By : Mr. Per Wistoft Dubai, 9 th March 2011 The VLCC - Only Dead Fish Swim With the Stream

VLCC’S - ONLY DEAD FISH SWIMS WITH THE STREAM

Typical dimensions :  LOA 330 Meters.  Beam 60 Meters.  Draft 20 Meters.  Cargo 2 Mill barrels.  Pumping m 2 per Hour THE VLCC IS THE WORK HORSE OF THE WORLD’S OIL CONSUMPTION AND WITHOUT THESE VESSELS THE WORLD WOULD NOT FUNCTION.

THE VLCC IS HIGHLY DEPENDENT OF THE DEVELOPMENTS IN THE WORLD ECONOMY GDP Growth (%) f2011f2012f USA EURO - ZONE JAPAN CHINA INDIA BRAZIL RUSSIA WORLD Source: IMF

AND ALONG WITH A STEADY WORLD GDP GROWTH COMES AN INCREASED NEED FOR OIL Oil Demand (million barrels per day) F2011FANNUAL CHANGE (%) E2011F North AMERICA EUROPE PACIFIC % - 5.7% - 4.7% 2.4% -0.8% 0.8% 0.1% -0.6% -1.9% TOTAL OECD %1.1%-0.5% CHINA OTHER ASIA MIDDLE EAST LATIN AMERICA FSU AFRICA EUROPE % 4.0% 3.1% 0.0% -5.4% -0.0% -2.6% 10.5% 2.7% 3.7% 5.0% 6.0% 1.3% -4.1% 4.9% 2.8% 4.7% 3.5% 2.6% 3.7% 1.4% TOTAL NON – OECD %5.0%3.7% WORLD %2.9%1.5% Source: IEA

THIS DEMAND IS ESPECIALLY STRONG IN CHINA WITH AN ALMOST 50% INCREASE FROM

ADDING UP ALL THE FORECASTED NUMBERS AND TRYING TO PUT THEM ON A WORLD MAP

AND AGAIN CONVERTING THESE NUMBERS INTO ACTUAL REQUIREMENTS FOR VLCC’S

WILL GIVE A SOLID NUMBER OF 156 NEW VLCC’S NEEDED BY 2013

SO WHERE ARE WE GOING TO FIND ALL THESE VESSELS? Source: MJLF & Associates 177

PLENTY OF VESSELS ARE ALREADY ON ORDER BUT THE PHASE OUT IS NOT YET OVER SO, MAYBE THERE WILL NOT BE PLENTY OF VESSELS AVAILABLE… Source: MJLF & Associates 136 No. Of Vessels New building (A) Phase-out (B) Net Increase (A) – (B)

WILL GIVE A SOLID NUMBER OF 156 NEW VLCC’S NEEDED BY 2013

BUT THEN, WE BETTER HURRY UP AND BUILD SOME MORE BECAUSE THEY ARE BECOMING CHEAPER AND CHEAPER Source: MJLF & Associates

OR ARE THEY ? Source: MJLF & Associates

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