EXISTING AND FUTURE TANK FLEET (DW T IN '000)

No. DWTExisting 1/1 2004 2948 289150Deliveries 2004 88 8744Deletions 2004 26 2639Existing 1/4 2004 3010 295256Order book Del.2004 240 20502Est. New orders for Del. 2004 - -Deletions 2004 102 6400Existing 1/1 2005 3148 309358Order book Del.2005 331 30092Est. New orders for Del. 2005 - -Deletions 2005 173 10825Existing 1/1 2006 3306 328625Order book Del.2006 222 19835Est. New orders for Del. 2006 38 3206Deletions 2006 189 10320Existing 1/1 2007 3377 341346

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ORDER BOOK DEVELOPMENTOIL TANKERS 10 000 DWT +

MILLION DWT

ID: 1047

10-50'50-80'

80-120'

120-200'

200'+

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April 2004 | 7

Age/Size DistributionAt the end of the quarter, the average age of the tankerfleet was 9.9 years, up from 9.8 years one quarter before.The average age of the DH fleet was 5.2 years whilesingle hull fleet was 17.6 years. Split into size segments,the average age of the fleet was as follows; 10-50,000dwt 12.8 years, Panamax 14.5 years, Aframax 10.2 years,Suezmax 9.1 years, and VLCC 8.4 years.

S&P ActivityThe activity in the second-hand market decreased in 1Q04compared to 4Q03. A total of 58 tankers over 25,000 dwtchanged hands, as against 113 in the preceding quarter.

World Oil Supply and DemandIEA now estimates annual growth of 2.1% in global oildemand in 2004. This is similar to the growth in 2003, buta strong upward revision for 2004 from the latest OTM.There are significant differences with regard to regionaland seasonal developments. World demand is expected todecrease from 80.3 mbd in 1Q04 to 78.3 mbd in 2Q04.The forecast for the remainder of the year is upbeat, andglobal demand is estimated to 80.1 mbd and 82.4 mbd inthe third and fourth quarter, respectively. OPEC outputrose during the first quarter, but an announced 1 mbd cutin quotas will start in 2Q04. Non-Opec output was stableduring the quarter. For the full year 2004, IEA expects thecall on (plus stock changes) to decrease marginally by 0.1mbd, whereas world demand will increase 2.1 mbd. Thismeans that the balance could tilt some 2.1 mbd in the favourof non-OPEC in 2004.

Oil Trade DevelopmentFearnresearch estimates that world crude oil tradeincreased from 1588 mt in 2002 to about 1680 mt in 2003and forecasts 1765 mt in 2004 and 1825 mt in 2005.

Year-to-date figures up to late March show that total USoil imports were up as much as 10.7%, crude oil up 12.0%and oil products up 6.4%.

The second largest importing country in the world, Japan,has seen significant decreases during the first 2 months ofthe year. Compared with same period last year, crude oilimports were down 7.7% and oil products imports down3.6%.

China’s total oil imports in the two first months of the year

TANKER FLEET PROFILE

1Q03 2Q03 3Q03 4Q03 1Q04

Exis ting Fleet (end) 286.5 287.6 287.2 289.2 295.3Fleet change 2.5 % 0.4 % -0.1 % 0.7 % 2.1 %Order book (end) 63.7 71.9 74.9 79.4 83.1Order book in % 22 % 25 % 26 % 27 % 28 %A verage age 10.8 10.5 10.0 9.8 9.7

Deliveries 9.8 6.1 8.0 5.6 8.7Deletions 2.8 5.0 8.4 3.7 2.6Sold f or scrap 1.8 7.4 6.3 2.9 3.0Contracting 14.4 14.3 11.1 10.0 12.5 In no. 1Q03 2Q03 3Q03 4Q03 1Q04

Exis ting Fleet (end) 2903 2923 2931 2948 3010Order book (end) 676 751 803 867 910Deliveries 87 63 72 67 88Deletions 32 43 64 45 26Sold f or scrap 23 56 59 43 32Contracting 135 138 124 125 131

In mdw t

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TANKER FLEET AND SHIPMENTS VESSELS OVER 50 000 DWT

BILLION DWT-MILES

ID: 674

TANKER FLEET

ex coastal & storage

SHIPMENTS BY TANKERS

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WORLD OIL DEMAND AND SUPPLY

MILLION B/D

WORLD OIL DEMAND

WORLD OIL SUPPLY

ID: 918

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SOURCE: EIG

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were up about 28% from last year, with crude oil up 30%and oil products up 21%. These figures are considered tobe somewhat uncertain.

Seaborne Oil Trade 4Q03Seaborne oil trade declined during the fourth quarter of2003. Volumes fell by 18.8 mdwt, or 3.1%, for vessels of50,000 dwt+. For the year as a whole, shipments rose by6.6%. Whereas VLCC shipments were maintained duringthe quarter, shipments by mid-sized tankers declined, partlyas a result of poor Black Sea exports.

Little or no changes in production in all major oil producingcountries made 4Q relatively calm.

Exports

Shipments from the MEG and West Africa both rose in4Q03 whereas the other major exporting areas all declined.Black Sea shipments were hampered by congestion in theBosphorus and shipments from the Caribbean declinedsubstantially. North Sea shipments went down 16% whileNorth Africa shipments fell 4%.

Imports

After a noticable reduction in oil imports in 3Q, Japaneseimports rose by 15.7% in 4Q. Shipments to North America(Atlantic) fell considerably, down 17.5 mdwt to 151.7mdwt. Following the strong increase in Chinese imports,volumes to Other Far East rose by 9.2% to 89.9 mdwt.

Products

Shipments by tankers 50-80,000 dwt declined 5.8 mdwt to45.8 mdwt. No particular area, or trade, changed radicallyand generally all areas declined a little. Shipments into theUS increased somewhat.

Gasoline shipments to the US increased substantially andimports were on average 3.8% higher than in thepreceeding quarter. On the other hand, they were 4% lowerthan one year ago.

Elsewhere, Japanese imports showed a declining trendbut were offset by Chinese jet fuel imports.

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ID: 1410

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TOTAL

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OTHER AREAS

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April 2004 | 9

Combined carriersThe decrease in oil shipments by combined carrierscontinued. In 4Q03 we recorded only 10.9 mdwt. On ayearly basis, shipments of oil by combined carriers fell by21.8 mdwt, or 22%. This is a direct result of substantialswitching from oil trading to dry cargo trading as a resultof the extremely strong bulk market.

Oil shipments by combined carriers constituted 3.3% oftotal oil shipments in 2003. In 4Q03 this share fell to 1.8%.

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Looking Ahead

••••• Strong upward revision of oil demand. Global oildemand now expected to increase 1.7 mbd, or2.1%, in 2004. 2Q04 demand 78.3 mbd. Down 2.0mbd on 1Q, but 2.2 mbd up y-o-y. 2004 call onOPEC now down only 0.1 mbd.

••••• Stronger tanker fleet growth in the forecast pe-riod, 7.0%, 6.2%, and 3.9% each year 2004-06. In2004, the tanker fleet over 50,000 dwt is expectedto increase 6.4%, up as much as 10.3% for 10-50,000 dwt.

••••• Crude oil tonne-miles forecast to increase 6.1%and 4.4% in 2004 and 2005, respectively. Oil prod-ucts tonne-miles forecast to increase 3.0% and3.6% in 2004 and 2005, respectively.

••••• Market fundamentals point towards a fairly bal-anced average fleet utilisation for crude carriersin 2004, whereas the huge deliveries of productcarriers will be though for the market to absorb,

••••• T/c rates for crude carriers to show modest varia-tions in 2004 before a slight softening in 2005. T/crates for MR product tankers expected to decreaseamost 10% by mid-2005 before a stabilization.

••••• Second-hand values expected to stay firm 1. half2004, before modest increases through 2005 forcrude carriers, but modest decreases for productcarriers.

••••• Newbuilding prices expected to continue to in-crease. Up 6-11% by end 2005, depending on size.

Tanker SupplyScheduled tanker deliveries in 2004 amount to 29.2 mdwt.We have now lowered deletions in 2004 to 9.0 mdwt.Thus, we estimate a net fleet growth of 7.0%. In 2005and 2006 we expect net growth rates of 6.2% and 3.9%.For further details, please see table on this page and theappendix. Scheduled deliveries in 2005 amount to 30.1 mdwtand deletions are estimated at 10.8 mdwt. We do not expectany new tanker orders for delivery in 2005. There mightbe options that are not yet declared, but we do not foreseelarge volumes. In 2006 we estimate that, in addition toscheduled deliveries of 19.8 mdwt, another 3.2 mdwt willbe delivered as a result of new contracts and declaredoptions. Estimated deletions in 2006 stand at 10.3 mdwt.

Tanker DemandWorld oil demand is now estimated by IEA to decline by2.0 mbd from 1Q04 to 2Q04, but to increase 1.7 mbd to80.3 mbd on an annual basis. IEA estimates that the “call

on OPEC” on average will decrease only 0.1 mbd in2004 ( 0.7 mbd down one quarter ago). Most of the addeddemand will take place in Asia (+0.9 mbd) and NorthAmerica (+0.3 mbd). Chinese demand is expected toincrease by 0.7 mbd in 2004 (0.3 mbd one quarter ago,wheareas the country’s own production is expected toremain about stable.

On the supply side, North America will increase output0.2 mbd. FSU production is expected to see continuedstrong increase this year, estimated to 0.7 mbd, and (West)Africa might increase output 0.4 mbd.

We have had to revise our estimates for trade volumesupwards and tonne-miles even more. Crude oil shipmentgrowth in 2003 is revised up from 3.9% to 5.1% andcrude oil tonne-mile growth up from 5.9% to 6.8%. Astill higher tonne-mile growth for oil shipments by vessels

EXISTING AND FUTURE OIL TANKER FLEET

(D W T IN '000) No. DWT No. DWTExisting 1/1 2004 1346 43937 1602 245213Deliveries 2004 32 1326 56 7418Deletions 2004 9 265 17 2374Existing 1/4 2004 1369 44998 1641 250258Order book Del.2004 130 4889 110 15613Est. New orders for Del. 2004 - - - -Deletions 2004 60 1410 42 4990Existing 1/1 2005 1439 48477 1709 260881Order book Del.2005 141 5284 190 24808Est. New orders for Del. 2005 - - - -Deletions 2005 110 3125 63 7700Existing 1/1 2006 1470 50636 1836 277989Order book Del.2006 95 3450 127 16385Est. New orders for Del. 2006 15 450 23 2756Deletions 2006 125 3620 64 6700Existing 1/1 2007 1455 50916 1922 290430

10-50,000 50+

FORECAST OIL DEMAND

TOTAL SEABORNE TRADE, TONNES

IN M ILLIO N TO N N ES 2001 2002 2003 2004 2005

Crude Oil 1592 1588 1680 1765 1825

Oil Products 425 414 432 450 465

Total 2017 2002 2112 2215 2290

YoY Change -0.5% -0.7% 5.5% 4.9% 3.4%

TOTAL SEABORNE TRADE, TONNE-MILES

IN BILLIO N TO N N E-M ILES 2001 2002 2003 2004 2005

Crude Oil 8074 7848 8420 8935 9330

Oil Products 2105 2050 2150 2250 2335

Total 10179 9898 10570 11185 11665

YoY Change 2.3% -2.8% 6.8% 5.8% 4.3%

FORECAST TOTAL OIL BY 50,000 DWT +, TONNE-MILES

FIGU R ES IN B ILLIO N 2001 2002 2003 2004 2005

TOTAL 9101 8787 9566 10165 10615

Change in per cent 1.7% -3.5% 8.9% 6.3% 4.4%


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over 50,000 dwt reflect higher market share for such vesselsand some “double recording” of increased shipmentsthrough the Sumed pipeline, since our employment analysisinclude shipments to as well as from this pipeline. In thetotal seaborne trade analysis these volumes are countedonly once. Short-haul trades from FSU actually did notdecrease the average distance crude oil shipment distancelast year. The Atlantic market could not absorb this additionalsupply and other oil, particularly from West Africa, was toquite some extent pressed out to Asian markets over verylong distances. Furthermore, the much stronger thanexpected rise in Chinese imports lifted the average distanceconsiderably also because it is longer from the Middle EastGulf to China than the average crude oil shipment distance.Since last issue, three months ago, IEA has lifted the oilconsumption estimate for China in 2004 by 0.41 mbd, or 20million tonnes to a level of about 310 mt, up from about 275mt last year.

Market fundamentals point towards a fairly balanced marketon average in 2004 (see table). However, operational andtransient factors play a much larger role in the market placetoday than what was the case only a few years ago.Reduced nuclear power plant outage in Japan, stronglyreduced congestion in the Bosporus and reopening of theCeyhan pipeline from Iraq through Turkey now tie upsignificantly less tanker tonnage than just a short time ago.In addition, the seasonally weak global 2Q oil demand mightlead to a significantly weaker spot market before the freightmarket will again experience positive impacts from agradual oil demand increase to levels up 1.8 mbd in 3Q andfurther up 2.3 mbd,in 4Q.

World commercial oil stocks at the beginning of March were5.3% higher than one year before and strategic stocks wereup 4.4%. In view of the troubled geopolitical setting it seemslikely that stocks could be kept at somewhat higher levelsthan what pure short-term economic considerations wouldinduce.

Seaborne trade in petroleum products is now expected togrow 4.2% and 3.3% in 2004 and 2005, respectively. In thecase that oil demand growth is going to be revised still furtherupwards this could have a strong upward impact on thetrade in oil products.

Period RatesWe expect only rather modest variations in the period ratesfor tankers over the next couple of years. Period rates fortankers are extremely sluggish compared to spot ratevariations, in very sharp contrast to what is the case forbulk carriers.

After a slight decrease this quarter 12 months timechaterrates for VLCC and Suezmax are expected to end the yearat similar levels as today. Thereafter, a 10% drop isexpected in first half of 2005 before a 5% recovery in thelatter half. For Aframax, we foresee stable rates through

this year before a drop of close 10% by mid-2005 and astandstill for the rest of that year. Timecharter rates formodern MR product carriers are expected to show agradual decrease of almost 10% by mid-2005 andthereafter remain stable for the rest of that year.

Tanker Second-Hand ValuesThe tanker second-hand values showed rather mixedincreases for different sizes of five-year old vessels during1Q04. Thus, Aframax was up 18%, Suezmax up 10%,and VLCC up 3%, whereas MR product carrier was up11%. We believe that all prices will remain fairly stableduring the present quarter. Thereafter, crude carrier valuesare expected to increase roughly 5% in value through 2005,whereas a MR product carrier could face a somewhatsmaller decrease.

Tanker Newbuilding PricesNewbuilding prices rose sharply in 1Q04, and we expectfurther, but rather modest, strengthening, before flatteningout in the last paart of 2005. There are several factorssupporting this view, such as high steel prices andcomparatively strong currencies in Japan and Korea.Besides, most shipyards have close to a three-yearorderbook backlog. This means they can “afford” to bepatient in securing new orders at, preferably, higher prices.

By mid-2005, newbuilding prices for the largest sizes areexpcted to increase some 7% from present levels, withAframax prices increasing somewhat more and productcarrier prices slightly less.

FORECAST 5 YEARS SECOND-HAND PRICES

End Mid End Mid EndIN M ILL USD , YEA R END 2003 2004 2004 2005 2005

VLCC 300,000 DWT 77.0 77.0 79.0 79.0 80.0SUEZMAX 150,000 DWT 53.0 53.0 55.0 55.0 56.0

AFRAMAX 95,000 DWT 45.0 45.0 47.0 47.0 48.0PRODUCT 40,000 DWT 31.0 31.0 31.0 30.0 30.0

FORECAST NEWBUILDING PRICES

End Mid End Mid EndIN M ILL USD , YEA R END 2003 2004 2004 2005 2005

VLCC 300,000 DWT 84.0 86.0 88.0 90.0 90.0

SUEZMAX 150,000 DWT 56.0 57.0 58.0 60.0 60.0

AFRAMAX 105,000 DWT 45.0 47.0 48.0 50.0 50.0PRODUCT 45,000 DWT 34.0 34.0 35.0 36.0 36.0

FORECAST12 MONTHS T/C TANKER FREIGHT RATES

End Mid End Mid EndUSD/D A Y 2003 2004 2004 2005 2005

VLCC 300' MODERN 40,000 39,000 40,000 36,000 38,000SUEZMAX 150' MODERN 32,000 31,000 32,000 29,000 30,000

AFRAMAX 105' MODERN 25,000 25,000 25,000 23,000 23,000PRODUCT 45' MODERN 14,750 14,750 14,000 13,500 13,500

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Oil Markets and DemandIndicators••••• Economic forecasts for 2004 have recently been

revised somewhat upwards for most areas.Industrial performance is, however, still ratherweak in Europe. Record-high growth ratesarereported in China.

••••• Preliminary estimates for world oil demand in1Q04 were 1.9% higher than in 1Q03. Comparedwith last year, 1Q demand was as follows: USA+1.2%, Europe same, Japan –6.1%, and China+17.9%.

••••• Since last issue, the growth in world oil demandin 2003 has been revised upwards from 1.9% to2.1%, and estimates for 2004 are revised upwardsfrom 1.6% growth to 2.1% growth. IEA expectsworld oil demand to decrease from 80.3 mbd in1Q04 to 78.3 mbd in 2Q.

••••• After a decrease of 3.5% in 2002 in tonne-miles byvessels over 50,000 dwt, we have estimated a sur-prisingly strong increase of 8.9% in 2003, beforeincreases of 6.3% in 2004 and 4.5% in 2005.

Economic Growth & Industrial Produc-tionEconomic expectations have recently been revisedsomewhat upwards for 2004 for most areas. The latestEconomist predictions for GDP in 2004 now stand at (onequarter ago) USA +4.7 (+4.5)%, Euro area +1.6 (+1.9)%,and Japan +3.2 (+2.1)%. Forecasts from end January forother countries in 2004 show: China +8.5%, S.Korea+5.3%, India +6.5%, Brazil +3.4%, and Russia +5.6%.

Latest 12-month changes in industrial production: USA+2.7%, Japan +6.9%, S.Korea +16.6%, China +23.2%,Germany +1.8%, UK -1.3%, France +0.9%, Italy +0.2%,and Spain +2.0%.

Stock MarketsStock markets around the world experienced mixeddevelopments in 1Q04. Morgan Stanley’s World Indexended up 2% in 1Q, after an increase of 14% in thepreceding quarter. Dow Jones was down 1% (+13% in

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NEW YORK (D.J.)

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SEOUL

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April 2004 | 13

4Q03) and Frankfurt ended down 2% (+21%). In the FarEast, Shanghai was up 10% (+5%), Tokyo was up 10%(+4%), and Seoul up 9% (+16%).

CurrenciesSignificant changes were again seen in 1Q04. The Eurosoftened 3% against the USD after a strenghtening of8% in the preceding quarter. The JPY rose 3%, like in thepreceding quarter, whereas Korean Won increased 4%after a similar decrease in the preceding quarter.

World Energy DemandAccording to BP, world energy consumption growthincreased from 0.8% in 2001 to 2.6% in 2002. We nowestimate increases of 2.0% in 2003 and 2.4% in 2004.Oil demand is estimated to increase 2.1% in both 2003and 2004. Coal demand is expected to show increases of3.0% in 2003 and 2.5% in 2004, whereas gas demand isestimated to increase 2.0% in 2003 and 2.5% in 2004.These forecasts are highly sensitive to changes ineconomic prospects and the geo-political setting.

Oil demand changesIn April, IEA predicted a global oil demand increase of1.68 mbd, or 2.1% in 2004 compared with a revisedgrowth of 1.60 mbd, or 2.1%, also in 2003. Asia (ex.M.East) is expected to see an increase of 0.94 mbd in2004 after a growth of 0.81 mbd in 2003. China’s oildemand growth is expected to be 0.70 mbd in 2004 after0.55 mbd increase in 2003. US oil demand is expected toincrease 0.28 mbd in 2004. Europe could see an increaseof 0.13 mbd, whereas an increase of 0.32 mbd is estimatedfor the rest of the world in 2004.

Crude Oil PriceThe price of Brent crude rose 10% in 1Q04 after a slightweakening in January. In mid-April, Nymex Future pricesfor WTI stood at about USD 36.60 for May 04, USD33.90 for Dec 04, USD 31.10 for Dec 05, USD 29.90 forDec 06, and USD 28.90 for Dec 10.

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OIL DEMAND CHANGES 2000-2004

MILLION B/D

ID: 841

USA EUROPE ASIA (ex ME) OTHERS

SOURCE: IEA

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Oil vs. Coal PriceThe coal price in Europe rose 7% in 1Q04 but easedsomewhat late in the quarter. The HVF rose 11% in 1Q04.

World Oil DemandWorld oil demand is estimated by IEA to decrease from80.3 mbd in 1Q04 to 78.3 mbd in 2Q. For the whole year2004, expected demand is now 80.3 mbd, which is up 2.1%from last year.

US Oil SupplyUS crude oil imports were running at comparatively highlevels in late 1Q. According to statistics based on weeklyOil and Gas Journal data for the last 4 weeks reported inlate March, the volume of crude imports at 9.96 mbd was10.7% higher than one year before, whereas oil productsimports at 2.92 mbd were up 5.1 %. Year-to-date figuresshowed total crude oil imports up 12.0 % to 9.69 mbd, oilproducts imports up 6.4% to 2.74 mbd, and domestic crudeoil production down 3.6% to 5.67 mbd. Crude oil plus NGLproduction was reportedly up 1.1% to 7.73 mbd.

World Oil ProductionPreliminary data show that world oil production (excludingNGL, condensates, and processing gains of some 1.9 mbd)increased from 71.3 mbd in 4Q01 to 72.1 mbd in 1Q04,up 3.1 mbd from the year before. Lately, output increasedfrom 71.6 mbd in February to 72.8 mbd in November.OPEC production in March at 28.4 mbd was up 1.0 mbdfrom one year before, whereas Non-Opec output at 44.1mbd in March was up about 1.8 mbd from one year before.

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ID: 216

THERMAL COAL

FUEL OIL

SPOT PRICES ROTTERDAM

THERMAL COAL AND FUEL OIL PRICES

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PRODUCTS IMPORTS

CRUDE IMPORTS FROM CANADA

OVERSEAS CRUDE IMPORTS

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OPEC AND NON-OPEC OIL PRODUCTION

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Middle East OPEC ProductionIn March, M.E.OPEC production at 19.79 mbd was 1.1%lower than in the previous year. Saudi Arabia at 8.40 mbdwas 8.2% lower, Iran 3.80 mbd (+4.1%), Iraq 2.48 mbd(+74.2%), UAE 2.20 mbd (-6.4%), Kuwait 2.15 mbd (-3.8%), and Qatar 0.76 mbd (+1.3%).

Russian Crude Oil ExportsRussian oil production in March at 8.55 mbd was up 8%compared to last year. Seaborne crude oil exports in 1Q04amounted to 1.97 mbd, up from 1.64 mbd in 4Q03.Seaborne exports from the Black Sea were up from 0.88mbd to 0.95 mbd and from the Baltic up from 0.76 mbd to1.02 mbd. Pipeline exports of crude oil remained at 1.11mbd.

North Sea ExportsShip-tracking data show that tanker liftings within the NorthSea increased from 55.7 mdwt in 3Q03 to 63.6 mdwt in4Q. Shipments to other areas, however, decreased, from25.7 mdwt to 21.7 mdwt, which was about 30% lowerthan one year before. More up-to-date figures show NorthSea oil production in March at 5.65 mbd, which was 0.5%, lower than in the same month last year.

World Crude Oil StocksGlobal commercial oil inventories at end February were5.3% higher than one year before. There was a stock-draw in Jan/Feb of 0.97 mbd to 4.53 billion barrels. At thesame time, strategic oil stocks increased slightly to 1.43bb, up 4.4% from year ago. Commercial stocks at endFebruary and changes from one year before: N.America1.11 billion barrels (+5.2%), OECD Europe 0.95 bb(+11.0%), OECD Pacific 0.41 bb (+0.2%), and Rest ofWorld 1.08 bb (+1.5%). Oil at sea increased slightly to0.91 bb during Jan/Feb, ending up 3.4% from year ago.

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IRAN

KUWAIT

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ID: 51

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MIDDLE EAST OPEC PRODUCTION

MILLION B/D

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MONTHLY

RUSSIAN CRUDE OIL EXPORTS

MILLION B/D

ID: 210

BALTIC

BLACK SEA

PIPELINE

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END OF MONTH

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MILLION BARRELS

TOTAL MAIN AREAS

JAPAN

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CRUDE OIL STOCKS

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VLCC••••• The VLCC market fell during the quarter, albeit

with strong volatility.

••••• VLCC second-hand prices continued to rise,however no sales in March.

••••• Both newbuilding and second-hand pricestook yet another large jump upwards.

••••• Newbuilding contracting activity was briskwith 15 new orders placed.

••••• The VLCC market stayed at historically highlevels, but large volumes changed directionfrom west to eastbound.

VLCC MarketAlthough there were some periods with relatively strongVLCC rates during the first quarter, the optimisticatmosphere seen in the final quarter of last year waslacking. Clearly, VLCC rates during the first quarter provedsusceptible to lapses in activity. During January VLCCrates continued to manifest some of the strength seen inthe market at the end of last year, and in the post-holidayperiod these quickly ascended to levels of WS 125 forWest, WS 152.5 for Japan and WS 200 in West Africa.During January a rather constant level of activity in theMiddle East Gulf caused 30 day availability of VLCCs tosteadily decline. February, however, proved to be anentirely different story, and with activity flagging, ratesdeclined steadily throughout the month, reaching WS 90for West, WS 110 for Japan, and WS 110 in West Africaby month’s end. During the first half of March VLCCrates rebounded in the Middle East Gulf, reaching levelsof WS 110 for West and WS 117.5 for Japan prior tocollapsing down to WS 62.5 and WS 70 for the samedestinations in the third week. At the end of March rateswere readjusted to WS 82.5 and WS 87.5 for West andJapan respectively. In West Africa, VLCCs saw rates inthe low WS 120s throughout most of March, but thesedropped off to the WS 110 by month’s end.

Period BusinessThere were a number of VLCC period deals concludedduring the quarter, but it became quite clear that manyowners were increasingly aware of time charter equivalentresults obtainable on the spot market, and this oftenproduced an unbridgeable gap between owners’ andcharterers’ expectations. One way around this was forcharterers to seek coverage for longer periods which are

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MARKET DEVELOPMENT VLCC

* MEG-EAST '90 T/C EQUIV.

* YEARLY AV. T/C EQUIV. 2004: AVG. JAN-MAR

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April 2004 | 17

often discounted because of the greater likelihood offluctuations over time. A large tanker pool in London wasreported to have fixed four modern VLCCs all for threeyears; two of these were fixed with a minimum rate ofUSD 30,000 and a 50/50 profit share, whilst the remainingtwo were concluded with a straight time charter rate ofUSD 36,000 pdpr. Two single hull VLCCs of 1993 vintagewere secured by Korean charterers at a rate of USD27,500 pdpr for four years.

VLCC ValuesThe S&P market for VLCCs was quite active in Januaryand February, but came to a complete halt in March. Duringthe first two months 9 vessels were sold at strong levels.The WORLD PROGRESS was sold at USD 85.5 millionin January and the MAJA got aUSD 86 million in February.Both vessels built in 2002 and indicating a newbuildingparity well in excess of USD 90 million. Several mid-agedvessel were sold at strong levels. NEON and NESS –

VLCC PRICE DEVELOPMENT. USD mill. ID: 226

Type Dw t Built 03.02 03.03 01.04 02.04 03.04MT* 300 000 NB 69.0 65.5 77.0 80.0 84.0MT* 300 000 5 yrs 57.0 60.0 75.0 76.0 77.0MT 280 000 10 yrs 32.0 33.0 38.0 39.0 41.0MT 250 000 15 yrs 19.5 18.0 21.5 27.0 27.0MT 280 000 89/90 29.0 26.5 31.0 32.5 34.0MT* 300 000 94/95 53.0 51.5 61.0 63.0 64.0MT* 300 000 00/01 69.0 65.5 81.0 82.0 83.0MT 280 000 75/76 7.0 7.5 11.0 14.0 14.0MT 350 000 75/76 7.5 9.5 15.0 17.0 18.0

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VLCC SECOND-HAND VALUESBY AGE

MILLION USD

ID: 1064

280' -300' DWT D/H 5 YRS

250' DWT S/H 5 YRS

280' DWT S/H 10 YRS

250' DWT S/H 15 YRS

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VLCC SECOND-HAND VALUES

T/T 350' 75/76

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ID: 1062

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PER CENT

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both built 1990 – obtained USD 32.5 million in February.The comparable sale of NAPA (built 1990) in Januarywas at USD 31.5 million. Prices have in general risenabout USD 2-3 million for the early 1990s built vesselsand some USD 4-5 million up for the modern units. Older,smaller VLCCs have also gained in value. In 4Q03, Modecbought the TOKYO MARU (258,000/1986) at USD 16million, whereas a similar vessel, the COSMO VENUS(249,000/1986) obtained USD 18.5 million this quarter.Most of the VLCCs sold this quarter ended up withowners in the Far East.

This quarter, the value of a 5-year-old VLCC increasedabout USD 2 million to USD 77 million, and a 10-year-oldvessel gained USD 3.5 million to USD 41 million.

Modern vessels of 300,000 dwt, built 1994/95, rose USD4.0 million to USD 64.0 million during 1Q04, whilenewbuilding prices rose from USD 75.0 million to 84.0million.

For detailed price developments, please see tables on pages17, 69 and 70.

VLCC Fleet15 new orders were placed for VLCCs during 1Q04, fourmore than in the preceding quarter. Almost all of themwere placed for delivery in 2007, however one order placedat Mitsubishi for delivery in 2005 proves that “loopholes”exist. The total VLCC orderbook numbers 81 vessels, or24.5 million dwt. This represents about 20% of the existingfleet.

EXISTING AND FUTURE VLCC FLEET (D W T IN '000)

No. DWTExisting 1/1 2004 430 124713Deliveries 2004 8 2317Deletions 2004 2 839Existing 1/4 2004 436 126192Order book Del.2004 21 6326Est. New orders for Del. 2004 - -Deletions 2004 6 1600Existing 1/1 2005 451 130918Order book Del.2005 28 8508Est. New orders for Del. 2005 - -Deletions 2005 8 2800Existing 1/1 2006 471 136626Order book Del.2006 16 4811Est. New orders for Del. 2006 2 600Deletions 2006 6 1700Existing 1/1 2007 483 140337

V LCC FLEET PROFILE

1Q03 2Q03 3Q03 4Q03 1Q04

Existing Fleet (end) 127.0 126.2 123.9 124.7 126.2Fleet change 2.3 % -0.6 % -1.9 % 0.7 % 1.2 %Order book (end) 19.9 22.3 20.5 22.3 24.5Order book in % 16 % 18 % 17 % 18 % 19 %A verage age 9.3 8.9 8.1 8.1 8.2


Existing Fleet (end) 434 433 427 430 436Order book (end) 66 74 68 74 81Deliveries 12 8 11 5 8Deletions 3 9 17 2 2Sold f or scrap 2 15 10 1 3Contracting 19 16 5 11 15

In mdw t

110

115

120

125

130

135

92 93 94 95 96 97 98 99 00 01 02 03 04

START OF QUARTER

VLCC EXISTING FLEET DEVELOPMENT200 000 DWT +

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ID: 563

TANKERS OVER 200 000 DWT

YEAR OF BUILD

EXISTING AND ON ORDER APRIL 2004

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VLCC FLEET CHANGES

During 1Q04 the VLCC fleet increased 1.2%. 8 vesselswere delivered, while only 1 vessel was deleted. Fordetailed fleet information please see the table below or onpages 63 to 69.

Fleet ForecastFearnresearch’s current estimate for net VLCC fleetgrowth is an increase of 5.0% in 2004, 4.4% in 2005 and2.7% in 2006.

*) estimated delivery

VLCC DELIVERIES 1. QUARTER 2004TY NAME FLAG DWT DATE OWNER YARD COUNTRY CONT

CRUD IRAN DENA IRN 310 000 jan.04 NITC DALEW CHN des.99

CRUD ELIZABETH I.ANGELICOUSSIS GRC 306 000 mar.04 KRISTEN NAVIGATION DAEWOO KOR aug.01

CRUD FLANDRE* LUX 300 000 mar.04 EURONAV DAEWOO KOR jul.00

CRUD FORMOSAPETRO EMPIRE LIB 296 000 feb.04 FORMOSA HIT JPN okt.02

CRUD C.EMPORER PAN 289 500 mar.04 SK SHIPPING SAMSUNG KOR mai.01

CRUD WORLD LION HKG 277 370 jan.04 WORLD WIDE DAEWOO KOR sep.01

CRUD WORLD LAKE HKG 277 370 jan.04 WORLD WIDE DAEWOO KOR sep.01

CRUD ISUZUGAWA PAN 260 520 jan.04 KKK NIPPONKK JPN feb.01

VLCC'S SOLD FOR SCRAPPING 1. QUARTER 2004

TYPE NAME BLT DWT LDT PRICE BUYER COMMENTS

TT MARINE ATLANTIC 79 404 531 59 784 410.00 BANGLADESHMT ASIAN TIGER 76 273 941 37 500 415.00 BANGLADESHTT CITRA AYU 76 240 259 34 138 358.00 CHINA OPT. ASIS SPORE USD 345

REPRESENTATIVE VLCC CONTRACTS 1. QUARTER 2004

TYPE NO. DWT YARD OWNER DEL PRICE est. REMARKS

MT 1 318 000 dwt HHI NS. Lemos 2007 77MT 1 305 000 dwt Daewoo TCC 2007MT 1 300 000 dwt Mitsubishi Shinwa 2005MT 2 300 000 dwt NACKS NYK 2007MT 1 300 000 dwt IHI Iino Kaiun 2006 LoIMT 2 300 000 dwt Mitsubishi NYK 05/06MT 1 300 000 dwt IHI NYK 2007MT 2 300 000 dwt Daewoo World Wide 2007MT 3+3 300 000 dwt Dalian New A.P. Møller 06/07MT 3+1 300 000 dwt HHI SAMCO 2007 77

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SHIPM ENTS BY DOUBLE HULL VLCC VESSELS

In % of total trade 1999 2000 2001 2002 2003 1Q04EXPORTSMEG/R.Sea 25 32 40 48 54 56N. E./N.Afr. 26 55 55 61 80 89W.Af r. 24 44 51 59 75 81N. Sea 62 74 79 90 93 100Others 9 21 40 54 69 790 0 0 0 0 0IMPORTSEurope 32 56 66 65 83 82Am.Atl. 29 34 40 61 70 71Japan/F.East 26 35 41 48 52 58Others 19 31 41 47 56 55

© Fearnleys

VLCC Trades 4Q03For the third quarter in a row the VLCC market stayedaround 245 mdwt, and ended at 244.3 mdwt for the lastquarter in 2003. This followed a steady trend upwardssince 3rd quarter 2002. The change from 3Q03 was lessthan 1 %.

There was only one shipment made by a combined carrierin the same period, which made the CC contributionnegligible at 300,000 dwt.

Although the total shipped volume was nearly unchanged,there where some significant shifts in volume from westto east.

Shipments from MEG peaked at an “all time high” level at187.1 mdwt during 4Q03, up 3.1 % from last quarter. Themost dramatic export change came, however, from theNorth Sea, which decreased more than 56 % during thelast quarter, down to 3.0 mdwt. The Caribbean continuedthe downward trend from last quarter with a decrease of7 %, down to 3.1 mdwt during 4Q03.

On the importing side, there where some significantchanges. Japan / Far East which had a dip last quarterpicked up with the highest volume ever and ended at 114.7mdwt, up 16 % from 3Q03. Imports to SE Asia fell backafter two quarters at the high end of the twenties, andended at 23.8 mdwt, down 16 % from 3Q03. South Asiarose significantly with a 3 mdwt increase to 19 mdwtduring 4Q03. Imports to the North American east coastdropped substantially with 7.7 mdwt, and the major partof this was a drop in imports from the North Sea with 5.7mdwt from 3Q3 to 4Q03.

2000 2001 2002 2003

ID: 93MILLION DWT

TANK AND COMBINED 200 000 DWT+

2.5

5.0

7.5

50

60

70

W. AFRICA

N.E./N.AFRICA

NORTH SEA

M.E. GULF/RED SEA

Z

OIL EXPORTS BY AREA 3M. AVERAGES

© Fearnleys

0

5

10

15

20

25

30

35

40

2000 2001 2002 2003

MILLION DWT 3M. AVERAGES

ID: 149

EUROPE

AMERICA ATLANTIC

OTHER AREAS

JAPAN/F. EAST

TANK AND COMBINED 200 000 DWT +OIL IMPORTS BY AREA

© Fearnleys

0

50

100

150

200

250

300

350

400

EUROPE* N/C.AM. JAPAN O.ASIA OTHERS

MEG/R.SEAN.AFR/N.EASTW. AFRICAOTHERS

OIL SHIPMENTS 2003TANK AND COMBINED CARRIERS 200 000 DWT+

MILLION DWT EXCL. SHORT SEA

ID: 330

ORIGIN

DESTINATION © Fearnleys*Incl. Total Mediterranean

Oil and Tanker Market April 2004 | 21

SUE

ZM

AX

0

50

100

150

200

250

300

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

MONTHLY AVERAGES

SUEZMAX WS RATESW.AFR-USG

WSID: 1065

© Fearnleys

0

20000

40000

60000

80000

100000

1996 1997 1998 1999 2000 2001 2002 2003 2004

MONTHLY AVERAGESUSD/DAY

SUEZMAX FREIGHT MARKETW. AFR-USG MODERN VESSEL

ID: 484

© Fearnleys

0

10

20

30

40

50

60

70

80

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 20040

20

40

60

80ID: 166

MILLION USD

N/B150' D/H

130' 10 YRS

'000 USD/DAY

MARKET DEVELOPMENT SUEZMAX TANK

T/C EQUIV *

* YEARLY AV. T/C EQ 2004: AVG. JAN-MAR.

150' D/H 5 YRS

© Fearnleys

Suezmax••••• Starting on a strong note, rates declined during

February and March following longer days andless trouble in the Bosphorus.

••••• Slightly stronger ordering activity. 9 contractswere concluded in 1Q.

••••• Few second-hand transactions, although twoenbloc deals involving 15 ships were con-cluded.

••••• The existing Suezmax fleet increased 2.2% in1Q04.

••••• Suezmax shipments ended down 4.7% 4Q03,but 2003 ended at a high average quarterlylevel at 105 mdwt, 5.3 mdwt up from the aver-age in 2002.

Suezmax MarketSuezmaxes fared well during the first quarter, but resultsvaried considerably with levels of market activity. In thebenchmark West Africa market rates remained at WS200 or above during January, reaching and maintaining ahigh of WS 300 during a two week period at the middle ofthe month. A rate of WS 300 provided a time charterequivalent return of around USD 100,000 for those luckyenough to have a vessel in the right position. Rate levelsof WS 300 became quite standard fare for Suezmaxes inthe Mediterranean during January as extensive delays inthe Turkish Straights kept strong upwrd pressure on ratelevels. February was far less exhilirating for Suezmaxeswith West Africa rates slowly making their waydownwards from the high WS 180s/low WS 190s to levelsin the mid WS 120s by month’s end. These end monthlevels were still respectable and provided at return of aboutUSD 35,000 per day. During February, delays in theTurkish Straights declined sharply and this made morevessels available, thus causing rates to fall from WS 190down to WS 120 as the month wore on. During MarchSuezmaxes in West Africa rebounded from the rather lowlevels in the WS 120s seen at the end of February andended the month at rates in the mid WS 170s. The samewas also true of Suezmaxes in the Mediterranean whererates improved from levels around WS 140 to levels in thelow WS 200s. Certainly, the re-opening of the terminal atCeyhan had a hand in increasing Suezmax activity duringMarch.

SUE

ZM

AX


10

15

20

25

30

35

40

45

50

55

60

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

END OF MONTH

SUEZMAX SECOND-HAND PRICESBY AGE

MILLION USD

130 000 DWT S/H 5 YRS

130 000 DWT S/H 10 YRS

150 000 DWT D/H 5 YRS

ID: 984

© Fearnleys

0

10

20

30

40

50

60

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

END OF MONTH

SUEZMAX SECOND-HAND PRICESBY YEAR OF BUILT

MILLION USD

150 000 DWT BUILT 74/75

140 000 DWT BUILT 89/90

ID: 983

© Fearnleys

140 000 DWT BUILT 92/93

60

70

80

90

100

110

1997 1998 1999 2000 2001 2002 2003 2004

END OF MONTH

SUEZMAX PRICE RATIO5 YRS SUEZMAX IN PERCENT OF NEWBUILDING PRICES

PER CENT

ID: 1072

© Fearnleys

35

45

55

65

75

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

END OF MONTH

SUEZMAX NEWBUILDING PRICES130' DWT SH AND 150' DWT DH

MILLION USD

© Fearnleys

ID: 985

Period BusinessThere was hardly any Suezmax activity on the period frontduring the quarter, and this was largely the result of ageneral lack of concensus about what time charter ratelevels for modern Suezmaxes should be. Presumably, therewas also a fairly wide gap betweeen owners’ andcharterers’ rate ideas. Among the few deals which wereconcluded during the first quarter was an 18 month charterof an Italian-controlled modern Suezmax to a Norwegiancharterer at USD 31,000 pdpr for 18 months. A Swedishoperator is also reported to have secured a Chinesenewbuilding on a profit sharing basis for a period of one tothree years; this deal involved a fifty/fifty profit share forresults between USD 24,000 and USD 40,000 pdpr.

Suezmax ValuesIn the Suezmax segment we saw another wave ofconsolidation this quarter when both Naviera Tapias andSoponata were sold to Teekay and Genmar respectively.

SUEZMAX PRICE DEVELOPMENT. ID: 227

Type Dw t Built 03.02 03.03 01.04 02.04 03.04MT* 150 000 NB 46.0 45.5 52.0 53.0 56.0MT* 150 000 5 yrs 43.0 44.5 52.0 52.0 53.0MT 130 000 10 yrs 29.0 24.5 28.0 28.0 28.0MT 140 000 75/76 4.5 3.8 6.5 8.0 8.0MT 140 000 89/90 26.0 20.5 23.0 23.0 24.0MT* 140 000 92/93 33.0 31.5 38.5 38.5 39.0MT* 150 000 98/99 47.0 45.0 52.0 52.0 52.0



SUE

ZM

AX

April 2004 | 23

Having said this, the purchase of the former was probablymore driven by Teekay’s taste for LNG carriers, ratherthan for Suezmax tankers. On a fair valuation of the LNGcarriers (including long-term employment) of about USD900 million, the enbloc value of the Suezmaxes is aboutUSD 450 million. It should be noted, however, that 5 ofthe vessels are committed on lifetime period charters toCepsa. The other enbloc deal this quarter was the sale ofPortuguese Soponata to Genmar bringing the Genmar fleetup to 55 ships. The Soponata purchase included 4newbuilding contracts with delivery in 2006/07. Bothtransactions point towards firming prices.

Dwarfed by these two deals, the only two sales recordedthis quarter were the sales of two ChevronTexaco, Brazil-built vessels. The vessels, built in 1992/93 were sold atUSD 37 million each which was very much in line with a“theoretical” price-curve based on USD 60 million + fora new ship.

Based on these sales and other sales in the marketplace,the representative price for a 5-year-old 150,000 tonnerwas adjusted upwards to USD 53.0 million. 10 year oldvessels of 130,000 dwt, were adjusted upwards to USD28.0 million. For detailed price development please seetable below or on pages 69 and 70.

Suezmax FleetAfter a fairly slow 4Q03, ordering picked up in 1Q04,albeit to a moderate level. 9 vessels were contractedduring the quarter, up 4 units on the previous quarter. Atthe end of the quarter the order book represented 33% ofthe existing fleet and consisted of 92 Suezmaxes, of 14.5mdwt.

EXISTING AND FUTURE SUEZMAX FLEET(D W T IN '000) No. DWTExisting 1/1 2004 291 42986Deliveries 2004 10 1572Deletions 2004 4 596Existing 1/4 2004 297 43962Order book Del.2004 21 3296Est. New orders for Del. 2004 - -Deletions 2004 9 1400Existing 1/1 2005 309 45858Order book Del.2005 33 5194Est. New orders for Del. 2005 - -Deletions 2005 10 1500Existing 1/1 2006 332 49552Order book Del.2006 24 3760Est. New orders for Del. 2006 5 700Deletions 2006 8 1200Existing 1/1 2007 353 52812

SUEZM AX FLEET PROFILE

1Q03 2Q03 3Q03 4Q03 1Q04

Exis ting Fleet (end) 42.2 42.5 43.0 43.0 44.0Fleet change 2.5 % 0.6 % 1.1 % 0.0 % 2.3 %Order book (end) 10.2 12.7 14.5 14.3 14.5Order book in % 24 % 30 % 34 % 33 % 33 %A verage age 9.6 9.5 9.4 9.1 8.8



In mdw t

30

35

40

45

92 93 94 95 96 97 98 99 00 01 02 03 04

START OF QUARTER

SUEZMAX EXISTING FLEET DEVELOPMENT120 - 200 000 DWT

MILLION DWT

ID: 1036

© Fearnleys

0

5

10

15

20

25

30

35

74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06

ON ORDEREXISTING

YEAR OF BUILD

SUEZMAX FLEET. AGE DISTRIBUTIONEXISTING AND ON ORDER APRIL 2004

NO. OF SHIPS

ID: 1052

© Fearnleys

SUE

ZM

AX


During the first quarter this year the Suezmax fleet grewby 6 vessels, or 0.96 mdwt, to 297 vessels totaling 44.0mdwt. This represents an increase of 2.2%. For detailedfleet information please see table below or on pages 63 to69.

Fleet ForecastThe Suezmax fleet is estimated to increase by 6.7% during2004, 8.1% during 2005 and 6.6% in 2006. The averageage of the Suezmax fleet is 9.1 years.

SUEZMAX FLEET CHANGES


SUEZMAX DELIVERIES 1. QUARTER 2004TY NAME FLAG DWT DATE OWNER YARD COUNTRY CONT

CRUD CAP PIERRE GRC 159 600 jan.04 METROFIN SAMSUNG KOR mar.02

CRUD NORDIC BRASILIA BAH 159 600 jan.04 VIKEN S SAMSUNG KOR jul.02

CRUD ATHENIAN OLYMPIC MAI 159 000 jan.04 ATHENIAN SEA HYUNDAI KOR des.02

CRUD ASTRO PHOENIX GRC 159 000 jan.04 ALPHA TANKERS HYUNDAI KOR jun.02

CRUD ASTRO PERSEUS GRC 159 000 jan.04 ALPHA TANKERS HYUNDAI KOR jun.02

CRUD ATHENIAN GLORY GRC 159 000 mar.04 ATHENIAN SEA HYUNDAI KOR des.02

CRUD ASTRO POLARIS GRC 158 892 mar.04 ALPHA TANKERS HYUNDAI KOR aug.02

CRUD OLYMPIC FLAG GRC 156 000 mar.04 ONASSIS NAMURA JPN jul.01

CRUD ASIAN SPIRIT LIB 152 000 jan.04 TEEKAY SHIPPING HYUNDAI KOR feb.01

CRUD DESH SHAKTI IND 149 840 feb.04 SCI DAEWOO KOR jan.02

SUEZMAXES SOLD FOR SCRAPPING 1. QUARTER 2004


MT NOSTOS 81 155 211 21 900 410.00 BANGLADESHMT SERENE SKY 76 154 934 27 215 300.00 CHINA ASIS SINGAPOREMT ARTEMIS 76 135 900 20 175 378.00 CHINAOO LIBRA ALBACORA 77 132 007 24 332 397.00 CHINA

REPRESENTATIVE SUEZMAX CONTRACTS 1. QUARTER 2004TYPE NO. DWT YARD OWNER DEL PRICE est. REMARKS

MT 1 166 000 dwt Brodosplit T. Plovidba 2007 52MT 2 162 000 dwt HHI Tsakos 2007 Ice 1AMT 4 162 000 dwt Daewoo Sovcomflot 06/07 Ice 1AMT 1+2 160 000 dwt Daewoo Sonangol 2005 51MT 2 160 000 dwt HHI Liquimar 2007MT 2 159 000 dwt H. Samho K.G. Jebsen 4Q/07MT 3 159 000 dwt H. Samho Geden Line 2007 50 LoIMT 1 155 000 dwt Daewoo Sonangol 4Q/06 "old" contr.


SUE

ZM

AX

April 2004 | 25

SHIPM ENTS BY DOUBLE HULL SUEZMAX VESSELS

In % of total trade 1999 2000 2001 2002 2003 1Q04EXPORTSMEG/R.Sea 39 37 36 39 47 53N. E./N.Afr. 21 37 52 65 77 77W.Af r. 43 60 64 68 69 69N. Sea 70 71 78 80 91 92Others 43 49 54 70 85 900 0 0 0 0 0IM PORTSEurope 46 56 67 73 79 81Am.Atl. 60 72 69 82 83 86Japan/F.East 15 16 23 32 41 39Others 39 40 38 47 54 56

© Fearnleys

Suezmax Trades 4Q03After an all time high last quarter, Suezmax shipments fellback 4.7 % to 104.8 mdwt. 2003 ended with an quarterlyaverage of 105.1 mdwt, which is 5.3 mdwt higher thanthe average for 2002. Most of the decrease in volumeconsisted of oil from the Carribean to the US Gulf.

After two quarters with volumes above 12 mdwt,Carribbean exports fell 3.8 mdwt, and ended at 8.3 mdwt.North Africa had, for the 3rd quarter in a row, volumesabove 20 mdwt, and ended at 22.1 mdwt, down 4% from3Q03. MEG had a modest increase of 3.2 %, up to 14.9mdwt. West Africa increased 2 %, and ended at 25 mdwt,the highest level since 1Q02.

South East Asia fell back 56% last quarter, but reboundedand closed at the highest level ever for this area, with a3.4 mdwt increase, winding up at 6.4 mdwt. Imports toNorth America East Coast decreased 17 %, and ended at24.9 mdwt. Most of the decrease was the result of adecline in Caribbean volumes which decreased 3.3 mdwtalone to the east coast of North America including USGulf. S.E. Asia volumes increased 110% and peaked atan all time high level at 6.4 mdwt. Most of the volumescame from MEG, but West Africa contributed also to thesehistorically high levels. N W Europe fell 13 %, and endedat 9.6 mdwt; this was the case even though imports from‘Other Areas’ to NW Europe increased almost 700,000dwt. The largest contributor to the drop in European importswas North Africa.

The combined carrier market in the Suezmax segment isnow down to an insignificant level of 600,000 dwt for thelast quarter. CC contributed to only 3.5% of the totalshipped Suezmax volumes for 2003. This, of course, is aresult of the extremely strong dry bulk market.

0

3

6

9

12

2000 2001 2002 2003

MILLION DWTID: 147

W. AFRICA

N. EAST/N. AFR.

MEG/RS

OTHER AREAS

N. SEABL. SEA

TANK AND COMBINED 120-200 000 DWTOIL EXPORTS BY AREA

3M. AVERAGES

© Fearnleys

0

5

10

15

20

2000 2001 2002 2003

MILLION DWT

ID: 148

EUROPE

AMERICAATLANTIC

OTH. AREAS

JAPAN/F. EAST

OIL IMPORTS BY AREATANK AND COMBINED 120-200 000 DWT

3M. AVERAGES

© Fearnleys

0

25

50

75

100

125

150

175

200


MEG/R.SEAN.AFR/N.EASTW. AFRICACARIBSN.SEAOTHERS

ID: 356

OIL SHIPMENTS 2003

DESTINATION


ORIGIN

TANK AND COMBINED CARRIERS 120-200 000 DWT

© Fearnleys*Inc. Total Mediterranean

AFR

AM

AX


Aframax••••• Aframax rates declined throughout the quarter,

albeit with strong volatility.

••••• Continued high ordering activity of Aframax ves-sels.

••••• A quite active second-hand market including somenewbuilding resales established a new, higherpricelevel.

••••• After growth in three consecutive quarters,Aframax shipments declined. The total volume for4Q03 ended at 195.9 mdwt, down 4% on 3Q03.

Aframax Market

Spot RatesThe first quarter Aframax market, although commencingon a high note, was not as positive as the market seen inthe preceding quarter. During January, relatively high rateswere maintained in most sectors, although there wereconsiderable fluctuations. In the North Sea ratesfluctuated between WS 225 and WS 250, but in this arearate levels were clearly subsidized by a strong and activemarket in the neighboring Baltic. In the Mediterranean,Aframax rates rose steadily in January from WS 270 toWS 305. As usual, the Caribbean experienced strongerfluctuations than other markets, and in January ratesmoved between WS 250 and WS 400 during the courseof the month.

In February some Aframax markets experienced a greatdeal of rate erosion as inquiry slowed. In the North Sea,reliance on an active Baltic market eventually proved futilesince the Baltic also proved very quiet by month’s end.Rates fell in the North Sea from WS 225 to WS 152.5 asFebruary unfolded. In the Mediterranean, there was littleactivity to underpin rate levels and these fell from WS 240to WS 100 during the course of the month. The Caribbeanwas, as usual, more volatile with up-coast rates starting atthe WS 270 level and rising to a peak of WS 335 in themiddle of the month only to fall to a low of WS 185 by theend of the month.

March was a mixed month for Aframaxes. In the NorthSea, rates remained fairly steady at around WS 150, butfell to WS 140 at the end of the month. The Mediterraneanproved to be more balanced between tonnage and inquiry,and rates remained quite steady, fluctuating between WS205 and WS 215 throughout the month. The Caribbean

50

100

150

200

250

300

350

400

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

MONTHLY AVERAGES

AFRAMAX WS RATES

WS

ID: 1066

CARIBS - USG

UK - CONTN.AFR - CONT

© Fearnleys

0

10000

20000

30000

40000

50000

60000

70000

80000

1998 1999 2000 2001 2002 2003 2004

MONTHLY AVERAGES

AFRAMAX FREIGHT MARKET

USD/DAY

PUERTO LA CRUZ-PHILADELPHIA1990 BUILT

SIDI KERIR-LAVERA 1990 BUILT

ID: 986

S.VOE-R.DAM 1990 BUILT

© Fearnleys

0

10

20

30

40

50

60

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 20040

10

20

30

40

50

60

70

80

90ID: 105


80' 15 YRS

N/B 105' D/H

80' 10 YRS

* YEARLY AV. T/C EQ 2004: AVG. JAN-MAR

T/C EQUIV. *

MARKET DEVELOPMENT AFRAMAX TANK

95' 5 YRS

© Fearnleys


AFR

AM

AX

April 2004 | 27

started slowly in March with low rate levels in the WS160s, but activity soon picked up enough to produce levelsin the WS 240s for most of the month.

Period BusinessThere were a number of Aframaxes fixed for periodbusiness during the first quarter of 2004, although the majortopic of conversation seemed to be the discrepancybetween charterers’ and owners’ rate ideas. In an obviousattempt to bridge this gap, a number of charterers optedto take vessels for longer periods which usually resultedin a discounted rate compared to what might be availableby taking a vessel for a year or less. This is because ratesdemanded by owners for shorter periods tend to reflectthe rather high expectations owners have of the immediatespot market. A good example of this was a 1999 builtAframax reported fixed to Japanese charterers in Marchfor five years at USD 20,500, whilst a 1994 built vesselwas reported fixed in February for only 12 months at USD23,000 pdpr.

AFRAMAX PRICE DEVELOPMENT ID: 228

Type Dw t Built 03.02 03.03 01.04 02.04 03.04MT* 105 000 NB 36.0 36.5 42.0 43.0 46.0MT* 95 000 5 yrs 30.0 33.0 45.0 45.0 45.0MT 80 000 10 yrs 20.0 20.0 22.0 23.0 24.0MT 80 000 15 yrs 15.5 14.5 17.0 18.5 19.0MT 80 000 80/81 6.0 4.0 5.5 7.5 7.5MT 90 000 89/90 17.5 15.5 18.5 19.5 20.0MT* 95 000 92/93 24.0 25.0 28.0 30.0 30.0MT* 105 000 98/99 32.5 33.5 44.0 44.0 44.0


5

10

15

20

25

30

35

40

45

50

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

ID: 460

MILLION USD

80' DWT SH 10 YRS

80' DWT SH 15 YRS

80' DWT SH 5 YRS

AFRAMAX SECOND-HAND PRICESBY AGE

95' DWT DH 5 YRS

END OF MONTH

© Fearnleys

0

5

10

15

20

25

30

35

40

45

50

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

ID: 455 MILLION USD

85 000 DWT 75/76 BUILT

90 000 DWT BUILT 89/90

80 000 DWT 80/81 BUILT

AFRAMAX SECOND-HAND PRICESBY YEAR OF BUILD

END OF MONTH

© Fearnleys

95 000 DWT BUILT 92/93

60

70

80

90

100

110

1996 1997 1998 1999 2000 2001 2002 2003 2004

END OF MONTH

AFRAMAX PRICE RATIO5 YRS AFRAMAX IN PERCENT OF NEWBUILDING PRICES

PERCENT

ID: 1073

© Fearnleys

30

35

40

45

50

55

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

80 000 DWT S/H

ID: 457

MILLION USD

105 000 DWT D/H

AFRAMAX NEWBUILDING PRICES

© Fearnleys

END OF MONTH

AFR

AM

AX


Aframax ValuesAs new levels were set during 4Q03 through Niarchos’exit from shipping, a spectacular USD 53 million resalewas obtained for the two vessels sold at USD 45 million inDecember. FELICITY and FINESSE were acquired atthis price by Target Marine. This price justified the saleprice paid for the NORD- GULF/ISLE/LIGHT/OCEANenbloc at USD 160 million, within Germany, earlier in thequarter. The sales of AMMON (1999) and SEACHARM(1993) in March at USD 43 million and USD 30 million,respectively, were in line with recently established pricelevels.

The second-hand value of a 5-year-old 95,000 tonner wasadjusted up USD 7.0 million to USD 45.0 million duringthe quarter. A 10-year-old 80,000 tonner was adjusted upthe same amount to USD 24.0 million.

For detailed price developments please see table on page27, or pages 69 and 70.

Aframax FleetHigh ordering activity of Aframax vessels continued into1Q04. 20 vessels were contracted – 14 crude carriersand 6 product tankers. Scheduled deliveries are 2006/07for most of the vessels but two were placed for 2008delivery. At the end of the quarter the orderbook consistedof 157 vessels of 17.0 mdwt or 28% of the existing fleet.

The Aframax fleet increased by 1.6% during 1Q04. 23vessels were delivered while 9 vessels were deleted. Fordetailed fleet information please see the table below or onpages 63 to 69.

EXISTING AND FUTURE AFRAMAX FLEET(D W T IN '000) No. DWTExisting 1/1 2004 606 59776Deliveries 2004 23 2442Deletions 2004 9 811Existing 1/4 2004 620 61408Order book Del.2004 33 3588Est. New orders for Del. 2004 - -Deletions 2004 12 1090Existing 1/1 2005 641 63906Order book Del.2005 57 6160Est. New orders for Del. 2005 - -Deletions 2005 20 1900Existing 1/1 2006 678 68166Order book Del.2006 48 5234Est. New orders for Del. 2006 8 880Deletions 2006 20 2000Existing 1/1 2007 714 72280

AFRAM AX FLEET PROFILE

1Q03 2Q03 3Q03 4Q03 1Q04

Exis ting Fleet (end) 56.8 57.6 58.9 59.8 61.4Fleet change 3.9 % 1.4 % 2.4 % 1.4 % 2.7 %Order book (end) 14.7 15.7 16.9 17.3 17.0Order book in % 26 % 27 % 29 % 29 % 28 %A verage age 11.2 11.0 10.6 10.3 10.0



In mdw t

30

40

50

60

70

92 93 94 95 96 97 98 99 00 01 02 03 04

START OF QUARTER

AFRAMAX EXISTING FLEET DEVELOPMENT80 - 120 000 DWT

MILLION DWT

ID: 1037

© Fearnleys

0

20

40

60

80

100

73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07+

ON ORDEREXISTING

YEAR OF BUILD

AFRAMAX FLEET. AGE DISTRIBUTIONEXISTING AND ON ORDER APRIL 2004

NO. OF SHIPS

ID: 1051

© Fearnleys


AFR

AM

AX

April 2004 | 29

AFRAMAX FLEET CHANGES


AFRAMAX DELIVERIES 1. QUARTER 2004TY NAME FLAG DWT DATE OWNER YARD COUNTRY CONT

CRUD BRITISH CURLEW IOM 114 760 jan.04 BP SAMSUNG KOR sep.01

CRUD OVERSEAS CATHY MAI 112 700 jan.04 OVERSEAS SHIPH. SAMH KOR apr.01

CRUD AUSTRALIAN SPIRIT BAH 111 942 jan.04 TEEKAY SHIPPING HYUNDAI KOR feb.01

PROD SAKHALIN RUS 108 000 mar.04 PRIMORSK BRODO HRV des.00

PROD SAINT NICKOLAY* RUS 108 000 mar.04 PRIMORSK BRODO HRV des.00

CRUD QUEEN RIVER PAN 107 000 jan.04 TAI CHONG CHEANG IMABARI JPN jul.01

CRUD RAFFLES RIVER SNG 107 000 mar.04 K.LINE IMABARI JPN sep.02

CRUD PETROVSK LIB 106 449 jan.04 SOVCOMFLOT TSUNEI JPN jan.01

PROD ALONISSOS GRC 106 149 mar.04 ELETSON HYUNDAI KOR apr.01

CRUD SERENITY LIB 105 200 jan.04 DYNACOM SUMITO JPN sep.01

CRUD CELEBRITY LIB 105 200 feb.04 DYNACOM LTD. SUMITO JPN sep.01

CRUD SEASCOUT MTA 105 000 jan.04 THENAMARIS SAMH KOR jun.01

CRUD BUNGA KELANA 7 MAL 105 000 jan.04 MISC SAMSUNG KOR sep.02

CRUD MINERVA HELEN GRC 105 000 jan.04 MINERVA MARINE SAMSUNG KOR apr.02

CRUD JAG LAVANYA IND 105 000 jan.04 GREAT EASTERN SAMSUNG KOR sep.00

CRUD MARE ADRIACUM ITL 105 000 jan.04 D'AMICO MITSUIEN JPN nov.01

CRUD BRITISH HOLLY IOM 105 000 feb.04 BP SHIPPING TSUNEI JPN mar.02

CRUD CERAM SEA SNG 105 000 feb.04 TANKER PACIFIC HYUNDAI KOR jun.01

CRUD ISABELLA MTA 105 000 feb.04 THENAMARIS SAMH KOR jun.01

CRUD MARE TIRRENUM ITL 105 000 mar.04 D'AMICO MITSUIEN JPN nov.01

CRUD MINERVA ZOE GRC 105 000 mar.04 MINERVA MARINE SAMH KOR jun.01

CRUD MINERVA ELEONORA GRC 104 500 mar.04 MINERVA MARINE SAMSUNG KOR apr.02

PROD ELKA VASILIKI GRC 95 000 feb.04 EUROPEAN N. BRODO HRV mar.01

AFRAMAXES SOLD FOR SCRAPPING 1. QUARTER 2004


MT OVERSEAS BOSTON 74 123 692 19 330 320.00 CHINAMT KRITI SEA 74 123 436 20 129 403.00 BANGLADESHMT SPIROS 78 116 783 19 232 375.00 CHINAMT AFRAGEM 84 113 957 20 580 396.00 CHINAMT ANOPOLIS 76 98 930 16 756 422.50 BANGLADESHMT AL BOURAIGH 75 89 702 15 800 401.50 BANGLADESHMT VIVEKANANDA 74 89 367 16 608 335.00 BANGLADESH OLD SALEMT SATYAMURTI 75 89 347 16 800 360.00 INDIA SCI TENDERMT GULF DISCOVERY 81 88 725 15 244 337.50 BANGLADESHMT MATCO CLYDE 82 81 944 16 000 310.00 CHINA

REPRESENTATIVE AFRAMAX CONTRACTS 1. QUARTER 2004 TYPE NO. DWT YARD OWNER DEL PRICE est. REMARKS

MT 2 116 000 dwt HHI Interorient Nav. 2007MT 2 115 000 dwt Samsung Viken 06/07 Ice 1AMT 1 115 000 dwt Sasebo Hakuyo 4Q/06MT 2 115 000 dwt Sasebo Domestic 2006MT 2 115 000 dwt Samsung Ceres H. 06/07PC 1 110 000 dwt Dalian New Torm 2008PC 1 110 000 dwt Dalian New Torghatten T. 2007PC 2 105 000 dwt Sumitomo Japanese 2006 K-line tcMT 2 105 000 dwt Sumitomo Dorian 06/07MT 2 105 000 dwt HHI Novoship 06/07MT 4 105 000 dwt HHI Teekay 06/07MT 2 105 000 dwt Tsuneishi Teekay 07/08 Lightering

AFR

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Fleet ForecastFearnresearch estimates a net fleet growth of 6.9% during2004, 6.7% in 2005 and 6.0% in 2006.

Aframax Trades 4Q03After three consecutive quarters of growth, Aframaxshipments declined in 4Q03. The total volume for 4Q03ended at 195.9 mdwt, which is a decline of 4.3% since3Q03. However, total Aframax shipments in 2003 endedat 772 mdwt which is the highest level ever recorded, 4.5%above 2002. Shipments by combined carriers declined aswell. Down 2.8 mdwt to 6.8 mdwt. Total shipments bycombined carriers in 2003 ended at 35.3 mdwt which isthe lowest volume recorded since the 1980s.

Although total quarterly volumes declined, geographicaldistribution was mixed. Shipments from the Caribbean fellfrom 65.9 mdwt to 59.4 mdwt. Most of this decline was inshipments to the US which declined by 4.1 mdwt to 55.7mdwt. Shipments from the Black Sea also declined andwere down 2.2 mdwt, or almost 14%. This was a result ofnew sailing restrictions through the Bosphorus andDardanelles Straits that were imposed in November lastyear. Periodically as many as 60-70 ships were queueingfor transits through the straits.

Oil imports showed a general decrease all over, howeverthe decline in to the US Atlantic coast accounted for about60% of the reduced volumes. Shipments to India rose byabout 1.0 mdwt from the Middle East Gulf. Shipments toOther Far east and SE Asia fell by 1.0 mdwt each.

SHIPM ENTS BY DOUBLE HULL AFRAMAX VESSELS

In % of total trade 1999 2000 2001 2002 2003 1Q04EXPORTSMEG/R.Sea 35 39 38 44 49 51N. E./N.Afr. 18 35 58 58 77 83W.Af r. 63 77 77 78 84 87N. Sea 47 67 70 78 95 92Others 36 38 43 45 62 670 0 0 0 0 0IMPORTSEurope 31 48 61 64 74 80Am.Atl. 65 77 78 79 86 89Japan/F.East 50 50 50 55 56 56Others 26 28 27 29 39 44

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2000 2001 2002 2003

OIL IMPORTS BY AREATANK AND COMBINED 80-120 000 DWT

MILLION DWT

AMERICA ATLANTIC

EUROPE

OTHER AREAS

JAPAN/FAR EAST

ID: 1085

3M. AVERAGES

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OIL EXPORTS BY AREATANK AND COMBINED 80-120 000 DWT

MILLION DWT

CARIBBEAN

OTHER AREAS

N.EAST/N AFR.

M.E. GULF/RED SEA

NORTH SEA

BLACK SEA

ID: 1082

3M. AVERAGES

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MEG/R.SEAN.AFR/N.EASTCARIBSS.E.ASIAN.SEAOTHERS

ID: 347

OIL SHIPMENTS 2003TANK AND COMBINED 80-120 000 DWT

DESTINATION


ORIGIN

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April »-2004 | 31

Product••••• Product rates improved steadily until March

when the market lost momentum.

••••• Second-hand values continue to increase.

••••• Continued high newbuilding contracting ac-tivity.

••••• US products imports continue to increase. Up6.4% in March y-o-y.

••••• US gasoline stocks fell by 1.3% during 1Q04.

Product Market

Spot RatesCertainly, the product freight market had a far moreauspicious start to the year than that seen in the crude oiltransportation market. The first two months of the quartersaw very strong rates being paid to product tankers virtuallyacross the board. March was, however, another story,and rates weakened as a result of flagging inquiry duringthis last month of the quarter.

During January rates on the route from the Middle EastGulf to Japan reached WS 265 for 30,000 m/t lots, WS235 for 55,000 m/t lots and WS 205 for 75,000 m/t lots.Shorter haul voyages on MRs from the Gulf to East CoastIndia also proved profitable, reaching a level of WS 400for 30,000 m/t lots. Short voyages within Asia alsocommanded higher rates as January unfolded. In theAtlantic 37,000 m/t movements from the Continent-Mediterranean to the States saw rates rise from WS 290to WS 385 on the back of a greater demand for heating oilin America. In the Caribbean, rates for 30,000 m/t lotsup-coast reached WS 410, whilst 38,000 m/t lots reachedWS 315.

With the exception of a short lull during the I.P. weekfestivities in London, rates continued to be strong forproduct carriers during February. On the Middle EastGulf to Japan route, rates improved substantially duringthe month, reaching WS 350 for 30,000 m/t lots, WS 275for 55,000 m/t lots and WS 240 for 75,000 m/t lots. Smallerproduct carriers in the Far East became a scarcecommodity, and rate levels reached in excess of WS 400for voyages from Singapore to the Pacific Islands with30,000 m/t and WS 365 for 30,000 m/t from Singapore toJapan. From the Continent to the States rates of aroundWS 395 were paid for 37,000 m/t movements. Also in the

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1997 1998 1999 2000 2001 2002 2003 2004

CAR-USNH 30'MED-USA 30'

MONTHLY AVERAGESWS

CARGOS IN '000 TONNES

ID: 178

FREIGHT RATE DEVELOPMENTPRODUCT CARRIER 30 000 DWT IN THE ATLANTIC

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1997 1998 1999 2000 2001 2002 2003 2004

MEG-JPN 30'SING-JPN 30'MEG-JPN 55'

ID: 177

MONTHLY AVERAGESWS

CARGOES IN '000 TONNES

FREIGHT RATE DEVELOPMENTPRODUCT CARRIER 30-55 000 DWT TO JAPAN

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40ID: 98


30' 15 YRS

N/B 45' D/H

30' 10 YRS

* YEARLY AV. T/C EQ. 2004. AVG. JAN-MAR

MARKET DEVELOPMENT. MR PRODUCT

40' 5 YRS

T/C EQUIV *

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PRODUCT PRICE DEVELOPMENT ID: 229

Type Dw t Built 03.02 03.03 01.04 02.04 03.04MT* 45 000 NB 25.5 28.0 31.0 33.0 34.0MT* 40 000 5 yrs 24.5 25.5 29.5 30.5 31.0MT 30 000 10 yrs 11.2 11.0 12.0 12.0 13.0MT 30 000 15 yrs 8.0 7.0 8.5 9.0 9.0PC 30 000 89/90 10.5 9.0 9.0 9.5 9.5PC* 35 000 00/01 27.5 26.8 28.0 30.5 31.5PC 40 000 81/82 6.5 5.0 5.0 5.0 5.0PC 40 000 89/90 13.7 12.0 11.5 12.0 12.0PC* 45 000 94/95 23.5 23.0 24.5 25.0 25.0PC* 45 000 00/01 29.0 29.0 31.5 32.0 34.0PC* 70 000 87/88 18.0 17.0 17.0 18.0 18.0MT* 70 000 92/93 19.7 19.0 21.5 22.5 24.0


Caribbean, activity was brisk and 30,000 m/t up-coastmovements saw levels of WS 425, whilst 37,000 m/tmovements obtained WS 350.

During March product rates declined as activity diminished.In the Middle East Gulf rates for 30,000 m/t movementsto Japan dropped from WS 380 to WS 250, whilst ratesfor 55,000 m/t and 75,000 m/t movements fell from WS270 and WS 250 to WS 230 and WS 210, respectively.During March rates for 37,000 m/t cargoes from theContinent to the States fell from WS 395 to WS 250. TheCarribean was no exception, and rates for 30,000 m/tmovements fell more than 100 WS points in the last tendays of the month

Period BusinessRelatively strong spot rates, particularly during the firsttwo months of the quarter, provided owners with anopportunity to lock in good results, and there was aconsiderable amount of period fixing during this period.With rates falling in March, owners were far more reluctantto accept the time charter rates being offered. DuringJanuary ST Shipping took a total of six product carriers ofvarious sizes on time charter; there were two LR1newbuildings among them, the Kasper Schulte and theAbram Schulte each of 73,000 dwt, and these were fixedfor five years at USD 16,500 pdpr. Shell was also reportedto have taken the 37,000 dwt newbuilding Sophie for twoyears at USD 15,000 pdpr. In February, Saudi ArabianVela was reported to have fixed the Ocean Concord,68,000 dwt, built 2003, at a rate of USD 20,000 pdpr fortwelve months. Military Sealift Command secured a short30/60 day time charter on the Sanmar Serenade, built 2004,at USD 39,000 pdpr. HMM of South Korea charteredtwo vessels in February, the Argosy and the Admiral, both40,000 dwt and built in 1991, for two years at USD 13,500pdpr. As we mentioned, falling rates produced fewer dealsin March, but the Tula, 40,000 dwt built 1997 was reportedfixed to Kingfish for three option three months at USD16,500 pdpr, and PDVSA secured the 69,000 dwt Aruba,built 1980 for six months at USD 19,000 pdpr. Also duringMarch, ST Shipping obtained two ice class Panamaxnewbuildings with delivery 2005 for three years at USD23,000 pdpr.

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1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

END OF MONTH

PRODUCT SECOND-HAND PRICESBY AGE

MILLION USD

40,000 DWT 5 YRS OLD



ID: 1068

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1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

MILLION USD

30 000 DWT 81/82

ID: 176

30 000 DWT 74/75

40 000 DWT 81/82

40 000 DWT 89/90

PRODUCT SECOND-HAND PRICES BY YEAR OF BUILD

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April 2004 | 33

20

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35

40

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

END OF MONTH

PRODUCT NEWBUILDING PRICES45,000 DWT DOUBLE-HULL

MILLION USD

ID: 1069

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65

70

75

80

85

90

95

100

1996 1997 1998 1999 2000 2001 2002 2003 2004

MONTHLY

PRODUCT PRICE RATIO5 YRS PRODUCT CARRIER IN PERCENT OF NB PRICES

PERCENT

ID: 1075

© Fearnleys

Product Tanker ValuesSecond hand prices rose, albeit the volume of transactionswas low this quarter. A few enbloc deals were concludedin January and February whereas March was quiet.Minerva bought a sextet of ice-classed 51,000 dwt productcarriers from Pietro Barbaro in January. These were rsalesand vthe vessels are scheduled for delivery in 2005/06from STX. We presume the intended trade is in the BalticSea. At USD 34.5 million each, we find the prices quitereasonable taking into account newbuilding prices forsimilar vessels. Furthermore, comparing to the sale ofPINK STAR (+2 sisters) at USD 34 million each, theMinerva purchase looks even more favourable. It should,however, be taken into consideration forward delivery.

Finally, BRITISH ADMIRAL (+2 sisters) built 1990 weresold at USD 11 million each. This price was more or lessin line with expectations and giverning market levels.

The price for a 5 year-old 40,000 dwt product carrier wereadjusted up by USD 3.0 million to USD 31.0 million. Oldervessels, i.e. 10-15 years have also strengthened their valueduring the quarter.

The newbuilding price of a 45,000 dwt double-hull producttanker is estimated to be priced at USD 34.0 million.

For detailed price developments please see table below oron pages 69 and 70.

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EXISTING AND FUTURE PANAMAX FLEET (D W T IN '000) No. DWTExisting 1/1 2004 275 17738Deliveries 2004 15 1087Deletions 2004 2 128Existing 1/4 2004 288 18696Order book Del.2004 35 2403Est. New orders for Del. 2004 - -Deletions 2004 15 900Existing 1/1 2005 308 20199Order book Del.2005 72 4946Est. New orders for Del. 2005 - -Deletions 2005 25 1500Existing 1/1 2006 355 23645Order book Del.2006 39 2580Est. New orders for Del. 2006 8 576Deletions 2006 30 1800Existing 1/1 2007 372 25001

PANAM AX FLEET PROFILE

1Q03 2Q03 3Q03 4Q03 1Q04

Exis ting Fleet (end) 18.0 18.2 18.0 17.7 18.7Fleet change -0.4 % 1.0 % -0.7 % -1.6 % 5.4 %Order book (end) 6.5 8.3 9.4 10.6 11.8Order book in % 36 % 46 % 52 % 60 % 63 %A verage age 15.8 15.6 15.2 15.0 14.3



In mdw t

Product Fleet

Panamax fleet (50-80,000 dwt)The interest for Panamax tankers surged in 1Q04 and atotal of 35 new orders were placed – all of them producttankers. Following the ordering spree at Chinese yards in4Q03, the majority of the 1Q04 orders were placed in Japanand Korea. At the end of March the order book consistedof 173 vessels of 11.8 mdwt, or 63% of the existing fleet.

The Panamax fleet decreased by 0.7% during 2003. 24vessels were delivered while 30 vessels were deleted. Fordetailed fleet information please see table below or on pages63 to 69.

Fleet ForecastFearnresearch estimates a net fleet growth of 13.9% during2004, 17.1% in 2005 and 5.7% in 2006.

10-50,000 DWTIn 1Q04 we recorded a total of 50 new product orders.Korean yards dominated the scene, with Hyundai MipoDockyard, Hyundai Heavy Industries and STX Dockyardsas the most active yards. The order book now numbers407 vessels of 15.3 mdwt or 34% of the existing fleet.

The active fleet numbers 1368 vessels of 45.0 mdwt. During1Q04, a total of 32 vessels were delivered while 9 weredeleted, the fleet increased 2.4%

The fleet is estimated to increase 10.3% in 2004, 4.5% in2005 and 0.6% in 2006.

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72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06

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YEAR OF BUILD

OIL TANKERS 50-80 000 DWTEXISTING AND ON ORDER APRIL 2004

NO. OF SHIPS

ID: 1050

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92 93 94 95 96 97 98 99 00 01 02 03 04

START OF QUARTER

PANAMAX TANKER FLEET DEVELOPMENT50 - 80 000 DWT

MILLION DWT

ID: 1038

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EXISTING AND FUTURE PRODUCT FLEET

(D W T IN '000) No. DWT No. DWTExisting 1/1 2004 354 5835 992 38102Deliveries 2004 1 19 31 1307Deletions 2004 2 28 7 237Existing 1/4 2004 353 5801 1016 39197Order book Del.2004 18 284 112 4605Est. New orders for Del. 2004 - - - -Deletions 2004 40 750 20 660Existing 1/1 2005 331 5335 1108 43142Order book Del.2005 20 297 121 4987Est. New orders for Del. 2005 - - - -Deletions 2005 35 650 75 2475Existing 1/1 2006 316 4982 1154 45654Order book Del.2006 18 230 77 3220Est. New orders for Del. 2006 6 105 9 345Deletions 2006 35 650 90 2970Existing 1/1 2007 305 4667 1150 46249

10-25,000 25-50,000PRODUCT FLEET PROFILE (10-50,000 DWT)

1Q03 2Q03 3Q03 4Q03 1Q04

Existing Fleet (end) 42.4 43.1 43.4 43.9 45.0Fleet change 2.5 % 1.7 % 0.7 % 1.2 % 2.4 %Order book (end) 12.3 12.9 13.7 14.9 15.3Order book in % 29 % 30 % 32 % 34 % 34 %A verage age 13.6 13.3 13.0 12.7 12.5


Existing Fleet (end) 1317 1329 1333 1346 1369Order book (end) 316 332 352 389 407Deliveries 34 32 27 31 32Deletions 11 20 23 18 9Sold f or scrap 8 24 25 18 12Contracting 57 48 47 67 50

In mdw t

30

35

40

45

50

92 93 94 95 96 97 98 99 00 01 02 03 04

START OF QUARTER

PRODUCT TANKER FLEET DEVELOPMENT10 - 50 000 DWT

MILLION DWT

ID: 1039

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-70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06

ON ORDEREXISTING

YEAR OF BUILD

TANKERS 25 - 40 000 DWTEXISTING AND ON ORDER APRIL 2004

NO. OF SHIPS

ID: 1088

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ON ORDEREXISTING

YEAR OF BUILD


NO. OF SHIPS

ID: 1087

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90

-70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06

ON ORDEREXISTING

YEAR OF BUILD


NO. OF SHIPS

ID: 1089

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PANAMAX / PRODUCT FLEET CHANGES


PANAMAX DELIVERIES 1. QUARTER 2004TY NAME FLAG DWT DATE OWNER YARD COUNTRY CONT

PROD TORM ESTRID DIS 75 000 jan.04 TORM POOL HYUNDAI KOR mai.02

PROD TORM ANNA DIS 75 000 feb.04 TORM POOL HYUNDAI KOR mai.02

PROD NORDVENUS LIB 75 000 mar.04 TORM POOL HYUNDAI KOR mai.02

PROD CHEMTRANS MOON LIB 74 500 jan.04 D'AMATO HUDON CHN mar.02

PROD FOTINI LADY GRC 73 000 feb.04 BYZANTINE MARITIME STX KOR apr.02

PROD PETALI LADY GRC 73 000 mar.04 BYZANTINE MARITIME STX KOR apr.02

PROD KASPAR SCHULTE CYP 72 718 feb.04 PACIFIC CARRIERS SAMSUNG KOR mai.02

PROD ABRAM SCHULTE CYP 72 700 feb.04 PACIFIC CARRIERS SAMSUNG KOR sep.02

PROD STENA COMPANION BER 72 000 jan.04 STENA BULK DALIA CHN jun.01

PROD STENA COMPATRIOT LIB 72 000 feb.04 STENA BULK DALIA CHN jun.01

PROD IASONAS GRC 71 498 jan.04 LIQUIMAR TANKERS MANAGEME STX KOR apr.01

PROD AMAZON BEAUTY GRC 71 050 jan.04 SUN ENTERPRISE HYUNDAI KOR mai.02

PROD SANKO COMMANDER LIB 71 000 feb.04 DYNACOM ONOMICHI JPN sep.02

CRUD CABO SOUNION CYP 69 250 jan.04 STELMAR TANKERS, LONDON DAEWOO KOR apr.02

PROD REYMAR CYP 69 250 feb.04 STELMAR DAEWOO KOR apr.02

PRODUCT DELIVERIES 1. QUARTER 2004TY NAME FLAG DWT DATE OWNER YARD COUNTRY CONT

PRCH SABREWING PAN 49 323 jan.04 KOYO K NAIKAI JPN mar.02

PRCH SCARLET IBIS PAN 48 000 jan.04 NYK IWAGI JPN des.01

PRCH STENA CONSUL LIB 47 400 mar.04 NOVOSHIP ULJANIK HRV jul.01

PRCH MERCINI LADY LIB 47 396 jan.04 BYZANTINE CRO HRV okt.00

PROD BAIZO PAN 47 094 jan.04 STARGAS ONOMICHI JPN jun.01

PROD OCTAVIA PHI 47 000 jan.04 VANGUARD ENTERPRISES ONOMICHI JPN jun.02

PROD OKHTA BRIDGE LIB 47 000 mar.04 SOVCOMFLOT HMDK KOR jul.01

PRCH SURFER ROSA MTA 46 718 feb.04 MINERVA M. HMDK KOR jan.02

PRCH RUDY MAI 46 080 feb.04 NOVOROSSIYSK HMDK KOR jan.02

PROD RESOLVE SNG 46 048 jan.04 TRANSPETROL STX KOR apr.02

PROD PRO GIANT PAN 46 000 feb.04 SK SHIPPING HMDK KOR aug.01

PRCH ALCESMAR CYP 45 965 jan.04 TARGET MARINE STX KOR feb.02

PROD ENDEAVOUR SNG 45 800 jan.04 TRANSPETROL STX KOR apr.02

PRCH ALCMAR GRC 45 800 jan.04 TARGET MARINE STX KOR feb.02

PRCH PIONEER SUNSHINE PAN 45 800 feb.04 IINO KAIUN SHINKU JPN mar.02

PRCH ANDROMAR CYP 45 800 mar.04 TARGET MARINE STX KOR feb.02

PROD PEARL EXPRESS PAN 45 798 feb.04 MOL MINAMI JPN feb.03

CRUD SAKURA EXPRESS PAN 45 000 mar.04 ORIENT MARINE MINAMI JPN feb.03

PROD CARIBBEAN SPIRIT PAN 44 950 jan.04 NEPTUNE ORIENT LINES SHINKU JPN okt.02

PRCH MOUNT MCKINNEY CYP 39 500 jan.04 INTERSHIP NAV. SAIKI JPN sep.01

PRCH BALTIC CRUSADER IOM 37 340 jan.04 INTERORIENT HMDK KOR okt.01

PRCH GEESTESTERN GEU 37 300 mar.04 RIGEL JINLING CHN apr.02

PRCH MS SOPHIE LIB 37 000 jan.04 CHEMICALIEN SEETRANSPORT SHINASE KOR nov.00

PRCH ALICUDI M. ITL 37 000 feb.04 D'AMATO SHINASE KOR jun.01

PRCH LOIRE MAI 37 000 feb.04 OMI HMDK KOR des.02

PRCH SOUTHERN UNITY LIB 37 000 mar.04 UNICORN SHINASE KOR nov.01

PRCH CAPE BRUNY MAI 35 000 jan.04 COLUMBIA S.L. HMDK KOR aug.01

PRCH J.SHARTAVA MAI 35 000 feb.04 COLUMBIA S.L. HMDK KOR nov.01

PROD RIBE MAERSK DIS 35 000 feb.04 MOLLER,A.P. GUANSHIP CHN mai.01

PRCH CHEMBULK BARCELONA PAN 32 000 jan.04 RESTIS SHINKU JPN jul.02

PROD JURMO FIN 25 000 mar.04 FORTUM JINLING CHN jun.01

PROD KIRANA DWITYA SNG 18 773 jan.04 KIRANA TANKERS NAIKAI JPN sep.02


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April 2004 | 37

PANAMAX / PRODUCT FLEET CHANGES Continued

PANAMAX / PROCUCT CARRIERS SOLD FOR SCRAPPING 1. QUARTER 2004


MT USF 1 66 72 774 16 725 230.00 INDIA STORAGE, ASIS CAMEROONMT VOLGA 81 65 689 13 747 376.00 CHINAMT ADYGEJA 81 61 341 12 700 407.00 BANGLADESHMT TITAN MERCURY 77 57 372 11 400 415.00 BANGLADESHMT GEROI SEVASTOPOLOYA 79 55 870 12 648 381.00 CHINAMT VIKTORIO KODOVILJA 76 40 030 11 300 329.00 CHINATT FREDRICKSBURG 58 39 347 8 644 425.00 BANGLADESH BLT USAMT BUNKER 2 75 37 440 8 013 300.00 INDIAMT CLAUDINE 76 36 303 7 383 285.00 INDIA ASIS FUJAIRAHMT ROVER 77 35 663 9 195 328.00 CHINAMT STARDROP 76 32 234 7 253 361.00 CHINAMT CORALI 75 31 601 6 849 BANGLADESHMT MAYKOP 75 29 995 7 000 395.00 CHINAMT OCEAN CHARM 84 29 940 8 500 332.00 CHINAMT TALAVA 77 29 690 5 700 275.00 INDIA OLD SALEMT MOKRAN 74 25 651 6 398 306.00 PAKISTANMT ASEAN POWER 75 11 518 3 530 350.00 INDIA

REPRESENTATIVE PRODUCT CONTRACTS 1. QUARTER 2004TYPE NO. DWT YARD OWNER DEL PRICE est. REMARKS

PC 5 75 000 dwt Minami Mitsui 2006PC 2 75 000 dwt Onomichi Mitsui 2007PC 2 74 700 dwt STX Parakou 2007 Decl. OptionsPC 4 74 200 dwt STX Target Marine 2007 39PC 4 74 000 dwt Brodosplit Marinvest 2007 41 Ice 1APC 2 74 000 dwt New Century Geden 2007 33.5PC 8+2 51 800 dwt 3Maj Latvian Shpg. 06/07PC 2 51 000 dwt STX P. Barbaro 2006 31 Decl. OptionPC 2 51 000 dwt STX Barbaro 2006 31.5PC 2 51 000 dwt STX Parakou 2007 30 Decl. OptionsPC 2 47 400 dwt STX TMM SA 1Q07 31PC 2 47 000 dwt STX Dunya 2007 31.5 Decl. OptionsPC 1 47 000 dwt H. Mipo OMI 4Q/05 Ice 1APC 2 47 000 dwt STX Great Eastern 2007 32PC 3 46 000 dwt Bohai Nanjing 06/07PC 2 45 000 dwt H. Mipo Dunya 2006 Decl.opt.PC 2 37 000 dwt H. Mipo Tsakos 2007PC 2 37 000 dwt H. Mipo Tsakos 2Q07 30 Ice 1APC 4 37 000 dwt H. Mipo Latvian 2007 30PC 2+2 37 000 dwt H. Mipo TEN 06/07 Ice 1APC 3+3 37 000 dwt H. Mipo Barclay 2007 Ice 1APC 4 37 000 dwt H. Mipo Interorient Nav. 2007 28.8PC 1 37 000 dwt Shina Chem Seetrans 2006 Decl. OptionsPC 1 35 000 dwt Dalian Schulte 2006PC 1 35 000 dwt Dalian S. Neptun 2006PC 4 29 000 dwt STX Motia 2007 25 LoIPC 2 23 400 dwt 3Maj C. Buttner 2006 25 OptionsPC 3+3 16 600 dwt Qiuxin APM 06/07 LoIPC 2 16 400 dwt Jiangnan Harren & Partn. 05/06 Ice 1A/Opt.PC 1 16 400 dwt Jiangnan Stenersen 2007 25PC 3+3 13 000 dwt KY H. I. Greek 2006PC 3 13 000 dwt Kwang Yang Unibros Shpg. 05/06

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Product Trades

Panamax Tanker TradesAfter the small positive increase in 3Q04, shipments byPanamax tankers declined in the fourth quarter. Ending at45.8 mdwt, shipments were down by 5.8 mdwt. Totalshipments in 2003 ended at 196.5 mdwt which was adecline of 14.4 mdwt, or 6.8%, from the preceeding year.Shipments by combined carriers fell to 3.2 mdwt thisquarter and to 21.4 mdwt for the year as a whole.

The most significant volume changes were in the Caribbeanregion. Shipments from this declined 0.8 mdwt to 13.5mdwt, however, we saw an increase in shipments to US(Atlantic) during the period, up 0.7 mdwt to 15.9 mdwt. Inline with the other segments, shipments out of the BlackSea declined due to daylight sailing restrictions imposed inNovember. Down 1.1mdwt to 1.9 mdwt. Otherwise therewere only minor changes.

Shipments to importing regions were mostly down, albeitwith only small volumes except for Europe. Shipments toNW Europe declined by 2.7 mdwt and to the Med. by 1.4mdwt. In other parts of the world only small changes werenoted. Shipments to SE Asia showed an opposite trendand actually increased, rising 0.9 mdwt to 4.8 mdwt.

Product Tanker TradesU.S. gasoline stocks remain lower than at this time of theyear in 2003, however above the levels seen two yearsago. On average, gasoline inventories increased from4Q03 to 1Q04, but end-March stocks were still 1.3% lowerthan end-December levels. Gasoline imports were about4.9% higher during 1Q04 compared to the preceedingquarter and gasoline output fell 3.3%.U.S. demand fortransportation fuels (gasoline/jet fuel) has risen steadily,increasing imports.

Based on two months statistics, Japanese products importsdeclined from November/December 2003. Imports fell by11.4%, and total stocks by almost 12%. Stocks were,however, slightly higher than one year ago.

Towards the end of the quarter, U.S demand for gasolineruns about 4% higher than one year ago and the peakdemand season is still a few months ahead. Extendedmaintenance curbed output somewhat, however we expectcontinued strong demand for gasoline imports to the USA.Strong demand for jet fuel in Asia, and in China especially,could also see more cargoes moving in this direction during2Q04.

SHIPMENTS BY DOUBLE HULL PANAMAX VESSELS

In % of total trade 1999 2000 2001 2002 2003 1Q04EXPORTSMEG/R.Sea 24 22 19 25 27 28N. E./N.Afr. 21 32 29 32 65 73W.Afr. 23 26 26 31 30 30N. Sea 46 42 39 49 74 94Others 19 28 36 37 49 530 0 0 0 0 0IMPORTSEurope 25 33 34 35 52 57Am.Atl. 24 28 29 33 38 43Japan/F.East 28 39 49 46 45 45Others 15 18 22 29 41 42

© Fearnleys

0

25

50

75

100

125


MEG/R.SEAN.AFR/N.EASTCARIBSS.E.ASIAN.SEAOTHERS

ID:541

OIL SHIPMENTS 2003TANK AND COMBINED 50-80 000 DWT

DESTINATION


ORIGIN

*Incl. Total Mediterranean © Fearnleys


PRO

DU

CT

April 2004 | 39

0

2

4

6

8

10

2000 2001 2002 2003

MILLION DWTID: 142

CARIBBEAN

N. EAST/N. AFR.

M.E. GULF/RED SEA

OTHER AREAS

NORTH SEA

BLACK SEA

OIL EXPORTS BY AREA TANK AND COMBINED 50-80 000 DWT

3M. AVERAGES

© Fearnleys

0

2

4

6

8

10

2000 2001 2002 2003

MILLION DWT

ID: 143AMERICAATLANTIC

EUROPE JAPAN/FAR EAST

OTHER AREAS

TANK AND COMBINED 50-80 000 DWTOIL IMPORTS BY AREA

3M. AVERAGES

© Fearnleys

0

500

1000

1500

2000

2500

3000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 20041

2

3

4

5

6

7

8MILLION K/L JAPAN

US AND JAPAN PRODUCT IMPORTS1000 B/D USA

ID: 1137

USA

JAPAN

© Fearnleys

0

200

400

600

800

1000

2001 2002 2003 2004

END OF MONTH

ID:163

MILLION BARRELS

TOTAL MAIN AREAS

EUROPE

USA

JAPAN

GASOLINE AND DISTILLATE STOCKS

© Fearnleys

CO

MB

INE

D


Combined Carriers

••••• Our Spot Indicator rose to USD 84,696 per day in January

and fell back to about USD 64,500 per day.

••••• The combined carrier fleet was unchanged during 1Q04.

••••• Combined Carrier values doubled during the quarter.

Combined Carrier ValuesContinued strong earnings in both tanker and dry bulkmarkets had a very positive influence on the CombinedCarrier values during 1Q. At the end of the quarter a vesselof 75,000 dwt, built in 1982/83, was valued at USD 15.0million, while a 70,000 tonner, built in 1979/80, was valuedat USD 11.0 million. Up 100% and 120%, respectively.

Combined Carrier FleetThe combined carrier fleet remained unchanged duringthis quarter. No deliveries and no demolition. One Suezmaxore oiler was sold for demolition in March. The fleetconsisted of 121 units at the end of the first quartercomprising 12.1 mdwt. There is currently none on order.

Combined Carrier TradesOil shipments by combined carriers decreased dramaticallyin 4Q03. Ending at 10.9 mdwt, shipments declined by about47% from the preceeding quarter. The decrease inshipments resulted in a decline of 22.0% from 2002 to2003.

EXISTING AND FUTURE COMBINED CARRIER FLEET(D W T IN '000) No. DWTExisting 1/1 2004 121 12076Deliveries 2004 - -Deletions 2004 - -Existing 1/4 2004 121 12076Order book Del.2004 - -Est. New orders for Del. 2004 - -Deletions 2004 4 360Existing 1/1 2005 117 11716Order book Del.2005 - -Est. New orders for Del. 2005 - -Deletions 2005 6 515Existing 1/1 2006 111 11201Order book Del.2006 - -Est. New orders for Del. 2006 - -Deletions 2006 9 796Existing 1/1 2007 102 10405

0

5

10

15

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06

START OF QUARTER

FLEET DEVELOPMENTCOMBINED CARRIERS 10 000 DWT +

MILLION DWT

ID: 948

10-50'

50-80'

80-120'

120-200'

200'+

EST.

© Fearnleys

0

10000

20000

30000

40000

50000

60000

70000

80000

90000

2001 2002 2003 2004

MONTHLY AVERAGE

OBO SPOT INDICATOR110 000 DWT, ATLANTIC COMBINATION TRADE

USD/DAY

ID: 1076

© Fearnleys

COMBINATION: 100 000/10% COAL, PTO.BOLIVAR-ARA80 000 OIL, ARZEW-HOUSTON

0

5

10

15

20

25

30

35

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

END OF MONTH

COMBINED CARRIER S-H PRICESBY YEAR OF BUILD

MILLION USD

75 000 DWT 82/83 OBO

70 000 DWT 79/80 OBO

130 000 DWT 74/75 OBO

ID: 1074

© Fearnleys


CO

MB

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D

April 2004 | 41

The main reason for this decline is found in theexceptionally strong dry bulk market and the share ofcombined carriers employed in oil transportation declinedfrom 67% in 3Q03 to less than 40% in 4Q03.

All size groups declined. The largest contribution to thisquarter’s fall came from the 120-200,000 dwt group, whichhad a decline of 83%.

After the recovery in 3Q03, shipments from MEG/R.Seaalmost vanished and ended at 0.7 mdwt. West Africanshipment vanished altogether although from an alreadylow level and North African shipments – normally a majorarea for combined carrier employment- decreased to ameagre 2.9 mdwt.

Developments on the importing side naturally mirror thechanges in exports and European shipments to Europemore than halved to 2.7 mdwt. Shipments to the USAtlantic coast fell by almost 2 mdwt to 6.5 mdwt. This isabout half the average quarterly volumes in 2002.

The highly attractive dry bulk market has drawn theattention of most of the available tonnage. The share ofoil being transported in these ships has gone down fromover 83% in the beginning of 2003, to 40% at the end of2003. These numbers illustrates the attractiveness of highrates offered for dry bulk cargoes.

The total number of ships over 50,000 dwt operating ascombined carriers decreased by 2, to 108 during the 1Q04.Of the 110 vessels, 30 were transporting oil, 64 dry bulkwhile 14 was involved in other commodities.

0

1

2

3

4

5

2000 2001 2002 2003

MILLION DWT 3M. AVERAGES

ID: 150

M.E. GULF/RED SEA

N. EAST/N. AFR.

OTHERAREAS

NORTH SEA

W. AFRICA

COMBINED CARRIERS 50 000 DWT+OIL EXPORTS BY AREA

© Fearnleys

0

1

2

3

4

5

6

2000 2001 2002 2003

MILLION DWT 3M. AVERAGESID: 151

AMERICAATLANTIC

EUROPE

OTHER AREAS

JAPAN/FE

OIL IMPORTS BY AREACOMBINED CARRIERS 50 000 DWT +

© Fearnleys

0

1

2

3

4

83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04

TOTAL DELETIONDEMOLITON SALES

YEARLY

COMBINED CARRIER DELETIONSTOTAL DELETION AND DEMOLITION SALES

MILLION DWT

ID: 1077

© Fearnleys

1.q.

0

0.5

1.0

1.5

2.0

2.5

1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004

CONTRACTINGDELIVERIES

YEARLY

CONTRACTING AND DELIVERIESCOMBINED CARRIERS

MILLION DWT

ID: 1046

© Fearnleys

APP

EN

DIX

42 | April 2004 Oil and Tanker Market

Crude OilAll tables referring to production, prices, consumption, stocks, etc. are based on information provided by OECD (IEA),U.S. Department of Energy (EIA), and Energy Intelligence Group (EIG).

Oil ProductsAll tables referring to production, prices, consumption, stocks etc. are based on information provided by OECD (IEA),U.S. Department of Energy (EIA), and Energy Intelligence Group (EIG).

Oil BalanceThis table intends to give a broad survey of general developments in oil production, trade and stock situation in mainmarket areas in order to sort out relevant patterns of balance and imbalance. Trade figures show total imports andexports for each area and also include pipeline and overland transports.

Crude oil here includes NGL, feedstocks, etc. Oil products comprise all types, including LPG, petcoke and minorproducts. Stocks reported are governmental and commercial, but do not include end user stocks or oil stocks of MiddleEast owned oil in foreign countries.

Oil Shipments by Size and TypeTrade information for tankers is based on tracking of all individual tankers and combined carriers above 50,000 dwt.

Oil Shipments by Combined Carriers

Oil shipments by combined carriers are based on tracking of the movements of all combined carriers above 50,000 dwtwith assessment of loading and discharge. Combined carriers still represent a significant and highly volatile tonnagesupply element.

North Sea Oil ShipmentsOil shipments within the North Sea area are excluded from Fearnleys’ figures on international seaborne trade, butincluded in figures for coastal trades.

Fleet DevelopmentThe information on fleet development is based on Fearnresearch’s own continuously updated data base. Furtherdetails and other size groupings can be extracted on request at reasonable prices. All tonnage figures are given inmetric tonnes. Only confirmed orders are taken into account, whilst undeclared options and order rumours are excluded.Revised figures for new orders for previous periods are due to cancellation, conversion, adjustments, etc.

Deliveries and demolition of tankers are important indicators of the supply of trading tonnage, in combination with lay-up and storage tonnage. There is normally some time-lag between demolition sales and physical demolition. Furthermore,losses, tonnage adjustments and reclassification are factors influencing net fleet development.

Combined Carrier FleetThe combined carrier fleet development is illustrated separately as this represents a volatile supply element in thetanker trade. The combined carrier fleet consists of two main vessel types, ore/oil carriers and bulk/oil carriers (thelatter also called ore/bulk/oil carriers). Conversions to plain dry bulk carriers and even re-conversions back to combinedcarriers again, have occured.

APPENDIX NOTES

Oil and Tanker Market APP

EN

DIX

April 2004 | 43

Fleet OperationsThe table aims at illustrating long and short term development for oil tankers in lay-up and storage. Lay-up representsobvious fleet overcapacity, whilst storage also represents a demand element when analysing the tanker market.

The table on combined carrier employment illustrates switching between oil and dry bulk employment, depending oncargo on board and port of destination when in ballast. «Other» includes lay-up, storage, repairs and waiting or idle formore than four weeks. The latest figures are preliminary and may be slightly changed in next edition. The table ontonnage in coastal trades shows tonnage tied up in national and short sea trades, which represents demand in additionto tonnage utilized in international seaborne trade. The table on load factors shows tendencies in cargo utilization; it isbased on reported tanker fixtures and shows the averages of reported cargo lots divided by the vessels’ dwt. The totalis a weighted average.

Freight RatesThe tables show timecharter equivalents of spot fixtures for representative tanker sizes on representative trade routesand on the basis of shuttle trading without cargo combinations to reduce ballast ratio. Freight rates usually tend tofollow the same pattern in the various trades. However, more or less important differences between trades and areasoccur for shorter periods.

The timecharter equivalents illustrate the market for selected vessels built mid-1980”s, early 1980”s, mid-1970”s and1990”s, respectively. T/C calculations are based on calculated optimal speeds within certain limits, always bunkering indischarge area and no ballast shortening through combination trades. VLCC voyages MEG-West are calculated on aCape/Cape basis.

The economic results of Worldscale rates are influenced by bunker price fluctuations and adjustments of base rates.Daily surplus for capital servicing will depend on daily operating costs which can vary significantly between ownersand vessels. Modern fuel-efficient vessels will get higher T/C results, but will also have to service a higher capital.

Vessel PricesThe price development tables for representative tanker sizes are based on Fearnsale’s continuous estimates fornewbuilding, second-hand and demolition prices. Individual prices may vary considerably from vessel to vessel, dependingon specifications and condition.

APP

EN

DIX


SEABORNE CRUDE OIL TRADE

Notes: On the export side, Red Sea is in this table included under M.E. and N. Africa. In the subsequent tables based on vesselmovements, Red Sea is shown as a separate export area, and Black Sea exports are also shown separately. Trades between North Seacountries and some other local trades are excluded.

Middle East exports exclude pipeline exports to Near East, which are counted as seaborne exports from Near East to finaldestinations. Middle East exports through the SUMED pipeline, however, are included under Middle East origin.

SEABORNE CRUDE OIL TRADE, TONNE-MILES

Figures in million tonnes

N/W Mediter- North South Japan Other Others Total

From: Europe ranean America America Asia 2002

59.2 35.8 117.8 9.8 172.1 294.0 32.4 721.14.0 33.3 8.5 1.0 - 1.4 0.6 48.88.7 54.2 10.9 3.2 - 2.8 1.0 80.8

11.2 28.6 67.4 6.9 11.6 43.0 2.7 171.46.3 12.9 183.2 18.7 0.7 6.0 0.5 228.3

- - 6.6 - 15.5 24.0 16.0 62.15.1 8.7 66.8 1.0 - 5.4 0.1 87.1

62.0 66.0 20.1 11.8 3.5 19.8 5.4 188.6

156.5 239.5 481.3 52.4 203.4 396.4 58.7 1588.2

1995 1996 1997 1998 1999 2000 2001 2002

713.2 741.8 782.7 770.9 747.5 789.5 783.1 721.119.3 17.7 19.9 53.5 57.8 52.6 56.5 48.8

104.0 99.0 93.1 96.6 90.1 88.3 86.3 80.8144.9 159.4 166.7 168.2 166.4 177.3 170.5 171.4187.7 209.0 228.8 228.7 228.1 228.3 223.5 228.3

77.0 75.9 68.1 63.1 67.2 61.9 61.0 62.1n.a n.a 65.5 59.4 78.8 81.3 81.0 87.1

168.5 163.5 93.7 94.1 114.3 128.3 130.5 188.6

1414.6 1466.3 1518.5 1534.5 1550.2 1607.5 1592.4 1588.2

1995 1996 1997 1998 1999 2000 2001 2002

N/W Europe 179.9 157.1 151.5 160.5 156.7 145.9 142.9 156.5Mediterranean 221.8 229.1 239.0 251.3 236.2 241.7 246.7 239.5North America 380.1 402.1 427.7 442.5 456.4 481.5 477.1 481.3South America 68.9 70.4 67.0 66.5 66.0 62.8 58.8 52.4Japan 224.2 220.8 226.8 212.2 208.7 210.2 208.1 203.4Other Asia n.a n.a 347.6 340.1 361.3 404.2 395.0 396.4

339.7 386.8 58.9 61.4 64.9 61.2 63.8 58.7

1414.6 1466.3 1518.5 1534.5 1550.2 1607.5 1592.4 1588.2Total

Middle EastNear EastNorth AfricaWest Africa

Total

North Sea

CaribbeanSouth East Asia

Others

Others

Others

Importing areas

North AfricaWest AfricaCaribbeanSouth East Asia

To:

Exporting areas

Middle EastNear East

North Sea

Total 2002

Figures in billion tonne-miles

Exporting areas 2000 2001 2002

Middle East 5484 5479 4991Near East 101 154 126North Africa 152 156 164West Africa 1108 1020 1106Caribbean 560 530 539South East Asia 210 200 197North Sea 310 312 360Others 255 223 366Total 8180 8074 7848

Figures in billion tonne-miles

Importing areas 2000 2001 2002

N/W Europe 716 706 654Mediterranean 589 611 554North America 2601 2631 2512South America 274 231 232Japan 1334 1332 1340Other Asia 2493 2382 2389Others 173 181 166

Total 8180 8074 7848


EN

DIX

April 2004 | 45

OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 50,000 DWT +

Notes: This table, which is based on vessel tracking, contain double-recording of volumes first coming by vessels into the southernend of this pipeline and subsequently leaving it in the northern end by other vessels.*) incl. Black Sea, Total Mediterranean and Morocco. Import figures here relate to date of shipment from origin.

Figures in m illio n dwt . ex cl. co ast al t rades

M EG/ N. E. / Ca rib . W .Afr N . Sea Others Eur- Am . J a p a n/ OthersPerio d To ta l Ta nk Co m b . R. Sea N . Afr. o p e* Atl. F. Ea st

1 9 9 8 2 0 2 6 .1 1 9 2 2 .6 1 0 3 .5 8 5 7 .0 2 8 6 .4 3 1 0 .2 1 8 5 .7 9 0 .0 2 9 6 .7 5 0 0 .7 6 3 0 .2 4 7 0 .0 4 2 5 .21 9 9 9 2 0 7 6 .8 1 9 7 8 .9 9 7 .9 8 5 1 .8 2 7 8 .7 3 1 2 .8 1 9 0 .2 1 0 7 .9 3 3 5 .3 4 8 4 .0 6 4 5 .0 5 0 5 .7 4 4 2 .02 0 0 0 2 1 7 7 .4 2 0 7 7 .5 9 9 .9 9 2 8 .3 2 7 4 .6 3 2 2 .3 2 0 2 .3 1 0 8 .9 3 4 0 .9 4 9 1 .4 6 7 5 .3 5 3 7 .4 4 7 3 .42 0 0 1 2 2 5 3 .1 2 1 4 5 .7 1 0 7 .4 9 5 2 .5 2 7 1 .9 3 4 8 .0 2 1 0 .8 1 0 2 .8 3 6 7 .1 5 1 6 .7 7 1 0 .2 5 2 0 .0 5 0 6 .32 0 0 2 2 2 0 5 .7 2 1 0 6 .4 9 9 .2 8 6 8 .2 2 6 2 .2 3 6 2 .2 1 8 8 .3 1 1 4 .7 4 1 0 .0 5 2 0 .0 6 8 0 .3 5 2 0 .9 4 8 4 .62 0 0 3 2 3 5 0 .2 2 2 7 2 .8 7 7 .4 9 8 9 .0 2 6 0 .5 3 4 1 .7 2 1 6 .3 9 8 .3 4 4 4 .4 5 2 8 .3 7 1 6 .0 5 7 2 .5 5 3 3 .4

2 0 0 2 - 1 5 3 5 .1 5 0 7 .8 2 7 .2 2 1 9 .9 6 1 .5 8 7 .9 4 6 .7 2 6 .2 9 2 .8 1 2 9 .8 1 5 9 .9 1 2 9 .0 1 1 6 .32 5 4 2 .5 5 1 7 .9 2 4 .6 2 0 6 .0 6 3 .6 9 0 .4 4 5 .8 3 1 .6 1 0 5 .1 1 2 5 .6 1 7 5 .6 1 2 0 .7 1 2 0 .63 5 5 4 .5 5 3 1 .9 2 2 .6 2 1 2 .5 6 7 .9 9 4 .9 4 5 .4 2 6 .1 1 0 7 .7 1 3 3 .8 1 6 7 .6 1 2 7 .0 1 2 6 .04 5 7 3 .6 5 4 8 .8 2 4 .8 2 2 9 .8 6 9 .3 8 9 .0 5 0 .3 3 0 .8 1 0 4 .4 1 3 0 .7 1 7 7 .1 1 4 4 .1 1 2 1 .7

2 0 0 3 - 1 5 5 5 .2 5 3 0 .7 2 4 .6 2 4 0 .0 6 5 .8 7 2 .8 5 1 .7 2 2 .2 1 0 2 .7 1 2 7 .3 1 7 0 .6 1 4 0 .3 1 1 7 .02 5 9 4 .4 5 7 2 .8 2 1 .5 2 4 6 .8 6 6 .2 8 9 .0 5 2 .9 2 8 .7 1 1 0 .8 1 3 1 .5 1 8 2 .2 1 4 1 .8 1 3 8 .93 6 0 9 .7 5 8 9 .3 2 0 .4 2 4 8 .4 6 5 .2 9 5 .6 5 4 .5 2 5 .7 1 2 0 .2 1 3 7 .5 1 9 3 .3 1 3 7 .1 1 4 1 .84 5 9 0 .9 5 8 0 .0 1 0 .9 2 5 3 .8 6 3 .3 8 4 .2 5 7 .2 2 1 .7 1 1 0 .6 1 3 2 .0 1 6 9 .9 1 5 3 .3 1 3 5 .7

2 0 0 3J a n 1 8 2 .8 1 7 4 .6 8 .1 8 0 .2 2 1 .5 1 9 .8 1 7 .9 8 .1 3 5 .4 4 1 .2 5 2 .3 5 0 .4 3 8 .8Feb 1 7 6 .2 1 6 8 .7 7 .5 7 7 .5 2 0 .1 2 3 .9 1 6 .3 7 .1 3 1 .3 3 7 .8 5 6 .5 4 3 .9 3 8 .1M a r 1 9 6 .3 1 8 7 .4 8 .9 8 2 .3 2 4 .1 2 9 .2 1 7 .5 7 .0 3 6 .1 4 8 .3 6 1 .8 4 6 .0 4 0 .2Ap r 1 9 3 .0 1 8 5 .2 7 .8 8 0 .9 2 0 .9 3 0 .5 1 6 .7 8 .7 3 5 .3 4 2 .0 5 8 .8 4 5 .2 4 7 .0M a y 2 0 8 .9 2 0 2 .0 6 .9 8 6 .8 2 2 .3 2 9 .8 1 9 .0 1 1 .5 3 9 .5 4 6 .3 6 2 .7 5 1 .2 4 8 .7J un 1 9 2 .4 1 8 5 .6 6 .8 7 9 .1 2 3 .1 2 8 .8 1 7 .2 8 .4 3 5 .9 4 3 .1 6 0 .7 4 5 .4 4 3 .2J ul 2 0 1 .8 1 9 3 .9 7 .9 8 2 .5 2 2 .3 3 1 .9 1 7 .2 8 .2 3 9 .7 4 5 .1 6 4 .4 4 7 .1 4 5 .2Aug 2 0 7 .0 1 9 9 .4 7 .7 8 2 .9 2 1 .9 3 2 .4 2 0 .1 8 .7 4 1 .1 4 7 .2 6 6 .3 4 3 .9 4 9 .7Sep 2 0 0 .9 1 9 6 .0 4 .8 8 3 .0 2 1 .0 3 1 .3 1 7 .2 8 .9 3 9 .5 4 5 .2 6 2 .7 4 6 .1 4 6 .9O ct 1 9 9 .1 1 9 4 .7 4 .4 8 5 .4 2 1 .7 2 9 .7 1 8 .4 6 .6 3 7 .3 4 3 .6 5 7 .7 5 0 .8 4 7 .0N o v 1 9 2 .4 1 8 8 .9 3 .5 8 3 .6 2 1 .0 2 5 .7 2 0 .1 6 .1 3 6 .0 4 2 .4 5 5 .9 4 9 .7 4 4 .5D ec 1 9 9 .4 1 9 6 .4 3 .0 8 4 .8 2 0 .6 2 8 .9 1 8 .7 9 .0 3 7 .4 4 6 .1 5 6 .4 5 2 .8 4 4 .1

IM PO RTSEXPORT S

Figures in million dwt . excl. coastal t rades

NW Mediter- N.America Japan Other S.E. South S.E. R.Sea Others Total3Q2003 Eur. ranean North Central South West Coast F.East Asia Asia Africa Africa

MEG 8.5 1.8 26.1 1.5 2.2 5.6 47.8 54.1 31.6 27.1 4.8 16.5 2.4 229.9Near East - 3.1 0.2 - - - 0.1 - 0.1 - - - - 3.5Red Sea 0.3 0.4 0.2 - 0.1 - 0.7 6.1 2.3 1.7 0.6 4.9 1.2 18.5N. Africa 15.1 36.1 7.8 - 1.1 0.2 - - 0.6 0.6 - - - 61.6W. Africa 4.9 6.8 26.0 2.4 2.2 - 0.2 4.8 2.1 2.9 1.3 - 1.1 54.5Caribbean 4.0 2.4 74.5 9.7 0.3 0.5 0.2 1.4 1.0 0.6 0.1 - 1.1 95.6S.E. Asia 0.5 0.6 1.1 - 0.1 1.8 3.8 9.8 3.2 2.2 0.1 - 6.2 29.4North Sea 1.6 1.8 18.5 1.5 0.3 - - - 1.2 0.0 0.1 - 0.7 25.7Black Sea 1.6 27.6 1.5 - 0.5 - 0.1 - 0.8 - - - 0.1 32.1China - - - - - - 1.0 0.9 0.5 - - - 0.1 2.4Others 16.5 2.4 13.3 1.9 0.5 6.5 1.0 5.3 5.2 0.1 0.2 - 3.4 56.4

Total 53.0 83.0 169.2 17.0 7.2 14.6 54.8 82.3 48.6 35.2 7.2 21.4 16.4 609.7


MEG 9.0 3.6 26.9 0.3 1.3 4.8 52.4 58.6 31.3 27.3 5.0 13.1 2.2 235.7Near East 0.2 3.6 0.1 - - - - 0.1 0.2 - - - - 4.2Red Sea 0.1 0.2 - - - - 1.4 4.8 2.6 2.5 0.2 4.9 1.4 18.0N. Africa 11.0 38.0 7.4 - 1.2 0.2 - 0.4 0.8 0.2 - - - 59.1W. Africa 3.8 7.6 22.0 2.1 1.6 - 1.5 9.9 1.9 5.3 0.8 - 0.8 57.2Caribbean 2.8 1.7 67.4 8.5 0.1 0.6 0.1 0.4 0.7 0.6 0.3 - 1.0 84.2S.E. Asia - 0.3 0.3 - - 1.2 5.1 8.1 2.8 2.0 0.1 - 6.0 25.9North Sea 1.7 1.6 14.1 1.1 - - 0.2 1.3 0.1 0.0 - - 1.6 21.7Black Sea 1.6 24.3 0.2 - 0.3 - - 0.2 0.8 0.1 - - - 27.5China - - - - - - 1.0 1.1 0.5 - - - - 2.5Others 16.1 2.8 13.4 1.6 0.2 5.2 1.8 4.9 5.1 0.2 0.1 - 3.7 54.8

Total 46.3 83.8 151.7 13.6 4.6 11.9 63.4 89.9 46.6 38.1 6.4 18.0 16.6 590.9

Americas East Coast

Americas East Coast

APP

EN

DIX


OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 50-80,000 DWT


Fig. in m illio n dwt . ex cl. co ast a l t rades

EXPO RT S IM P O RT S

M EG / N . E./ Carib . N . Sea O thers Eur- Am . J ap a n/ O thersP erio d T o ta l Ta nk Co m b. R. Sea N . Afr. o p e* Atl. F. Ea st

1 9 9 8 2 1 6 .5 1 8 4 .4 3 2 .1 2 3 .6 1 7 .6 6 3 .0 1 1 .1 1 01 .2 3 7 .4 9 6 .3 3 5 .6 4 7 .11 9 9 9 2 2 7 .2 1 9 5 .4 3 1 .8 2 3 .1 1 6 .8 6 8 .3 1 2 .5 1 06 .5 4 3 .4 1 0 1 .7 3 3 .4 4 8 .72 0 0 0 2 1 8 .0 1 8 8 .2 2 9 .8 2 1 .9 1 3 .1 6 3 .1 1 3 .6 1 06 .2 3 6 .9 9 3 .4 3 4 .2 5 3 .42 0 0 1 2 1 0 .1 1 7 9 .2 3 0 .9 2 2 .5 1 2 .0 6 2 .8 1 0 .9 1 01 .8 3 4 .6 9 4 .7 2 9 .7 5 1 .22 0 0 2 2 1 0 .9 1 8 3 .4 2 7 .5 2 3 .2 1 2 .9 6 1 .9 8 .8 1 04 .1 3 8 .6 8 9 .2 3 1 .7 5 1 .52 0 0 3 1 9 6 .5 1 7 5 .1 2 1 .4 2 5 .3 1 0 .2 5 7 .1 7 .1 96 .8 2 6 .8 8 6 .3 3 4 .6 4 8 .8

2 0 0 2 - 1 5 3 .0 4 4 .9 8 .1 6 .8 4 .2 1 4 .5 2 .5 25 .0 1 2 .3 2 1 .2 6 .4 1 3 .12 5 3 .7 4 6 .3 7 .4 5 .6 3 .1 1 6 .3 1 .6 27 .0 9 .1 2 4 .1 8 .0 1 2 .53 5 1 .4 4 5 .8 5 .6 5 .0 2 .4 1 6 .1 2 .2 25 .7 9 .2 2 1 .2 8 .6 1 2 .34 5 2 .8 4 6 .3 6 .4 5 .8 3 .2 1 4 .9 2 .5 26 .4 7 .9 2 2 .6 8 .7 1 3 .6

2 0 0 3 - 1 4 9 .9 4 3 .1 6 .8 6 .0 3 .0 1 4 .4 1 .5 24 .9 7 .1 2 4 .0 7 .9 1 0 .92 4 9 .1 4 3 .4 5 .8 5 .8 2 .5 1 4 .9 2 .1 23 .8 7 .2 2 1 .9 8 .3 1 1 .73 5 1 .6 4 5 .9 5 .7 6 .5 2 .6 1 4 .3 1 .5 26 .8 8 .4 2 0 .6 9 .6 1 3 .04 4 5 .8 4 2 .7 3 .2 7 .0 2 .1 1 3 .5 2 .0 21 .3 4 .1 1 9 .9 8 .7 1 3 .2

2 0 0 3J a n 1 6 .6 1 4 .1 2 .5 2 .4 1 .2 3 .8 0 .7 8 .5 2 .6 7 .9 2 .8 3 .2Feb 1 6 .5 1 4 .4 2 .1 1 .7 0 .8 5 .2 0 .3 8 .5 2 .0 7 .9 2 .3 4 .3M a r 1 6 .8 1 4 .6 2 .2 2 .0 1 .1 5 .3 0 .6 7 .9 2 .5 8 .2 2 .8 3 .4Ap r 1 6 .6 1 4 .8 1 .8 1 .7 1 .0 5 .5 0 .8 7 .6 2 .4 7 .4 3 .1 3 .8M a y 1 6 .3 1 4 .5 1 .8 2 .3 0 .9 4 .8 0 .8 7 .6 2 .2 7 .4 2 .7 4 .1J un 1 6 .2 1 4 .1 2 .1 1 .8 0 .7 4 .6 0 .5 8 .6 2 .7 7 .1 2 .6 3 .8J ul 1 7 .1 1 4 .9 2 .2 1 .8 0 .8 4 .8 0 .7 9 .1 2 .7 7 .0 3 .0 4 .4Aug 1 7 .7 1 5 .6 2 .1 2 .2 1 .0 4 .9 0 .5 9 .1 3 .2 7 .0 3 .2 4 .3Sep 1 6 .8 1 5 .3 1 .5 2 .5 0 .8 4 .7 0 .3 8 .5 2 .5 6 .6 3 .4 4 .3O ct 1 5 .8 1 4 .7 1 .1 2 .4 0 .4 4 .9 0 .7 7 .3 1 .3 6 .8 2 .8 4 .9N o v 1 5 .3 1 4 .5 0 .9 2 .5 0 .6 4 .5 0 .4 7 .3 1 .5 6 .4 3 .3 4 .2D ec 1 4 .7 1 3 .5 1 .2 2 .1 1 .0 4 .2 0 .8 6 .6 1 .3 6 .7 2 .6 4 .1

Figures in m illion dwt . excl. coast al t rades

NW M editer- N.Am erica Japan Other S.E. South S.E. R.Sea Others To ta l3Q2003 Eur. ranean North Central South W est Coast F.East Asia Asia Africa Africa

M EG 0 .4 0 .1 0 .1 - - - 0 .6 1 .1 0 .9 2 .8 0 .1 0 .0 0 .2 6 .1Near East - 0 .2 0 .2 - - - - - - - - - - 0 .4Red Sea 0 .1 - - - - - - 0 .1 - 0 .1 0 .1 - 0 .1 0 .4N. Africa 1 .1 0 .4 0 .5 - - 0 .2 - - - - - - - 2 .2W . Africa - 0 .1 0 .5 0.1 - - - - - - 0 .1 - - 0 .8Caribbean 0 .3 0 .1 8 .9 3.2 0.1 0 .5 - - 0 .1 - - - 1 .1 14 .3S.E. Asia 0 .1 0 .1 0 .1 - - 0 .1 0 .8 3 .4 0 .2 1 .0 0 .1 - 0 .2 6 .1North Sea - - 1 .4 - - - - - - - 0 .1 - 0 .1 1 .5Black Sea - 2 .8 0 .2 - - - - - - - - - 0 .1 3 .0China - - - - - - 0 .5 0 .9 - - - - - 1 .3Others 2 .1 0 .4 3 .3 1.9 0.1 3 .3 0 .3 2 .0 0 .6 - 0 .1 - 1 .4 15 .5

Total 4 .1 4 .1 15 .2 5.2 0.1 4 .0 2 .1 7 .5 1 .7 3 .9 0 .5 - 3 .0 51 .6

NW M editer- N.Am erica Japan Other S.E. South S.E. R.Sea Others To ta l4Q2003 Eur. ranean North Central South W est Coast F.East Asia Asia Africa Africa

M EG 0 .1 0 .3 - - - - 0 .7 1 .2 0 .7 3 .5 0 .1 0 .0 - 6 .5Near East 0 .1 0 .1 0 .1 - - - - 0 .1 0 .1 - - - - 0 .4Red Sea - 0 .0 - - - - 0 .0 0 .1 0 .2 - 0 .1 - - 0 .4N. Africa 0 .7 - 0 .6 - 0.1 0 .2 - - 0 .1 0 .0 - - - 1 .7W . Africa - 0 .1 0 .3 - 0.2 - - 0 .1 - - - - - 0 .7Caribbean 0 .1 0 .1 9 .3 2.2 0.1 0 .6 - 0 .1 - - - - 1 .0 13 .5S.E. Asia - 0 .1 0 .1 - - - 0 .8 2 .5 0 .2 1 .1 0 .1 - 0 .1 5 .0North Sea - 0 .1 1 .9 - - - - - - 0 .0 - - - 2 .0Black Sea - 1 .7 0 .1 - - - - - 0 .1 - - - - 1 .9China - - - - - - 0 .7 1 .0 - - - - - 1 .7Others 0 .5 0 .3 3 .5 1.3 0.1 2 .8 0 .2 1 .4 0 .4 0 .2 0 .1 - 1 .5 12 .1

Total 1 .4 2 .7 15 .9 3.5 0.5 3 .6 2 .4 6 .3 1 .9 4 .8 0 .3 - 2 .6 45 .8

Am ericas East Coast



EN

DIX

April 2004 | 47



Fig. in m illio n dwt . ex cl. co ast a l t rade s

EX P O RT S IM P O RT S

M EG / N . E ./ Ca rib . N . Sea O th ers Eur- Am . J a p a n/ O thersP erio d T o ta l T a nk Co m b . R . Sea N . A fr. o p e* Atl. F . Ea st

1 9 9 8 5 9 4 .2 5 5 5 .0 3 9 .2 9 5 .9 1 1 1 .0 2 0 4 .8 3 1 .6 1 5 0 .9 1 6 7 .6 2 4 3 .5 7 2 .4 1 1 0 .61 9 9 9 6 3 8 .6 6 0 1 .1 3 7 .5 1 0 3 .2 1 1 6 .5 2 0 0 .9 3 9 .5 1 7 8 .5 1 7 7 .2 2 4 9 .1 8 5 .3 1 2 6 .92 0 0 0 6 9 9 .2 6 5 5 .2 4 4 .0 1 2 0 .2 1 3 3 .1 2 2 1 .6 3 9 .2 1 8 5 .1 2 0 0 .3 2 7 7 .7 8 1 .2 1 4 0 .12 0 0 1 7 1 9 .9 6 7 4 .4 4 5 .5 1 1 3 .3 1 3 3 .8 2 3 6 .8 3 6 .3 1 9 9 .8 2 2 2 .9 2 8 1 .4 7 8 .8 1 3 6 .72 0 0 2 7 3 8 .9 6 9 5 .4 4 3 .5 1 0 5 .0 1 3 0 .3 2 4 9 .3 3 4 .8 2 1 9 .5 2 2 8 .1 2 9 9 .3 7 7 .7 1 3 3 .92 0 0 3 7 7 2 .1 7 3 6 .7 3 5 .3 1 1 8 .4 1 2 8 .3 2 3 2 .4 3 0 .8 2 6 2 .2 2 4 8 .4 2 9 5 .2 8 5 .4 1 4 3 .1

2 0 0 2 - 1 1 7 6 .9 1 6 5 .1 1 1 .8 2 7 .3 2 9 .3 6 3 .3 8 .0 4 9 .0 5 3 .7 7 1 .4 1 7 .9 3 3 .82 1 8 2 .8 1 7 2 .1 1 0 .7 2 4 .9 3 2 .1 6 0 .4 9 .7 5 5 .8 5 7 .9 7 4 .6 1 6 .6 3 3 .63 1 8 8 .7 1 7 7 .9 1 0 .9 2 5 .9 3 4 .6 6 2 .5 7 .2 5 8 .5 5 9 .2 7 6 .3 2 0 .0 3 3 .34 1 9 0 .5 1 8 0 .3 1 0 .2 2 7 .0 3 4 .3 6 3 .0 1 0 .0 5 6 .3 5 7 .3 7 6 .9 2 3 .2 3 3 .2

2 0 0 3 - 1 1 8 0 .0 1 7 0 .5 9 .5 2 8 .6 3 5 .0 4 7 .2 9 .4 5 9 .7 5 8 .7 6 5 .6 2 1 .0 3 4 .72 1 9 1 .6 1 8 2 .1 9 .4 2 9 .3 3 2 .0 5 9 .9 7 .3 6 3 .0 6 1 .1 7 6 .2 2 0 .5 3 3 .83 2 0 4 .6 1 9 5 .0 9 .6 2 9 .3 3 0 .4 6 5 .9 6 .7 7 2 .2 6 4 .5 7 9 .8 2 1 .6 3 8 .64 1 9 5 .9 1 8 9 .1 6 .8 3 1 .2 3 0 .9 5 9 .4 7 .2 6 7 .3 6 4 .0 7 3 .5 2 2 .4 3 6 .0

2 0 0 3J a n 5 8 .0 5 5 .1 2 .8 9 .3 1 0 .9 1 4 .6 3 .7 1 9 .6 1 9 .3 2 0 .6 6 .4 1 1 .6Feb 5 6 .2 5 3 .2 3 .1 8 .9 1 1 .0 1 4 .0 3 .7 1 8 .8 1 7 .5 2 0 .9 6 .8 1 1 .0M a r 6 5 .8 6 2 .2 3 .6 1 0 .4 1 3 .1 1 8 .7 2 .1 2 1 .4 2 1 .9 2 4 .1 7 .7 1 2 .1Ap r 6 3 .3 6 0 .2 3 .2 1 0 .0 1 1 .3 2 0 .0 2 .1 2 0 .0 1 9 .5 2 4 .4 6 .5 1 3 .0M a y 6 6 .4 6 3 .2 3 .2 9 .4 1 1 .1 1 9 .9 3 .0 2 2 .9 2 2 .6 2 5 .5 7 .4 1 0 .8J un 6 1 .9 5 8 .8 3 .1 9 .9 9 .7 2 0 .0 2 .3 2 0 .0 1 9 .0 2 6 .4 6 .6 9 .9J ul 6 8 .0 6 4 .1 3 .9 1 0 .6 9 .9 2 1 .4 2 .0 2 4 .0 2 1 .5 2 7 .2 7 .6 1 1 .7Aug 6 7 .9 6 4 .6 3 .3 8 .9 1 0 .1 2 2 .2 2 .0 2 4 .6 2 1 .7 2 6 .1 7 .3 1 2 .8Sep 6 8 .7 6 6 .2 2 .4 9 .8 1 0 .4 2 2 .3 2 .7 2 3 .6 2 1 .4 2 6 .6 6 .7 1 4 .1O ct 6 6 .5 6 3 .9 2 .6 1 0 .2 1 0 .8 2 0 .8 2 .4 2 2 .3 2 1 .8 2 5 .6 6 .6 1 2 .5N o v 6 2 .0 5 9 .4 2 .5 1 0 .1 9 .6 1 8 .3 2 .2 2 1 .7 2 0 .0 2 3 .4 7 .8 1 0 .7D ec 6 7 .5 6 5 .8 1 .7 1 0 .9 1 0 .5 2 0 .2 2 .6 2 3 .2 2 2 .2 2 4 .5 8 .0 1 2 .7

Figures in m illion dwt . excl. coast al t rades

NW M editer- N.Am erica Japan Other S.E. South S.E. R.Sea Others To ta l3Q2003 Eur. ranean North Centra l South W est Coast F.East Asia Asia Africa Africa

M EG 1 .1 0 .3 - - 0 .2 0 .2 3.2 3.9 6.5 7.6 0.6 0.3 1.6 25 .5Near East - 3 .0 - - - - 0.1 - 0.1 - - - - 3 .2Red Sea 0 .2 0 .2 - - 0 .1 - 0.0 1.3 1.0 0.8 0.3 - 0.1 3 .9N. Africa 3 .0 21 .2 2 .8 - 0 .2 - - - - - - - - 27 .3W . Africa 0 .2 0 .3 0 .5 - - - 0.0 0.0 - - - - - 1 .1Caribbean 2 .2 1 .0 59 .8 1.8 0 .2 - 0.2 0.2 0.4 - 0.1 - - 65 .9S.E. Asia 0 .2 0 .3 0 .8 - 0 .1 1 .6 3.0 5.7 3.0 1.0 - - 5.8 21 .6North Sea 0 .9 0 .6 4 .4 0.4 - - - - 0.0 0.0 - - 0.4 6 .7Black Sea 0 .5 14 .4 0 .1 - - - 0.1 - 0.8 - - - - 15 .9China - - - - - - 0.5 - 0.5 - - - 0.1 1 .0Others 12 .6 1 .2 8 .2 - 0 .1 1 .6 0.3 3.0 3.3 0.1 0.1 - 1.9 32 .6

Total 20 .9 42 .6 76 .7 2.2 0 .9 3 .4 7.5 14.1 15.5 9.5 1.0 0.3 9.9 204 .6

NW M editer- N.Am erica Japan Other S.E. South S.E. R.Sea Others To ta l4Q2003 Eur. ranean North Centra l South W est Coast F.East Asia Asia Africa Africa

M EG 1 .4 0 .9 - - 0 .1 0 .1 3.4 3.9 6.5 8.4 0.8 0.1 1.6 27 .2Near East 0 .1 3 .5 - - - - - 0.0 0.0 - - - - 3 .7Red Sea 0 .1 0 .2 - - - - 0.5 1.2 0.8 1.0 0.1 - 0.1 4 .0N. Africa 2 .7 21 .3 3 .0 - 0 .2 - - - - - - - - 27 .2W . Africa - 0 .3 0 .4 0.1 - - - - - - 0.1 - - 0 .9Caribbean 1 .5 0 .8 55 .7 1.2 - - 0.1 - 0.1 - - - - 59 .4S.E. Asia - 0 .3 0 .2 - - 0 .9 4.0 5.0 2.4 0.9 - - 5.6 19 .2North Sea 0 .9 0 .5 4 .0 0.3 - - 0.2 0.1 0.1 - - - 1.2 7 .2Black Sea 0 .2 12 .9 0 .1 - - - - 0.1 0.4 0.1 - - - 13 .7China - - - - - - 0.3 0.1 0.5 - - - - 0 .9Others 13 .1 1 .8 8 .0 0.1 0 .1 0 .7 1.0 2.6 3.7 - - - 1.4 32 .5

Total 20 .1 42 .4 71 .4 1.7 0 .4 1 .7 9.4 13.0 14.5 10.5 1.0 0.1 9.9 195 .9



APP

EN

DIX




Figure s in m illio n dwt . ex cl. co ast a l t rades

E XP O RT S IM P O RT S

M E G / N . E. / W .Afr. N . Se a O the rs Eu r- Am . J a p a n / O th ersP e rio d T o ta l T a n k Co m b . R . Se a N . A fr. o p e* Atl. F . E a st

1 9 9 8 3 8 3 .0 3 5 6 .2 2 6 .7 5 3 .8 1 0 6 .2 1 1 1 .1 2 7 .8 8 4 .0 1 8 9 .9 1 2 6 .1 2 2 .2 4 4 .81 9 9 9 3 9 6 .7 3 7 6 .0 2 0 .7 5 5 .0 1 0 2 .4 1 0 6 .3 3 4 .7 9 8 .3 1 8 5 .3 1 3 1 .1 2 7 .4 5 2 .02 0 0 0 3 7 4 .8 3 5 7 .3 1 7 .5 6 5 .0 8 4 .9 9 5 .6 3 6 .7 9 2 .6 1 7 6 .3 1 2 0 .1 2 8 .1 5 0 .42 0 0 1 3 9 7 .3 3 7 7 .2 2 0 .1 6 6 .0 8 2 .2 1 0 9 .7 3 3 .5 1 0 5 .8 1 8 8 .2 1 2 2 .2 2 4 .3 6 2 .52 0 0 2 3 9 8 .9 3 7 9 .0 2 0 .0 5 9 .1 8 1 .8 9 2 .4 4 1 .6 1 2 4 .1 1 8 9 .2 1 2 3 .6 2 2 .7 6 3 .42 0 0 3 4 2 0 .2 4 0 5 .3 1 4 .9 7 3 .4 8 7 .2 9 7 .3 3 7 .2 1 2 5 .1 1 8 0 .1 1 4 6 .0 2 9 .1 6 5 .0

2 0 0 2 - 1 9 6 .2 9 0 .9 5 .2 1 4 .7 1 7 .2 2 6 .1 9 .2 2 8 .9 4 7 .7 2 7 .2 5 .0 1 6 .3

2 9 7 .4 9 2 .6 4 .7 1 4 .2 1 9 .8 2 0 .4 1 1 .4 3 1 .5 4 2 .3 3 3 .7 5 .9 1 5 .53 1 0 0 .0 9 5 .4 4 .6 1 3 .5 2 0 .4 2 2 .1 9 .9 3 4 .2 4 9 .7 3 0 .3 5 .2 1 4 .94 1 0 5 .4 1 0 0 .0 5 .4 1 6 .7 2 4 .4 2 3 .7 1 1 .1 2 9 .5 4 9 .5 3 2 .5 6 .7 1 6 .7

2 0 0 3 - 1 9 7 .5 9 1 .9 5 .6 1 8 .5 2 0 .9 2 4 .6 7 .3 2 6 .2 4 3 .6 3 1 .5 7 .2 1 5 .22 1 0 8 .4 1 0 3 .3 5 .1 1 8 .0 2 1 .1 2 3 .2 9 .7 3 6 .4 4 4 .6 3 8 .5 7 .1 1 8 .33 1 0 9 .5 1 0 5 .9 3 .6 1 8 .1 2 3 .1 2 4 .5 1 0 .6 3 3 .1 4 5 .8 4 1 .7 7 .3 1 4 .64 1 0 4 .8 1 0 4 .2 0 .6 1 8 .8 2 2 .2 2 5 .0 9 .5 2 9 .3 4 6 .1 3 4 .3 7 .5 1 6 .9

2 0 0 3J a n 3 2 .1 3 0 .2 1 .9 6 .8 7 .0 8 .5 2 .2 7 .6 1 3 .8 1 0 .2 2 .2 6 .0F eb 3 1 .4 2 9 .7 1 .8 5 .6 7 .2 8 .6 1 .6 8 .4 1 4 .0 1 0 .2 2 .5 4 .7M a r 3 3 .9 3 2 .0 1 .9 6 .2 6 .7 7 .4 3 .5 1 0 .2 1 5 .8 1 1 .1 2 .5 4 .5A p r 3 7 .2 3 4 .6 2 .6 6 .2 7 .2 8 .0 3 .7 1 2 .1 1 5 .9 1 2 .1 2 .5 6 .6M a y 3 7 .2 3 5 .9 1 .3 5 .5 6 .4 8 .6 3 .5 1 3 .2 1 5 .2 1 3 .4 2 .9 5 .7J un 3 4 .0 3 2 .8 1 .3 6 .3 7 .6 6 .6 2 .5 1 1 .1 1 3 .4 1 2 .9 1 .7 6 .0J u l 3 5 .6 3 4 .3 1 .3 5 .2 8 .5 7 .7 3 .4 1 0 .8 1 4 .9 1 3 .8 1 .5 5 .3A ug 3 8 .0 3 6 .3 1 .7 6 .8 7 .2 9 .4 3 .6 1 1 .0 1 5 .9 1 4 .2 2 .8 5 .0S ep 3 5 .9 3 5 .3 0 .6 6 .1 7 .4 7 .4 3 .7 1 1 .3 1 5 .0 1 3 .7 3 .0 4 .3O c t 3 6 .6 3 6 .2 0 .4 6 .7 7 .8 9 .0 2 .5 1 0 .6 1 5 .7 1 2 .9 2 .5 5 .4N o v 3 2 .2 3 2 .1 0 .1 5 .2 7 .7 8 .9 2 .3 8 .1 1 4 .2 1 0 .4 2 .1 5 .5D ec 3 6 .0 3 5 .9 0 .1 6 .9 6 .7 7 .1 4 .6 1 0 .6 1 6 .2 1 0 .9 2 .9 5 .9



MEG 0.5 1.5 0.3 - 0.5 0.3 - 4.9 1.7 4.2 - 0.0 0.6 14.4Near East - - - - - - - - - - - - - -Red Sea - 0.2 - - - - - 1.2 0.6 0.6 - - 1.1 3.7N. Africa 2.7 14.3 3.9 - 0.9 - - - 0.6 0.6 - - - 23.1W. Africa 2.7 4.8 11.4 1.9 1.6 - 0.2 - - 0.3 0.6 - 1.1 24.5Caribbean 1.4 1.2 4.9 4.7 - - - - - - - - - 12.2S.E. Asia 0.1 0.2 0.1 - - 0.1 - 0.7 - 0.1 - - 0.3 1.7North Sea 0.6 1.2 7.1 1.1 0.3 - - - - - - - 0.3 10.6Black Sea 1.1 10.4 1.3 - 0.5 - - - - - - - - 13.2China - - - - - - - - - - - - - -Others 1.8 0.9 1.0 - 0.3 1.5 - 0.2 0.2 - - - 0.1 6.0

Total 11.0 34.6 29.9 7.7 4.1 2.0 0.2 7.1 3.1 5.8 0.6 - 3.4 109.5


MEG 0.2 2.0 0.6 - - - - 4.6 4.0 2.5 - 0.4 0.6 14.9Near East - - - - - - - - - - - - - -Red Sea - - - - - - 0.6 0.9 0.7 0.4 - - 1.3 3.9N. Africa 1.2 16.5 2.9 - 0.6 - - 0.1 0.7 0.1 - - - 22.2W. Africa 2.3 5.7 11.4 1.9 0.8 - - 0.3 0.7 0.7 0.5 - 0.8 25.0Caribbean 1.3 0.4 1.5 5.1 - - - - - - - - - 8.3S.E. Asia - - - - - 0.3 - 0.6 - - - - 0.3 1.2North Sea 0.8 1.0 6.6 0.7 - - - - - - - - 0.4 9.5Black Sea 1.4 9.8 - - 0.3 - - 0.2 0.3 - - - - 11.8China - - - - - - - - - - - - - -Others 2.5 0.7 1.9 0.2 - 1.7 - 0.3 - - - - 0.8 8.0

Total 9.6 36.1 24.9 7.8 1.7 2.0 0.6 6.9 6.4 3.8 0.5 0.4 4.1 104.8




EN

DIX

April 2004 | 49

OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 200,000 DWT +


Fig. in m illio n dwt . e x c l. c o a st a l t ra de s

EX P O R T S IM P O RT S

M EG / N . E ./ W . A fr N . Se a O the rs E u r- A m . J a p a n / O th ersP e rio d T o ta l T a n k C o m b . R. Se a N . Afr. o p e * Atl. F . E a st

1 9 9 8 8 3 2 .3 8 2 6 .9 5 .4 6 8 3 .7 5 1 .6 6 8 .0 1 9 .4 9 .6 1 0 5 .8 1 6 4 .3 3 3 9 .7 2 2 2 .61 9 9 9 8 1 3 .4 8 0 5 .6 7 .9 6 7 0 .0 4 2 .0 7 5 .1 2 1 .1 5 .2 7 8 .2 1 6 2 .1 3 5 9 .5 2 1 3 .72 0 0 0 8 8 5 .4 8 7 6 .9 8 .5 7 2 1 .2 4 3 .5 9 6 .6 1 9 .4 4 .7 7 7 .9 1 8 4 .1 3 9 4 .0 2 2 9 .52 0 0 1 9 2 5 .8 9 1 4 .9 1 0 .9 7 5 0 .6 4 3 .9 9 2 .8 2 2 .1 1 6 .4 7 1 .0 2 1 1 .7 3 8 8 .1 2 5 5 .02 0 0 2 8 5 7 .0 8 4 8 .8 8 .2 6 8 0 .9 3 7 .2 8 8 .1 2 9 .5 2 1 .3 6 4 .1 1 6 8 .3 3 8 8 .8 2 3 5 .92 0 0 3 9 6 1 .4 9 5 5 .6 5 .8 7 7 1 .9 3 4 .7 1 1 1 .8 2 3 .2 1 9 .8 7 3 .0 1 8 8 .5 4 2 3 .4 2 7 6 .5

2 0 0 2 - 1 2 0 9 .1 2 0 7 .0 2 .1 1 7 1 .2 1 0 .8 1 8 .4 6 .6 2 .1 1 6 .1 4 0 .2 9 9 .7 5 3 .12 2 0 8 .8 2 0 6 .9 1 .8 1 6 1 .2 8 .6 2 3 .3 8 .9 6 .8 1 6 .3 4 3 .2 9 0 .3 5 9 .03 2 1 4 .3 2 1 2 .8 1 .5 1 6 8 .2 1 0 .5 2 1 .7 6 .8 7 .2 1 5 .7 3 9 .9 9 3 .2 6 5 .54 2 2 4 .9 2 2 2 .2 2 .7 1 8 0 .3 7 .4 2 4 .6 7 .3 5 .3 1 6 .1 4 5 .0 1 0 5 .6 5 8 .3

2 0 0 3 - 1 2 2 7 .9 2 2 5 .1 2 .7 1 8 6 .9 6 .9 2 4 .7 4 .0 5 .5 1 7 .8 4 9 .5 1 0 4 .3 5 6 .32 2 4 5 .2 2 4 4 .0 1 .2 1 9 3 .7 1 0 .6 2 8 .5 9 .4 3 .0 1 8 .7 4 5 .5 1 0 5 .8 7 5 .23 2 4 4 .0 2 4 2 .5 1 .5 1 9 4 .5 9 .1 2 8 .0 6 .9 5 .6 1 8 .7 5 1 .2 9 8 .6 7 5 .54 2 4 4 .3 2 4 4 .0 0 .3 1 9 6 .8 8 .1 3 0 .6 3 .0 5 .8 1 7 .8 4 2 .3 1 1 4 .7 6 9 .6

2 0 0 3J a n 7 6 .1 7 5 .2 0 .9 6 1 .8 2 .4 8 .6 1 .5 1 .8 5 .5 1 3 .6 3 9 .0 1 8 .0F eb 7 2 .0 7 1 .4 0 .6 6 1 .3 1 .2 6 .7 1 .5 1 .3 4 .2 1 7 .4 3 2 .3 1 8 .2M a r 7 9 .7 7 8 .5 1 .2 6 3 .7 3 .3 9 .3 0 .9 2 .4 8 .1 1 8 .5 3 3 .0 2 0 .1A p r 7 5 .9 7 5 .7 0 .3 6 3 .0 1 .5 8 .3 2 .1 0 .9 4 .2 1 5 .0 3 3 .1 2 3 .6M a y 8 9 .0 8 8 .4 0 .6 6 9 .6 4 .0 9 .8 4 .2 1 .4 6 .4 1 6 .3 3 8 .2 2 8 .1J un 8 0 .3 8 0 .0 0 .3 6 1 .1 5 .1 1 0 .3 3 .0 0 .7 8 .0 1 4 .3 3 4 .5 2 3 .5J u l 8 1 .1 8 0 .5 0 .6 6 4 .9 3 .0 8 .6 2 .1 2 .4 6 .0 1 6 .4 3 4 .9 2 3 .8A u g 8 3 .5 8 2 .9 0 .6 6 5 .0 3 .7 1 0 .4 2 .6 1 .9 6 .4 1 9 .0 3 0 .5 2 7 .6S ep 7 9 .4 7 9 .1 0 .3 6 4 .6 2 .4 9 .1 2 .1 1 .2 6 .3 1 5 .8 3 3 .1 2 4 .2O c t 8 0 .2 7 9 .9 0 .3 6 6 .1 2 .7 9 .0 0 .9 1 .5 4 .8 1 2 .4 3 8 .9 2 4 .1N o v 8 2 .9 8 2 .9 - 6 5 .8 3 .0 1 0 .5 1 .2 2 .4 6 .6 1 5 .6 3 6 .5 2 4 .1D e c 8 1 .2 8 1 .2 - 6 4 .9 2 .4 1 1 .1 0 .9 1 .9 6 .4 1 4 .2 3 9 .2 2 1 .4


NW M editer- N.Am erica Japan Other S.E. South S.E. R.Sea Others Total3Q2003 Eur. ranean North Central South West Coast F.East Asia Asia Africa Africa

M EG 6.6 0.0 25.7 1.5 1.5 5.1 44.1 44.2 22.5 12.5 4.1 16.2 0.0 184.0Near East - - - - - - - - - - - - - -Red Sea - - 0.2 - - - 0.6 3.5 0.7 0.3 0.3 4.9 - 10.5N. Africa 8.3 0.1 0.6 - - - - - - - - - - 9.1W . Africa 2.0 1.6 13.6 0.3 0.6 - - 4.7 2.1 2.6 0.6 - - 28.0Caribbean - - 0.9 - - - - 1.2 0.6 0.6 - - - 3.3S.E. Asia - - - - - - - - - - - - - -North Sea - - 5.7 - - - - - 1.2 - - - - 6.9Black Sea - - - - - - - - - - - - - -China - - - - - - - - - - - - - -Others - - 0.7 - - - 0.3 - 1.2 - - - - 2.3

Total 17.0 1.7 47.3 1.8 2.1 5.1 45.0 53.6 28.3 16.0 5.0 21.1 - 244.0

NW M editer- N.Am erica Japan Other S.E. South S.E. R.Sea Others Total4Q2003 Eur. ranean North Central South West Coast F.East Asia Asia Africa Africa

M EG 7.4 0.4 26.3 0.3 1.2 4.7 48.4 49.0 20.1 12.9 4.0 12.5 0.0 187.1Near East - - - - - - - - - - - - - -Red Sea - - - - - - 0.3 2.7 0.9 1.0 - 4.9 - 9.7N. Africa 6.3 0.3 0.9 - 0.3 - - 0.3 - - - - - 8.1W . Africa 1.5 1.5 9.9 0.2 0.6 - 1.5 9.5 1.2 4.5 0.3 - - 30.6Caribbean - 0.4 0.9 - - - - 0.3 0.6 0.6 0.3 - - 3.1S.E. Asia - - - - - - 0.3 - 0.3 - - - - 0.6North Sea - - 1.6 0.2 - - - 1.2 - - - - - 3.0Black Sea - - - - - - - - - - - - - -China - - - - - - - - - - - - - -Others - - - - - - 0.6 0.6 0.9 - - - - 2.1

Total 15.2 2.6 39.6 0.6 2.1 4.7 51.0 63.6 23.8 19.0 4.6 17.4 - 244.3



APP

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DIX


OIL SHIPMENTS BY COMBINED CARRIERS 50,000 DWT +

COMBINED CARRIER EMPLOYMENT

Note: *) incl. Black Sea, Total Mediterranean and Morocco. Import figures here relate to date of shipment from origin.

Fig. in m illio n dwt . ex cl. co ast al t rades

BY SIZ E EXP O RT S IM P O RT S

T ota l 5 0 - 8 0 - 1 2 0- 2 0 0+ M EG / N . E./ N . Sea W . Afr. O thers Eur- Am . Ja p a n/ O thersP erio d 50 + 80 1 2 0 20 0 R. Sea N . Afr. o pe* Atl. F. Ea st

19 9 8 10 3 .5 32 .1 3 9 .2 2 6 .7 5 .4 14 .2 34 .7 11 .6 9 .9 33 .1 3 5 .6 5 8 .1 4 .5 5 .319 9 9 9 7 .9 31 .8 3 7 .6 2 0 .7 7 .9 12 .8 28 .8 15 .6 11 .2 29 .5 3 2 .5 5 2 .4 4 .7 8 .220 0 0 9 9 .9 29 .8 4 4 .0 1 7 .5 8 .5 12 .5 29 .3 15 .9 8 .9 33 .2 3 1 .1 5 3 .9 4 .2 1 0 .620 0 1 10 7 .4 30 .9 4 5 .5 2 0 .1 1 0 .9 13 .9 27 .1 12 .4 13 .5 40 .5 3 4 .2 5 4 .4 3 .4 1 5 .420 0 2 9 9 .2 27 .5 4 3 .5 2 0 .0 8 .2 16 .2 22 .7 9 .2 7 .4 43 .8 2 7 .8 4 9 .1 6 .8 1 5 .520 0 3 7 7 .4 21 .4 3 5 .3 1 4 .9 5 .8 13 .8 18 .4 6 .2 3 .8 35 .3 2 0 .5 3 6 .7 5 .8 1 4 .5

20 0 2 - 1 2 7 .2 8 .1 1 1 .8 5 .2 2 .1 4 .4 5 .6 1 .8 2 .0 13 .5 9 .2 1 2 .5 1 .8 3 .8

2 2 4 .6 7 .4 1 0 .7 4 .7 1 .8 3 .3 6 .0 2 .4 2 .6 10 .2 6 .4 1 2 .4 1 .2 4 .63 2 2 .6 5 .6 1 0 .9 4 .6 1 .5 3 .7 5 .4 2 .3 1 .1 10 .0 6 .9 1 1 .3 1 .5 2 .84 2 4 .8 6 .4 1 0 .2 5 .4 2 .7 4 .7 5 .7 2 .6 1 .7 10 .0 5 .4 1 2 .8 2 .3 4 .4

20 0 3 - 1 2 4 .6 6 .8 9 .5 5 .6 2 .7 6 .1 5 .7 1 .1 1 .0 10 .6 6 .3 1 1 .3 1 .7 5 .32 2 1 .5 5 .8 9 .4 5 .1 1 .2 2 .5 5 .0 2 .1 2 .0 9 .9 5 .6 1 0 .5 2 .3 3 .23 2 0 .4 5 .7 9 .6 3 .6 1 .5 4 .5 4 .7 1 .5 0 .8 8 .9 5 .9 8 .4 1 .3 4 .84 1 0 .9 3 .2 6 .8 0 .6 0 .3 0 .7 2 .9 1 .5 - 5 .9 2 .7 6 .5 0 .5 1 .2

20 0 3J a n 8 .1 2 .5 2 .8 1 .9 0 .9 2 .3 2 .3 0 .2 0 .1 3 .4 2 .2 3 .2 1 .0 1 .8Feb 7 .5 2 .1 3 .1 1 .8 0 .6 1 .5 1 .7 0 .5 0 .6 3 .3 1 .9 4 .0 0 .2 1 .4M a r 8 .9 2 .2 3 .6 1 .9 1 .2 2 .3 1 .8 0 .5 0 .4 3 .9 2 .2 4 .1 0 .5 2 .1Ap r 7 .8 1 .8 3 .2 2 .6 0 .3 0 .8 2 .0 0 .5 0 .7 3 .8 1 .7 4 .0 0 .7 1 .4M a y 6 .9 1 .8 3 .2 1 .3 0 .6 0 .8 1 .4 1 .1 0 .7 2 .9 2 .1 2 .9 0 .5 1 .4J un 6 .8 2 .1 3 .1 1 .3 0 .3 0 .9 1 .6 0 .5 0 .6 3 .3 1 .8 3 .5 1 .1 0 .4J ul 7 .9 2 .2 3 .9 1 .3 0 .6 1 .6 1 .5 0 .5 0 .3 4 .0 2 .5 2 .9 0 .4 2 .1Aug 7 .7 2 .1 3 .3 1 .7 0 .6 1 .7 2 .1 0 .5 0 .3 3 .0 2 .0 3 .4 0 .6 1 .7Sep 4 .8 1 .5 2 .4 0 .6 0 .3 1 .2 1 .2 0 .5 0 .1 1 .9 1 .4 2 .2 0 .4 0 .9O ct 4 .4 1 .1 2 .6 0 .4 0 .3 0 .6 1 .1 0 .5 - 2 .1 0 .8 2 .5 0 .2 0 .9N o v 3 .5 0 .9 2 .5 0 .1 - 0 .1 1 .0 0 .4 - 2 .0 1 .0 1 .9 0 .2 0 .3D ec 3 .0 1 .2 1 .7 0 .1 - - 0 .8 0 .5 - 1 .7 0 .8 2 .1 0 .1 -

Figures in million dwt

Start of

quarter Oil Dry Other Oil Dry Other Oil Dry Other Oil Dry Other Oil Dry Other

2002 - 2 2.3 0.7 0.5 2.2 0.5 0.8 2.2 0.1 1.4 1.2 - 0.3 8.0 1.3 3.03 2.5 0.6 0.4 2.7 0.6 0.3 1.8 0.3 1.8 0.9 0.3 0.3 7.9 1.7 2.94 2.0 1.0 0.5 2.7 0.6 0.3 1.9 0.4 1.4 0.9 0.3 0.3 7.5 2.2 2.5

2003 - 1 2.6 0.5 0.2 2.9 0.5 - 2.7 0.1 0.5 1.2 0.3 - 9.4 1.5 0.72 2.2 0.7 0.4 3.0 0.3 - 2.1 0.3 0.9 1.2 0.3 - 8.5 1.6 1.33 2.3 0.6 0.4 2.6 0.6 0.1 1.9 0.6 1.0 0.9 0.6 - 7.7 2.4 1.44 1.2 1.6 0.6 2.6 0.6 0.2 0.6 2.2 0.8 0.3 1.2 - 4.7 5.5 1.5

2004 - 1 1.1 1.7 0.4 1.2 2.0 0.1 0.2 2.2 0.9 - 1.5 - 2.6 7.4 1.5

Figures in number of vessels

Start of

quarter Oil Dry Other Oil Dry Other Oil Dry Other Oil Dry Other Oil Dry Other

2002 - 2 33 9 9 23 6 8 14 1 10 4 - 1 74 16 283 35 8 7 28 6 3 11 2 13 3 1 1 77 17 244 28 14 8 28 6 3 12 3 10 3 1 1 71 24 22

2003 - 1 38 7 2 30 5 - 17 1 4 4 1 - 89 14 62 32 10 5 31 3 - 13 2 7 4 1 - 80 16 123 32 9 5 26 7 1 12 4 7 3 2 - 73 22 134 17 22 8 26 6 2 4 14 6 1 4 - 48 46 16

2004 - 1 16 24 6 12 21 1 2 14 7 - 5 - 30 64 14

TOTAL50-80 000 dwt 80-120 000 dwt 120-200 000 dwt 200 000 dwt +

TOTAL50-80 000 dwt 80-120 000 dwt 120-200 000 dwt 200 000 dwt +


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DIX

April 2004 | 51

OIL AND COMBINED CARRIERS EMPLOYED IN COASTAL TRADES

Note: Tonnage employed in cabotage and short sea international trades not included in our survey on seaborne trade.

NORTH SEA OIL SHIPMENTS

Based on Fearnleys” tracking of all individual ships.

Size groups in '000 dwt Figures in million dwt

Quarter 50-80 80-120 120-200 200 + 50 + 50-80 80-120 120-200 200 + 50 +

2001 - 1 3.5 9.0 6.4 0.4 19.3 0.1 0.1 1.1 - 1.32 3.2 9.1 6.3 0.5 19.2 0.1 0.0 1.0 - 1.13 3.3 8.9 6.4 0.8 19.4 0.2 0.1 1.1 - 1.44 2.9 8.4 6.3 0.9 18.4 0.1 0.0 1.2 - 1.3

2002 - 1 3.0 8.0 6.1 0.8 17.8 0.1 - 1.1 - 1.22 3.2 6.2 5.9 0.6 15.9 0.1 - 0.9 - 0.93 3.1 7.4 6.3 0.4 17.3 0.1 - 1.0 - 1.14 3.0 7.8 6.3 0.4 17.5 0.1 - 0.9 - 0.9

2003 - 1 2.9 7.8 6.4 0.4 17.5 - - 0.6 - 0.62 3.1 8.1 6.0 0.3 17.6 - - 0.7 - 0.73 2.9 7.6 5.6 0.5 16.7 - - 0.7 - 0.74 2.9 7.8 5.9 0.2 16.8 - - 0.6 - 0.6

OIL TANKERS COMBINED CARRIERS

Figures in million dwt

Period 50- 80- 120- 200+ Total 50- 80- 120- 200+ Total Eur- Am. Oth.

80 120 200 80 120 200 ope* Atl.

1998 6.9 127.9 121.3 0.9 257.0 11.1 31.6 27.9 19.4 90.1 27.2 56.4 6.51999 7.5 129.1 129.3 0.3 266.2 12.5 39.5 34.7 21.4 108.2 27.3 70.8 10.12000 7.6 120.2 147.6 0.3 275.7 13.6 39.2 36.7 19.4 108.9 20.8 80.5 7.62001 5.2 119.7 137.1 0.6 262.7 11.0 36.3 33.5 22.1 102.8 19.3 76.3 7.32002 6.2 124.5 127.9 - 258.6 8.8 34.8 41.6 29.5 114.7 20.5 83.4 10.92003 5.1 124.8 116.5 - 246.4 7.1 30.8 37.2 23.2 98.3 17.2 74.3 6.8

2002 - 1 1.6 33.2 32.4 - 67.2 2.5 8.0 9.2 6.6 26.2 5.5 16.6 4.22 1.5 28.4 33.1 - 63.0 1.6 9.7 11.4 8.9 31.6 5.0 23.0 3.63 1.5 29.7 29.8 - 61.0 2.2 7.2 9.9 6.8 26.1 3.8 21.3 1.04 1.6 33.2 32.6 - 67.4 2.5 10.0 11.1 7.3 30.8 6.1 22.6 2.1

2003 - 1 1.6 33.2 29.3 - 64.1 1.5 9.4 7.3 4.0 22.2 4.4 17.2 0.62 1.5 31.1 29.4 - 62.0 2.1 7.3 9.7 9.4 28.7 3.8 21.6 3.23 1.0 27.9 27.8 - 56.7 1.5 6.7 10.6 6.9 25.7 4.0 20.3 1.44 1.0 32.6 30.0 - 63.6 2.0 7.2 9.5 3.0 21.7 4.9 15.3 1.6

2003Jan 0.4 9.5 8.8 - 18.7 0.7 3.7 2.2 1.5 8.1 1.9 5.9 0.3Feb 0.5 11.8 10.0 - 22.3 0.3 3.7 1.6 1.5 7.1 1.0 6.1 -Mar 0.7 11.9 10.5 - 23.1 0.6 2.1 3.5 0.9 7.0 1.5 5.2 0.3Apr 0.4 10.8 10.8 - 22.0 0.8 2.1 3.7 2.1 8.7 1.2 7.1 0.5May 0.6 10.5 10.0 - 21.1 0.8 3.0 3.5 4.2 11.5 1.4 8.5 1.6Jun 0.4 9.9 8.6 - 18.9 0.5 2.3 2.5 3.0 8.4 1.2 6.0 1.2Jul 0.2 9.4 9.4 - 19.1 0.7 2.0 3.4 2.1 8.2 1.4 6.1 0.7Aug 0.5 9.5 8.7 - 18.7 0.5 2.0 3.6 2.6 8.7 1.6 7.0 -Sep 0.3 9.0 9.7 - 18.9 0.3 2.7 3.7 2.1 8.9 1.1 7.1 0.7Oct 0.2 11.0 9.5 - 20.8 0.7 2.4 2.5 0.9 6.6 1.4 4.5 0.6Nov 0.3 10.8 10.2 - 21.4 0.4 2.2 2.3 1.2 6.1 1.0 4.9 0.3Dec 0.4 10.8 10.2 - 21.4 0.8 2.6 4.6 0.9 9.0 2.5 5.9 0.6

Within North Sea area To outside North Sea area

APP

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DIX


OIL SHIPMENTS BY DOUBLE HULL VESSELS

OIL SHIPMENTS BY VESSELS 50 - 80 000 DWTPERCENTAGE OF DWT WITH DOUBLE HULL

EXPORT AREAS IMPORT AREAS

MEG/ N. E./ Carib. N. Sea Others Eur- Am. Japan/ OthersPeriod R. Sea N. Afr. ope* Atl. F. East

1998 15 25 26 39 17 27 25 23 101999 24 21 23 46 19 25 24 28 152000 22 32 26 42 28 33 28 39 182001 19 29 26 39 36 34 29 49 222002 25 32 31 48 39 31 33 46 322003 27 65 30 74 49 52 38 45 41

2002 - 1 27 37 26 37 38 31 30 53 302 22 33 34 41 37 30 36 50 243 21 35 31 65 42 38 34 43 364 29 22 32 50 38 24 34 40 37

2003 - 1 23 34 32 48 46 42 34 45 402 21 66 32 69 47 51 37 43 383 37 88 29 84 51 60 39 45 454 28 73 30 94 53 57 43 45 42



MEG/ N. E./ Carib. N. Sea Others Eur- Am. Japan/ OthersPeriod R. Sea N. Afr. ope* Atl. F. East

1998 23 17 55 40 29 28 56 40 171999 35 18 63 47 36 31 65 50 262000 39 35 77 67 38 48 77 50 282001 38 58 77 70 43 61 78 50 272002 43 58 78 88 47 57 79 54 312003 49 77 84 95 62 74 86 56 39

2002 - 1 43 52 76 85 42 51 78 54 312 44 60 80 84 48 59 80 50 343 41 58 81 90 49 57 81 58 294 46 63 75 92 47 60 78 54 30

2003 - 1 44 69 80 94 57 69 84 56 312 49 79 83 96 59 72 85 55 383 51 78 83 96 64 76 85 58 434 51 83 87 92 67 80 89 56 44


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April 2004 | 53

OIL SHIPMENTS BY DOUBLE HULL VESSELS



MEG/ N. E./ W.Afr. N. Sea Others Eur- Am. Japan/ OthersPeriod R. Sea N. Afr. ope* Atl. F. East

1998 41 17 30 55 43 36 52 25 341999 39 21 43 70 43 46 60 15 392000 37 37 60 71 49 56 72 16 402001 36 52 64 78 54 67 69 23 382002 39 65 68 84 77 69 82 31 502003 47 77 69 91 85 79 83 41 54

2002 - 1 38 58 61 80 77 65 79 39 452 39 68 67 83 78 71 81 29 513 37 70 73 80 81 75 81 22 534 43 62 71 92 74 66 86 36 52

2003 - 1 45 74 71 88 83 75 82 44 502 44 75 67 89 82 76 80 43 573 46 83 68 96 86 83 83 38 554 53 77 69 92 90 81 86 39 56

OIL SHIPMENTS BY VESSELS OVER 200 000 DWTPERCENTAGE OF DWT WITH DOUBLE HULL


MEG/ N. E./ W.Afr. N. Sea Others Eur- Am. Japan/ OthersPeriod R. Sea N. Afr. ope* Atl. F. East

1998 17 29 21 50 11 28 23 18 141999 25 26 24 62 9 32 29 26 192000 32 55 44 74 21 56 34 35 312001 40 55 51 79 40 66 40 41 412002 48 61 59 90 61 65 61 48 472003 54 80 75 93 69 83 70 52 56

2002 - 1 46 67 49 77 42 69 49 47 432 46 55 65 93 59 57 60 49 463 50 61 56 100 71 66 67 47 534 50 62 64 88 72 68 66 49 47

2003 - 1 53 66 68 77 77 77 59 51 562 52 83 76 93 31 85 73 48 523 56 84 77 100 90 91 75 50 604 56 89 81 100 79 82 71 58 55

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DIX


RUSSIAN CRUDE OIL SHIPMENTS

LOAD FACTOR. OIL TANKERSFigures show cargo as % of dwt for reported spot fixtures Size groups in '000 dwt

Total

Quarter 50-80 80-120 120-200 200-320 320+ 50+

2002 - 1 83.2 80.3 85.5 90.6 82.5 86.42 83.4 80.6 87.0 90.5 91.4 87.23 83.3 81.2 86.2 90.4 76.1 86.44 84.0 81.1 86.0 90.8 89.4 87.2

2003 - 1 83.8 81.2 86.6 91.6 82.6 87.42 82.3 81.2 86.7 91.4 85.8 87.33 80.9 81.2 87.1 91.9 88.9 87.64 82.2 80.1 86.9 90.6 86.3 86.7

2004 - 1 80.5 80.8 86.3 91.7 83.1 84.0

Source: PIW Figures in '000 b/d

Average Baltic Total in '000 b/d Total

1996 908 285 1193 58 % 861 42 % 20531997 900 374 1274 60 % 863 40 % 21371998 921 406 1327 57 % 1005 43 % 23331999 817 345 1161 54 % 1003 46 % 21642000 909 333 1242 54 % 1064 46 % 23062001 913 395 1308 54 % 1098 46 % 24052002 944 486 1429 58 % 1037 42 % 24662003 969 617 1585 60 % 1070 40 % 2656

2002 - 2 966 485 1450 60 % 983 40 % 24343 1000 501 1501 59 % 1056 41 % 25574 883 431 1314 55 % 1056 45 % 2370

2003 - 1 930 511 1441 57 % 1094 43 % 25362 1031 593 1624 61 % 1046 39 % 26703 1031 604 1635 61 % 1035 39 % 26704 882 759 1641 60 % 1106 40 % 2747

2004 - 1 954 1016 1970 64 % 1109 36 % 3080

2003Jan 881 448 1329 54 % 1121 46 % 2450Feb 818 570 1388 57 % 1044 43 % 2432Mar 1091 516 1607 59 % 1118 41 % 2725Apr 971 608 1579 60 % 1050 40 % 2629May 1024 587 1611 62 % 1004 38 % 2615Jun 1099 584 1683 61 % 1084 39 % 2767Jul 1024 587 1611 62 % 1004 38 % 2615Aug 1064 565 1629 61 % 1049 39 % 2678Sep 1005 661 1666 61 % 1051 39 % 2717Oct 933 576 1509 58 % 1103 42 % 2612Nov 736 855 1591 59 % 1114 41 % 2705Dec 976 846 1822 62 % 1101 38 % 2923

2004Jan 717 975 1692 61 % 1089 39 % 2781Feb 984 988 1972 63 % 1158 37 % 3130Mar 1162 1085 2247 68 % 1081 32 % 3328

S e a b o r n e P i p e l i n e

in % of total export

in % of total exportBlack Sea


EN

DIX

April 2004 | 55

OIL DEMAND

Notes: Latest estimates for world demand for second latest month reported may differ from sum of latest reported detailedcountry estimates for same month. Due to revisions latest reported quarterly estimates may not correspond directly withmonthly figures.

Figures in million b/d

Period World OECD Non-OECD USA OECD Eur Japan

1995 69.93 40.12 29.81 17.74 13.94 5.681996 72.00 41.06 30.95 18.24 14.24 5.761997 73.90 46.60 27.30 18.60 14.24 5.711998 74.10 46.80 27.20 18.85 14.93 5.511999 75.07 47.54 27.52 19.48 15.14 5.572000 75.89 47.63 28.26 19.65 15.01 5.492001 76.48 47.57 28.91 19.59 14.96 5.452002 76.75 47.41 29.34 19.67 14.99 5.342003 78.48 48.17 30.31 19.90 15.18 5.34

2002 - 4 78.24 48.70 29.54 19.80 15.40 5.90

2003 - 1 77.99 48.61 29.38 19.86 15.12 5.772 76.56 47.00 29.56 19.86 14.88 5.003 78.57 47.76 30.82 19.92 15.12 4.854 80.79 49.31 31.48 19.97 15.59 5.75

2003Mar 77.65 48.89 28.76 19.88 14.73 6.09Apr 76.64 47.23 29.40 19.90 14.92 5.13May 75.65 46.56 29.09 19.28 14.77 4.91Jun 77.41 47.21 30.20 20.40 14.95 4.95Jul 77.45 47.15 30.30 19.92 15.27 4.81Aug 78.71 47.72 30.98 20.67 14.64 4.85Sep 79.56 48.40 31.16 19.18 15.46 4.90Oct 80.14 48.64 31.50 19.90 15.75 5.18Nov 80.70 49.14 31.55 19.95 15.66 5.69Dec 81.53 50.15 31.38 20.07 15.36 6.37

2004Jan 80.59 49.16 31.43 20.22 15.14 5.85Feb 81.40 50.30 31.10 20.48 15.64 5.90

Period OPEC FSU China India Brazil Mexico

2002 - 4 6.19 4.35 4.93 2.31 2.06 1.96 1.91

2003 - 1 6.14 4.50 4.99 2.30 2.06 1.86 1.942 6.31 4.19 5.22 2.03 1.95 1.84 2.073 6.52 4.39 5.63 1.97 1.96 1.89 2.004 6.61 4.55 5.57 2.38 2.05 1.99 2.01

2003Mar 6.05 4.30 4.97 2.20 2.14 1.75 1.99Apr 6.20 3.91 5.32 2.00 1.86 1.85 2.14May 6.31 3.86 4.95 2.02 1.97 1.84 2.02Jun 6.42 4.81 5.40 2.08 2.04 1.84 2.05Jul 6.52 4.26 5.36 1.95 2.02 1.90 2.11Aug 6.52 4.37 5.88 1.98 1.91 1.89 1.97Sep 6.52 4.55 5.64 1.99 1.94 1.89 1.91Oct 6.54 4.52 5.59 2.26 1.95 2.06 1.95Nov 6.62 4.66 5.51 2.35 2.04 2.02 1.88Dec 6.66 4.46 5.62 2.52 2.17 1.90 2.21

2004Jan 6.68 4.29 5.70 2.40 2.14 1.63 2.01Feb 4.03 5.62 2.38 2.19 1.83 2.15

S. Korea

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DIX


OIL PRODUCTION

*) Excluding condensates and NGL, excluding Gabon since Jan. 1996.

Avera ge Saud i Ira n Ira q Kuwa it UAE Qatar Ven. Nig. L ib. Alg. Indo . To ta l

Arab ia

1 9 9 6 8 .2 4 3 .6 5 0.63 2 .0 6 2 .2 0 0.48 3.0 1 2 .0 7 1 .40 0.8 1 1 .3 7 2 5 .9 11 9 9 7 8 .6 4 3 .6 3 1.21 2 .0 8 2 .2 5 0.62 3.2 8 2 .2 2 1 .45 0.8 5 1 .3 6 2 7 .5 81 9 9 8 8 .3 9 3 .6 0 2.16 2 .0 9 2 .2 7 0.66 3.1 3 2 .0 5 1 .38 0.8 2 1 .3 4 2 7 .8 71 9 9 9 7 .8 3 3 .5 2 2.50 1 .9 0 2 .0 9 0.66 2.7 9 2 .0 3 1 .32 0.7 7 1 .3 2 2 6 .7 32 0 0 0 8 .4 3 3 .6 6 2.55 2 .1 2 2 .2 9 0.70 2.8 9 2 .0 4 1 .38 0.8 0 1 .2 9 2 8 .1 52 0 0 1 8 .0 6 3 .6 4 2.40 2 .0 1 2 .1 7 0.67 2.8 3 2 .1 6 1 .36 0.8 2 1 .2 0 2 7 .3 22 0 0 2 7 .5 8 3 .4 2 1.99 1 .8 9 1 .9 8 0.64 2.6 0 1 .9 8 1 .32 0.8 6 1 .1 3 2 5 .3 92 0 0 3 8 .7 2 3 .7 4 1.33 2 .1 4 2 .2 5 0.76 2.2 7 2 .1 6 1 .44 1.1 4 1 .0 2 2 6 .9 6

2 0 0 3 - 1 8 .9 0 3 .6 8 2.14 2 .0 9 2 .2 1 0.74 1.4 6 2 .0 6 1 .40 1.0 5 1 .0 6 2 6 .7 92 9 .0 3 3 .7 2 0.33 2 .2 6 2 .3 2 0.76 2.5 1 2 .0 3 1 .43 1.1 1 1 .0 2 2 6 .5 13 8 .5 8 3 .7 5 1.00 2 .1 0 2 .3 0 0.78 2.5 1 2 .2 7 1 .44 1.1 8 1 .0 2 2 6 .9 34 8 .3 7 3 .8 0 1.85 2 .1 0 2 .1 7 0.76 2.6 0 2 .3 0 1 .48 1.2 1 0 .9 9 2 7 .6 2

2 0 0 4 - 1 8 .3 7 3 .7 8 2.16 2 .1 1 2 .1 8 0.76 2.6 2 2 .3 6 1 .49 1.2 0 0 .9 8 2 8 .0 1

2 0 0 3Ap r 9 .4 7 3 .7 2 0.20 2 .3 9 2 .3 5 0.75 2.5 2 1 .7 4 1 .43 1.0 9 1 .0 3 2 6 .6 7M ay 9 .1 1 3 .7 2 0.35 2 .2 9 2 .3 8 0.75 2.5 1 2 .1 7 1 .43 1.1 1 1 .0 2 2 6 .8 3J un 8 .5 1 3 .7 2 0.43 2 .1 0 2 .2 2 0.78 2.5 0 2 .1 8 1 .43 1.1 5 1 .0 2 2 6 .0 2J ul 8 .6 1 3 .7 5 0.60 2 .0 9 2 .3 5 0.78 2.5 1 2 .2 7 1 .43 1.1 8 1 .0 2 2 6 .5 8Aug 8 .6 1 3 .7 5 1.01 2 .1 1 2 .3 6 0.78 2.4 9 2 .2 5 1 .45 1.1 8 1 .0 3 2 7 .0 1Sep 8 .5 1 3 .7 5 1.39 2 .1 1 2 .2 0 0.78 2.5 3 2 .2 8 1 .45 1.2 0 1 .0 2 2 7 .2 2Oct 8 .5 0 3 .8 5 1.61 2 .1 3 2 .1 5 0.77 2.5 7 2 .3 0 1 .47 1.2 0 1 .0 0 2 7 .5 5No v 8 .3 1 3 .8 0 1.97 2 .1 1 2 .1 5 0.75 2.6 2 2 .3 0 1 .48 1.2 0 0 .9 9 2 7 .6 7Dec 8 .3 1 3 .7 5 1.98 2 .0 6 2 .2 0 0.77 2.6 0 2 .3 0 1 .48 1.2 2 0 .9 9 2 7 .6 4

2 0 0 4J a n 8 .4 1 3 .8 0 2.11 2 .1 1 2 .2 0 0.77 2.6 3 2 .3 5 1 .48 1.1 8 0 .9 9 2 8 .0 2Feb 8 .3 1 3 .7 5 1.88 2 .0 8 2 .1 5 0.76 2.6 3 2 .3 7 1 .49 1.2 0 0 .9 8 2 7 .5 8M ar 8 .4 0 3 .8 0 2.48 2 .1 5 2 .2 0 0.76 2.6 0 2 .3 5 1 .49 1.2 3 0 .9 8 2 8 .4 4

M IDDLE EAST OPEC * OTH ER OPEC *

Figures in m illio n b/d

Avera ge M .Ea st Other To ta l USA Russia No rth China M exico Others No n- TotalOPEC* OPEC* OPEC* Sea OPEC

1 9 9 6 17 .25 8 .6 6 2 5 .9 1 6 .4 7 5 .9 1 5 .8 2 3 .1 8 2.8 6 14 .42 3 8 .6 5 64 .561 9 9 7 18 .43 9 .1 5 2 7 .5 8 6 .4 1 5 .9 8 5 .8 3 3 .2 7 3.0 2 14 .98 3 9 .4 9 67 .071 9 9 8 19 .17 8 .7 1 2 7 .8 7 6 .2 4 5 .9 5 5 .8 1 3 .2 0 3.0 8 15 .14 3 9 .4 1 67 .291 9 9 9 18 .51 8 .2 3 2 6 .7 3 5 .8 8 5 .9 8 5 .9 4 3 .2 1 2.9 1 15 .32 3 9 .2 3 65 .962 0 0 0 19 .74 8 .3 9 2 8 .1 3 5 .7 1 6 .2 4 6 .0 2 3 .2 4 3.0 1 15 .56 3 9 .7 8 67 .922 0 0 1 18 .95 8 .3 6 2 7 .3 1 5 .7 0 6 .7 5 5 .8 7 3 .3 0 3.1 3 15 .53 4 0 .2 8 67 .582 0 0 2 17 .49 7 .9 9 2 5 .4 8 5 .7 0 7 .4 0 5 .7 1 3 .3 9 3.1 8 16 .29 4 1 .6 7 67 .142 0 0 3 18 .93 8 .0 3 2 6 .9 6 5 .7 0 8 .2 0 5 .4 6 3 .4 1 3.3 8 16 .42 4 2 .5 7 69 .53

2 0 0 3 - 1 19 .76 7 .0 3 2 6 .7 9 5 .7 5 7 .8 5 5 .7 3 3 .4 0 3.3 2 16 .15 4 2 .2 1 69 .002 18 .41 8 .1 0 2 6 .5 1 5 .7 5 8 .0 6 5 .2 4 3 .4 4 3.3 3 16 .08 4 1 .9 0 68 .413 18 .51 8 .4 3 2 6 .9 3 5 .6 2 8 .4 0 5 .1 8 3 .3 8 3.4 1 16 .54 4 2 .5 3 69 .474 19 .05 8 .5 7 2 7 .6 2 5 .6 7 8 .5 1 5 .6 9 3 .4 3 3.4 3 16 .90 4 3 .6 3 71 .26

2 0 0 4 - 1 19 .37 8 .9 1 2 8 .2 8 5 .6 7 8 .5 3 5 .6 7 3 .4 6 3.4 1 17 .05 4 3 .7 9 72 .07

2 0 0 3Ap r 18 .88 7 .8 0 2 6 .6 7 5 .7 6 7 .9 5 5 .4 7 3 .4 5 3.2 8 15 .97 4 1 .8 7 68 .54M ay 18 .60 8 .2 3 2 6 .8 3 5 .7 4 8 .0 5 5 .2 6 3 .4 3 3.3 2 16 .12 4 1 .9 1 68 .74J un 17 .75 8 .2 7 2 6 .0 2 5 .7 5 8 .1 8 5 .0 0 3 .4 5 3.4 0 16 .15 4 1 .9 3 67 .95J ul 18 .17 8 .4 1 2 6 .5 8 5 .6 0 8 .3 2 5 .2 6 3 .3 8 3.4 0 16 .53 4 2 .4 9 69 .07Aug 18 .61 8 .3 9 2 7 .0 1 5 .6 4 8 .3 9 5 .0 7 3 .3 9 3.4 3 16 .47 4 2 .3 9 69 .39Sep 18 .74 8 .4 8 2 7 .2 2 5 .6 3 8 .4 9 5 .2 0 3 .3 7 3.4 2 16 .62 4 2 .7 3 69 .94Oct 19 .01 8 .5 4 2 7 .5 5 5 .6 7 8 .5 2 5 .5 5 3 .4 5 3.4 0 16 .63 4 3 .2 1 70 .76No v 19 .08 8 .5 9 2 7 .6 7 5 .7 3 8 .5 0 5 .8 4 3 .4 2 3.4 4 16 .83 4 3 .7 5 71 .42Dec 19 .06 8 .5 8 2 7 .6 4 5 .6 2 8 .5 1 5 .6 9 3 .4 2 3.4 6 17 .23 4 3 .9 4 71 .58

2 0 0 4J a n 19 .39 8 .8 9 2 8 .2 8 5 .6 5 8 .5 0 5 .6 5 3 .4 2 3.4 2 16 .92 4 3 .5 7 71 .85Feb 18 .92 8 .9 3 2 7 .8 5 5 .6 8 8 .5 4 5 .7 1 3 .4 7 3.3 6 17 .00 4 3 .7 6 71 .61M ar 19 .79 8 .9 2 2 8 .7 1 5 .6 7 8 .5 5 5 .6 5 3 .4 8 3.4 7 17 .24 4 4 .0 5 72 .76


EN

DIX

April 2004 | 57

OIL STOCKS IN MAIN AREAS

*) Europe includes European Union + Norway, but excludes strategic and government controlled stocks.

Figures in million barrels

End of CRUDE OIL GASOLINE Sub-totalperiod USA Eur.*) Japan USA Eur.*) Japan USA Eur.*) Japan

2001 - 1 309 380 136 194 102 27 105 191 41 14842 308 318 141 221 96 26 114 185 42 14513 309 329 128 206 94 26 127 184 58 14614 312 329 129 210 103 21 145 190 49 1487

2002 - 1 331 314 130 213 109 26 123 204 42 14922 313 321 128 216 99 27 131 218 44 14973 270 304 121 207 90 23 127 221 52 14154 278 296 122 211 96 23 134 207 44 1411

2003 - 1 280 319 136 200 101 24 99 190 38 13872 283 309 142 206 89 26 112 189 48 14043 284 314 134 192 85 25 131 216 51 14324 268 323 131 207 93 23 137 206 43 1431

2002Jul 303 326 126 214 96 25 133 214 49 1486Aug 295 311 127 204 94 23 131 228 52 1465Sep 270 304 121 207 90 23 127 221 52 1415Oct 287 328 122 192 89 23 120 217 53 1431Nov 288 311 116 206 90 23 124 208 49 1415Dec 278 294 122 211 93 23 134 204 44 1403

2003Jan 273 303 125 212 97 24 112 197 43 1386Feb 270 291 126 203 97 24 97 178 39 1325Mar 280 319 136 200 101 24 99 190 38 1387Apr 289 342 126 206 100 25 98 187 44 1417May 284 325 132 208 94 25 106 195 49 1418Jun 283 309 142 206 89 26 112 189 48 1404Jul 281 328 141 203 84 25 119 198 53 1432Aug 280 318 133 193 83 26 128 196 47 1404Sep 284 314 134 192 85 25 131 216 51 1432Oct 294 326 125 191 86 26 133 201 48 1430Nov 280 325 115 203 92 24 137 204 51 1431Dec 268 323 131 207 93 23 137 206 43 1431

2004Jan 271 316 129 204 98 23 120 214 36 1411Feb 276 319 202 99 112 200 1208

MID-DISTILLATES

APP

EN

DIX


OIL CONSUMPTION

OIL CONSUMPTION BY PRODUCTS. MAIN AREAS

Notes: OECD Europe now also includes Poland, Hungary and Czech Republic. The grand total does not include a variety ofproducts other than specified, such as LPG and petcoke.


Quarter Gasoline Gas/ Kerosene Naphtha Total Heavy GrandDiesel fuel oil Total

USA

2001 - 4 92.5 45.2 18.6 2.9 159.2 3.0 162.2

2002 - 1 89.0 44.6 18.9 2.8 155.3 7.4 162.72 95.2 44.0 19.1 3.7 162.0 6.8 168.83 96.2 44.3 19.6 3.5 163.6 6.3 169.94 94.4 47.3 20.0 3.1 164.8 7.7 172.5

2003 - 1 88.6 49.2 19.2 3.0 160.0 8.7 168.72 95.2 45.6 18.0 3.7 162.5 7.3 169.83 97.7 45.7 19.5 3.7 166.6 8.3 174.9

OECD EUR.

2001 - 4 31.3 72.2 11.5 10.2 125.2 18.1 143.3

2002 - 1 28.8 66.9 11.4 10.3 117.4 18.8 136.22 31.0 62.9 12.2 9.5 115.6 14.5 130.13 32.1 67.4 13.3 10.0 122.8 14.8 137.64 30.2 71.6 12.7 10.4 124.9 15.5 140.4

2003 - 1 27.5 69.6 12.4 11.0 120.5 15.4 135.92 30.6 66.3 12.6 10.0 119.5 13.3 132.83 31.4 66.9 13.7 10.2 122.2 14.6 136.8

JAPAN

2001 - 4 9.8 15.8 10.1 8.5 44.2 6.0 50.2

2002 - 1 8.9 15.4 11.7 8.8 44.8 6.0 50.82 9.3 13.4 5.6 7.9 36.2 4.8 41.03 10.5 14.1 5.8 9.1 39.5 6.0 45.54 9.7 15.5 11.1 9.4 45.7 7.5 53.2

2003 - 1 9.0 15.6 12.8 9.4 46.8 8.2 55.02 9.5 13.4 5.8 7.9 36.6 7.5 44.13 10.3 13.6 5.2 8.7 37.8 6.1 43.9

KOREA

2001 - 4 1.9 4.8 3.4 5.6 15.7 4.9 20.6

2002 - 1 1.8 4.7 3.8 6.2 16.5 5.2 21.72 1.8 4.6 1.7 5.5 13.6 4.3 17.93 2.1 4.4 1.8 6.1 14.4 3.8 18.24 1.9 5.4 3.9 6.0 17.2 4.7 21.9

2003 - 1 1.7 4.9 4.0 6.3 16.9 5.0 21.92 1.8 5.0 1.7 6.0 14.5 3.9 18.43 1.9 4.6 1.7 6.2 14.4 3.5 17.9

Main clean products


EN

DIX

April 2004 | 59

OIL BALANCE

Note: OECD Europe now also includes Poland, Hungary and Czech Republic.

OIL BALANCE. MAIN AREAS


Quarter Production Imports Exports Imports Exports Crude Products Total

USA

2001 - 4 89.1 129.4 0.7 16.1 13.2 121.6 72.6 194.2

2002 - 1 86.7 122.8 0.9 17.3 12.0 126.0 66.7 192.72 88.7 129.7 0.8 19.6 11.5 126.4 69.8 196.23 86.6 130.5 1.0 19.1 12.8 123.3 67.3 190.64 84.8 131.8 1.2 19.5 13.8 123.0 65.3 188.3

2003 - 1 86.1 120.7 1.1 21.4 13.7 125.1 57.4 182.52 84.9 140.2 1.0 22.4 13.8 127.7 63.7 191.43 85.1 145.0 0.6 20.9 12.9 129.3 64.7 194.0

OECD EUR.

2001 - 4 83.1 162.4 68.7 64.7 53.8 67.6 105.0 172.6

2002 - 1 78.3 151.5 62.2 63.5 52.2 68.0 106.4 174.42 79.7 153.8 65.6 60.8 53.6 69.1 106.2 175.33 74.3 156.4 60.0 61.7 54.6 67.7 104.1 171.84 79.4 155.3 64.5 61.0 55.0 67.3 102.3 169.6

2003 - 1 78.1 156.1 56.2 59.4 55.4 73.1 99.8 172.92 72.2 153.7 56.8 63.1 59.2 70.8 100.6 171.43 71.2 160.8 55.7 62.0 55.8 70.2 103.6 173.8

JAPAN

2001 - 4 0.2 51.3 - 11.5 1.2 69.8 14.0 83.8

2002 - 1 0.2 53.2 - 12.5 1.3 70.1 13.3 83.42 0.1 45.8 - 10.7 0.9 70.4 13.5 83.93 0.1 48.0 - 11.1 1.0 68.5 14.4 82.94 0.1 54.4 - 14.1 0.9 68.3 13.1 81.4

2003 - 1 0.2 58.2 - 13.3 0.9 70.3 11.9 82.22 0.1 52.6 - 12.3 0.8 71.7 14.1 85.83 0.1 48.9 - 11.0 1.0 70.4 15.9 86.3

KOREA

2001 - 4 0.1 30.3 - 5.8 9.1 12.4 7.6 20.0

2002 - 1 0.1 28.8 - 6.8 7.8 12.6 7.5 20.12 0.1 26.5 - 6.7 7.4 12.7 8.9 21.63 0.1 25.4 - 6.1 8.6 12.8 8.0 20.84 0.1 27.3 - 6.9 7.2 12.2 7.1 19.3

2003 - 1 0.1 28.6 - 7.2 7.4 12.2 7.1 19.32 0.1 27.0 - 5.8 6.7 12.8 8.0 20.83 0.1 24.7 - 6.8 6.6 13.2 8.3 21.5

Oil products End stocksCrude oil

APP

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DIX


OIL TRADE STATISTICS

CRUDE OIL TRADE. MAIN AREAS.

Notes: Crude oil here also includes NGL and refinery feedstocks. Please observe continuous revisions in figures for previousquarters and that origin figures for the latest quarters are not comparable with previous periods for W. Europe and total OECD dueto incomplete data.


From: OtherM. Vene- OECD N. Me- Ex. N/M. Other

To: East Africa zuela Indo. Eur. Amer. xico USSR China East Africa Others Total

USA

2001 - 4 35.1 11.3 18.9 0.4 8.1 19.2 20.0 0.3 0.1 - 7.0 9.0 129.4

2002 - 1 32.8 8.6 19.5 0.9 7.4 18.3 18.3 0.3 0.2 0.1 7.2 9.1 122.82 28.2 10.5 16.6 0.8 13.8 19.8 18.7 2.5 0.2 0.4 8.7 9.6 129.73 24.7 9.5 22.8 0.4 12.1 19.3 19.0 2.3 0.3 1.6 8.5 9.8 130.54 28.5 9.2 19.3 0.4 12.9 20.7 20.6 2.2 0.3 0.7 6.8 10.1 131.8

2003 - 1 32.6 11.7 11.7 0.2 8.9 19.7 18.4 1.7 0.2 0.3 6.9 8.3 120.72 33.1 14.6 22.3 0.3 10.3 19.0 19.6 2.8 0.1 0.8 8.7 8.7 140.23 26.6 15.2 22.1 0.3 10.8 21.0 21.4 4.4 0.3 0.9 11.1 10.8 145.0

OECD EUR.

2001 - 4 29.4 26.9 3.6 - 45.1 0.2 2.2 36.1 - 5.8 6.4 6.9 162.4

2002 - 1 23.3 21.9 3.3 - 42.3 - 2.0 39.1 - 5.0 8.9 5.8 151.52 25.8 19.8 2.1 - 40.3 0.2 2.3 42.4 - 6.0 6.2 8.8 153.83 29.5 21.1 2.5 - 39.6 0.3 2.5 44.4 - 6.5 4.9 5.2 156.44 31.5 21.7 1.8 - 42.5 0.1 2.7 40.6 - 5.7 5.4 3.2 155.3

2003 - 1 28.7 24.3 0.5 - 44.9 0.2 1.9 41.4 - 4.5 5.7 3.9 156.12 33.1 23.8 1.6 - 38.5 0.1 2.2 45.2 - 3.2 4.3 1.6 153.73 30.3 23.8 1.5 - 41.0 0.3 2.9 48.4 - 2.8 3.9 6.0 160.8

JAPAN

2001 - 4 42.8 0.4 0.2 1.8 - - 0.2 0.1 0.7 3.3 0.2 1.6 51.3

2002 - 1 43.7 0.8 0.2 2.0 0.2 - - - 0.9 2.6 0.7 2.2 53.22 37.1 0.4 0.2 1.7 - - 0.2 - 0.8 2.5 1.3 1.6 45.83 37.9 0.9 0.2 1.7 - - - 0.3 0.8 2.8 1.4 2.1 48.04 42.9 1.0 0.2 2.4 - - 0.2 0.5 0.9 3.0 1.2 2.0 54.4

2003 - 1 45.7 2.1 0.1 2.5 0.3 - - - 0.9 3.6 1.2 1.8 58.22 44.1 0.4 0.1 2.2 - - - 0.3 1.0 3.0 0.9 1.9 53.73 41.3 0.5 0.3 1.9 0.2 - 0.3 0.7 0.8 1.5 0.8 1.1 49.3

KOREA

2001 - 4 20.1 0.1 0.2 1.5 0.1 0.1 - 0.9 0.2 2.1 1.8 3.3 30.3

2002 - 1 18.1 0.1 - 1.4 - - - 0.3 0.4 3.6 1.0 4.0 28.82 17.3 - - 1.9 0.4 - - 0.6 0.2 2.1 0.8 3.2 26.53 16.3 0.1 - 1.2 0.7 - - 1.0 0.4 1.8 1.1 2.8 25.44 18.0 - - 1.1 - 0.1 - 0.7 0.3 1.7 1.7 3.6 27.3

2003 - 1 19.8 - - 1.1 0.3 - - 0.5 0.3 1.9 1.4 3.4 28.62 20.3 - - 1.3 - 0.1 - 0.1 0.3 1.8 0.8 2.4 27.03 18.4 0.1 - 1.0 - 0.1 - 0.3 0.3 1.3 0.8 2.4 24.7

OPEC


EN

DIX

April 2004 | 61

TRADE IN THREE MAJOR CLEAN PRODUCTS. MAIN AREAS

Notes: Caribs incl. Mexico. Please observe continuous revisions in figures for previous quarters and that origin figures for thelatest quarters are not comparable with previous periods for W. Europe and total OECD due to incomplete data.

OIL TRADE STATISTICS continued

Gas/diesel oil, gasoline, naphtha Figures in million tonnes

From:Vene- OECD Ex. Other

To: M.East Africa zuela Indo. Eur. E.Eur. USSR N.Amer. Caribs Asia Others Total

USA

2001 - 4 0.1 0.3 1.7 - 2.4 - 0.2 2.7 0.7 0.4 1.2 9.8

2002 - 1 - 0.1 1.0 - 2.9 0.1 0.8 3.1 0.8 0.4 1.0 10.02 0.1 0.3 1.1 - 3.5 0.1 1.2 3.2 0.5 0.5 1.2 11.83 0.3 0.1 1.2 - 2.4 0.3 0.6 3.4 0.5 0.8 1.2 10.94 0.3 0.2 1.0 - 2.4 0.2 1.3 3.5 0.5 0.6 1.3 11.3

2003 - 1 0.3 0.1 0.2 - 3.6 0.1 2.5 3.6 0.7 0.4 0.9 12.42 0.5 0.2 1.1 - 3.9 0.3 0.9 3.7 0.6 1.1 1.4 13.73 0.4 0.4 1.0 - 2.6 0.1 0.9 4.0 0.6 1.1 1.3 12.4

OECD EUR.

2001 - 4 0.2 2.1 - - 25.1 0.7 5.1 0.4 0.1 0.6 3.8 38.1

2002 - 1 0.2 1.6 - - 21.9 1.3 5.9 0.8 0.1 0.8 4.0 36.52 0.1 1.7 - - 22.3 1.2 6.6 0.7 0.1 0.2 1.8 34.73 0.2 2.2 - - 23.4 1.1 5.4 0.3 0.1 0.4 2.2 35.34 0.2 1.7 - - 23.1 1.0 6.0 0.2 0.1 0.7 3.8 36.9

2003 - 1 0.3 1.7 - - 22.5 1.0 6.4 0.1 0.1 0.5 3.4 35.82 0.1 1.6 - - 24.6 1.0 8.2 0.2 0.1 0.3 2.9 39.03 0.1 1.6 - - 22.4 1.2 7.5 0.2 0.1 0.3 1.5 34.9

JAPAN

2001 - 4 2.4 - - 0.4 0.1 - 0.1 0.1 - 2.6 0.1 5.8

2002 - 1 2.3 - - 0.3 0.2 - 0.1 - - 2.8 0.2 5.92 2.0 0.1 - 0.3 0.3 - 0.1 0.2 0.1 2.7 0.2 5.93 2.6 0.1 - 0.3 0.1 - 0.1 0.1 - 2.6 0.1 6.04 2.8 - - 0.4 0.1 - 0.2 0.2 - 3.4 - 7.0

2003 - 1 2.9 - - 0.3 0.1 - 0.2 0.1 - 2.3 0.1 5.92 2.1 - - 0.3 0.2 - 0.2 0.2 - 3.2 0.1 6.33 2.7 - - 0.4 0.1 - 0.2 0.1 - 2.1 0.1 5.8

KOREA

2001 - 4 1.9 - - - 0.3 - - 0.1 - 1.0 0.1 3.5

2002 - 1 2.4 0.1 - 0.1 0.2 - - 0.1 - 1.2 0.3 4.22 2.2 0.1 - - 0.5 - 0.1 - - 1.2 - 4.13 2.6 - - 0.1 0.2 - 0.1 0.1 - 1.2 0.1 4.44 2.6 - - - 0.1 - 0.1 - - 1.1 - 3.9

2003 - 1 3.0 - - 0.1 0.2 - 0.1 - - 1.2 0.2 4.72 2.2 - - 0.1 0.2 - 0.2 - - 1.2 0.2 4.13 3.2 - - 0.1 0.2 - 0.2 - - 1.1 0.2 5.0

OPEC

APP

EN

DIX


FUEL OIL TRADE. MAIN AREAS

Notes: Caribs incl. Mexico. Please observe continuous revisions in figures for previous quarters and that origin figures for thelatest quarters are not comparable with previous periods for W. Europe and total OECD due to incomplete data.

OIL TRADE STATISTICS continued


From:Vene- OECD Ex. N. Other

To: M.East Africa zuela Indo. Eur. E.Eur. USSR Amer. Caribs Asia Others Total

USA

2001 - 4 - 0.2 0.5 - 0.6 - 0.1 0.3 0.4 - 1.1 3.1

2002 - 1 - 0.1 0.4 0.1 0.4 - - 0.3 0.4 - 1.3 3.12 - 0.1 0.6 - 0.5 - 0.1 0.6 0.7 - 1.2 3.83 - 0.1 0.7 - 0.2 - 0.2 0.6 0.6 - 1.6 4.14 - 0.3 0.1 - 0.3 - 0.3 0.7 0.8 - 1.8 4.3

2003 - 1 - 0.5 0.3 - 0.6 - 0.4 0.5 0.6 0.2 2.2 5.32 - 0.4 0.8 - 0.5 - 0.4 0.6 0.3 0.1 1.5 4.53 - 0.2 0.5 0.1 0.4 - 0.4 0.6 0.3 0.1 1.5 4.3

OECD EUR.

2001 - 4 - 0.7 - - 5.1 0.2 3.3 0.6 - 0.2 0.9 11.1

2002 - 1 - 0.9 0.1 0.1 6.0 0.1 3.1 0.7 0.2 0.2 1.4 12.92 - 0.6 - 0.1 5.0 0.2 4.3 0.2 0.1 0.1 1.3 12.03 - 0.6 - 0.1 5.3 0.1 4.7 0.1 0.1 0.1 0.9 11.94 0.1 0.7 - 0.2 4.4 0.2 3.3 0.2 - - 1.5 10.6

2003 - 1 - 0.4 0.1 0.1 5.6 0.1 2.3 0.1 0.1 0.1 1.0 9.92 - 0.8 - 0.1 5.2 0.1 2.8 - 0.1 - 1.3 10.53 - 0.8 - 0.2 5.7 0.2 2.7 0.1 0.1 0.1 2.2 12.0

JAPAN

2001 - 4 - - - - - - - - - 0.1 - 0.1

2002 - 1 - - - 0.1 - - - - - - - 0.12 - - - - - - - - - 0.1 - 0.13 - - - - - - - - - - - 0.14 - - - 0.3 - - - - - 0.4 - 0.7

2003 - 1 - - - 0.4 - - - - - 0.2 - 0.52 - - - 0.5 - - - - - 0.4 - 0.93 - - - 0.1 - - - - - - - 0.2

KOREA

2001 - 4 - - - 0.5 0.2 - - - - 0.1 - 0.8

2002 - 1 - - - 0.5 0.1 - - - - 0.2 - 0.72 - - - 0.6 - - 0.1 - - 0.7 - 1.43 - - - 0.3 - - - - - 0.3 - 0.74 - - - 0.3 0.1 - - - - 0.4 - 0.8

2003 - 1 - - - 0.4 - - - - - 0.3 - 0.72 - - - 0.4 - - - - - 0.1 - 0.53 - - - 0.4 - - - - - 0.2 - 0.6

OPEC


EN

DIX

April 2004 | 63

TOTAL TANKER FLEET DEVELOPMENTAGE AND SIZE DISTRIBUTION. APRIL 2004

Figures in number of ships and '000 dwt

DWT TOTAL

BUILT no dwt no dwt no dwt no dwt no dwt no dwt no dwt no dwt no dwt1956-60 1 20 1 40 1 40 - - - - - - - - - - 3 100

1961 - - - - - - - - - - - - - - - - - -

1962 - - - - - - - - - - - - - - - - - -

1963 - - - - - - - - - - - - - - - - - -

1964 - - - - - - - - - - - - - - - - - -

1965 - - - - - - - - - - - - - - - - - -

1966 1 10 - - - - - - - - - - - - - - 1 10 1967 1 11 - - - - - - - - - - - - - - 1 11

1968 4 76 - - - - - - - - - - - - - - 4 76

1969 2 38 1 38 - - - - - - - - - - - - 3 77

1970 5 71 3 88 - - - - - - - - - - - - 8 159

1971 10 135 2 57 - - - - - - - - - - - - 12 192

1972 1 12 3 96 - - 2 123 - - - - - - - - 6 231

1973 8 132 5 149 - - - - 1 91 - - - - - - 14 373

1974 15 246 6 196 - - 1 67 4 355 5 655 1 273 - - 32 1792

1975 21 343 20 659 - - 1 77 7 642 2 259 3 764 - - 54 2745

1976 14 265 31 1030 1 40 4 229 6 572 2 291 4 1064 1 424 63 3914

1977 13 203 27 888 1 49 5 287 4 357 2 261 3 851 - - 55 2896

1978 7 119 15 509 1 45 4 242 3 307 4 630 - - - - 34 1852

1979 13 218 9 300 1 45 6 359 10 941 4 571 1 280 3 1132 47 3846

1980 14 224 12 391 2 86 16 992 24 2130 2 261 - - - - 70 4084

1981 18 306 25 845 9 396 29 1787 21 1903 1 164 2 483 1 361 106 6244

1982 27 444 30 927 22 976 23 1387 8 682 3 458 1 290 - - 114 5164

1983 11 206 22 731 6 256 20 1222 7 609 4 514 1 290 2 645 73 4472

1984 10 187 11 360 10 437 21 1306 3 316 3 426 1 256 - - 59 3289

1985 12 197 18 577 13 597 12 764 17 1509 - - 2 498 - - 74 4141

1986 9 165 21 621 11 487 9 590 24 2169 1 124 9 2206 - - 84 6363

1987 8 137 14 491 15 672 8 497 20 1811 4 548 6 1491 - - 75 5647

1988 9 144 20 691 13 552 4 278 15 1395 7 980 10 2569 - - 78 6608

1989 5 86 15 508 10 442 4 266 17 1597 14 1972 16 4258 - - 81 9129

1990 3 53 12 379 9 377 7 469 27 2592 7 1024 12 3187 - - 77 8081

1991 1 15 7 206 18 791 6 391 24 2363 22 3253 19 5115 - - 97 12134

1992 2 31 11 372 20 876 6 401 30 2954 25 3627 27 7391 - - 121 15653

1993 10 147 14 479 10 440 15 1021 26 2520 14 2011 38 10768 - - 127 17388

1994 7 108 14 470 9 395 2 136 21 2021 9 1344 20 5789 - - 82 10263

1995 11 143 7 218 17 767 3 200 13 1234 8 1128 26 7471 - - 85 11161

1996 9 117 12 384 33 1464 3 192 16 1528 9 1305 23 6704 - - 105 11694

1997 3 48 5 170 21 946 1 70 19 1939 11 1587 9 2672 - - 69 7431

1998 10 170 10 307 26 1199 1 73 33 3473 21 3107 14 4192 - - 115 12521

1999 9 147 14 467 36 1647 9 626 47 4985 16 2365 30 8903 - - 161 19140

2000 12 224 18 647 23 1068 16 1105 22 2253 22 3354 41 12114 - - 154 20765

2001 7 127 29 1013 13 590 4 276 15 1567 16 2444 28 8335 - - 112 14350

2002 10 170 34 1189 31 1421 9 627 36 3844 24 3794 35 10679 3 1305 182 23029

2003 19 311 50 1777 55 2493 22 1549 77 8306 25 3934 35 10672 1 442 284 29486

2004 1 19 12 424 19 883 15 1087 23 2442 10 1572 8 2317 - - 88 8743

TOTAL 353 5826 560 18697 456 20474 288 18696 620 61408 297 43962 425 121882 11 4309 3010 295255

ON ORDER (SCHEDULED DELIVERIES)

DWT TOTAL

BUILT no dwt no dwt no dwt no dwt no dwt no dwt no dwt no dwt no dwt

2004 18 284 47 1626 65 2979 35 2403 33 3588 21 3296 21 6326 - - 240 205022005 20 297 52 1803 69 3185 72 4946 57 6160 33 5194 28 8508 - - 331 300922006 16 230 35 1209 44 2010 39 2580 48 5234 24 3760 16 4811 - - 222 198352007 2 29 18 657 20 957 27 1843 17 1834 14 2261 16 4835 - - 114 124162008 - - 1 37 - - - - 2 215 - - - - - - 3 252

TOTAL 56 840 153 5333 198 9130 173 11772 157 17031 92 14511 81 24481 - - 910 83097

80-120 120-200 200-320 320+10-25 25-40 40-50 50-80

10-25 25-40 40-50 50-80 80-120 120-200 200-320 320+

APP

EN

DIX



DWT TOTAL

BUILT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT1956-60 1 20 - - 1 40 - - - - - - - - - - 2 60

1961 - - - - - - - - - - - - - - - - - -

1962 - - - - - - - - - - - - - - - - - -

1963 - - - - - - - - - - - - - - - - - -

1964 - - - - - - - - - - - - - - - - - -1965 - - - - - - - - - - - - - - - - - -

1966 - - - - - - - - - - - - - - - - - - 1967 1 11 - - - - - - - - - - - - - - 1 11

1968 3 57 - - - - - - - - - - - - - - 3 57

1969 1 14 1 38 - - - - - - - - - - - - 2 52

1970 2 31 1 28 - - - - - - - - - - - - 3 59

1971 6 73 - - - - - - - - - - - - - - 6 73

1972 1 12 2 66 - - - - - - - - - - - - 3 79

1973 7 120 1 36 - - - - 1 91 - - - - - - 9 248

1974 10 152 2 68 - - 1 67 4 355 5 655 1 273 - - 23 1570

1975 11 176 5 159 - - 1 77 7 642 2 259 3 764 - - 29 2076

1976 11 223 8 267 - - 2 112 6 572 2 291 4 1064 1 424 34 2952

1977 9 149 3 91 1 49 - - 4 357 2 261 3 851 - - 22 1759

1978 2 42 4 159 1 45 3 191 3 307 3 504 - - - - 16 1249

1979 1 22 1 27 1 45 3 178 10 941 3 446 1 280 3 1132 23 3072

1980 1 15 2 64 1 43 11 660 23 2020 2 261 - - - - 40 30631981 1 20 2 65 1 41 16 1006 17 1538 1 164 2 483 1 361 41 3677

1982 1 15 2 58 5 214 13 813 8 682 2 330 1 290 - - 32 2402

1983 - - 2 60 2 87 13 803 6 522 3 383 1 290 2 645 29 2790

1984 - - - - 4 173 14 906 3 316 3 426 1 256 - - 25 2076

1985 1 20 3 82 - - 5 337 13 1170 - - 2 498 - - 24 2107

1986 1 11 - - - - 2 125 18 1662 - - 9 2206 - - 30 4004

1987 2 29 2 72 - - 3 193 13 1219 2 290 6 1491 - - 28 3295

1988 - - - - - - 2 157 7 663 5 727 10 2569 - - 24 4115

1989 1 19 1 31 1 47 2 135 9 836 12 1730 16 4258 - - 42 7055

1990 2 38 1 31 3 129 4 267 20 1947 7 1024 12 3187 - - 49 6622

1991 - - - - 3 132 2 123 18 1745 20 2958 19 5115 - - 62 10073

1992 - - - - 4 178 6 401 25 2448 24 3503 27 7391 - - 86 13922

1993 1 16 4 145 1 45 13 875 14 1359 10 1467 38 10768 - - 81 14674

1994 1 20 2 69 1 45 2 136 15 1446 9 1344 20 5789 - - 50 8849

1995 - - 1 35 3 139 3 200 9 842 5 745 26 7471 - - 47 9431

1996 - - - - 2 94 2 137 9 866 5 739 23 6704 - - 41 8540

1997 1 18 1 36 1 46 - - 9 953 8 1209 9 2672 - - 29 4934

1998 6 106 1 30 - - 1 73 28 2955 17 2600 14 4192 - - 67 9956

1999 1 13 2 65 2 88 6 407 41 4343 12 1859 30 8903 - - 94 15679

2000 - - - - - - 9 614 16 1608 20 3102 41 12114 - - 86 17439

2001 - - 1 25 - - 2 136 10 1058 16 2444 28 8335 - - 57 11998

2002 - - - - - - 3 208 31 3312 24 3794 35 10679 3 1305 96 19298

2003 - - - - 1 48 11 770 71 7692 23 3616 35 10672 1 442 142 23241

2004 - - - - 1 45 1 69 19 2025 10 1572 8 2317 - - 39 6028

TOTAL 86 1441 55 1808 40 1771 156 10178 487 48494 257 38701 425 121882 11 4309 1517 228583

ORDERBOOK WITH SCHEDULED DELIVERIES

DWT TOTAL

BUILT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT2004 - - - - 2 92 6 408 26 2847 21 3296 21 6326 - - 76 129692005 - - - - 3 137 16 1122 44 4746 31 4894 28 8508 - - 122 194072006 - - - - - - 12 858 33 3591 24 3760 16 4811 - - 85 13020

2007 - - - - - - 2 149 14 1504 12 1941 16 4835 - - 44 8429

TOTAL - - - - 5 229 36 2537 117 12689 88 13891 81 24481 - - 327 53826

80-120 120-200 200-320 320+10-25 25-40 40-50 50-80

10-25 25-40 40-50 50-80 80-120 120-200 200-320 320+

CRUDE TANKER FLEET DEVELOPMENT

AGE AND SIZE DISTRIBUTION. APRIL 2004


EN

DIX

April 2004 | 65

PRODUCT TANKER FLEET DEVELOPMENT

AGE AND SIZE DISTRIBUTION. APRIL 2004Figures in number of ships and '000 dwt

DWT TOTAL

BUILT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT1956-60 - - 1 40 - - - - - - - - - - - - - -

1961 - - - - - - - - - - - - - - - - - -

1962 - - - - - - - - - - - - - - - - - -

1963 - - - - - - - - - - - - - - - - - -

1964 - - - - - - - - - - - - - - - - - -

1965 - - - - - - - - - - - - - - - - - -

1966 1 10 - - - - - - - - - - - - - - 1 10 1967 - - - - - - - - - - - - - - - - - -

1968 1 20 - - - - - - - - - - - - - - 1 20

1969 1 24 - - - - - - - - - - - - - - 1 24

1970 3 40 2 60 - - - - - - - - - - - - 5 100

1971 4 62 2 57 - - - - - - - - - - - - 6 119

1972 - - 1 30 - - 2 123 - - - - - - - - 3 152

1973 1 13 4 113 - - - - - - - - - - - - 5 126

1974 5 95 4 128 - - - - - - - - - - - - 9 223

1975 10 168 15 500 - - - - - - - - - - - - 25 668

1976 3 42 23 763 1 40 2 118 - - - - - - - - 29 963

1977 4 53 24 797 - - 5 287 - - - - - - - - 33 1137

1978 5 77 11 350 - - 1 51 - - - - - - - - 17 477

1979 12 196 8 272 - - 2 126 - - - - - - - - 22 594

1980 13 209 10 327 1 43 5 332 - - - - - - - - 29 911

1981 17 286 23 780 7 304 12 696 4 365 - - - - - - 63 2431

1982 26 429 27 829 17 762 10 573 - - - - - - - - 80 2594

1983 10 186 20 671 4 169 7 419 1 87 - - - - - - 42 1532

1984 10 187 11 360 6 264 7 401 - - - - - - - - 34 1212

1985 11 177 15 495 13 597 7 426 4 339 - - - - - - 50 2033

1986 8 154 21 621 9 390 7 466 6 507 - - - - - - 51 2138

1987 6 108 12 419 15 672 5 304 6 511 - - - - - - 44 2013

1988 9 144 20 691 13 552 2 121 8 732 - - - - - - 52 2240

1989 4 67 14 478 9 396 2 131 7 647 2 242 - - - - 38 1961

1990 1 15 11 348 6 248 3 202 6 532 - - - - - - 27 1346

1991 1 15 7 206 15 659 4 268 5 511 2 295 - - - - 34 1954

1992 2 31 11 372 16 698 - - 2 193 - - - - - - 31 1294

1993 9 131 10 335 9 396 1 69 11 1070 2 297 - - - - 42 2297

1994 6 88 12 400 8 350 - - 6 575 - - - - - - 32 1414

1995 11 143 6 184 14 628 - - 4 392 - - - - - - 35 1346

1996 9 117 12 384 31 1369 1 55 6 575 3 432 - - - - 62 2932

1997 2 30 4 134 20 900 1 70 10 985 - - - - - - 37 2120

1998 4 64 9 277 26 1199 - - 5 518 - - - - - - 44 2059

1999 8 134 12 401 34 1559 3 219 6 641 - - - - - - 63 2955

2000 12 224 18 647 23 1068 7 491 6 645 - - - - - - 66 3075

2001 7 127 28 988 13 590 2 139 3 301 - - - - - - 53 2145

2002 10 170 34 1189 31 1421 6 419 4 427 - - - - - - 85 3626

2003 19 311 50 1777 54 2444 11 779 5 510 2 318 - - - - 141 6140

2004 1 19 12 424 18 838 14 1018 4 417 - - - - - - 49 2716

TOTAL 266 4365 504 16850 413 18557 129 8301 119 11481 11 1584 - - - - 1441 61097


DWT TOTAL

BUILT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT

2004 18 284 47 1626 63 2887 29 1995 7 741 - - - - - - 164 75332005 20 297 52 1803 66 3048 56 3824 13 1413 - - - - - - 207 103842006 16 230 35 1209 44 2010 27 1722 15 1643 - - - - - - 137 68152007 2 29 19 694 20 957 25 1694 5 545 2 320 - - - - 73 4239

TOTAL 56 840 153 5333 193 8901 137 9235 40 4342 2 320 - - - - 581 28971

10-25 25-40 40-50 50-80 80-120 120-200 200-320 320+

10-25 25-40 40-50 50-80 80-120 120-200 200-320 320+

APP

EN

DIX


SHUTTLE TANKER FLEET DEVELOPMENTAGE AND SIZE DISTRIBUTION. APRIL 2004 Figures in number of ships and '000 dwt

DWT TOTAL

BUILT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT1956-60 - - - - - - - - - - - - - - - - - -

1961 - - - - - - - - - - - - - - - - - -

1962 - - - - - - - - - - - - - - - - - -

1963 - - - - - - - - - - - - - - - - - -

1964 - - - - - - - - - - - - - - - - - -

1965 - - - - - - - - - - - - - - - - - -

1966 - - - - - - - - - - - - - - - - - - 1967 - - - - - - - - - - - - - - - - - -

1968 - - - - - - - - - - - - - - - - - -

1969 - - - - - - - - - - - - - - - - - -

1970 - - - - - - - - - - - - - - - - - -

1971 - - - - - - - - - - - - - - - - - -

1972 - - - - - - - - - - - - - - - - - -

1973 - - - - - - - - - - - - - - - - - -

1974 - - - - - - - - - - - - - - - - - -

1975 - - - - - - - - - - - - - - - - - -

1976 - - - - - - - - - - - - - - - - - -

1977 - - - - - - - - - - - - - - - - - -

1978 - - - - - - - - - - 1 126 - - - - 1 126

1979 - - - - - - 1 54 - - 1 126 - - - - 2 180

1980 - - - - - - - - 1 110 - - - - - - 1 110

1981 - - - - - - 2 136 - - - - - - - - 2 136

1982 - - 1 40 - - - - - - 1 128 - - - - 2 168

1983 1 20 - - - - - - - - 1 131 - - - - 2 151

1984 - - - - - - - - - - - - - - - - - -

1985 - - - - - - - - - - - - - - - - - -

1986 - - - - 2 97 - - - - 1 124 - - - - 3 221

1987 - - - - - - - - 1 81 2 258 - - - - 3 339

1988 - - - - - - - - - - 2 253 - - - - 2 253

1989 - - - - - - - - 1 113 - - - - - - 1 113

1990 - - - - - - - - 1 113 - - - - - - 1 113

1991 - - - - - - - - 1 107 - - - - - - 1 107

1992 - - - - - - - - 3 313 1 124 - - - - 4 437

1993 - - - - - - 1 78 1 91 2 247 - - - - 4 417

1994 - - - - - - - - - - - - - - - - - -

1995 - - - - - - - - - - 3 384 - - - - 3 384

1996 - - - - - - - - 1 87 1 135 - - - - 2 222

1997 - - - - - - - - - - 3 378 - - - - 3 378

1998 - - - - - - - - - - 4 507 - - - - 4 507

1999 - - - - - - - - - - 4 506 - - - - 4 506

2000 - - - - - - - - - - 2 252 - - - - 2 252

2001 - - - - - - - - 2 207 - - - - - - 2 207

2002 - - - - - - - - 1 105 - - - - - - 1 105

2003 - - - - - - - - 1 105 - - - - - - 1 105

2004 - - - - - - - - - - - - - - - - - -

TOTAL 1 20 1 40 2 97 4 268 14 1433 29 3677 - - - - 51 5534


DWT TOTAL

BUILT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT

2004 - - - - - - - - - - - - - - - - - -2005 - - - - - - - - - - 2 300 - - - - 2 3002006 - - - - - - - - - - - - - - - - - -2007 - - - - - - - - - - - - - - - - - -

TOTAL - - - - - - - - - - 2 300 - - - - 2 300

80-120 120-200 200-320 320+10-25 25-40 40-50 50-80

10-25 25-40 40-50 50-80 80-120 120-200 200-320 320+


EN

DIX

April 2004 | 67

EXISTING TANKER FLEET BY HULL

NO. AND DWT. APRIL 2004

AVERAGE AGE BY HULL. APRIL 2004

TYPE/ SIZECRUDE 10-25 6.0 29.0 27.9 25.9

25-50 8.6 15.5 25.7 22.9 18.8PANAMAX 8.1 18.2 20.9 21.8 15.3AFRAMAX 4.6 15.4 22.9 20.6 10.2SUEZMAX 5.5 14.4 23.7 17.2 8.9

VLCC 4.5 11.4 15.0 14.1 8.1ULCC 1.7 24.2 15.1

CRUDE Total 4.8 14.6 22.5 16.9 9.4

PROD 10-25 7.0 21.4 21.2 22.4 16.425-50 6.0 15.8 19.6 21.5 11.2

PANAMAX 4.2 18.9 22.2 20.9 13.4AFRAMAX 8.3 15.9 13.8 19.4 10.1SUEZMAX 7.9 13.0 11.0 9.2

VLCCULCC

PROD Total 6.4 16.7 19.3 21.3 11.6

SHUT 10-25 21.0 21.025-50 19.2 19.2

PANAMAX 11.0 23.6 19.9AFRAMAX 8.4 17.6 10.5SUEZMAX 8.2 17.0 24.0 11.0

VLCCULCC

SHUT Total 8.3 17.5 21.5 11.6

Grand Total 5.2 15.2 20.1 17.6 9.9

SS TotalHULL DH DS DB


HULL

TYPE/ SIZE No. DWT No. DWT No. DWT No. DWT No. DWT CRUDE 10-25 8 136 - - 1 15 77 1290 86 1441

25-50 24 1014 4 149 7 251 60 2164 95 3578PANAMAX 69 4684 9 581 5 311 73 4603 156 10178AFRAMAX 293 30514 37 3441 9 873 148 13666 487 48494SUEZMAX 180 27495 11 1608 5 847 61 8751 257 38701

VLCC 252 75196 5 1500 1 244 167 44942 425 121882ULCC 4 1747 - - - - 7 2562 11 4309

CRUDE Total 830 140787 66 7279 28 2540 593 77978 1517 228583

PRODUCT 10-25 104 1663 5 68 34 546 123 2088 266 436525-50 562 22788 29 1199 81 3172 246 8298 918 35457

PANAMAX 52 3661 12 745 12 683 52 3162 128 8251AFRAMAX 93 9011 11 1033 4 447 11 990 119 11481SUEZMAX 8 1142 - - 2 295 1 147 11 1584

VLCC - - - - - - - - - -ULCC - - - - - - - - - -

PRODUCT Total 819 38265 57 3045 133 5142 433 14685 1442 61137

SHUTTLE 10-25 - - - - - - 1 20 1 2025-50 - - - - 3 137 - - 3 137

PANAMAX 1 78 - - - - 3 190 4 268AFRAMAX 11 1097 - - - - 3 336 14 1433SUEZMAX 22 2786 - - 4 510 3 382 29 3677

VLCC - - - - - - - - - -ULCC - - - - - - - - - -

SHUTTLE Total 34 3960 - - 7 646 10 928 51 5534

Grand Total 1683 183012 123 10324 168 8328 1036 93591 3010 295255

DH DS DB SS TOTAL

APP

EN

DIX


TANKER FLEET DEVELOPMENT continuedIN NO. OF SHIPS

Size gro up s in '0 00 dwt To ta l

1 0 -2 5 25 -40 4 0-5 0 5 0 -8 0 8 0 -1 2 0 1 2 0-2 00 2 0 0 -3 2 0 3 20 + No .

EXIS TING FLEET Sta rt o f q ua rter

2 0 02 - 3 35 5 5 5 5 3 6 5 29 2 5 4 8 2 7 5 38 6 2 8 28 0 44 35 4 5 5 4 3 7 0 28 9 5 5 7 2 7 6 39 2 2 8 28 2 0

2 0 03 - 1 35 7 5 5 2 3 8 5 28 4 5 6 4 2 8 1 40 0 2 5 28 4 82 35 7 5 5 6 4 0 4 28 2 5 8 3 2 8 7 40 9 2 5 29 0 33 35 3 5 5 9 4 1 7 28 4 5 8 9 2 8 8 41 2 2 1 29 2 34 35 1 5 5 6 4 2 6 28 0 6 0 0 2 9 1 41 4 1 3 29 3 1

2 0 04 - 1 35 4 5 5 4 4 3 8 27 5 6 0 6 2 9 1 41 8 1 2 29 4 82 35 3 5 6 0 4 5 6 28 8 6 2 0 2 9 7 42 5 1 1 30 1 0

O RDER B O O K Sta rt o f q ua rter

2 0 02 - 3 3 7 1 0 2 1 3 5 5 9 1 3 6 6 4 6 5 2 6 0 04 3 7 9 7 1 4 0 7 1 1 3 5 6 4 6 1 2 6 0 7

2 0 03 - 1 3 5 1 0 2 1 5 6 8 0 1 3 6 6 0 5 7 1 6 2 72 3 3 1 1 6 1 6 7 9 3 1 3 6 6 5 6 6 - 6 7 63 3 4 1 1 8 1 8 0 11 9 1 4 5 8 1 7 4 - 7 5 14 3 3 1 3 1 1 8 8 13 5 1 5 6 9 2 6 8 - 8 0 3

2 0 04 - 1 4 6 1 4 1 2 0 2 15 3 1 6 0 9 1 7 4 - 8 6 72 5 6 1 5 3 1 9 8 17 3 1 5 7 9 2 8 1 - 9 1 0

NEW O RDERS During qua rter

2 0 02 - 2 8 6 1 6 2 0 1 2 6 1 - 6 93 3 9 1 1 1 3 1 1 5 5 - 5 74 3 1 1 3 0 1 0 1 3 2 6 - 7 5

2 0 03 - 1 1 2 6 3 0 2 0 2 5 1 4 1 9 - 1 3 52 6 1 6 2 6 3 1 2 3 2 0 1 6 - 1 3 83 2 2 8 1 7 2 3 3 2 1 7 5 - 1 2 44 2 1 1 9 2 7 2 1 2 1 5 1 1 - 1 2 5

2 0 04 - 1 1 1 2 4 1 5 3 5 2 0 1 1 1 5 - 1 3 1

DELIVERIES During qua rter

2 0 02 - 2 2 8 3 5 9 6 6 1 4 03 3 1 4 6 1 1 2 5 9 - 5 04 5 6 1 6 1 1 2 6 1 0 1 5 7

2 0 03 - 1 3 1 2 1 9 7 2 5 9 1 1 1 8 72 5 1 4 1 3 5 1 4 4 8 - 6 33 3 1 5 9 7 2 1 6 1 1 - 7 24 8 9 1 4 3 1 7 6 5 - 6 2

2 0 04 - 1 1 1 2 1 9 1 5 2 3 1 0 8 - 8 8

DEMO LITIO N S ALES During qua rter

2 0 02 - 2 3 1 2 - 3 9 2 7 4 4 03 6 1 5 1 5 1 4 2 3 3 74 3 8 1 7 5 3 2 2 3 1

2 0 03 - 1 2 6 - 7 3 3 2 - 2 32 1 0 1 4 - 4 8 5 9 6 5 63 6 1 7 2 1 0 1 1 3 5 5 5 94 6 1 2 - 8 1 3 3 1 - 4 3

2 0 04 - 1 1 1 0 1 5 7 5 2 1 3 2

S EC O ND-H AND S ALES During qua rter

2 0 02 - 2 n .a. 7 1 0 6 1 0 2 2 6 4 33 n .a. 9 6 3 7 5 5 - 3 54 n .a. 7 4 2 7 4 7 - 3 1

2 0 03 - 1 n .a. 2 4 1 2 4 1 9 2 4 9 - 9 22 n .a. 2 1 1 0 1 2 1 1 6 4 - 6 43 n .a. 1 0 1 1 1 2 2 0 1 3 1 1 2 7 94 n .a. 1 0 2 1 2 0 2 3 1 3 2 3 - 1 1 0

2 0 04 - 1 n .a. 1 1 1 0 9 2 1 1 0 1 4 - 7 56


EN

DIX

April 2004 | 69

TANKER FLEET DEVELOPMENT continuedIN MILLION DWT

Size gro up s in '0 00 dwt To ta l

1 0 -2 5 25 -40 4 0-5 0 5 0 -8 0 8 0 -1 2 0 1 2 0-2 00 2 0 0 -3 2 0 3 20 + m d wt

EXIS TING FLEET Sta rt o f q ua rter

2 0 02 - 3 5 .9 18 .3 1 6.3 1 8 .6 52 .8 4 0 .2 10 9 .5 11 .8 2 7 3 .34 5 .9 18 .3 1 6.5 1 8 .4 53 .8 4 0 .4 11 1 .4 11 .8 2 7 6 .4

2 0 03 - 1 5 .9 18 .2 1 7.2 1 8 .1 54 .6 4 1 .2 11 3 .9 10 .3 2 7 9 .52 5 .9 18 .4 1 8.1 1 8 .0 56 .8 4 2 .2 11 6 .7 10 .3 2 8 6 .53 5 .9 18 .6 1 8.7 1 8 .2 57 .6 4 2 .5 11 7 .7 8 .5 2 8 7 .64 5 .8 18 .5 1 9.1 1 8 .0 58 .9 4 3 .0 11 8 .6 5 .3 2 8 7 .2

2 0 04 - 1 5 .8 18 .5 1 9.6 1 7 .7 59 .8 4 3 .0 11 9 .8 4 .9 2 8 9 .22 5 .8 18 .7 2 0.5 1 8 .7 61 .4 4 4 .0 12 1 .9 4 .3 2 9 5 .3

O RDER B O O K Sta rt o f q ua rter

2 0 02 - 3 0 .6 3 .6 6.2 4 .1 14 .6 1 0 .1 1 9 .6 0 .9 5 9 .74 0 .6 3 .4 6.4 5 .0 14 .5 1 0 .1 1 8 .4 0 .9 5 9 .2

2 0 03 - 1 0 .6 3 .6 7.2 5 .6 14 .7 9 .5 1 7 .2 0 .4 5 8 .72 0 .5 4 .1 7.7 6 .5 14 .7 1 0 .2 1 9 .9 - 6 3 .73 0 .5 4 .1 8.3 8 .3 15 .7 1 2 .7 2 2 .3 - 7 1 .94 0 .5 4 .6 8.6 9 .4 16 .9 1 4 .5 2 0 .5 - 7 4 .9

2 0 04 - 1 0 .7 4 .9 9.3 1 0 .6 17 .3 1 4 .3 2 2 .3 - 7 9 .42 0 .8 5 .3 9.1 1 1 .8 17 .0 1 4 .5 2 4 .5 - 8 3 .1

NEW O RDERS During qua rter

2 0 02 - 2 0 .1 0 .2 0.7 1 .4 1 .3 0 .9 0 .3 - 5 .03 0 .1 0 .3 0.5 0 .9 1 .2 0 .8 1 .5 - 5 .24 0 .0 4 0 .4 1.4 0 .7 1 .5 0 .3 1 .8 - 6 .2

2 0 03 - 1 0 .0 2 0 .9 1.4 1 .4 2 .7 2 .2 5 .8 - 1 4 .42 0 .1 0 .5 1.2 2 .1 2 .5 3 .1 4 .8 - 1 4 .33 0 .0 3 1 .0 0.8 1 .6 3 .5 2 .7 1 .5 - 1 1 .14 0 .3 0 .6 1.3 1 .4 2 .3 0 .8 3 .3 - 1 0 .0

2 0 04 - 1 0 .2 0 .9 0.7 2 .2 2 .2 1 .8 4 .5 - 1 2 .5

DELIVERIES During qua rter

2 0 02 - 2 0 .0 2 0 .3 0.1 0 .3 1 .0 1 .0 1 .8 0 .4 5 .03 0 .1 0 .5 0.3 0 .1 1 .3 0 .8 2 .8 - 5 .74 0 .1 0 .2 0.7 0 .1 1 .3 1 .0 3 .0 0 .4 6 .8

2 0 03 - 1 0 .1 0 .4 0.9 0 .5 2 .7 1 .4 3 .4 0 .4 9 .82 0 .1 0 .5 0.6 0 .4 1 .5 0 .6 2 .4 - 6 .13 0 .0 5 0 .5 0.4 0 .5 2 .3 0 .9 3 .4 - 8 .04 0 .1 0 .3 0.6 0 .2 1 .9 0 .9 1 .5 - 5 .6

2 0 04 - 1 0 .0 2 0 .4 0.9 1 .1 2 .4 1 .6 2 .3 - 8 .7

DEMO LITIO N S ALES During qua rter

2 0 02 - 2 0 .1 0 .4 - 0 .2 0 .8 0 .3 1 .8 1 .5 5 .13 0 .1 0 .5 0 .0 4 0 .3 0 .1 0 .6 0 .6 1 .4 3 .74 0 .1 0 .3 0.1 0 .4 0 .5 0 .4 0 .6 0 .8 3 .0

2 0 03 - 1 0 .0 4 0 .2 - 0 .5 0 .3 0 .4 0 .5 - 1 .82 0 .2 0 .4 - 0 .2 0 .7 0 .8 2 .4 2 .7 7 .43 0 .1 0 .5 0.1 0 .6 1 .0 0 .4 1 .4 2 .1 6 .34 0 .1 0 .4 - 0 .5 1 .2 0 .4 0 .3 - 2 .9

2 0 04 - 1 0 .0 1 0 .3 0 .0 4 0 .3 0 .7 0 .7 0 .5 0 .4 3 .0

S EC O ND-H AND S ALES During qua rter

2 0 02 - 2 n .a. 0 .2 0.5 0 .4 1 .0 0 .3 0 .5 2 .1 4 .93 n .a. 0 .3 0.3 0 .2 0 .7 0 .7 1 .3 - 3 .54 n .a. 0 .2 0.2 0 .1 0 .6 0 .6 2 .0 - 3 .8

2 0 03 - 1 n .a. 0 .8 0.5 0 .3 1 .8 3 .5 2 .4 - 9 .42 n .a. 0 .7 0.4 0 .8 1 .2 0 .9 1 .1 - 5 .13 n .a. 0 .3 0.5 0 .8 1 .8 2 .0 3 .1 0 .6 9 .24 n .a. 0 .4 1.0 1 .4 2 .3 2 .0 6 .6 - 1 3 .6

2 0 04 - 1 n .a. 0 .4 0.4 0 .5 2 .1 1 .5 3 .9 - 8 .70

APP

EN

DIX


COMBINED FLEET DEVELOPMENT

AGE AND SIZE DISTRIBUTION. APRIL 2004Figures in number of ships and '000 dwt

DWT TOTAL

BUILT no dwt no dwt no dwt no dwt no dwt no dwt no dwt no dwt no dwt1956-60 - - - - - - - - - - - - - - - - - -

1961 - - - - - - - - - - - - - - - - - -

1962 - - - - - - - - - - - - - - - - - -

1963 - - - - - - - - - - - - - - - - - -

1964 - - - - - - - - - - - - - - - - - -

1965 - - - - - - - - - - - - - - - - - -

1966 - - - - - - - - - - - - - - - - - -

1967 - - - - - - - - - - - - - - - - - -

1968 - - - - - - - - - - - - - - - - - -

1969 - - - - - - - - - - - - - - - - - -

1970 - - - - - - - - - - - - - - - - - -

1971 - - - - - - - - - - - - - - - - - -

1972 - - - - - - - - - - - - - - - - - -

1973 - - - - 1 49 - - - - - - - - - - 1 49

1974 - - - - - - - - - - - - - - - - - -

1975 - - - - - - - - - - - - - - - - - -

1976 - - - - - - - - - - - - - - - - - -

1977 1 15 - - - - - - - - 1 132 - - - - 2 147

1978 - - 1 28 - - 1 64 - - 1 123 - - - - 3 216

1979 - - - - - - 1 55 1 116 1 134 - - - - 3 305

1980 - - - - - - 1 71 - - 1 134 - - - - 2 204

1981 - - - - - - 11 834 2 165 1 134 - - - - 14 1133

1982 - - - - - - 6 416 - - 3 420 - - - - 9 836

1983 - - - - - - 6 438 2 165 2 291 - - - - 10 894

1984 - - - - - - 5 273 - - - - - - - - 5 273

1985 - - - - 1 43 9 661 - - - - - - - - 10 705

1986 - - - - 1 49 - - 1 98 2 316 1 291 - - 5 754

1987 - - - - 2 87 - - 1 97 1 152 3 927 - - 7 1264

1988 - - - - 1 48 1 65 - - - - 1 306 - - 3 419

1989 - - - - 5 240 1 65 - - - - - - - - 6 305

1990 - - - - - - - - - - - - - - - - - -

1991 - - - - - - - - 3 286 5 846 - - - - 8 1132

1992 - - - - - - 3 225 8 775 3 507 - - - - 14 1508

1993 - - - - - - 1 75 4 352 - - - - - - 5 427

1994 - - - - - - - - 2 166 - - - - - - 2 166

1995 - - - - - - - - - - - - - - - - - -

1996 - - - - - - - - 3 330 - - - - - - 3 330

1997 - - - - - - - - 3 330 - - - - - - 3 330

1998 - - - - - - - - - - - - - - - - - -

1999 - - - - - - - - 4 439 - - - - - - 4 439

2000 - - - - - - - - - - - - - - - - - -

2001 - - - - - - - - - - - - - - - - - -

2002 - - - - - - - - - - - - - - - - - -

2003 - - - - - - - - - - 2 242 - - - - 2 242

2004 - - - - - - - - - - - - - - - - - -

TOTAL 1 15 1 28 11 516 46 3241 34 3320 23 3432 5 1524 - - 121 12076

ON ORDER (SCHEDULED DELIVERIES)

DWT TOTAL

BUILT no dwt no dwt no dwt no dwt no dwt no dwt no dwt no dwt no dwt

2004 - - - - - - - - - - - - - - - - - -

2005 - - - - - - - - - - - - - - - - - -

2006 - - - - - - - - - - - - - - - - - -

2007 - - - - - - - - - - - - - - - - - -

TOTAL - - - - - - - - - - - - - - - - - -

10-25 25-40 40-50 50-80 80-120 120-200 200-320 320+

10-25 25-40 40-50 50-80 80-120 120-200 200-320 320+


EN

DIX

April 2004 | 71

COMBINED FLEET DEVELOPMENT continued

No. of ships. Size groups in '000 dwt

Start of 10- 80- 120- 200+ Total 10- 80- 120- 200+ Totalquarter 80 120 200 No. mdwt 80 120 200 No. mdwt

2002 - 3 64 37 25 5 131 13.0 - - 2 - 2 0.24 64 37 24 5 130 12.8 - - 2 - 2 0.2

2003 - 1 63 35 23 5 126 12.5 - - 2 - 2 0.22 60 34 22 5 121 12.0 - - 2 - 2 0.23 60 34 23 5 122 12.2 - - 1 - 1 0.14 59 34 24 5 122 12.2 - - - - - -

2004 - 1 59 34 23 5 121 12.1 - - - - - -2 59 34 23 5 121 12.1 - - - - - -

E x i s t i n g f l e e t O r d e r b o o k

No. of ships. Size groups in '000 dwt

25- 80- 120- 200+ 10- 80- 120- 200+ 10- 80- 120- 200+ 10- 80- 120- 200+Quarter 80 120 200 80 120 200 80 120 200 80 120 200

2002 - 2 2 - - - 1 - - - - - - - - - - -

3 3 - 1 - - 1 3 - - - - - - - - -4 - - - - 2 1 - - - - - - - - - -

2003 - 1 2 - - - 1 1 - - - - - - - - - -2 1 - 1 - 2 - 1 - - - 1 - - - - -3 5 3 - - - - - - - - 1 - - - - -4 5 - 1 - - - - - - - - - - - - -

2004 - 1 1 4 1 - - - 1 - - - - - - - - -

Second-hand sales Sales for demolition Deliveries New orders

APP

EN

DIX


LAY-UP AND STORAGE

OIL TANKERS

COMBINED CARRIERS

Note: Lay-up comprises only those vessels reported to be laid up through lack of employment, and does not include vesselsawaiting berhts, repairing etc.

No. of vessels and mill. dwt

Start of

quarter

LAY-UP

2002 - 3 4 - 0.08 1 - 0.05 - 4 - 0.6 - 1 - 0.4 10 - 1.14 4 - 0.08 1 - 0.05 - 5 - 0.8 - 5 - 2.2 15 - 3.1

2003 - 1 6 - 0.11 2 - 0.12 - 4 - 0.6 - 5 - 2.2 17 - 3.02 5 - 0.10 1 - 0.05 - 2 - 0.3 - 1 - 0.4 9 - 0.93 4 - 0.08 - - - 1 - 0.3 1 - 0.4 6 - 0.84 4 - 0.08 - - 1 - 0.2 1 - 0.3 2 - 0.9 8 - 1.4

2004 - 1 4 - 0.08 - - - 1 - 0.3 - 5 - 0.42 3 - 0.06 - - - 1 - 0.3 - 4 - 0.3

STORAGE

2002 - 3 3 - 0.06 1 - 0.07 3 - 0.3 1 - 0.1 3 - 0.8 - 11 - 1.34 2 - 0.06 1 - 0.07 8 - 0.7 3 - 0.5 3 - 0.8 - 17 - 2.1

2003 - 1 2 - 0.06 1 - 0.07 4 - 0.4 3 - 0.4 2 - 0.5 - 12 - 1.42 2 - 0.04 1 - 0.07 5 - 0.5 2 - 0.3 2 - 0.5 - 12 - 1.43 1 - 0.03 1 - 0.07 3 - 0.3 1 - 0.1 3 - 0.8 - 9 - 1.34 - 1 - 0.07 2 - 0.2 1 - 0.1 3 - 0.8 - 7 - 1.2

2004 - 1 - - 2 - 0.2 2 - 0.3 1 - 0.3 - 5 - 0.72 - - 2 - 0.2 1 - 0.1 1 - 0.3 - 4 - 0.6

Size groups in '000 dwt

Total320 +200-320120-20080-12050-8010-50

No. of vessels and mill. dwt

Start of

quarter

LAY-UP

2002 - 3 - - - - - - -4 - - - - - - -

2003 - 1 - - - - - - -2 - - - - - - -3 - - - - - - -4 - - - - - - -

2004 - 1 - - - - - - -2 - - - - - - -

STORAGE

2002 - 3 - - - - - - -4 - - - - - - -

2003 - 1 - - - - - - -2 - - - - - - -3 - - - - - - -4 - - - - - - -

2004 - 1 - - - - - - -2 - - - - - - -

Total

Size groups in '000 dwt

10-50 50-80 80-120 120-200 200-320 320 +


EN

DIX

April 2004 | 73

NEWBUILDING AND SECOND-HAND TANKER VALUES (BY AGE)

Note: *) Please note change in dwt.Please also observe that newbuilding prices are for double-hull vessels of 45 000/105 000/150 000 and 280 000 dwt.

Figures in million USD

Dwt 45' 40' 30' 30' 95'-105'* 80'-95'* 80' 80 150' 130'-150'* 130' 300' 250'-280'* 250' 250'

Built NB 5 yrs 10 yrs 15 yrs NB 5 yrs 10 yrs 15 yrs NB 5 yrs 10 yrs NB 5 yrs 10 yrs 15 yrs

32.0 22.0 13.0 8.0 40.0 30.0 21.5 13.0 50.0 34.0 21.0 80.0 49.0 13.0

33.5 24.0 14.0 10.0 43.0 31.0 24.0 13.5 53.0 35.5 26.5 85.0 55.0 17.0

32.5 26.0 15.0 10.0 41.5* 37.0* 26.0 13.0 51.0 40.0 30.0 83.0 67.0* 21.0

32.0 28.0 16.5 11.0 41.0 37.5 16.5 15.0 51.0 47.0* 31.5 82.0 70.0 53.0 23.0

25.0 20.0 12.5 7.5 33.0 25.0 18.0 13.0 42.0 37.0 27.0 70.0 50.0 37.0 17.0

25.0 20.0 12.0 7.5 33.0 26.0 16.5 11.0 42.0 36.0 26.0 68.0 50.0 32.0 16.0

28.5 26.5 14.0 9.5 41.0 39.0 24.5 18.5 51.0 49.5 34.0 76.0 71.0 46.0 30.0

26.5 25.5 12.5 7.5 37.0 33.0 20.0 14.5 48.0 43.0 28.5 72.0 60.0 34.0 19.0

26.0 24.0 10.0 6.0 34.0 30.0 19.5 13.5 43.5 41.5 25.5 63.0 53.0 32.0 17.5

30.5 28.0 11.5 8.0 41.0 38.0 19.0 14.5 51.0 48.0 26.0 75.0 75.0 37.5 20.5

26.5 24.5 10.5 6.0 35.0 32.0 20.0 14.5 44.5 41.5 24.5 65.0 56.0 33.0 18.0

28.0 25.0 10.5 6.0 36.5 32.5 20.0 14.5 45.0 44.0 24.5 65.5 57.0 33.0 18.0

28.0 25.5 11.0 7.0 36.5 33.0 20.0 14.5 45.5 44.5 24.5 65.5 60.0 33.0 18.0

28.0 26.0 11.0 7.0 36.5 33.0 19.0 13.0 45.5 44.5 24.5 65.5 60.5 32.0 17.5

28.5 26.0 10.5 6.5 36.5 33.0 18.5 11.0 46.0 44.5 24.0 65.5 60.5 31.0 17.0

28.5 26.0 10.0 6.5 36.5 33.0 18.0 10.0 46.0 45.0 23.5 66.0 60.5 30.5 16.5

28.5 26.0 10.0 6.5 37.0 33.0 18.0 9.5 46.0 45.0 23.5 66.0 60.5 30.5 16.5

28.5 26.0 10.0 6.5 37.0 33.0 17.0 9.0 46.5 45.0 23.5 67.0 60.0 30.0 16.0

29.0 26.5 10.2 7.5 39.0 33.0 17.2 11.5 47.0 45.0 23.8 67.5 60.0 32.0 17.5

29.0 26.5 10.2 7.7 39.0 34.0 17.2 12.0 48.0 45.0 24.0 69.0 63.0 32.5 18.0

30.0 27.0 11.0 8.0 40.0 36.0 18.0 13.0 50.0 47.0 25.0 71.5 70.0 36.0 19.0

30.5 28.0 11.5 8.0 41.0 38.0 19.0 14.5 51.0 48.0 26.0 75.0 75.0 37.5 20.5

31.0 29.5 12.0 8.5 42.0 45.0 22.0 17.0 52.0 52.0 28.0 77.0 75.0 38.0 21.5

33.0 30.5 12.0 9.0 43.0 45.0 23.0 18.5 53.0 52.0 28.0 80.0 76.0 39.0 27.0

34.0 31.0 13.0 9.0 46.0 45.0 24.0 19.0 56.0 53.0 28.0 84.0 77.0 41.0 27.0

2004 Jan

Feb

2002

Oct

Nov

2003 Jan

Dec

2003

Apr

May

Jun

Feb

Mar

Jul

Aug

Sep

1995

1996

2001

1997

1998

1999

2000

Mar

VLCC

Clean Crude Crude Crude

Aframax SuezmaxProduct Carriers

end 1994

APP

EN

DIX


SECOND-HAND TANKER VALUES (BY YEAR OF BUILD)

Figures in million USD

Dwt 40' 40' 30' 30' 95' 90' 80' 85' 140' 140' 140' 300 280' 280' 350'

Built 89/90 81/82 81/82 74/75 92/93 89/90 80/81 75/76 92/93 89/90 75/76 94/95 89/90 75/76 75/76

22.5 12.0 10.0 4.0 39.0 31.0 13.0 5.5 46.0 35.0 7.0 53.0 9.0 13.0

24.0 13.0 11.0 4.0 39.0 31.0 13.5 6.5 45.0 35.5 8.0 55.0 10.5 14.0

25.0 13.5 11.0 4.0 39.0 31.5 13.0 6.5 46.0 39.0 7.0 58.0 13.0 16.0

25.5 14.0 11.0 4.0 38.5 31.5 13.5 6.0 46.5 39.5 8.0 59.0 14.5 17.5

16.0 9.5 7.0 2.0 25.0 19.0 10.0 4.0 37.0 30.0 4.0 56.0 38.0 8.0 10.0

15.5 9.0 6.5 1.2 25.0 17.0 6.5 2.5 35.0 27.0 3.5 52.0 33.0 6.5 8.5

17.5 7.8 6.3 1.9 35.0 24.0 9.2 3.5 43.5 33.0 6.5 70.0 46.0 13.0 14.0

15.2 6.8 5.3 1.5 29.0 18.5 6.5 2.5 34.0 27.0 5.0 58.0 31.0 7.8 8.5

12.3 5.2 4.0 1.3 24.0 16.5 4.3 2.5 30.0 22.0 3.8 49.0 26.5 7.2 8.0

11.5 5.0 4.0 2.0 26.5 16.0 5.0 4.8 35.0 21.0 6.0 60.0 30.5 11.0 13.5

12.5 5.0 4.0 1.3 24.5 16.5 4.0 2.8 30.5 21.5 3.8 50.0 26.5 7.6 9.0

12.0 5.0 3.8 1.3 25.0 16.0 4.0 2.8 31.0 21.0 3.8 50.5 26.5 7.6 9.0

12.0 5.0 3.8 1.3 25.0 15.5 4.0 2.8 31.5 20.5 3.8 51.5 26.5 8.0 9.5

11.5 5.0 3.8 1.3 26.0 15.0 4.0 2.8 31.5 20.0 3.8 51.5 26.0 8.0 9.5

11.0 4.8 3.8 1.3 26.0 14.5 4.0 2.8 31.5 19.5 3.8 51.5 25.5 8.0 9.5

11.0 4.8 3.8 1.3 26.0 14.5 4.0 2.8 31.5 19.5 3.8 51.5 25.5 8.0 9.5

10.8 4.6 3.8 1.5 26.0 14.0 4.0 3.0 31.5 19.5 4.0 51.5 25.5 8.5 10.0

10.5 4.5 3.8 1.5 25.5 14.0 4.0 3.0 31.0 19.5 4.0 51.0 25.0 8.5 10.0

11.0 4.8 4.0 1.5 25.5 14.2 4.2 3.2 31.0 20.0 4.2 50.0 28.0 8.5 11.0

11.0 4.8 4.0 1.5 25.5 14.2 4.2 3.2 32.0 20.0 4.2 51.5 28.0 9.0 11.0

11.5 4.8 4.0 1.8 26.0 15.0 4.5 4.0 35.0 21.0 5.0 55.0 30.0 10.0 11.5

11.5 5.0 4.0 2.0 26.5 16.0 5.0 4.8 35.0 21.0 6.0 60.0 30.5 11.0 13.5

11.5 5.0 4.0 2.0 28.0 18.5 5.5 5.2 38.5 23.0 6.5 61.0 31.0 12.5 15.0

12.0 5.0 4.0 2.5 30.0 19.5 7.5 6.8 38.5 23.0 8.0 63.0 32.5 15.0 17.0

12.0 5.0 4.0 2.5 30.0 20.0 7.5 7.0 39.0 24.0 8.0 64.0 34.0 16.0 18.0

Oct

Nov

Dec

2003

Jul

Aug

Sep

Apr

May

Product Carriers

Jun

Feb

Mar

VLCC

Crude Crude Crude

Aframax Suezmax

Clean

end 1994

1995

1998

2004 Jan

Feb

Mar

1996

2000

1997

1999

2003 Jan

2001

2002


EN

DIX

April 2004 | 75

TANKER FREIGHT RATES

SPOT RATES AND T/C EQUIVALENTS

Yearly Average Monthly Average2002 2003 03.02 03.03 01.04 02.04 03.04

VLCC - Spot Rates (in WS)

280' MEG / West 44 81 33 108 112 110 90280' MEG / Japan 52 101 34 140 134 138 97260' MEG / Singapore 54 103 35 143 136 144 100260' W.Afr / USG 53 99 41 141 185 140 115

VLCC - Earnings (in USD/per day) 300' R.Tanura / Yokohama* 28 300 66 000 13 900 97 400 102 600 105 600 69 100280' R.Tanura / Yokohama' 25 300 58 000 12 700 85 300 89 700 92 300 60 700300' R.Tanura / Loop* 22 900 49 700 14 700 69 100 71 600 69 800 55 100280' R.Tanura / Loop' 23 300 49 400 15 300 68 300 70 600 68 900 54 600300' Bonny / Loop* 26 400 58 900 18 100 90 200 134 800 98 400 77 600280' Bonny / Loop' 28 900 63 100 20 000 95 800 142 300 104 200 82 500300' R.Tanuara/Singapore* 24 800 61 600 10 600 92 000 95 500 102 900 65 000280' R.Tanuara/Singapore' 24 200 57 600 11 300 87 000 89 300 96 200 61 100

Suezmax - Spot Rates (in W

130' W.Afr / USAC 83 138 70 178 264 174 156135' Sidi Kerir/ W Med 90 155 81 228 289 169 171

Suezmax - Earnings (in USD/per day)150' Bonny / Philadelphia* 27 500 48 600 22 800 63 800 107 500 68 700 60 700140' Bonny / Philadelphia' 22 600 42 100 18 400 56 200 99 700 62 100 54 400150' Sidi Kerir / Lavera* 24 200 54 400 20 600 87 600 130 800 68 700 70 000140' Sidi Kerir / Lavera' 23 700 53 100 20 200 85 400 127 700 67 100 68 200

Aframax - Spot Rates (in W 80' N.Afr / Euromed 121 190 118 286 287 159 20880' UK / Continent 118 166 109 240 236 193 15070' Caribs / USG 131 206 106 318 353 263 222

Aframax - Earnings (in USD/per day)110' S. Voe / Rotterdam* 18 400 39 300 15 600 67 300 74 200 56 900 39 40085' S. Voe / Rotterdam' 15 900 36 400 13 600 63 900 70 900 53 900 36 600

110' Puerto L C / Houston* 26 600 45 500 20 300 74 400 80 100 57 600 47 40085' Puerto L C / Houston' 18 500 36 700 13 300 64 700 70 600 48 800 38 800

110' Sidi Kerir / Lavera* 15 900 35 000 15 400 61 600 70 000 31 000 45 90085' Sidi Kerir / Lavera' 12 400 31 200 12 600 56 800 65 600 27 400 41 900

Product - Spot Rates (in WS

55' MEG / Japan 157 228 153 268 200 265 25430' MEG / Japan 190 277 186 353 260 356 31130' Singapore / Japan 195 266 188 350 223 338 311

28.5' Caribs / USNH 180 210 159 355 355 433 35533' UKC - Med / States 180 244 170 386 350 426 351

Product - Earnings (in USD/per day) 72' R.Tanura / Yokohama*¤ 21 100 31 800 20 700 38 200 30 000 41 300 39 40070' R.Tanura / Yokohama'¤ 17 200 26 800 16 900 32 600 25 100 35 600 33 90035' P.Cardon / Philadelphia* 14 800 21 400 12 800 29 800 32 900 40 800 32 90040' Singapore / Yokohama' 10 800 15 100 9 500 21 800 12 800 23 300 21 000

* Built 1999, 'Built 1990, ¤naphta

APP

EN

DIX


TANKER FREIGHT RATES continued

12 MONTHS TIMECHARTER RATES. Monthly averages

Figures in '000 USD/day

Aframax Suezmax VLCC

Dwt 40' 80' 95' 150' 280'Built modern modern modern modern modern

1998 Av. 13000 16200 18500 24000 36500 1999 Av. 11000 13500 13900 18600 26000

2000 Av. 14000 15900 21000 28200 37800

2001 Av. 16700 25000 23800 30000 41100

2002 Av. 12800 16600 16700 18300 24000

2003 Av. 13850 17350 18500 24850 33400

2002 Apr 13000 16875 16625 18000 24000

May 12800 16000 16500 18000 21000

Jun 13000 16000 16500 18000 21000

Jul 13000 16000 16500 18000 21500

Aug 12625 15625 16500 18000 21250

Sep 12500 15500 16375 18000 21000

Oct 12150 15100 16300 18600 23700

Nov 12313 14875 16000 19000 26500

Dec 13000 15000 16875 19750 29625

2003 Jan 13600 16400 17300 25200 37700

Feb 13750 17000 17813 27750 40000

Mar 13750 17000 18375 28000 40000

Apr 13750 17000 18500 24600 34500

May 13750 17000 18000 23500 29500

Jun 13750 17000 18500 24375 30000

Jul 13900 17000 18500 24000 30000

Aug 14000 17750 17750 23000 28250

Sep 13500 17500 17750 23000 28375

Oct 13700 17400 18200 23500 29000

Nov 14438 18375 18938 24250 34500

Dec 14700 18700 22600 27000 39000

2004 Jan 15063 19313 25000 30250 39250

Feb 15875 23000 25000 32000 40000

Mar 16000 24000 25000 32000 40000

Product


EN

DIX

April 2004 | 77

REPORTED TANKER SALES 1. QUARTER 2004

TYPE NAME DWT BUILT USD/M. BUYER REMARKS

JANUARY

MT WORLD PROGRESS 318,000 2002 85.5 DynacomMT NORDBAY 300,000 1999 76 EssarMT NAPA 285,000 1990 31.5 Hebei Ocean PR ChinaMT COSMO VENUS 249,000 1986 18.5 StealthMT FINESSE + FELICITY 110,000 2003 53 Target MarineMT NORDGULF + 3 SIS. 105,000 1998 40 Koenig KGMT CYPRESS 97,000 1991 18 CentrofinOBO SKS BANNER 96,000 1992 pvt NorwegianMT ATALANDI 95,000 1990 18.75 Seacrest D.SidesPC STX BARBARO TBN X 6 51,000 05/06 34.5 Minerva Marine Ice 1APC WORLD TRUST/-TRUMPET 48,000 2000 31.5 EuropeanPC BRITISH ADMIRAL + 2 SIS. 41,000 1990 11 Laliot is

FEBRUARY

MT MAJA 300,000 2002 86 Alpha TankersMT NEON + NESS 285,000 1990 32.5 TMTMT WORLD PROSPECT 275,000 1989 29.5 TMTMT ABLE DOLPHIN 260,000 1993 30.7 Cido Shipping Incl.bal.bbcp. ExpMT GALAXY 250,000 1986 20.3 Hebei OceanMT CAPELLA VOYAGER 136,000 1993 37.0 Primal Tankers Brazil builtOBO SNAPPER 135,000 1982 15 Nobel BulkMT AMMON 106,000 1999 43.0 Undiscl.OBO GLENBUCK 98,000 1987 23 Undiscl. OBOMT LMZ CHRISTINA 93,000 1981 7.5 Fal BunkeringOBO VATHY 81,000 1983 14.5 GreecePC PINK STAR + 2 SIS. 37,000 2003 34 Latvian Shpg.

MARCH

MT Zeeland 305,000 2001 67.0 Alpha TankersMT Picardie 300,000 1999 63.0 Kristen NavMT Tamba 260,000 1994 27.2 DynacomMT Nichiw a 250,000 1992 22.5 DrytankMT Otow asan 240,000 1986 14.0 Stealth MaritimeMT Namura resale 105,000 2003 39.2 Italy Oct delyMT Gelibolu 90,000 1987 13.5 India SSPC Myriad 45,000 1991 13.2 GreecePC Nordscot 35,000 2001 27.5 German KG 5 ytcb 13,000

APP

EN

DIX


GLOSSARY AND ABBREVIATIONS

Aframax A tanker of 80,000-120,000 DWT. Originally a vessel of 79,999 DWT, but the type has subsequentlygrown and is today typically of 800,000 barrel capacity. Increasingly these vessels have coatedtanks and are capable of carrying clean products.

Ballast Water carried instead of cargo in order to stabilise an empty vessel. Time spent not carrying cargois time “in ballast”.

Bareboat charter (BB) An arrangement whereby a vessel is leased for a certain period. Under a bareboat charter,the charterer has to cover crew and operating expenses.

Barrel 159 litres (42 US gallon) of oil. There are about 7.1 barrels in one metric ton of oil.

Bulk Unpacked cargoes, such as coal, ore and grain.

Bunkers Ship’s fuel, either diesel (in the case of vessels with motor propulsion) or heavy fuel oil (in the caseof vessels with turbine propulsion).

CCGT Combined Cycle Gas Turbines.

Charter party (CP) Contract agreement between shipowner and carrier specifying the lease terms for a voyage or hireperiod.

Combination carrier Ship capable of carrying alternating types of cargo. Often used synonymously with OBO carrier,referring to a ship that can alternate between Oil, Bulk and Ore cargoes.

DB Double bottom only.

DS Doublesided only.

Demolition Vessels that are past their useful lives are broken up and the steel and parts are sold. This isdangerous, labour intensive work and mainly takes place in developing economies such as India,Pakistan and Bangladesh.

Double hull (DD) Double Sides, Double bottom.

DWT (dead-weight tonne) A measure (normally in metric tons) of a ship’s carrying capacity, including bunker oil, fresh water,crew and provisions.

Freight rate The agreed freight charge, normally measured by metric ton of cargo, cubic meter of cargo, dead-weight ton per month or days.

Lay-up When rates are unprofitable a vessel can be laid-up. That is: She is anchored with a minimumcrew (often just a caretaker) and all systems turned off. Both entering and breaking lay-up theowner will incur some costs. During the late 1970s and early 1980s there was significant lay-up ofmodern tanker-tonnage.

LR Large Range Product Tanker. (LR1: 50-80,000 dwt and LR2: Aframax size vessel)

Mb Million barrels.

Mbd Million barrels per day.

Mdwt Million deadweight tonnes.

MEG Middle East Gulf. Also Arabian Gulf (AG) or Persian Gulf (PG).

MR Medium Tange Product Tanker. Typically a tanker of 40-50,000 dwt.

MT Motor tanker. Denotes a tanker equipped with diesel-driven engines. Most modern tankers aremotor tankers. Compare with “TT”.

O/O, VLOO Ore-Oiler, Very Large Ore-Oiler. See combination carrier.

OBO carrier See “Combination carrier”.

Panamax Ship in the 55,000 to 80,000 DWT range, but narrower in beam than 100 ft (32.2 metres), which isthe largest capable of navigating the Panama Canal.

Product tanker Tanker that carries refined oil products. Tanks are typically coated.

Scrapping See “demolition”

Spot Short-term contracts, normally not longer than three months in duration. Typically spot-contractsare for a single cargo/voyage and the shipowner must cover voyage costs for his own account. Seealso “WS”


EN

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April 2004 | 79

Suezmax Tanker typically between 120,000 and 160,000 DWT, the largest vessels to pass the Suez Canalfully laden (restricted draft). For modern vessel the capacity is at least 1m barrels.

SS Single bottom, single sided.

TCE Time-charter equivalent rate, i.e. gross freight income less voyage costs (bunker costs, port dutiesetc.). See also “Time charter”

TT Turbine tanker. Denotes a tanker equipped with steam turbine propulsion. Most T/Ts were built inthe 1970s when oil prices were low. Turbine machinery gives more power for the space occupied,and has fewer moving parts, but is more costly in operation since it consumes more fuel thandiesel engines. The cost disadvantage depends on bunker prices.

Time charter or TC An arrangement by which a shipowner places a crewed ship at a charterer’s disposal for a certainperiod. The charterer pays for all costs related to the specific voyage, i.e. bunkers, port duties etc.

Tonne-miles Metric tonne (1,000 kg = 2,204lb) carried, multiplied by distance measured in nautical miles (1852metres). A measure for transportation work. The relevance of the distance element is significant because trading patterns may vary over time.

ULCC Ultra Large Crude Carrier. Historically, a term used to describe tankers larger than 300,000 DWT,but today the typical 2m barrel VLCC is growing and 320.000 DWT is probably a more appropriatellimit. Due to limitations to port facilities, few dedicated cargoes and fewer operators, no ULCCs havebeen built since the late 1970s.

USAC United States Atlantic Coast

US Gulf The US portion of the Gulf of Mexico.

VLCC Very Large Crude Carrier. A term used to describe tankers between 200,000 and 320,000 DWT(originally 300,000 DWT, cf. ULCC above). A modern VLCC is a vessel of 2m barrel carrying capacity.

WS Worldscale. An international freight indexing system for tankers, in which freight revenue is ex-pressed as a percentage of a particular USD-based rate. Different voyages can be compared witheach other using this system. The WS principle is that a vessel at a given WS level should earn moreor less the same amount per day regardless of what ports or canal passages are included in thevoyage. WS indices are revised yearly.

FEARNLEYS A/S

JOINT MANAGING DIRECTORSHome:

Sandersen, P.H. 6165 91 37 78 11Steckmest, H.J.W. 6210 22 50 30 87

ADMINISTRATIONDue, I. M. 6101 92 23 46 66

FEARNBULK – [email protected], J. 6265 22 49 39 76Dziemianczuk, W 6255 97 68 96 10Eglin, I.D. 6261 22 43 78 75Hargreaves,.T 6271 22 14 96 51Hartmann, K. 6254 92 08 99 75Kopland, T. 6275 91 34 43 72Mohn, F 6273 95 14 57 70Nielsen, J. 6265 22 49 39 76Rynning, C. 6268 95 99 33 14Rønneberg, H. 6270 22 50 85 20Schwartz, R. 6264 22 56 73 41Wang, T. 6272 67 59 13 65Yoon, T 6294 22 69 56 65

Ro/Ro Team:Kløve, E. 6285 22 55 41 75Winsnes, P.C. 6281 22 50 60 38

Operations/Accounts:Helliesen, B. 6256 66 80 16 48Høntorp, K.J. 6253 66 99 50 55Johansen, S.N. 6288 33 07 87 20

Secretaries:Dunholm, A.G. 6257 91 19 37 91Røes, H.H. 6258 91 51 14 99

FEARNGAS – [email protected]æte, R. 6135 22 52 27 36Giertsen, A. 6137 22 14 31 22Næss, P. 6134 22 49 07 66Refsum, O. Chr. 6142 67 15 53 20

FEARNSALE – [email protected] Hand:Sandersen, P.H. 6165 91 37 78 11Bugge, L.V. 6175 92 80 08 40Dahl, G. 6173 99 59 57 56Psilander, M. 6170 90 63 53 99Straume, E. 6161 90 55 52 66Strøm, Jørgen 6172 48 03 96 55

Newbuildings:Iversen, N. Chr. 6168 90 61 76 94Greve, S. 6126 95 13 67 64Dong, J. 6122 91 83 15 88Haukenes, P.C.. 6124 95 07 19 46Lund, J. 6160 90 58 43 29Staalesen, J. 6123 90 10 15 09

FEARNTANK – [email protected], H.J.W. 6210 22 50 30 87

Crude:Færden, M. 6216 67 58 30 90Haraldsen, T.A.. 6211 66 91 22 54Kittelsen, S.R. 6212 97 09 04 15Myhre, E.Chr. 6217 22 49 00 17Møller, J.E. 6213 22 50 66 81Nordsletten, G. 6228 90 64 68 16Vogt, L.P. 6220 90 60 64 20

Clean:Andersen, K.M. 6225 22 65 77 38Dahl, T. 6224 22 50 25 10Gilhuus-Moe, C. F. 6221 67 53 01 38Strøno, P. 6223 67 14 80 08

Operations:Bråten, B. 6226 66 84 88 50Gjertsen, P. 6229 22 51 20 50Knudtzon, W. 6227 22 50 06 22

Accounts:Stubergh, J. R. 6206 67 13 45 20

FEARNLEY CONSULTANTS A/[email protected]

[email protected], S.B. 6121 67 10 45 29Amriati, A. 6125 66 80 84 48Haget, G. 6114 31 28 83 62Hammer, J. 6111 67 07 19 64Jensen, R. 6116 63 90 19 22Krog, N.P. 6140 69 33 41 00Linn, J. 6113 95 04 83 90Osmanagic, A.C. 6117 40 20 42 74Westlie, A.M. 6115 22 64 86 81

FEARNLEY CONSULTANTS HOUSTON

[email protected], P.C.W. +1 713 629 7072

FEARNLEYS KOREA [email protected].: +82 2 736 5550Telefax:+ 82 2 720 6552/3

Lee, M. J. (Mallory) +82 2 3476 3130NewbuildingsLee, C. +82 2 874 2489Jin, W.H. +82 2 3421 9297Sale and Purchase:Lee, J.H. +82 2 3462 0168Lee, M.G. +82 2 352 4134Kim, J.C. +82 2 963 1271

FEARNLEY [email protected].: +86 21 63 75 66 99Telefax:+ 86 21 63 75 66 70Bin, H.X. +86 13 70 16 25 79 4Chan, P. +86 13 68 18 22 38 3Kung, D. +86 13 68 18 78 66 9

FEARNLEYS (THAILAND) [email protected].: +66 2 253 6160Telefax: + 66 2 254 6799Bruns, H. +66 2 382 1777Anggarp. G. +66 2 252 5087Harrison, C +66 2 255 0770Hariharan, C.S. +66 2 653 3478Liu, W +66 2 711 1838Srisahakarnkij, S +66 2 221 9251Vichachang, K. +66 2 245 0953

RODSKOG SHIPBROKERS LTDHong [email protected]@rodskogshipbrokers.comTel.: +852 2541 7020Telefax.: + 852 2541 7400de Courcy Hughes,S.J.+852 9385 6996Ingelgom, S. van ….+852 6100 1295Joo, S.L. +852 2967 5210Liu, J. +852 2516 9637Milner-Barry,P +852 2580 1139Poel, P.R. +852 2817 5573Preugschat, J. +852 2838 1421Tseng, T +852 2563 5079Operations:Ng. R. +852 2330 8580Chiu, L. +852 2677 5138Accounting:Yip, U. +852 2705 2379

RODSKOG SHIPBROKERS LTDShanghai Representative [email protected].: +8621 6375 6699Telefax.: +8621 6375 6670Chan, P +1368 182 2383Hong, X.B. +1370 162 5794Kung, D. +1368 187 8669Wang, J. +1381 678 5143

PT FEARNLEYS [email protected].: +62 21 351 3466Telefax:+ 351 3465Doran, T …+62 81 619 09201Nys, S. +62 81 188 6507Yamin, G. +62 21 724 5380

FEARNGAS (SINGAPORE) PTE [email protected]: +65 6732 9600Telefax + 65 6732 0966Pedersen, Torben S. +65 6468 3740Legg, I. +65 9838 4113Ong, E. +65 6466 6256Phua, E +65 6384 5945Wilson, D. +65 6556 2246Yong, K. +65 6259 2580

FEARNLEYS [email protected]: +58 212 991 2641Telefax +58 212 991 1324Campbell, Fernando A.+58 212 977 0093

NOR-FREIGHT [email protected]: +48 585 507 676Telefax +48 585 507 914Oriol. W. +48 604 404 302Dziemianczuk, W +48 501 648 472Stelmaszyk, W. +48 604 286 279

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