1. Leading the way; Making a difference INTERTANKO Technical Seminar Busan, October 2013 INTERTANKO Update Katharina Stanzel Managing Director INTERTANKO International Association of Independent Tanker Owners

2. Leading the way; Making a difference International Association of Independent Tanker Owners Non-governmental organization est. 1970 in Oslo representing interests of independent tanker operators Strict membership criteria 250 Members in 45 countries > 3,300 tankers, 285 million dwt & 320 Associate Members Spokesman - Information Service - Meeting Place 15 Technical Committees & 5 Regional Panels Observer Status at IMO, IOPC, UNFCCC, OECD, UNCTAD Oslo - London - Washington - Singapore - Brussels INTERTANKO

6. Leading the way; Making a difference ChairSecretarymeet x/yr ExComGraham WestgarthMW4 CouncilGraham WestgarthER2 Associate MembersBrad BermanKBS2 Chemical TankersSteve HardyAJG2 CT SubCommittee AmericasRoger RestainoAJG2 Human Element in ShippingJohn AdamsJB2 VettingMichael WilsonAJG2 OffshoreJohn DalsvaagDR2 EnvironmentalMichael RepasTW2 Safety, Technical, EnvironmentHenrik v.PlatenDR2 Bunker SubCommitteeTakis KoutrisJH2 DocumentaryDavid ChapmanMW3 Insurance & LegalBengt HermelinMW2 WorldscaleTim HorneER1 (+) Asian PanelDavid KooTW2 Hellenic Mediterranean P.Dimitris KrokodilosBB2 Latin American PanelCarlos JuanJA1 North American PanelBob JohnstonJA2 Northern European PanelLars MossbergJB2 Committee + Panel Meetings

7. Leading the way; Making a difference Activities - Global LondonLloyd's Marine on Wreck Removal DubaiSeatrade Middle East Maritime HoustonBWT Technology LondonGreenwich Forum Symposium LondonBWM Technology StamfordHeidmar Forum LondonMarine Propulsion HamburgGreen Ship Technology StamfordCMA Shipping 2013 New York7th Invest in International Shipping Forum LondonFuelling the Future SingaporeBWT Technology Conference SingaporeICOPCE SingaporeSingapore Maritime Week SingaporeReCAAP Piracy Seminar SingaporeSea Asia 2013 ShanghaiShipping China Antwerp1st LNG Ship Fuel Technology Conference LondonSummit - Spearheading the Recovery MumbaiAsian Shipowners’ Forum

8. Leading the way; Making a difference Activities

9. Leading the way; Making a difference Activities – Round Table Associations

10. Leading the way; Making a difference Staff, Developments & Financials

11. Leading the way; Making a difference Member Engagement INTERTANKO Value Proposition

12. Leading the way; Making a difference 5 Year Plan – Key Focus Areas 1.Sustainability of the tanker industry 2.Human element 3.Tanker safety and performance 4.Global maritime security threats 5.Greenhouse gas emission reductions 6.Air emission reductions 7.Ballast water management 8.Chemical Tanker Operations

13. Leading the way; Making a difference Sustainability charter/freight rates not covering basic vessel operating costs earnings not supporting forward investment charterparty terms which are not balanced and at times ignored

14. Leading the way; making a difference Aim To realign tanker industry’s key stakeholders for the re-creation of balanced tanker trading conditions and fair risk sharing that will allow quality shipping regardless of market cycles. Sustainability Project

15. Leading the way; making a difference Strategies for Survival Seminar May 2013, Oslo Top-level participants Shaping a viable future for tanker shipping Owners Charterers Strategists Class P&I Regulators Brokers Banks Media INTERTANKO – Sustainability Project

16. Leading the way; making a difference Oil tanker market facing crisis as slump deepens REUTERS The Wall Street Journal Oil Tanker Operators struggle to stay afloat Singapore Business Times Asia Maritime amnews line “Intertanko raises the alarm” Intertanko has claimed that the sustainability of the tanker market is under threat

17. Leading the way; making a difference

20. The project focus: Payments of freight/ demurrage delayed beyond contractual agreement & good business practice Code of Conduct introduced with letter from Chairman to generate dialogue & change behaviours Eroded c/p terms and freight rates not supporting forward investment Cost of Vetting inspections Sustainability Project

21. Leading the way; making a difference Pilot study results - Demurrage

22. Comments so far: BP Exxon Mobil Koch Repsol Shell Sitgo Statoil Total Trafigura

25. Leading the way; making a difference Next steps Direct action with senior oilco execs responsible for chartering strategy Invitation to consider and engage with CoC Continue R&D to identify/ quantify facts and figures illustrating the big issues and to help redress market imbalances Sustainability Project

26. Leading the way; Making a difference Sustaining the marine Energy Supply Chain: INTERTANKO joining the dots..