1. “TANKERS TODAY” The Propeller Club, London 21 April 2004 Anders Baardvik, Executive Manager

2. - The International Association of Independent Tanker Owners -

3. Some figures… 227 Members 2,198 tankers 165 million dwt 37 countries 70% of independent fleet 271 Associate Members INTERTANKO Membership

4. 25 Strong Secretariat Managing Director, Dr. Peter M. Swift London, Oslo, Washington & Singapore 14 Committees and Working Groups and 4 Regional Panels 60 Work Items on the Agenda INTERTANKO

5. Aims to be present and participate in all fora where decisions are made that will have an effect on the industry Seat as NGO at the International Maritime Organization - IMO Partnership agreements with USCG, AMSA and close links to EMSA and MCA, OCIMF, IACS, Round Table, EC, EP, Green Award, EQASIS, HELMEPA, Paris MoU, Tokyo MoU, Viña del Mar, CDI, ITOPF etc… INTERTANKO

6. 1934 International Tanker Owners Association 1967 “Torrey Canyon” 1969 TOVALOP and CRISTAL (ITOPF) 1970 INTERTANKO is dead, long live INTERTANKO World wide presence A little bit of history

7. Assist and encourage our members to continuously improve Establish membership in INTERTANKO as a symbol of quality, i.a. through strict membership criteria: –Certified and implemented ISM system –All tankers classified by IACS member –All tankers entered in a P&I Club –Satisfactory oil pollution response plans and insurance cover Commitment to Quality

8. Seek international solutions Oppose unilateral legislation Develop regional strength and influence through regional panels and representation Build relations with regulators and monitoring authorities, as well as other industry associations and all links in the Chain of Responsibility The Strategy

9. Chain of Responsibility Working together SHIPOWNER SHIPYARDS INSURERS TRAFFIC MANAGEMENT CARGO OWNER CHARTERER PORTS & TERMINALS CLASS SOCIETIES FLAG STATES

10. Accidental oil spills from tankers 1970-2003

11. Development of tanker oil spills Source: ITOPF 2003

12. Tanker incidents – improving record

13. Oil into the Sea Annual Releases, best estimates

15. 99.99% of cargoes reach their destination without incident

17. Exxon Valdez – Erika - Prestige

18. Erika: December 1999 European Commission aggressive EU Ministers hesitant Wish to work through IMO Prestige: November 2002 European Commission aggressive EU Ministers even more aggressive No inclination to work through IMO

20. Erika: December 1999 European Commission aggressive EU Ministers hesitant Wish to work through IMO Prestige: November 2002 European Commission aggressive EU Ministers even more aggressive No inclination to work through IMO

21. Other regulations in the pipeline Particularly Sensitive Sea Areas - PSSA Criminalisation of operators and crew ISPS – International Ship and Port Facility Security Code IOPC Funds

23. Daily VLCC spot rates

24. Short-term disruptions  Strikes in Venezuela  Congestion in Bosporus  Political unrest in Nigeria  Reconstruction in Iraq  Japanese nuclear plant maintenance  Weather delays in US Gulf and Baltic Sea  Phase-out situation unclear  Increased consumption in China

25. Cost elements - Gasoline price at the pump

26. REALITY

29. Image Building Will help build an emotional barrier to negative press and inoculate against the effects of disaster Will help build international credibility and investor confidence Will increase political influence Will create a sense of commitment and belonging in an otherwise fragmented industry

30. Image Building Is it necessary? Is the industry ready?

31. THANK YOU