1. Leading the way; making a difference INTERTANKO – Sustainability Project Primary Focus: late payments by charterers Ultimate Aim: to change ingrained bad habits INTERTANKO Chairman Letter to Charterers >70 top level recipients Oil companies and oil traders

2. Leading the way; making a difference INTERTANKO – Sustainability Project Chairman’s Letter to Charterers Payment terms, freight & demurrage – worsening trend towards chronic late settlement Honouring key contractual obligations Voluntary Code of Conduct

3. Leading the way; making a difference INTERTANKO – Sustainability Project Contractual obligations? Freight payable on completion of discharge Pilot study: Typical 5-10 days Demurrage payable on receipt owner’s invoice Pilot study: Typical >3 months

4. Leading the way; making a difference INTERTANKO – Sustainability Project Voluntary Code of Conduct INTERTANKO’s WS & Markets Committee INTERTANKO’s Documentary Committee Draft to ch’rts for comment Autumn 2013 Draft for approval by Council 11.2013

5. Leading the way; making a difference Code of Conduct, General Principles: Conduct ourselves at all times in accordance with the concept of ‘good faith’. Uphold the principles of fair and legal dealing with all stakeholders. Comply with high standards of integrity and respect for others. Conduct business as responsible corporate members of society. Understand the needs of all stakeholders. Listen and respond to all business partners in a prompt, professional and respectful manner. Behave in ways that earn the trust of others. Uphold these principles regardless of how we are treated by others.