1. Leading the way; Making a difference Market update N European Panel Meeting Oslo 1 October 2015 Erik.Ranheim@INTERTANKO.com Manager Research and Projects

2. Leading the way; Making a difference Strongest tanker market since 2008 Oversupply of oil Increase tanker demand Stock building Fleet increase Market update

3. Leading the way; making a difference Average indicative tanker freight rates $/day Source: Baltic Exchange

4. Leading the way; making a difference World Oil Supply and Demand mbd Source: IEA

5. Leading the way; making a difference Oil price and freight rates 1970-2015 $/barrel Source: IEA

6. Leading the way; making a difference US, Russian, Iraqi, Iranian, Saudi Arabian oil production mbd Source: Various/IEA

7. Leading the way; making a difference Chinese crude oil import mbd Source: BP Review/IEA

8. Leading the way; making a difference Tanker demand crude oil Billion tonne miles Tonne miles and tonnes transported Million tonne Source: Lloyd’s Maritime Information Unit Loading Middle East 53% W Africa 17% S America 10% C America 3% Discharing: China Sea 37% Japan 11% US Gulf 9% Far East 8% Indian Sub-C. 8% S Europe 5% N Europe 5% N Amer. Pac 4%

9. Leading the way; making a difference Productivity crude fleet (tankers above 80,000 dwt) Tonne mile /dwt Source: Base on figures from Loyd’ Information Unit/Clarkson

10. Leading the way; making a difference High oil stock Source: EIA

11. Leading the way; making a difference Oil products trade ‘000 tonnes Biggest Importers 000 ts: Europe175 Singapore102 US 90 SC America 86 China 64 Japan 46 Biggest Exporters 000 ts: US 180 FSU144 Middle East 129 Europe 99 Singapore 71 India 61 Total912 Source: BP

12. Leading the way; making a difference OECD oil product import by source 1000 ts import by source 1000 ts total import Source: IEA

13. Leading the way; making a difference US petroleum product import and export mbd Source: EIA

14. Leading the way; making a difference Tanker fleet development 1992-2015 m dwt Number Source: Clarkson

15. Leading the way; Making a difference China Shale oil, US oil production declining Record Middle East oil production Oil stock high/floating storage Iran – end boycott Tonne miles (+2.5% increase 2015 based on 7.5 months ) Tanker supply may overtake, tanker demand in 2016 What to watch