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FONASBA Buenos Aries

FONASBA Buenos Aries. Tanker Chartering Report October 2007. Tanker Market Decline. 2005-2007 2006-2007 BDTI - 60% - 46% BCTI - 61% -45%. Baltic Dirty Tanker Index January 2005-October 2007. Baltic Clean Tanker Index January 2005-October 2007. Tanker Chartering Report.

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FONASBA Buenos Aries

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  1. FONASBABuenos Aries Tanker Chartering Report October 2007

  2. Tanker MarketDecline 2005-20072006-2007 BDTI - 60% - 46% BCTI - 61% -45%

  3. Baltic Dirty Tanker IndexJanuary 2005-October 2007

  4. Baltic Clean Tanker Index January 2005-October 2007

  5. Tanker Chartering Report Bunker Prices in Rotterdam Rose from $240 to $390 per tonne Plus 62.5%

  6. Tanker Chartering Report • Global Oil Demand up 0.8% yoy • Forecast +1.5m b/d 2007 +2.2m b/d 2008 • Oil Price $80/bbl July 07

  7. Tanker Chartering Report Mild winter in N hemisphere Benign hurricane season N America Decline of OPEC oil on water Refinery maintenance

  8. Tanker Chartering Report • China + 4.6% yoy driven by Car ownership + 16% yoy air travel construction agriculture petrochemicals oil stocks

  9. Tanker Chartering Report Oil Demand India +5.6% North America +1.7% Japan -10.5% Europe -3.4%

  10. Tanker Chartering Report • Clean Tanker Trades Comparatively buoyant Refinery problems in the Atlantic basin. Nigeria and USA importing from Europe Congestion in both discharge areas India increasingly a supplier to Europe and Asia

  11. Tanker Chartering Report • Growth of tanker fleet 3.6% dwt in first 8 months of 2007 • Fleet removals started in an interesting way over 30 single hull VLCCs converting to FPSO or VLOCs • Double Hull Fleet = 74% of existing fleet

  12. Tanker Chartering Report • LNG continues to grow + 11% y o y Korea + 12.6% Japan + 1.3% Spain + 2.3 m t UK + 2.2 m t Belgium + 1.2 m t Existing fleet 233 vsls + 11% y o y

  13. Tanker Chartering Report • Future influences (Short Term): Alternative Suppliers Fuels Response to Green Issues / emissions

  14. Tanker Chartering Report • Future influences (long term): • 15 years/+ end of production from the largest fields found in last 40 yrs: North Sea Alaska Sakhalin

  15. Tanker Chartering Report • Future influences (Long Term): Current finds are smaller capacity – indicating maintenance of high oil price = $ ??? or no return to low oil price = $ 20

  16. TankerMarket THE END BEGINS ?

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