1. The oil and tanker market INTERTANKO Tanker Event Tokyo 13 May 2009 Erik.Ranheim@INTERTANKO.com Manager Research and Projects

2. New growth? Sub-prime mortgages Lehman bankruptcy Sept-08 Financial crises 2003-2008 Average GDP growth 4.4% Average growth oil demand 1.3% Growing imbalances Level two Level one Level three Economic crises No liquidity, increasing unemployment Confidence crisis Reduced oil demand Creative destruction Entrepreneurial innovation creates new growth* New driving forces *Schumpeter Level four

3. World GDP and oil demand change Source. IMF/BP / IEA

4. World oil demand outlook mbd Source: IEA +21 mbd 2007-30

5. World oil supply major net exporters mbd Source: IEA

6. Questionable major oil producers mbd Source: BP/IEA

7. Europe crude oil import mbd Source: IEA mbd total Europe

8. Europe crude oil import mbd Source: IEA mbd total Europe

9. US crude oil import mbd Source: IEA mbd total USA

10. OECD Asia crude oil import mbd Source: IEA mbd total Asia

11. Source of Chinese crude oil import 2008 Source: IEA 3.6 mbd

12. World oil demand mbd Source. IEA Increase in Middle East, USA, China and ROW** 1Q07-4Q09

13. Seaborne crude trade and Middle East oil production 1970 - 2009 Seaborne crude trade bn tonne miles Source. Fearnleys / IEA mbd oil production

14. Oil exploration activity move with oil price Source; EIA

15. Tanker supply

16. Tanker fleet, orderbook, SH tankers 59.5 151.8 376.7 m dwt Jan 2009 Average age 10.1 years 90% =<20 years old 76% =<15 years old 63% =<10 years old m dwt

17. Tanker deliveries, removals, max phase-out All tankers > 25,000 dwt m dwt Assumed balanced market end 2008

18. Conclusion Growth oil demand correlates strongly with economic growth Future growth forecasted mainly in China, India, other Asia and Middle East Declining production in some major production countries may increase dependence on Middle East oil Structural changes in trade, increased tonne-miles Lower oil prices has reduced exploration activity A tanker surplus building up