1. Mar 14 Market milestones usd/day VLCC rates. Rolling quarterly average of key routes Opec goes for market share Oil price collapse Gulf War Asian Crisis Oil price spike US energy crisis ”Erika” incident World recession, Sept. 11, 2001 Non-Opec takes market share Iraq war Venezuela strike

2. Mar 14 % growth mbd Seaborne oil trade Source: BP Review of World Energy 2005, PFB estimate

3. Mar 14 Major oil importers 2004, crude oil imports mbd Source: IEA

4. Mar 14 Major oil exporters 2003 net oil exportsmbd Source: IEA

5. Mar 14 Opec production vs. VLCC rates mbd usd/day Source: Bassøe\IEA

6. Mar 14 VLCC/ULCC fleet trends Orderbook and deliveries VL/ULCC fleet Source: Bassøe/Clarkson # vessels % of fleet Scrapping, # vessels VLCC/ULCC fleet Deliveries

7. Mar 14 VL/ULCC fleet - age profile Source:Bassøe # VLCCs/of which ULCCs: On order:106/0 > 20 years: 12/3

8. Mar 14 Suezmax fleet trends Orderbook and deliveries Suezmax fleet Source: Bassøe # vessels % of fleet Scrapping Deliveries

9. Mar 14 Suezmax fleet – age profile # vessels: On order:60 > 20 years: 27 Source: Bassøe