TOP 30 TANKER COMPANIES TANKEROperator’s

1 The Iranian TANKER owner has jumped to numbertwo in the charts, due to the delivery of 12 vlcc sbetween May 2012 and July are other newbuildings believed to be underconstruction in Iran, although these are thought to bePanamaxes, or smaller. The huge vlcc newbuildingprogramme has now been completed with all the vesselsafloat. According to AIS tracking data research undertaken byIHS Research, about six older VLCCs have been anchoredin the Gulf for some time and it is thought that they formthe core of NITC s storage fleet. In addition, a few of the newbuildings have not leftChina where they were this, there are now 37 VLCCs, nine Suezmaxes,five Aframaxes and three products tankers in the fleet,according to Iranian sources.

2 MOL has reached thenumber one spot byway of including all thevessels operated by theJapanese conglomerate invarious pools and for otherowners on a long term basis,overtaking NYK. In total, the companycontrols 40 VLCCs, six LR2s,five Aframaxes, 12 LR1s, 26 MRs and 13 Handysizetankers. In addition, there is anotherLR1 still to be delivered. Mitsui-OSK (MOL)( mill dwt, plus a 74,000 dwt newbuilding)TANKERO perator sTop 30 owners and operatorsAs usual, the data used to calculate TANKER Operator sTop 30 listing is compiled bycalculating the fleet by total deadweight tonnage per TANKER company.

3 The figures were extracted from company websites, the Equasis database and thecompanies themselves. We have purposely excluded FPSOs, LNG and LPG carriers,plus ATBs from the total tonnage given for each ( mill dwt)2A standard MOL 2014 TANKERO perator 37 TOP 30 TANKER COMPANIESNYK Group( mill dwt)As of the end of March 2013, the company s fiscal year, the NYKG roup s fleet stood at 33 VLCCs, fourAframaxes, five LR2s, 24 MRs and fivechemical few of the vessels were thought to haveleft the fleet since then, but these will beidentified during the next fiscal addition, the group operates 28 LNGcarriers and has interests in many morethrough various controlling company also has joint ventures withKnutsen (Knutsen NYK Offshore Tankers)and Stolt Nielsen, among of the large crude carriers arechartered to various oil majors on long termcontracts.

4 3 Teekay Group( mill dwt, plus 606,000 dwt newbuildings)NYK s MR Scarlet new TANKER company- TANKER Investments (TIL) wasformed at the beginning of this year. Teekayand Teekay Tankers have co-invested for acombined 20% ownership is in the process of acquiring four 2009and 2010-built Aframaxes, which have beenincluded in the figures This will bring thenumber of Aframaxes operated by the variousgroup COMPANIES up to 18 in total. In addition, TIL will purchase fourSuezmaxes from another company within thegroup. As well as the 18 Aframaxes, the groupoperates 34 shuttle tankers, 23 Suezmaxes,five FSOs, eight product tankers and oneVLCC, as well as a large fleet of FPSOs,LNGCs and LPG carriers, which have notbeen included in the figures.

5 Teekay also has four newbuildingAframaxes and an FSO still to be delivered. 4 Euronav( mill dwt)The Belgian TANKER concern will thisyear attain the number five spot inTanker Operator s Top 30 listing, due to itspurchase of the 15 Maersk VLCCs. We have included the vessels in this listing,despite the fact that some of them will not bedelivered until the middle of this year. Euronav has said that it will look for moreopportunities to increase its fleet and boost theTankers International pool, in which theMaersk vessels will be commerciallyoperated. A deal to purchase three VLCCs and twoAframaxes from OSG has been put on ice forthe time being.

6 This group, which includes Frontline Ltd and Frontline 2012, hascontinued to shed older tonnage, including thelast of its OBO original vlcc newbuildingprogramme of five vessels has now beencancelled but the group has ordered two LR2sand at least five product tankers, the first ofwhich was delivered last September. There arealso two Suezmaxes to come total, the group has 30 VLCCs and 16 Suezmaxes, either owned by the group,Independent Tankers Corp (ITCL), orcommercially managed by FrontlineManagement. ITCL is 83% owned by Frontline Ltd. 5 Euronav s vlcc ( mill dwt, plus660,000 dwtnewbuildings)6 TANKERO perator March 201438 TOP 30 TANKER COMPANIESB ahri/Vela( mill dwt)Sovcomflot (SCF) Group ( mill dwt, plus 320,000 dwt newbuilding)SCF s total has gone up slightly dueto the delivery of a vlcc and an the same time, the group has been sellingoff some of its older product tankers.

7 SCF boasts the world s largest Aframaxfleet (42 vessels), the second largest Suezmaxfleet (18 vessels) and also the second largestproduct TANKER operator with 28 MRs, plus thethird largest shuttle TANKER operator with eightAframaxes and five Panamaxes, whichincludes the largest Arctic shuttle TANKER mentioned, the company recently tookdelivery of the first of two newbuildingVLCCs- Svet. In addition, SCF has an assortment of other vessel types, including a growing LPG and LNG fleet, some of which are ice class. 7 The merger between the Bahri andVela fleets was still being assessed bythe relevant authorities at the time of writing,but like last year, we have amalgamated thevessels, similar to the Euronav/Maerskconsolidation, rather than be overtaken byevents.

8 Once finalised, the new fleet will consist of32 VLCCs, including one storage vessel; oneAframax; 24 chemical carriers, including onenewly delivered LR1 and four MRs. All of the vessels will be technically andcommercially managed by Bahri. Its fleettechnical management is provided by wholly-owned subsidiary Mideast Ship also has interests in LPG carrieroperator Petredec and operates the chemicalcarriers within the NCC operation in co-operation with SABIC. The co-operativeagreement with Odfjell was recentlydiscontinued. AET( mill dwt, plus 241,400 dwt newbuildings)Last year, Singapore-based AET took deliveryof four eco-design VLCCs, whichbrought the total up to 13 VLCCsin the fleet.

9 Similar to many COMPANIES inTanker Operator s top 30 listing,AET has sold some of its oldertonnage, mainly Aframaxes andVLCCs and has taken delivery ofnewer units, both wholly ownedand on long term charters. In addition, the companyoperates 50 Aframaxes; fourSuezmaxes; two DP shuttletankers, with another two onorder; one Panamax and fiveMRs. One of AET s newest eco VLCCs Eagle s first vlcc - 2014 TANKERO perator39 TOP 30 TANKER COMPANIESTANKERO perator March 201440 TOP 30 TANKER COMPANIESD ynacomTankersManagement(DMT)( mill dwt)Dynacom manages 14 VLCCs, 23 Suezmaxes, six LR1s and six crude oilPanamaxes.

10 There has been a change in the number ofSuezmaxes and Panamaxes, as a few have leftthe fleet, since last year s listing. 10 OverseasShipholdingGroup (OSG) ( mill dwt, plus113,000 dwt newbuilding)OSG appears to be winning itsbattle to stay afloat since enteringChapter X1 in November 2012. It is now reaping the benefit of high USJones Act trades TANKER rates, some of whichhave topped $100,000 per day recently. In total, OSG has 10 VLCCs, one ULCC,two ULCC FSOs, one Suezmax, nineAframaxes, two Aframax size lighteringvessels, nine Panamax crude oil carriers, fourLR1s and 23 product tankers.