1. Panama Maritime VI Conference February 24-27, 2002

2. WHAT DO USERS OF PANAMA EXPECT OF THEIR FLAG STATE ? Peter M. Swift Managing Director, INTERTANKO OsloLondonSingaporeWashington

3. WHAT DO USERS OF PANAMA EXPECT OF THEIR FLAG STATE ? “ A strong and responsible register, demonstrating leadership and accountability ” OsloLondonSingaporeWashington

4. CHAIN OF RESPONSIBILITY SHIPOWNER SHIPYARDS INSURERS PILOTS CARGO OWNER CHARTERER PORT AUTHORITIES & TERMINALS CLASS SOCIETIES FLAG STATES

5. WHAT DO USERS OF PANAMA EXPECT OF THEIR FLAG STATE ? Seven Cs for a responsible flag state: 1. C ompetent administration1. C ompetent administration 2. C ommitment2. C ommitment 3. C onsistent3. C onsistent OsloLondonSingaporeWashington

6. WHAT DO USERS OF PANAMA EXPECT OF THEIR FLAG STATE ? Seven Cs for a responsible flag state: 4. C orruption-free 4. C orruption-free 5. C ompetitive 5. C ompetitive 6. C apital-friendly 6. C apital-friendly OsloLondonSingaporeWashington

7. WHAT DO USERS OF PANAMA EXPECT OF THEIR FLAG STATE ? Seven Cs for a responsible flag state: 7. C asualty investigation 7. C asualty investigation OsloLondonSingaporeWashington

8. Seven Cs Checklist for Panama Conclusion: “Shows steady and continuing improvement” But “Could still do better”

9. OWNERCHARTERERCLASS IMAGE PROBLEM ! The Rogues of the Tanker Industry

10. FLAG STATE BUT EVEN WORSE IMAGE !