TOP 30 TANKER COMPANIES TAKER Operator’s

1 Frontline Management AS, a wholly-ownedsubsidiary, is responsible for the commercialmanagement of Frontline's shipowningsubsidiaries, including chartering andinsurance. Frontline has a strategy of extensiveoutsourcing. For example, shipmanagement,crewing and accounting services areprovided by a number of independent andcompeting shipmanagement include V Ships, both in Norway andthe UK; Wallem Shipmanagement;International TANKER Management andThome s fleet list includes Suezmaxes(29), Obos (8) and VLCCs (44). Theconglomerate also has eight Suezmaxes and10 VLCCs on order. The numbers includethose owned by subsidiaries and others thatare long term chartered.

2 Although operating less tankers than Teekayin number, the VLCC total pushes Frontlineinto first place in terms of deadweight tonnageunder its control. Similar to structures commonly used by other shippingcompanies, the John Fredriksen TANKER vehicleis responsible for the commercial operation ofthe fleet whose vessels are all owned by, orchartered to, separate subsidiaries orassociated COMPANIES . Fredriksen s shipping interests encompassFrontline, Ship Finance International, GoldenOcean, Golar LNG, Knightsbridge Tankersand Independent tankers Corp, not all ofwhich are involved in the TANKER sector.

3 TANKERO perator Annual Review March 2009 IITOP 30 TANKER COMPANIESFRONTLINE( mill dwt, plus mill dwt newbuildings) TA KERO perator sTop 30 owners and operatorsThis list has been compiled in terms of deadweight tonnage and includes companiesowning or operating mainstream large crude carriers, chemical and products tankers of over 10,000 dwt. We have not included FPSOs or gas ships. The information has been taken from company websites, Equasis database and other sources, also from the COMPANIES themselves where they have submitted fleet various COMPANIES ,at the end of December last year,Teekay controlled a fleet totalling 149 vesselsand had another 16 either on order, ornewbuilding.

4 The affiliates include Teekay OffshorePartners, Teekay tankers and Teekay LNGP artners and Teekay Corporation, all of whichown and/or operate TANKER at the end of last year, the total fleetincluded Handysize, MR, Panamaxes,Aframaxes, Suexmaxes, a VLCC, plus FSOsand FPSOs. Excluded from the figures was Teekay sfleet of one LPG carrier, plus fivenewbuildings and 14 LNG carriers, plus onenewbuilding, all under the banner of TeekayLNG Partners. Although the company figures have not been updated sinceMarch 2008, they show that MOL s tankersector is due to expand by 2010 aided by aninflux of year, the company managed 35 VLCCs, two Suezmaxes, four Aframaxes,three LR2s, eight LR1s, 32 MRs and 17others.

5 In addition the company was involvedwith 10 LPG carriers. According to the company s schedule, fourVLCCs, one LR2, nine MRs and two otherswere due to be delivered this year, plusanother five LPG carriers. Another MOL subsidiary Tokyo Marineaccounted for a further 55 chemical tankersMOL TankshipManagement sVLCC 2009 TANKERO perator Annual ReviewIIITOP 30 TANKER COMPANIES2 Teekay Corporation( mill dwt, plus mill dwt newbuildings)Teekay s Suezmax Algeciras Spiritoften calls at the Algeciras an additional six due for delivery this year. By 2010, MOL s TANKER sector will control37 VLCCs, two Suezmaxes, five Aframaxes,six LR2s, nine LR1s, 42 MRs and 22 othertypes, according to the company s masterplan.

6 In addition, Tokyo Marine s total chemicalcarrier fleet will have expanded to 65 vessels. MOL Tankship Management( mill dwt, plus at least mill dwt newbuildings)3 TANKERO perator Annual Review March 2009 IVSimilar to other TANKER owners, OSG operates a mixedfleet of long term chartered and ownedvessels. The company also has one vehiclecarrier and a fleet of ATBs (articulatedtug/barges).Both OSG and Euronav (which see) areunique in that they manage the onlyremaining four 442,000 dwt ULCCs,although OSG s pair, owned 50:50 withEuronav, are currently in Dubai beingconverted for storage its 121 vessel fleet currently inoperation, two are ULCCs, 18 VLCCs, threeSuezmaxes, 24 Aframaxes, 15 Panamaxes, 44 MRs, 10 ATBs and four LNG carriers, plusthe rogue car carrier.

7 Of the 31 newbuildings, three are VLCCs,two Suezmaxes, three Aframaxes, eightPanamaxes and 15 MRs. In addition, there areanother six ATBs on order. Overseas Shipholding Group (OSG)( mill dwt, plus mill dwt newbuildings)4 TOP 30 TANKER COMPANIESThe Iranian major has shotup the league table, due to thedeliveries of a series of VLCCs andSuezmaxes last year with more to come. At the end of last year, NITC s fleetconsisted of 24 VLCCs, nine Suezmaxes, fiveAframaxes and three MRs. There could be more orders for chemicalcarriers in the pipeline, not to mention theongoing saga of the LNGCs. National Iranian TANKER Co(NITC)( mill dwt, plus at least three VLCCs, chemicaltankers and Caspian Sea shuttles on order)5 Its current fleet consists of 16 VLCCs and16 Suezmaxes, plus another three VLCC newbuildings and six Suezmaxes.

8 One of the VLCC newbuildings Antarctica is due for delivery early this year,following her sister Olympia, which wasdelivered late last year. The Russian giant has rocketed from 18th to sixth place on the back of the amalgamation of therecently acquired Novoship and Marpetrolfleets. Sovcomflot s fleet list now stands at 111tankers, six LNGCs and two LPG carriers,plus another 25 newbuilding tankers . These are broken down into 12 Suezmaxes,37 Aframaxes, 24 MRs, 22 handysize, eightIMO IIs, three product carriers and threesmaller tankers . The newbuildings include 10 Suezmaxes,eight Aframaxes, three shuttle tankers andfour smaller tankers .

9 In addition there is another Suezmax,two Aframaxes and two MRs on long term charter. Euronav is a partner inTankers International (TI) pool andalso a joint owner of the two ULCCs currentlyin Dubai for conversion. The Antwerp-based owner/operatorspecialises purely in ULCCs/VLCCs andSuezmaxes. Sovcomflot( mill dwt, plus dwt newbuildings)Euronav( mill dwt, plus mill dwt newbuildings)Euronav/OSG s ULCCTI Africa seen duringan earlier visit toDubai. Photo credit-International 2009 TANKERO perator Annual ReviewVUnder subsidiary s AETbanner,MISC owns 11 VLCCs, 28 Aframaxes, five MRs and one LR2 in agrouping called Petroleum tankers .

10 A further28 are chartered in and there are also addition, in another grouping ChemicalTankers MISC owns a further 13 chemicaltankers with another seven chartered, plus 16newbuildings. MISC is also big in LNG carriers owning28 with another one to come. In addition, thePetronas group company has six FPSOs withanother three under conversion. MISC ChemicalTankers BungaMelati 30 TANKER COMPANIESB eyond Performance AnalysisThe CASPER Service provides technical managers with the information they need to sustain highest propulsion efficiency in a changing technology environment for drydock treatment, planned maintenance and performance monitoring Performance Monitoring U Fuel Conservation U Emissions 2009 Propulsion Dynamics, Inc.