1. Peter M. Swift

2. - representing responsible oil and chemical tanker owners worldwide - promoting Safer Ships, Cleaners Seas and Free Competition

3. -strict membership criteria based on quality and performance

4. The International Association of Independent Tanker Owners INTERTANKO today 245 (+/-) Members245 (+/-) Members 2,050 tankers2,050 tankers 155 million dwt155 million dwt Average age: 13.5 yearsAverage age: 13.5 years 280(+/-) Associate Members280(+/-) Associate Members 25 Staff / 8 Consultants25 Staff / 8 Consultants OsloLondonSingaporeWashington

5. Tankers in Troubled Waters

6. Again !

9. Prestige

15. Prestige

16. The world expects us to have 0 accidents It takes one accident to change the industry TODAY

17. Annual incidence of accidental tanker spills 1990-2001 Source: ITOPF

18. Annual quantity of oil lost from tanker accidents 1990-2001 (‘000 tonnes) Source: ITOPF

19. Tonnes spilt per billion tonne-mile transported

21. Prestige : Not the last word ! Background and incident Issues for tanker industry:  Accident investigation  Places of Refuge  Detention of master  Unilateral measures – heavy oil restrictions, accelerated phase-out  Other reactions

22. Tanker fleet double-hull development Source: INTERTANKO

23. Single-hull tanker phase-out comparision IMO 13G – EU proposal

24. Ship Recycling

25. 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.

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

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

28. SHIPBROKER BUT EVEN WORSE IMAGE !

29. But - the Pirate is still a hero to many

30. Tanker Issues Shipping standards

33. The good, the bad and … all legitimate

34. Tanker Issues Shipping standards Environmental concerns

35. Some of the more sensitive areas

36. Tanker Issues Shipping standards Environmental concerns Security issues

37. Limburg - Yemen, 2002

39. Critical Oil Movements Security Concerns Straits of Hormuz15.5 mbd (14 mbd crude) Malacca Straits10 -12 mbd Red Sea3.3 mbd Sumed pipeline2.2 mbd Bosporous/Turkish Straits1.6 up to 2.3 mbd Druzba / ”Friendship” pipeline 1.2 mbd Ceyhan pipeline1.1 mbd Suez canal0.9 mbd Panama canal and pipeline0.5 mbd

40. Tanker Issues Shipping standards Environmental concerns Security issues Liability and criminalisation Challenges to international law and governance

43. Tanker Issue Supply - Demand Balance and The Market

44. Tankers in Troubled Waters ?

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

46. Working together we can make a difference

47. Takk Thank you www.intertanko.com