1. Peter M. Swift, Propeller Club, London, 22 January 2001

2. For better or for worse – tanker owning today

3. International Association of Independent Tanker Owners INTERTANKO today 243 Members243 Members 2,046 tankers2,046 tankers 158 million dwt158 million dwt 45 countries45 countries 293 Associate Members293 Associate Members OsloLondonSingaporeWashington

4. INTERTANKO International Association of Independent Tanker Owners Safe Transport Cleaner Seas Free Competition advocating

5. AS AN INDUSTRY WE MAY NOT BE LOVED BUT WE ARE NEEDED World Oil Consumption 3,590 mil ts World Oil Consumption 3,590 mil ts Transported by sea 2, 015 mil ts Transported by sea 2, 015 mil ts 57% transported by sea. 57% transported by sea.

6. Tanker Industry: Reality Tankers Incidents 0 100 200 300 400 500 600 700 800 197819801982198419861988199019921994199619982000 Miscellanous Fire, explosion Contact Wrecked/stranded Collision Hull, machinery Source: LMIS

7. Tanker Industry: Reality Tanker Accidental Oil Spills and Trade 0 5 10 15 20 25 30 35 40 1974197619781980198219841986198819901992199419961998 0 2000 4000 6000 8000 10000 12000 Others Loading&Discharging Fire&Explosions Hull Grounding Collision Tonne-Miles Number Billion Tonne miles Source: ITOPF

8. Nominal Arabian Light Deflated Arabian Light Nominal freight rates Deflated freight rates Source: INTERTANKO, IEA Tanker Industry: Reality

9. Source: INTERTANKO

10. THE CHANGING COMPOSITION OF THE TANKER FLEET Phase out – Accelerated Move to Double Hulls

11. The image

12. OWNER CHARTERER CLASS IMAGE PROBLEM ! The Rogues of the Tanker Industry

13. SHIPBROKER BUT EVEN WORSE IMAGE !

14. The world expects us to have 0 accidents. 99.97% safe transportation means that out of 1.000 tanker liftings 3 will have some problems. That will not be accepted! It takes one accident to change the industry

15. Tanker industry : Responsibility Chain SHIPOWNER SHIPYARDS INSURERS PILOTS CARGO OWNER CHARTERER PORT AUTHORITIES & TERMINALS CLASS SOCIETIES FLAG STATES

16. WEAKEST LINK: Consequences of Failure Credibility with stakeholders damaged Political Intervention/Regulations instead of Self Correction Weaknesses in system exposed

17. F OR BETTER OF F OR W ORSE V ICIOUS C IRCLE CRACKDOWN ON WEAKNESSES ADDITIONAL COSTS & OFFHIRE TIME EROSION OF FRAGILE PROFITABILITY PRESSURE ON COSTS & STANDARDS ?

18. F OR BETTER OR F OR W ORSE C HALLENGES T ODAY

19. F OR BETTER OR F OR W ORSE S OLUTIONS - T ODAY ENACTMENT & ENFORCEMENT OF EXISTING LEGISLATION (UNIFORMITY & HARMONISATION ON GLOBALS BASIS) INCREASED TRANSPARENCY GREATER DIALOGUE AMONG PARTNERS MORE RESPECT FOR MARITIME PROFESSIONALISM BETTER UNDERSTANDING & ASSESMENT OF RISKS IMPROVED FEEDBACK & LEARNING MECHANISMS EFFECTIVE ACCIDENT INVESTIGATION MORE TRUST!