Oil and Tanker Market Analysis

April 2004
OIL AND TANKER MARKET
The Oil and Tanker Market report examines the different segments of the tanker market. It highlights
recent developments in the oil and tanker markets, and gives analyses of the different size segments such
as VLCC, Suezmax, Aframax and Product Carriers. This report contains a wide range of statistics on
trade, rates and ship prices, together with updated fleet figures on vessels for crude oil and oil products
transportation.
Trade information for tankers and combined carriers is based on our tracking of all individual vessels
above 50,000 dwt.
The information on fleet development is based on Fearnresearchs own continuously updated database. Only confirmed orders are taken into account, whilst undeclared options and order rumours are
excluded. The fleet forecast is based on evaluation and analysis of the existing fleet, order book and
expected market development. In addition, come evaluation of new orders and removals from the
fleet.
Deliveries and demolition of tankers are important indicators of the supply of trading tonnage, in
combination with lay-up, storage tonnage and tonnage tied up in coastal trades.
The report provides medium-term forecasts for fleet, trade, timecharter rates
and ship prices.
FEARNRESEARCH 2004
Copyright 2004. The articles and compilations in this publications may not be reproduced in part or as a whole without the
express permission of Fearnleys AS. While information is presented in good faith, Fearnleys AS cannot accept liability for
any errors of fact or opinion. No liability can be accepted for any loss incurred in any way whatsoever by any person who
may seek to rely on the information contained herein.
Compiled and published by Fearnresearch, April 2004
P.O.Box 1158 Sentrum,
N-0107 Oslo, Norway.
Telephone 47 - 22 93 60 00, Telefax: 47 - 22 93 61 10
E-mail: fearnresearch@fearnleys.no
www.fearnleys.com
ISSN 1502-167X
OIL AND TANKER MARKET

NO. 1/2004
CONTENTS
Summary ................................................................................................................................................................ 4
Tanker Rates .................................................................................................................................................... 4
Crude Tankers ............................................................................................................................................ 4
Clean Product Tankers ............................................................................................................................... 4
Tanker Values ................................................................................................................................................... 5
Second-hand Prices .................................................................................................................................... 5
Newbuilding Prices ..................................................................................................................................... 5
Fleet Development ........................................................................................................................................... 6
New Orders ................................................................................................................................................ 6
Deliveries .................................................................................................................................................... 6
Sold for demolition ..................................................................................................................................... 6
Laid-Up / Storage ........................................................................................................................................ 6
Age/Size Distribution .................................................................................................................................. 7
S&P Activity ............................................................................................................................................... 7
World Oil Supply and Demand ........................................................................................................................ 7
Oil Trade Development .................................................................................................................................... 7
Seaborne Oil Trade 4Q03 ................................................................................................................................ 8
Combined carriers ............................................................................................................................................ 9
Looking Ahead ............................................................................................................................................... 10
Tanker Supply ........................................................................................................................................... 10
Tanker Demand ........................................................................................................................................ 10
Period Rates .............................................................................................................................................. 11
Tanker Second-Hand Values ..................................................................................................................... 11
Tanker Newbuilding Prices....................................................................................................................... 11
Oil Markets and Demand Indicators ................................................................................................................ 12
Economic Growth & Industrial Production .................................................................................................. 12
Stock Markets ................................................................................................................................................ 12
Currencies ...................................................................................................................................................... 13
World Energy Demand ................................................................................................................................... 13
Oil Demand changes ...................................................................................................................................... 13
Crude Oil Price ............................................................................................................................................... 13
Oil vs. Coal Price ........................................................................................................................................... 14
World Oil Demand ......................................................................................................................................... 14
US Oil Supply ................................................................................................................................................. 14
World Oil Production ..................................................................................................................................... 14
Middle East OPEC Production ....................................................................................................................... 15
Russian Crude Oil Exports ............................................................................................................................. 15
North Sea Exports ......................................................................................................................................... 15
World Crude Oil Stocks ................................................................................................................................. 15
VLCC .................................................................................................................................................................... 16
VLCC Market ................................................................................................................................................. 16
Period Business ......................................................................................................................................... 16
VLCC Values .................................................................................................................................................. 17
VLCC Fleet .................................................................................................................................................... 18
Fleet Forecast ........................................................................................................................................... 19
VLCC Trades 4Q03 ....................................................................................................................................... 20
Suezmax ............................................................................................................................................................... 21
Suezmax Market ............................................................................................................................................ 21
Period Business ......................................................................................................................................... 22
Suezmax Values .............................................................................................................................................. 22
Suezmax Fleet ................................................................................................................................................ 23
Fleet Forecast ........................................................................................................................................... 24
Suezmax Trades 4Q03 ................................................................................................................................... 25
Aframax ............................................................................................................................................................... 26
Aframax Market ............................................................................................................................................. 26
Spot Rates................................................................................................................................................. 26
Period Business ......................................................................................................................................... 27
Aframax Values .............................................................................................................................................. 28
Aframax Fleet................................................................................................................................................. 28
Fleet Forecast ........................................................................................................................................... 30
Aframax Trades 4Q03 ................................................................................................................................... 30
Product ................................................................................................................................................................. 31
Product Market .............................................................................................................................................. 31
Spot Rates................................................................................................................................................. 31
Period Business ......................................................................................................................................... 32
Product Tanker Values ................................................................................................................................... 32
Product Fleet .................................................................................................................................................. 34
Panamax Fleet (50-80,000 dwt) ............................................................................................................... 34
Fleet Forecast ........................................................................................................................................... 34
10-50,000 DWT ....................................................................................................................................... 34
Product Trades .............................................................................................................................................. 38
Panamax Tanker Trades ........................................................................................................................... 38
Product Tanker Trades ............................................................................................................................. 38
Combined Carriers ............................................................................................................................................. 40
Combined Carrier Values ................................................................................................................................ 40
Combined Carrier Fleet .................................................................................................................................. 40
Combined Carrier Trades ............................................................................................................................... 40
APPENDIX .......................................................................................................................................................... 42
SEABORNE CRUDE OIL TRADE .............................................................................................................. 44
OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 50,000 DWT + ............................................. 45
OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 50-80,000 DWT ............................................ 46
OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 80-120,000 DWT .......................................... 47
OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 120-200,000 DWT ........................................ 48
OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 200,000 DWT + ........................................... 49
OIL SHIPMENTS BY COMBINED CARRIERS 50,000 DWT + ................................................................. 50
COMBINED CARRIER EMPLOYMENT ..................................................................................................... 50
OIL AND COMBINED CARRIERS EMPLOYED IN COASTAL TRADES ................................................. 51
NORTH SEA OIL SHIPMENTS................................................................................................................... 51
OIL SHIPMENTS BY DOUBLE HULL VESSELS ....................................................................................... 52
OIL SHIPMENTS BY DOUBLE HULL VESSELS ....................................................................................... 53
LOAD FACTOR. OIL TANKERS .................................................................................................................. 54
RUSSIAN CRUDE OIL SHIPMENTS ........................................................................................................... 54
OIL DEMAND ............................................................................................................................................... 55
OIL PRODUCTION ...................................................................................................................................... 56
OIL STOCKS IN MAIN AREAS .................................................................................................................... 57
OIL CONSUMPTION .................................................................................................................................... 58
OIL BALANCE .............................................................................................................................................. 59
OIL TRADE STATISTICS .............................................................................................................................. 60
TOTAL TANKER FLEET DEVELOPMENT ................................................................................................ 63
CRUDE TANKER FLEET DEVELOPMENT ............................................................................................... 64
PRODUCT TANKER FLEET DEVELOPMENT .......................................................................................... 65
SHUTTLE TANKER FLEET DEVELOPMENT ........................................................................................... 66
EXISTING TANKER FLEET BY HULL ....................................................................................................... 67
COMBINED FLEET DEVELOPMENT ....................................................................................................... 70
LAY-UP AND STORAGE .............................................................................................................................. 72
NEWBUILDING AND SECOND-HAND TANKER VALUES (BY AGE) ..................................................... 73
SECOND-HAND TANKER VALUES (BY YEAR OF BUILD) ..................................................................... 74
TANKER FREIGHT RATES .......................................................................................................................... 75
REPORTED TANKER SALES 1. QUARTER 2004 ...................................................................................... 77
GLOSSARY AND ABBREVIATIONS ............................................................................................................ 78
SUMMARY
Summary
Over the quarter, the Baltic Dirty Tanker Index fell

40%, and the Clean Tanker Index fell 5% compared
with end 4Q.
IEA now estimates annual growth of 2.1% in global oil demand in 2003 and 2.1% in 2004. World
demand is expected to decrease from 80.3 mbd
in 1Q04 to 78.3 mbd in 2Q04.
120
'000 USD/DAY
MONTHLY AVERAGES
ID: 68
110
VLCC
MODERN
MEG-EAST
100
90
80
70
SUEZMAX
MODERN
W.AFR-US
60
50
40
Fearnresearch estimates world seaborne crude

oil trade to increase from 1680 mt in 2003 to 1765
mt in 2004 and oil products trade from 432 mt to
450 mt.
High second-hand and contracting activity. Several enbloc deals concluded.
Representative prices for 5-years-old vessels continued to increase. Mid-sized crude tankers gained
10%-18%, whereas VLCCs gained 3% and Product
tankers about 10% during the quarter.
CRUDE FREIGHT MARKET
Seaborne oil trade by vessels over 50,000 dwt

decreased 3.1% or 18.8 mdwt to 590.9 mdwt in
4Q03.
Tanker Rates
30
20
10
AFRAMAX
MODERN
CROSS-MED
2001
2002
2003
2004
Fearnleys
CLEAN FREIGHT MARKET

'000 USD/DAY
MONTHLY AVERAGES
ID: 71
60
50
70 000 DWT
MEG-JAPAN
40
30
20
Crude Tankers
Compared to the spectacular final quarter of 2003, the
first quarter of 2004 can concisely be described as a quarter
of mixed messages. Although January saw a quick return
to high rate levels following the holiday lull, February
illustrated that the market was perhaps not as solid as it
seemed in January and was heading for a correction. This
turned out to be the case, and rates in most areas of the
crude oil transportation market fell substantially during
February mostly as a result of a lower level of trading
activity. It should also be noted that a sharp decline in
delays transitting the Turkish Straits during February had
a decidedly negative effect on Suezmax rates in the area.
March was a far more volatile month, and both owners
and charterers were able to press their advantage at
different times depending on the tonnage or the cargo
situation.
35 000 DWT
CARIBS-USNH
10
2001
2002
2003
2004
Fearnleys
SECOND-HAND TANKER PRICES

5 YEARS OLD
80
MILLION USD
END OF MONTH
ID: 982
60
M/T 280' DH
M/T 150' DH
40
M/T 95' DH
M/T 40' DH
20
Clean Product Tankers

Product tankers enjoyed a generally more favorable quarter
than their crude carrier counterparts, although it was not
all clear sailing, particularly in March when product tanker
4 | April 2004
0
2001
2002
2003
2004
Fearnleys
Oil and Tanker Market
SUMMARY
rates fell in most areas. The first two months of the quarter,
however, were characterized by what can only be
described as an upward rate spiral. This was mainly
occasioned by the increase in activity caused by the many
arbitrage opportunities available in the market.
Nonetheless, with the advent of March this trend had
clearly run its course, and rates in virtually every major
product market fell as activity dwindled and tonnage
accumulated
TANKER NEWBUILDING PRICES

MILLION USD
END OF MONTH
100
ID: 589
80
300 000 DWT
60
150 000 DWT
40
Tanker Values
The value of a 5-year-old VLCC rose a little from USD

75.0 million to USD 77.0 million during the quarter. Prices
for a 10-year-old VLCC were adjusted up from USD 37.5
million to USD 41.0 million.
Modern vessels of 300,000 dwt, built 1994/95, were
adjusted up USD 4.0 million to USD 64.0 million during
1Q, while newbuilding prices were adjusted up from USD
75.0 million to USD 84.0 million.
The representative price for a 5-year-old 150,000 tonner
was adjusted up to USD 53.0 million. 10-year-old vessels
of 130,000 dwt, were also adjusted up to USD 28.0 million.
The second-hand value of a 5-year-old 95,000 tonner was
the quarter. 10-year-old 80,000 tonners went up USD 5.0
million to USD 24.0 million.
47 000 DWT
20
Second-hand Prices
Sales volumes continued to be good, albeit lower than in
the preceeding quarter. During the quarter two major
enbloc deals were concluded. Teekay bought Naviera
Tapias and Genmar acquired Soponata. Values continued
to climb and new heights were reached. A quick resale
of two aframaxes acquired at record levels from the
Niarchos fleet liquidation lifted Aframax values to almost
unprecedented heights. The high VLCC prices obtained
for brand new VLCCs last quarter were maintained
through, amongst others, the USD 86 million obtained for
a 2002 model.
110 000 DWT
0
2001
2002
2003
SECOND HAND SALES IN NUMBER

OIL TANKERS 25 000 DWT +
40
QUARTERLY
NO. OF SHIPS
SIZE GROUPS
IN '000 DWT
ID: 1034
25'-50'
30
20
200'+
80'-120'
10
120'-200'
50'-80'
0
2001
2002
2003
2004
Fearnleys
FLEET DEVELOPMENT
MILLION DWT
START OF QUARTER
150
ID: 944
200'+
100
Newbuilding Prices
For the different sizes, our reference newbuilding prices
developed as followsduring 1Q: VLCC up from USD
75.0 million to USD 84.0 million, Suezmax up from USD
51.0 million to USD 56.0 million, and Aframax up from
USD 41.0 million to 46.0 million. A 45,000 dwt product
tanker moved up from USD 30.5 million to USD 34.0
million during the quarter.
2004
Fearnleys
120-200'
80-120'
50
10-50'
50-80'
EST.
0
92
93
94
95
96
97
98
99
00
01
02
03
04
05
06
Fearnleys
April 2004 | 5
SUMMARY
Fleet Development
The total tanker fleet increased 2.1% during 1Q04. Some
holdovers from 4Q03 to 1Q04 led to quite high delivery
volumes particularly in the case of Aframaxes and product
carriers. 62% of the existing fleet are double hull. A large
order book will bring the total tanker fleet up by 7.0% in
2004, 6.2% in 2005, and 3.9% in 2006.
ORDER BOOK DEVELOPMENT

30
START OF QUARTER
MILLION DWT
ID: 1047
200'+
20
80-120'
New Orders
A total of 12.5 mdwt of new orders were placed during
1Q04. This was 2.5 mdwt, or 25%, more than in 4Q03.
Contracting of crude carriers has shown a declining trend
through the quarter and the volume in March was about
half the January volume. Contracting of product carriers
was maintained through the quarter. Scheduled deliveries
are in late 2006 and 2007, but a few orders were placed
for 2008 delivery.
In total 131 vessels were contracted during 1Q. Of these,
there were 15 (11) VLCCs, 11 (5) Suezmaxes, 20 (20)
Aframaxes, 35 (21) Panamaxes and 50 (67) in the size
range 10-50,000 dwt.
Tanker tonnage on order at end 1Q04 totalled 83.1 mdwt.
The total tanker order book corresponded to 28% of the
existing tanker fleet.
Deliveries
Tanker deliveries reached 8.7 mdwt during 1Q04. A total
of 88 (62) vessels were delivered during the quarter,
including 8 (5) VLCCs, 10 (6) Suezmaxes, 23 (17)
Aframaxes, 15 (3) Panamaxes, and 31 (23) in the 2550,000 dwt range (previous quarter in brackets).
120-200'
10
10-50'
50-80'
0
92
93
94
95
96
97
98
99
00
01
02
03
04
Fearnleys
TANK TONNAGE ON ORDER APRIL 2004

COUNTRY OF BUILD
Korea
Japan
China
Croatia
USA
Brazil
Ukraine
Rum ania
Rus sia
Germ any
Argentina
Italy
Spain
India
Turke y
Portugal
No.
465
165
177
49
6
4
8
6
6
5
2
1
5
1
5
3
'000 DWT
42796
21065
13410
2664
1021
420
376
282
218
161
150
147
127
93
80
47
Sold for demolition

20 vessels were sold for demolition in 1Q, down from 33
in 4Q. The numbers by size ranges were as follows: 3 (1)
V/ULCCs, 2 (2) Suezmaxes, 3 (10) Aframaxes, and 3
(6) Panamaxes. In addition, 9 (14) vessels in the size range
10-50,000 dwt were sold to breakers. (previous quarter
in brackets).
Laid-Up / Storage
There were only minor changes in the lay-up figures in
1Q04. 1 vessel were taken out of lay-up . 4 vessels
totalling 0.3 mdwt were laid up at the end of 1Q04 against
9 vessels of 0.9 mdwt one year ago. 4 vessels of 0.4
mdwt were used as storage at the end of March, 1 less
than last quarter.
6 | April 2004
EXISTING AND FUTURE TANK FLEET

Existing 1/1 2004
Deliveries 2004
Deletions 2004
Existing 1/4 2004
Order book Del.2004
Est. New orders for Del. 2004
Deletions 2004
Existing 1/1 2005
Order book Del.2005
Deletions 2005
Existing 1/1 2006
Order book Del.2006
Deletions 2006
Existing 1/1 2007
(D W T IN '000)
No.
2948
88
26
3010
240
102
3148
331
173
3306
222
38
189
3377
DWT
289150
8744
2639
295256
20502
6400
309358
30092
10825
328625
19835
3206
10320
341346
SUMMARY
Age/Size Distribution
At the end of the quarter, the average age of the tanker
fleet was 9.9 years, up from 9.8 years one quarter before.
The average age of the DH fleet was 5.2 years while
single hull fleet was 17.6 years. Split into size segments,
the average age of the fleet was as follows; 10-50,000
dwt 12.8 years, Panamax 14.5 years, Aframax 10.2 years,
Suezmax 9.1 years, and VLCC 8.4 years.
S&P Activity
The activity in the second-hand market decreased in 1Q04
compared to 4Q03. A total of 58 tankers over 25,000 dwt
changed hands, as against 113 in the preceding quarter.
T ANKER FL EET PROFIL E

In mdw t
1Q03
2Q03
3Q03
4Q03
1Q04
Ex is ting Fleet (end)

Fleet change
Order book (end)
Order book in %
A v erage age
286.5
2.5 %
63.7
22 %
10.8
287.6 287.2
0.4 % -0.1 %
71.9
74.9
25 %
26 %
10.5
10.0
289.2
0.7 %
79.4
27 %
9.8
295.3
2.1 %
83.1
28 %
9.7
Deliv eries
Deletions
Sold f or s c rap
Contrac ting
9.8
2.8
1.8
14.4
6.1
5.0
7.4
14.3
8.0
8.4
6.3
11.1
5.6
3.7
2.9
10.0
8.7
2.6
3.0
12.5
In no.
1Q03
2Q03
3Q03
4Q03
1Q04

Order book (end)
Deliv eries
Deletions
Sold f or s c rap
Contrac ting
2903
676
87
32
23
135
2923
751
63
43
56
138
2931
803
72
64
59
124
2948
867
67
45
43
125
3010
910
88
26
32
131
World Oil Supply and Demand

IEA now estimates annual growth of 2.1% in global oil
demand in 2004. This is similar to the growth in 2003, but
a strong upward revision for 2004 from the latest OTM.
There are significant differences with regard to regional
and seasonal developments. World demand is expected to
decrease from 80.3 mbd in 1Q04 to 78.3 mbd in 2Q04.
The forecast for the remainder of the year is upbeat, and
global demand is estimated to 80.1 mbd and 82.4 mbd in
the third and fourth quarter, respectively. OPEC output
rose during the first quarter, but an announced 1 mbd cut
in quotas will start in 2Q04. Non-Opec output was stable
during the quarter. For the full year 2004, IEA expects the
call on (plus stock changes) to decrease marginally by 0.1
mbd, whereas world demand will increase 2.1 mbd. This
means that the balance could tilt some 2.1 mbd in the favour
of non-OPEC in 2004.
WORLD OIL DEMAND AND SUPPLY

84
MILLION B/D
SOURCE: EIG
ID: 918
WORLD OIL
DEMAND
82
80
78
76
WORLD OIL
SUPPLY
74
72
70
2000
2001
2002
2003
2004
Fearnleys
Oil Trade Development

Fearnresearch estimates that world crude oil trade
increased from 1588 mt in 2002 to about 1680 mt in 2003
and forecasts 1765 mt in 2004 and 1825 mt in 2005.
Year-to-date figures up to late March show that total US
oil imports were up as much as 10.7%, crude oil up 12.0%
and oil products up 6.4%.
The second largest importing country in the world, Japan,
has seen significant decreases during the first 2 months of
the year. Compared with same period last year, crude oil
imports were down 7.7% and oil products imports down
3.6%.
TANKER FLEET AND SHIPMENTS

VESSELS OVER 50 000 DWT
3500
300
ID: 674
275
3250
250
TANKER FLEET
3000
225
2750
2500
200
ex coastal & storage
2250
175
SHIPMENTS BY TANKERS
2000
150
1750
1500
125
91
Chinas total oil imports in the two first months of the year
MILLION DWT
3750 BILLION DWT-MILES
92
93
94
95
96
97
98
99
00
01
02
03
04
05
Fearnleys
April 2004 | 7
SUMMARY
were up about 28% from last year, with crude oil up 30%
and oil products up 21%. These figures are considered to
be somewhat uncertain.
TANKER UTILIZATION
100
VESSELS OVER 50 000 DWT
PCT
1 Q 1991 = 75 PCT
Seaborne Oil Trade 4Q03

Seaborne oil trade declined during the fourth quarter of
2003. Volumes fell by 18.8 mdwt, or 3.1%, for vessels of
50,000 dwt+. For the year as a whole, shipments rose by
6.6%. Whereas VLCC shipments were maintained during
the quarter, shipments by mid-sized tankers declined, partly
as a result of poor Black Sea exports.
Little or no changes in production in all major oil producing
countries made 4Q relatively calm.
90
80
70
BASIS:
DWT-MILES PER DWT
FLEET EXCL. COASTAL & STORAGE
ID: 675
60
92
93
94
95
96
97
98
99
00
01
02
03
Fearnleys
Exports
Shipments from the MEG and West Africa both rose in
4Q03 whereas the other major exporting areas all declined.
Black Sea shipments were hampered by congestion in the
Bosphorus and shipments from the Caribbean declined
substantially. North Sea shipments went down 16% while
North Africa shipments fell 4%.
Imports
OIL EXPORTS BY AREA

TANK AND COMBINED 50 000 DWT +
220
MILLION DWT
ID: 1410
200
180
TOTAL
160
140
After a noticable reduction in oil imports in 3Q, Japanese

imports rose by 15.7% in 4Q. Shipments to North America
(Atlantic) fell considerably, down 17.5 mdwt to 151.7
mdwt. Following the strong increase in Chinese imports,
volumes to Other Far East rose by 9.2% to 89.9 mdwt.
Products
REST OF WORLD
120
100
80
60
MEG / RED SEA
40
20
0
2000
2001
2002
2003
Fearnleys
Shipments by tankers 50-80,000 dwt declined 5.8 mdwt to

45.8 mdwt. No particular area, or trade, changed radically
and generally all areas declined a little. Shipments into the
US increased somewhat.
Gasoline shipments to the US increased substantially and
imports were on average 3.8% higher than in the
preceeding quarter. On the other hand, they were 4% lower
than one year ago.
OIL IMPORTS BY AREA

70
MILLION DWT
ID: 366
AMERICA ATLANTIC
60
EUROPE
50
Elsewhere, Japanese imports showed a declining trend

but were offset by Chinese jet fuel imports.
40
30
JAPAN / OTH. F.EAST

OTHER AREAS
20
10
0
2000
8 | April 2004
2001
2002
2003
Fearnleys
SUMMARY
Combined carriers
The decrease in oil shipments by combined carriers
continued. In 4Q03 we recorded only 10.9 mdwt. On a
yearly basis, shipments of oil by combined carriers fell by
21.8 mdwt, or 22%. This is a direct result of substantial
switching from oil trading to dry cargo trading as a result
of the extremely strong bulk market.
Oil shipments by combined carriers constituted 3.3% of
total oil shipments in 2003. In 4Q03 this share fell to 1.8%.
OIL BY TANKERS. TONNES

1000
BY SIZE GROUP
MILLION TONNES
ID: 1376
800
200-320 000 DWT
600
80-120 000 DWT
400
120-200 000 DWT
50-80 000 DWT
200
320 000 DWT+
0
1988
1990
1992
1994
1996
1998
2000
2002
Fearnleys
OIL BY TANKERS. TONNE-MILES

6000
BY SIZE GROUP
BILLION TONNE-MILES
ID: 1377
5000
200-320 000 DWT
4000
3000
2000
320 000 DWT+
80-120 000 DWT

120-200 000 DWT
1000
50-80 000 DWT
0
1988
1990
1992
1994
1996
1998
2000
2002
Fearnleys
Fearnleys
OIL BY COMBINED C. TONNE-MILES
OIL BY COMBINED C. TONNES

40
BY SIZE GROUP
MILLION TONNES
ID: 1378
200
BY SIZE GROUP
BILLION TONNE-MILES
ID: 1379
80-120 000 DWT

120-200 000 DWT
150
30
50-80 000 DWT
80-120 000 DWT
100
20
5080 000 DWT
120-200 000 DWT
50
10
200 000 DWT+
200 000 DWT+
0
1988
1990
1992
1994
1996
1998
2000
2002
Fearnleys
0
1988
1990
1992
1994
1996
1998
2000
2002
Fearnleys
April 2004 | 9
SUMMARY
Looking Ahead
Strong upward revision of oil demand. Global oil

demand now expected to increase 1.7 mbd, or
2.1%, in 2004. 2Q04 demand 78.3 mbd. Down 2.0
mbd on 1Q, but 2.2 mbd up y-o-y. 2004 call on
OPEC now down only 0.1 mbd.
Stronger tanker fleet growth in the forecast period, 7.0%, 6.2%, and 3.9% each year 2004-06. In
2004, the tanker fleet over 50,000 dwt is expected
to increase 6.4%, up as much as 10.3% for 1050,000 dwt.
Crude oil tonne-miles forecast to increase 6.1%

and 4.4% in 2004 and 2005, respectively. Oil products tonne-miles forecast to increase 3.0% and
3.6% in 2004 and 2005, respectively.
Market fundamentals point towards a fairly balanced average fleet utilisation for crude carriers
in 2004, whereas the huge deliveries of product
carriers will be though for the market to absorb,
T/c rates for crude carriers to show modest variations in 2004 before a slight softening in 2005. T/c
rates for MR product tankers expected to decrease
amost 10% by mid-2005 before a stabilization.
Second-hand values expected to stay firm 1. half
2004, before modest increases through 2005 for
crude carriers, but modest decreases for product
carriers.
Newbuilding prices expected to continue to increase. Up 6-11% by end 2005, depending on size.
Tanker Supply
Scheduled tanker deliveries in 2004 amount to 29.2 mdwt.
We have now lowered deletions in 2004 to 9.0 mdwt.
Thus, we estimate a net fleet growth of 7.0%. In 2005
and 2006 we expect net growth rates of 6.2% and 3.9%.
For further details, please see table on this page and the
appendix. Scheduled deliveries in 2005 amount to 30.1 mdwt
and deletions are estimated at 10.8 mdwt. We do not expect
any new tanker orders for delivery in 2005. There might
be options that are not yet declared, but we do not foresee
large volumes. In 2006 we estimate that, in addition to
scheduled deliveries of 19.8 mdwt, another 3.2 mdwt will
be delivered as a result of new contracts and declared
options. Estimated deletions in 2006 stand at 10.3 mdwt.
Tanker Demand
World oil demand is now estimated by IEA to decline by
2.0 mbd from 1Q04 to 2Q04, but to increase 1.7 mbd to
80.3 mbd on an annual basis. IEA estimates that the call
10 | April 2004
EXISTING AND FUTURE OIL TANKER FLEET

10-50,000
No.
DWT
(D W T IN '000)
Existing 1/1 2004
1346 43937
Deliveries 2004
32 1326
Deletions 2004
9
265
Existing 1/4 2004
1369 44998
Order book Del.2004
130 4889
Deletions 2004
60 1410
Existing 1/1 2005
1439 48477
Order book Del.2005
141 5284
Deletions 2005
110 3125
Existing 1/1 2006
1470 50636
Order book Del.2006
95 3450
15
450
Deletions 2006
125 3620
Existing 1/1 2007
1455 50916
No.
1602
56
17
1641
110
42
1709
190
63
1836
127
23
64
1922
50+
DWT
245213
7418
2374
250258
15613
4990
260881
24808
7700
277989
16385
2756
6700
290430
FORECAST OIL DEMAND

TOTAL SEABORNE TRADE, TONNES
IN M ILLIO N TO N N ES
Crude Oil
Oil Products
Total
Y oY Change
2001
2002
2003
2004
2005
1592
425
2017
-0.5%
1588
414
2002
-0.7%
1680
432
2112
5.5%
1765
450
2215
4.9%
1825
465
2290
3.4%
TOTAL SEABORNE TRADE, TONNE-M ILES

IN B ILLIO N TO N N E-M ILES
2001
2002
2003
2004
2005
Crude Oil
Oil Products
8074
2105
7848
2050
8420
2150
8935
2250
9330
2335
Total
Y oY Change
10179
9898
2.3%
-2.8%
10570 11185 11665

6.8%
5.8%
4.3%
FORECAST TOTAL OIL BY 50,000 DWT +, TONNE-M ILES

FIG U R ES IN B ILLIO N
2001
2002
TOTA L
Change in per cent
9101
1.7%
8787
-3.5%
2003
2004
2005
9566 10165 10615

8.9%
6.3%
4.4%
on OPEC on average will decrease only 0.1 mbd in

2004 ( 0.7 mbd down one quarter ago). Most of the added
demand will take place in Asia (+0.9 mbd) and North
America (+0.3 mbd). Chinese demand is expected to
increase by 0.7 mbd in 2004 (0.3 mbd one quarter ago,
wheareas the countrys own production is expected to
remain about stable.
On the supply side, North America will increase output
0.2 mbd. FSU production is expected to see continued
strong increase this year, estimated to 0.7 mbd, and (West)
Africa might increase output 0.4 mbd.
We have had to revise our estimates for trade volumes
upwards and tonne-miles even more. Crude oil shipment
growth in 2003 is revised up from 3.9% to 5.1% and
crude oil tonne-mile growth up from 5.9% to 6.8%. A
still higher tonne-mile growth for oil shipments by vessels
SUMMARY
over 50,000 dwt reflect higher market share for such vessels
and some double recording of increased shipments
through the Sumed pipeline, since our employment analysis
include shipments to as well as from this pipeline. In the
total seaborne trade analysis these volumes are counted
only once. Short-haul trades from FSU actually did not
decrease the average distance crude oil shipment distance
last year. The Atlantic market could not absorb this additional
supply and other oil, particularly from West Africa, was to
quite some extent pressed out to Asian markets over very
long distances. Furthermore, the much stronger than
expected rise in Chinese imports lifted the average distance
considerably also because it is longer from the Middle East
Gulf to China than the average crude oil shipment distance.
Since last issue, three months ago, IEA has lifted the oil
consumption estimate for China in 2004 by 0.41 mbd, or 20
million tonnes to a level of about 310 mt, up from about 275
mt last year.
Market fundamentals point towards a fairly balanced market
on average in 2004 (see table). However, operational and
transient factors play a much larger role in the market place
today than what was the case only a few years ago.
Reduced nuclear power plant outage in Japan, strongly
reduced congestion in the Bosporus and reopening of the
Ceyhan pipeline from Iraq through Turkey now tie up
significantly less tanker tonnage than just a short time ago.
In addition, the seasonally weak global 2Q oil demand might
lead to a significantly weaker spot market before the freight
market will again experience positive impacts from a
gradual oil demand increase to levels up 1.8 mbd in 3Q and
further up 2.3 mbd,in 4Q.
World commercial oil stocks at the beginning of March were
5.3% higher than one year before and strategic stocks were
up 4.4%. In view of the troubled geopolitical setting it seems
likely that stocks could be kept at somewhat higher levels
than what pure short-term economic considerations would
induce.
Seaborne trade in petroleum products is now expected to
grow 4.2% and 3.3% in 2004 and 2005, respectively. In the
case that oil demand growth is going to be revised still further
upwards this could have a strong upward impact on the
trade in oil products.
Period Rates
We expect only rather modest variations in the period rates
for tankers over the next couple of years. Period rates for
tankers are extremely sluggish compared to spot rate
variations, in very sharp contrast to what is the case for
bulk carriers.
After a slight decrease this quarter 12 months timechater
rates for VLCC and Suezmax are expected to end the year
at similar levels as today. Thereafter, a 10% drop is
expected in first half of 2005 before a 5% recovery in the
latter half. For Aframax, we foresee stable rates through
FORECAST12 MONTHS T/C TANKER FREIGHT RATES

USD /D A Y
VLCC
300' MODERN
SUEZMAX 150' MODERN
AFRAMAX 105' MODERN
PRODUCT 45' MODERN
End
2003
Mid
2004
End
2004
Mid
2005
End
2005
40,000
32,000
25,000
14,750
39,000
31,000
25,000
14,750
40,000
32,000
25,000
14,000
36,000
29,000
23,000
13,500
38,000
30,000
23,000
13,500
FORECAST 5 YEARS SECOND-HAND PRICES
IN M ILL USD ,YEA R EN D
VLCC
300,000 DWT
SUEZMAX 150,000 DWT
AFRAMAX 95,000 DWT
PRODUCT
40,000 DWT
End
2003
Mid
2004
End
2004
Mid
2005
End
2005
77.0
53.0
45.0
31.0
77.0
53.0
45.0
31.0
79.0
55.0
47.0
31.0
79.0
55.0
47.0
30.0
80.0
56.0
48.0
30.0
End
2003
Mid
2004
End
2004
Mid
2005
End
2005
84.0
56.0
45.0
34.0
86.0
57.0
47.0
34.0
88.0
58.0
48.0
35.0
90.0
60.0
50.0
36.0
90.0
60.0
50.0
36.0
FORECAST NEWBUILDING PRICES
IN M ILL USD ,YEA R EN D
VLCC
300,000 DWT
SUEZMAX 150,000 DWT
AFRAMAX 105,000 DWT
PRODUCT
45,000 DWT
this year before a drop of close 10% by mid-2005 and a

standstill for the rest of that year. Timecharter rates for
modern MR product carriers are expected to show a
gradual decrease of almost 10% by mid-2005 and
thereafter remain stable for the rest of that year.
Tanker Second-Hand Values

The tanker second-hand values showed rather mixed
increases for different sizes of five-year old vessels during
1Q04. Thus, Aframax was up 18%, Suezmax up 10%,
and VLCC up 3%, whereas MR product carrier was up
11%. We believe that all prices will remain fairly stable
during the present quarter. Thereafter, crude carrier values
are expected to increase roughly 5% in value through 2005,
whereas a MR product carrier could face a somewhat
smaller decrease.
Tanker Newbuilding Prices

Newbuilding prices rose sharply in 1Q04, and we expect
further, but rather modest, strengthening, before flattening
out in the last paart of 2005. There are several factors
supporting this view, such as high steel prices and
comparatively strong currencies in Japan and Korea.
Besides, most shipyards have close to a three-year
orderbook backlog. This means they can afford to be
patient in securing new orders at, preferably, higher prices.
By mid-2005, newbuilding prices for the largest sizes are
expcted to increase some 7% from present levels, with
Aframax prices increasing somewhat more and product
carrier prices slightly less.
April 2004 | 11
OIL MARKETS
Oil Markets and Demand

Indicators
OECD. ECONOMY- ENERGY- OIL CONSUMPTION

220
1975 = 100
ID: 84
Economic forecasts for 2004 have recently been

revised somewhat upwards for most areas.
Industrial performance is, however, still rather
weak in Europe. Record-high growth ratesare
reported in China.
Preliminary estimates for world oil demand in
1Q04 were 1.9% higher than in 1Q03. Compared
with last year, 1Q demand was as follows: USA
+1.2%, Europe same, Japan 6.1%, and China
+17.9%.
Since last issue, the growth in world oil demand
in 2003 has been revised upwards from 1.9% to
2.1%, and estimates for 2004 are revised upwards
from 1.6% growth to 2.1% growth. IEA expects
world oil demand to decrease from 80.3 mbd in
1Q04 to 78.3 mbd in 2Q.
200
INDUSTRIAL PRODUCTION
180
160
ENERGY
CONSUMPTION
140
120
OIL CONS.
100
E.
80
1975
1980
1990
1995
2000
Fearnleys
STOCK MARKET DEVELOPMENT

500
INDEX JAN 1992=100
ID: 772
450
After a decrease of 3.5% in 2002 in tonne-miles by

vessels over 50,000 dwt, we have estimated a surprisingly strong increase of 8.9% in 2003, before
increases of 6.3% in 2004 and 4.5% in 2005.
1985
FRANKFURT
400
350
NEW YORK (D.J.)
300
250
200
Economic Growth & Industrial Production

Economic expectations have recently been revised
somewhat upwards for 2004 for most areas. The latest
Economist predictions for GDP in 2004 now stand at (one
quarter ago) USA +4.7 (+4.5)%, Euro area +1.6 (+1.9)%,
and Japan +3.2 (+2.1)%. Forecasts from end January for
other countries in 2004 show: China +8.5%, S.Korea
+5.3%, India +6.5%, Brazil +3.4%, and Russia +5.6%.
Latest 12-month changes in industrial production: USA
+2.7%, Japan +6.9%, S.Korea +16.6%, China +23.2%,
Germany +1.8%, UK -1.3%, France +0.9%, Italy +0.2%,
and Spain +2.0%.
SHANGHAI
150
SEOUL
100
50
TOKYO
0
1999
2000
2001
Stock markets around the world experienced mixed

developments in 1Q04. Morgan Stanleys World Index
ended up 2% in 1Q, after an increase of 14% in the
preceding quarter. Dow Jones was down 1% (+13% in
2003
2004
Fearnleys
CURRENCIES vs. START OF 1997

1.2
AGAINST USD
END MONTH
ID: 770
YEN
1.0
EURO *
0.8
Stock Markets
2002
WON
0.6
BAHT
0.4
0.2
RUPIAH
Euro since start 1999

0.0
1997
1998
1999
2000
2001
2002
2003
2004
Fearnleys
12 | April 2004
WORLD ENERGY CONSUMPTION BY TYPE

MILLION T.O.E.
4000
YEARLY
ID: 305
EST
OIL
Currencies
Significant changes were again seen in 1Q04. The Euro
softened 3% against the USD after a strenghtening of
8% in the preceding quarter. The JPY rose 3%, like in the
preceding quarter, whereas Korean Won increased 4%
after a similar decrease in the preceding quarter.
3000
COAL
2000
NATURAL GAS
1000
HYDRO
NUCLEAR
0
1975
World Energy Demand

According to BP, world energy consumption growth
increased from 0.8% in 2001 to 2.6% in 2002. We now
estimate increases of 2.0% in 2003 and 2.4% in 2004.
Oil demand is estimated to increase 2.1% in both 2003
and 2004. Coal demand is expected to show increases of
3.0% in 2003 and 2.5% in 2004, whereas gas demand is
estimated to increase 2.0% in 2003 and 2.5% in 2004.
These forecasts are highly sensitive to changes in
economic prospects and the geo-political setting.
1980
1985
1990
1995
2000
Fearnleys
OIL DEMAND CHANGES 2000-2004

MILLION B/D
1.0
0.8
0.6
SOURCE: IEA
2000
2001
2002
2003
2004
ID: 841
0.4
Oil demand changes

In April, IEA predicted a global oil demand increase of
1.68 mbd, or 2.1% in 2004 compared with a revised
growth of 1.60 mbd, or 2.1%, also in 2003. Asia (ex.
M.East) is expected to see an increase of 0.94 mbd in
2004 after a growth of 0.81 mbd in 2003. Chinas oil
demand growth is expected to be 0.70 mbd in 2004 after
0.55 mbd increase in 2003. US oil demand is expected to
increase 0.28 mbd in 2004. Europe could see an increase
of 0.13 mbd, whereas an increase of 0.32 mbd is estimated
for the rest of the world in 2004.
0.2
0.0
-0.2
-0.4
The price of Brent crude rose 10% in 1Q04 after a slight

weakening in January. In mid-April, Nymex Future prices
for WTI stood at about USD 36.60 for May 04, USD
33.90 for Dec 04, USD 31.10 for Dec 05, USD 29.90 for
Dec 06, and USD 28.90 for Dec 10.
EUROPE
ASIA (ex ME)
OTHERS
Fearnleys
CRUDE OIL SPOT PRICES

40
Crude Oil Price
USA
USD/BBL
MONTHLY AVERAGES
ID: 187
35
30
25
20
15
10
5
BRENT
DUBAI
WTI
0
2000
2001
2002
2003
2004
Fearnleys
April 2004 | 13
OIL MARKETS
4Q03) and Frankfurt ended down 2% (+21%). In the Far

East, Shanghai was up 10% (+5%), Tokyo was up 10%
(+4%), and Seoul up 9% (+16%).
OIL MARKETS
Oil vs. Coal Price

The coal price in Europe rose 7% in 1Q04 but eased
somewhat late in the quarter. The HVF rose 11% in 1Q04.
THERMAL COAL AND FUEL OIL PRICES

COAL USD/TONNE
OIL USD/TONNE
250
70
ID: 216
World Oil Demand
60
200
50
World oil demand is estimated by IEA to decrease from

80.3 mbd in 1Q04 to 78.3 mbd in 2Q. For the whole year
2004, expected demand is now 80.3 mbd, which is up 2.1%
from last year.
THERMAL COAL
150
40
30
100
20
FUEL OIL
50
10
SPOT PRICES ROTTERDAM
US Oil Supply
0
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
US crude oil imports were running at comparatively high

levels in late 1Q. According to statistics based on weekly
Oil and Gas Journal data for the last 4 weeks reported in
late March, the volume of crude imports at 9.96 mbd was
10.7% higher than one year before, whereas oil products
imports at 2.92 mbd were up 5.1 %. Year-to-date figures
showed total crude oil imports up 12.0 % to 9.69 mbd, oil
products imports up 6.4% to 2.74 mbd, and domestic crude
oil production down 3.6% to 5.67 mbd. Crude oil plus NGL
production was reportedly up 1.1% to 7.73 mbd.
Fearnleys
US OIL SUPPLY
MILLION B/D
9
ID:120
8
7
OVERSEAS CRUDE IMPORTS
6
5
World Oil Production
US CRUDE PRODUCTION
Preliminary data show that world oil production (excluding

NGL, condensates, and processing gains of some 1.9 mbd)
increased from 71.3 mbd in 4Q01 to 72.1 mbd in 1Q04,
up 3.1 mbd from the year before. Lately, output increased
from 71.6 mbd in February to 72.8 mbd in November.
OPEC production in March at 28.4 mbd was up 1.0 mbd
from one year before, whereas Non-Opec output at 44.1
mbd in March was up about 1.8 mbd from one year before.
PRODUCTS IMPORTS
3
2
1
CRUDE IMPORTS FROM CANADA
0
1997
1998
1999
2000
2001
2002
2003
2004
Fearnleys
OPEC AND NON-OPEC OIL PRODUCTION

25
NON-OPEC
OPEC
50
MILLION B/D
ID: 1365
45
20
M.EAST OPEC
40
15
NON-OPEC
35
10
OTHER OPEC
30
25
0
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
Fearnleys
14 | April 2004
In March, M.E.OPEC production at 19.79 mbd was 1.1%

lower than in the previous year. Saudi Arabia at 8.40 mbd
was 8.2% lower, Iran 3.80 mbd (+4.1%), Iraq 2.48 mbd
(+74.2%), UAE 2.20 mbd (-6.4%), Kuwait 2.15 mbd (3.8%), and Qatar 0.76 mbd (+1.3%).
MIDDLE EAST OPEC PRODUCTION

MILLION B/D
10
ID: 51
SAUDI ARABIA
8
Russian Crude Oil Exports

Russian oil production in March at 8.55 mbd was up 8%
compared to last year. Seaborne crude oil exports in 1Q04
amounted to 1.97 mbd, up from 1.64 mbd in 4Q03.
Seaborne exports from the Black Sea were up from 0.88
mbd to 0.95 mbd and from the Baltic up from 0.76 mbd to
1.02 mbd. Pipeline exports of crude oil remained at 1.11
mbd.
North Sea Exports

Ship-tracking data show that tanker liftings within the North
Sea increased from 55.7 mdwt in 3Q03 to 63.6 mdwt in
4Q. Shipments to other areas, however, decreased, from
25.7 mdwt to 21.7 mdwt, which was about 30% lower
than one year before. More up-to-date figures show North
Sea oil production in March at 5.65 mbd, which was 0.5
%, lower than in the same month last year.
OTHERS
IRAN
2
KUWAIT
IRAQ
0
1999
2000
2001
2002
2003
2004
Fearnleys
RUSSIAN CRUDE OIL EXPORTS

1.4
MILLION B/D
MONTHLY
ID: 210
PIPELINE
1.2
1.0
0.8
BLACK SEA
0.6
0.4
World Crude Oil Stocks

Global commercial oil inventories at end February were
5.3% higher than one year before. There was a stockdraw in Jan/Feb of 0.97 mbd to 4.53 billion barrels. At the
same time, strategic oil stocks increased slightly to 1.43
bb, up 4.4% from year ago. Commercial stocks at end
February and changes from one year before: N.America
1.11 billion barrels (+5.2%), OECD Europe 0.95 bb
(+11.0%), OECD Pacific 0.41 bb (+0.2%), and Rest of
World 1.08 bb (+1.5%). Oil at sea increased slightly to
0.91 bb during Jan/Feb, ending up 3.4% from year ago.
BALTIC
0.2
0
1997
1998
1999
2000
2001
2002
2003
2004
Fearnleys
CRUDE OIL STOCKS

1000
MILLION BARRELS
END OF MONTH
ID:160
TOTAL MAIN AREAS
800
600
EUROPE
400
USA
200
JAPAN
0
2000
2001
2002
2003
2004
Fearnleys
April 2004 | 15
OIL MARKETS
Middle East OPEC Production
VLCC
VLCC
MARKET DEVELOPMENT VLCC

The VLCC market fell during the quarter, albeit
with strong volatility.
VLCC second-hand prices continued to rise,
however no sales in March.
Both newbuilding and second-hand prices
took yet another large jump upwards.
Newbuilding contracting activity was brisk
with 15 new orders placed.
The VLCC market stayed at historically high
levels, but large volumes changed direction
from west to eastbound.
MILLION USD
120
'000 USD/DAY
100
ID: 106
* YEARLY AV. T/C EQUIV.

2004: AVG. JAN-MAR
100
80
N/B 300' D/H
80
60
60
40
40
20
M/T 280'
1989/90
* MEG-EAST '90
T/C EQUIV.
20
0
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Fearnleys
VLCC Market
Although there were some periods with relatively strong
VLCC rates during the first quarter, the optimistic
atmosphere seen in the final quarter of last year was
lacking. Clearly, VLCC rates during the first quarter proved
susceptible to lapses in activity. During January VLCC
rates continued to manifest some of the strength seen in
the market at the end of last year, and in the post-holiday
period these quickly ascended to levels of WS 125 for
West, WS 152.5 for Japan and WS 200 in West Africa.
During January a rather constant level of activity in the
Middle East Gulf caused 30 day availability of VLCCs to
steadily decline. February, however, proved to be an
entirely different story, and with activity flagging, rates
declined steadily throughout the month, reaching WS 90
for West, WS 110 for Japan, and WS 110 in West Africa
by months end. During the first half of March VLCC
rates rebounded in the Middle East Gulf, reaching levels
of WS 110 for West and WS 117.5 for Japan prior to
collapsing down to WS 62.5 and WS 70 for the same
destinations in the third week. At the end of March rates
were readjusted to WS 82.5 and WS 87.5 for West and
Japan respectively. In West Africa, VLCCs saw rates in
the low WS 120s throughout most of March, but these
dropped off to the WS 110 by months end.
VLCC WS RATES
200
MONTHLY AVERAGE
WS
ID: 1059
MEG-EAST
180
160
140
120
100
80
60
40
MEG-WEST
20
0
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
VLCC FREIGHT MARKET

100000
USD/DAY
MONTHLY AVERAGES
ID: 1060
VLCC MODERN
MEG-EAST
80000
60000
Period Business
There were a number of VLCC period deals concluded
during the quarter, but it became quite clear that many
owners were increasingly aware of time charter equivalent
results obtainable on the spot market, and this often
produced an unbridgeable gap between owners and
charterers expectations. One way around this was for
charterers to seek coverage for longer periods which are
16 | April 2004
40000
20000
VLCC MODERN
MEG-WEST
0
1997
1998
1999
2000
2001
2002
2003
2004
Fearnleys
VLCC SECOND-HAND VALUES

BY AGE
90
END OF MONTH
MILLION USD
ID: 1064
80
280' -300' DWT D/H 5 YRS
70
60
50
250' DWT S/H 5 YRS
40
280' DWT S/H 10 YRS
30
VLCC
often discounted because of the greater likelihood of

fluctuations over time. A large tanker pool in London was
reported to have fixed four modern VLCCs all for three
years; two of these were fixed with a minimum rate of
USD 30,000 and a 50/50 profit share, whilst the remaining
two were concluded with a straight time charter rate of
USD 36,000 pdpr. Two single hull VLCCs of 1993 vintage
were secured by Korean charterers at a rate of USD
27,500 pdpr for four years.
20
VLCC Values
250' DWT S/H 15 YRS
10
The S&P market for VLCCs was quite active in January

and February, but came to a complete halt in March. During
the first two months 9 vessels were sold at strong levels.
The WORLD PROGRESS was sold at USD 85.5 million
in January and the MAJA got aUSD 86 million in February.
Both vessels built in 2002 and indicating a newbuilding
parity well in excess of USD 90 million. Several mid-aged
vessel were sold at strong levels. NEON and NESS
0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
VLCC SECOND-HAND VALUES

BY YEAR OF BUILD
MILLION USD
ID: 226
75
Dw t
Built 03.02 03.03 01.04 02.04 03.04
300 000
NB 69.0 65.5 77.0 80.0 84.0
300 000 5 yrs 57.0 60.0 75.0 76.0 77.0
280 000 10 yrs 32.0 33.0 38.0 39.0 41.0
250 000 15 yrs 19.5 18.0 21.5 27.0 27.0
280 000 89/90 29.0 26.5 31.0 32.5 34.0
300 000 94/95 53.0 51.5 61.0 63.0 64.0
300 000 00/01 69.0 65.5 81.0 82.0 83.0
280 000 75/76
7.0
7.5 11.0 14.0 14.0
350 000 75/76
7.5
9.5 15.0 17.0 18.0
60
VLCC PRICE DEVELOPMENT. USD mill.

Type
MT*
MT*
MT
MT
MT
MT*
MT*
MT
MT
VLCC PRICE RATIO
ID: 1062
M/T 280'
1989/90
45
30
15
T/T 280'
75/76
T/T 350' 75/76
0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
Fearnleys
*Double Hull
VLCC NEWBUILDING PRICES
5 YEARS VLCC IN PERCENT OF NEWBUILDING PRICES

100
END OF MONTH
M/T 300'
1994/95
END OF MONTH
PER CENT
280-300 000 DWT, DOUBLE HULL
120
ID: 1071
MILLION USD
END OF MONTH
ID: 1061
110
90
100
90
80
80
70
70
60
60
1998
1999
2000
2001
2002
2003
2004
Fearnleys
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
April 2004 | 17
VLCC
both built 1990 obtained USD 32.5 million in February.

The comparable sale of NAPA (built 1990) in January
was at USD 31.5 million. Prices have in general risen
about USD 2-3 million for the early 1990s built vessels
and some USD 4-5 million up for the modern units. Older,
smaller VLCCs have also gained in value. In 4Q03, Modec
bought the TOKYO MARU (258,000/1986) at USD 16
million, whereas a similar vessel, the COSMO VENUS
(249,000/1986) obtained USD 18.5 million this quarter.
Most of the VLCCs sold this quarter ended up with
owners in the Far East.
VLCC EXISTING FLEET DEVELOPMENT

200 000 DWT +
135
START OF QUARTER
MILLION DWT
ID: 1035
130
125
120
115
This quarter, the value of a 5-year-old VLCC increased

about USD 2 million to USD 77 million, and a 10-year-old
vessel gained USD 3.5 million to USD 41 million.
110
92
93
94
95
96
97
98
99
00
01
02
03
04
Fearnleys
Modern vessels of 300,000 dwt, built 1994/95, rose USD

4.0 million to USD 64.0 million during 1Q04, while
newbuilding prices rose from USD 75.0 million to 84.0
million.
For detailed price developments, please see tables on pages
17, 69 and 70.
VLCC FLEET. AGE/PROPULSION

EXISTING AND ON ORDER APRIL 2004
MILLION DWT
TANKERS OVER 200 000 DWT
15
ID: 563
M/T
T/T
VLCC Fleet
10
15 new orders were placed for VLCCs during 1Q04, four

more than in the preceding quarter. Almost all of them
were placed for delivery in 2007, however one order placed
at Mitsubishi for delivery in 2005 proves that loopholes
exist. The total VLCC orderbook numbers 81 vessels, or
24.5 million dwt. This represents about 20% of the existing
fleet.
V L CC FL EET PROFIL E
1Q03
3Q03
4Q03
1Q04
Ex isting Fleet (end)

Fleet c hange
Order book (end)
Order book in %
A v erage age
127.0 126.2 123.9

2.3 % -0.6 % -1.9 %
19.9
22.3
20.5
16 %
18 %
17 %
9.3
8.9
8.1
124.7
0.7 %
22.3
18 %
8.1
126.2
1.2 %
24.5
19 %
8.2
In no.
Ex isting Fleet (end)
Order book (end)
Deliv eries
Deletions
Sold f or s c rap
Contrac ting
18 | April 2004
0
74
76
78
80
82
84
86
88 90 92 94 96
YEAR OF BUILD
EXISTING AND FUTURE VLCC FLEET
In mdw t
Deliv eries
Deletions
Sold f or s c rap
Contrac ting
2Q03
3.8
1.0
0.5
5.8
2.4
3.2
5.1
4.8
3.4
5.7
3.5
1.5
1.5
0.7
0.3
3.3
2.3
0.8
0.9
4.5
1Q03
2Q03
3Q03
4Q03
1Q04
434
66
12
3
2
19
433
74
8
9
15
16
427
68
11
17
10
5
430
74
5
2
1
11
436
81
8
2
3
15
Existing 1/1 2004

Deliveries 2004
Deletions 2004
Existing 1/4 2004
Order book Del.2004
Deletions 2004
Existing 1/1 2005
Order book Del.2005
Deletions 2005
Existing 1/1 2006
Order book Del.2006
Deletions 2006
Existing 1/1 2007
98
00
02
04
06
Fearnleys
(D W T IN '000)
No.
430
8
2
436
21
6
451
28
8
471
16
2
6
483
DWT
124713
2317
839
126192
6326
1600
130918
8508
2800
136626
4811
600
1700
140337
VLCC FLEET CHANGES

VLCC DELIVERIES 1. QUARTER 2004
NAME
CRUD IRAN DENA
FLAG
DWT
IRN
310 000
CRUD ELIZABETH I.ANGELICOUSSIS GRC
DATE
OWNER
YARD
jan.04 NITC
COUNTRY
DALEW
CONT
CHN
des.99
306 000
mar.04 KRISTEN NAVIGATION DAEWOO
KOR
aug.01
DAEWOO
KOR
jul.00
HIT
JPN
okt.02
CRUD FLANDRE*
LUX
300 000
mar.04 EURONAV
CRUD FORMOSAPETRO EMPIRE
LIB
296 000
feb.04 FORMOSA
CRUD C.EMPORER
PAN
289 500
mar.04 SK SHIPPING
CRUD WORLD LION
HKG
277 370
jan.04 WORLD WIDE
SAMSUNG
KOR
mai.01
DAEWOO
KOR
sep.01
CRUD WORLD LAKE
HKG
277 370
jan.04 WORLD WIDE
DAEWOO
KOR
sep.01
CRUD ISUZUGAWA
PAN
260 520
jan.04 KKK
NIPPONKK
JPN
feb.01
*) estimated delivery
VLCC'S SOLD FOR SCRAPPING 1. QUARTER 2004

TYPE NAME
TT
MT
TT
BLT
MARINE ATLANTIC
ASIAN TIGER
CITRA AYU
79
76
76
DWT
LDT
404 531
273 941
240 259
59 784
37 500
34 138
PRICE
BUYER
COMMENTS
410.00
415.00
358.00
BANGLADESH
BANGLADESH
CHINA
OPT. ASIS SPORE USD 345
REPRESENTATIVE VLCC CONTRACTS 1. QUARTER 2004

TYPE
NO.
DWT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
1
1
1
2
1
2
1
2
3+3
3+1
318 000
305 000
300 000
300 000
300 000
300 000
300 000
300 000
300 000
300 000
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
YARD
OWNER
DEL
PRICE est.
HHI
Daewoo
Mitsubishi
NACKS
IHI
Mitsubishi
IHI
Daewoo
Dalian New
HHI
NS. Lemos
TCC
Shinwa
NYK
Iino Kaiun
NYK
NYK
World Wide
A.P. Mller
SAMCO
2007
2007
2005
2007
2006
05/06
2007
2007
06/07
2007
77
REMARKS
LoI
77
During 1Q04 the VLCC fleet increased 1.2%. 8 vessels

were delivered, while only 1 vessel was deleted. For
detailed fleet information please see the table below or on
pages 63 to 69.
Fleet Forecast
Fearnresearchs current estimate for net VLCC fleet
growth is an increase of 5.0% in 2004, 4.4% in 2005 and
2.7% in 2006.
April 2004 | 19
VLCC
TY
VLCC
VLCC Trades 4Q03

For the third quarter in a row the VLCC market stayed
around 245 mdwt, and ended at 244.3 mdwt for the last
quarter in 2003. This followed a steady trend upwards
since 3rd quarter 2002. The change from 3Q03 was less
than 1 %.
OIL SHIPMENTS 2003
There was only one shipment made by a combined carrier

in the same period, which made the CC contribution
negligible at 300,000 dwt.
250
Although the total shipped volume was nearly unchanged,

there where some significant shifts in volume from west
to east.
TANK AND COMBINED CARRIERS 200 000 DWT+
400
MILLION DWT
EXCL. SHORT SEA

ID: 330
ORIGIN
MEG/R.SEA
N.AFR/N.EAST
W. AFRICA
OTHERS
350
300
200
150
100
50
0
EUROPE*
N/C.AM.
JAPAN
DESTINATION
*Incl. Total Mediterranean
Shipments from MEG peaked at an all time high level at

187.1 mdwt during 4Q03, up 3.1 % from last quarter. The
most dramatic export change came, however, from the
North Sea, which decreased more than 56 % during the
last quarter, down to 3.0 mdwt. The Caribbean continued
the downward trend from last quarter with a decrease of
7 %, down to 3.1 mdwt during 4Q03.
On the importing side, there where some significant
changes. Japan / Far East which had a dip last quarter
picked up with the highest volume ever and ended at 114.7
mdwt, up 16 % from 3Q03. Imports to SE Asia fell back
after two quarters at the high end of the twenties, and
ended at 23.8 mdwt, down 16 % from 3Q03. South Asia
rose significantly with a 3 mdwt increase to 19 mdwt
during 4Q03. Imports to the North American east coast
dropped substantially with 7.7 mdwt, and the major part
of this was a drop in imports from the North Sea with 5.7
mdwt from 3Q3 to 4Q03.
IM PORTS
Europe
A m.Atl.
Japan/F.East
Others
OIL EXPORTS BY AREA

TANK AND COMBINED 200 000 DWT+
70 MILLION DWT
ID: 93
3M. AVERAGES
M.E. GULF/
RED SEA
60
50
W. AFRICA
Z
7.5
N.E./N.AFRICA
5.0
2.5
NORTH SEA
2000
2001
2002
2003
Fearnleys
1999 2000 2001 2002 2003 1Q04
40
3M. AVERAGES
MILLION DWT
ID: 149
JAPAN/F. EAST
35
25
26
24
62
9
0
32
55
44
74
21
0
40
55
51
79
40
0
48
61
59
90
54
0
54
80
75
93
69
0
56
89
81
100
79
0
32
29
26
19
56
34
35
31
66
40
41
41
65
61
48
47
83
70
52
56
82
71
58
55
30
25
OTHER AREAS
20
15
Fearnleys
20 | April 2004
OTHERS
Fearnleys
OIL IMPORTS BY AREA
SHIPM ENTS BY DOUBLE HULL V LCC VESSELS

In % of total trade
EXPORTS
MEG/R.Sea
N. E./N.A f r.
W.A f r.
N. Sea
Others
O.ASIA
AMERICA ATLANTIC
10
5
EUROPE
0
2000
2001
2002
2003
Fearnleys
Suezmax
MARKET DEVELOPMENT SUEZMAX TANK
Starting on a strong note, rates declined during

February and March following longer days and
less trouble in the Bosphorus.
Slightly stronger ordering activity. 9 contracts
were concluded in 1Q.
Few second-hand transactions, although two
enbloc deals involving 15 ships were concluded.
The existing Suezmax fleet increased 2.2% in
1Q04.
80
'000 USD/DAY
MILLION USD
* YEARLY AV. T/C EQ
2004: AVG. JAN-MAR.
70
60
60
N/B150' D/H
50
150' D/H 5 YRS
40
40
30
130' 10 YRS
20
20
T/C EQUIV *
10
0
0
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Suezmaxes fared well during the first quarter, but results

varied considerably with levels of market activity. In the
benchmark West Africa market rates remained at WS
200 or above during January, reaching and maintaining a
high of WS 300 during a two week period at the middle of
the month. A rate of WS 300 provided a time charter
equivalent return of around USD 100,000 for those lucky
enough to have a vessel in the right position. Rate levels
of WS 300 became quite standard fare for Suezmaxes in
the Mediterranean during January as extensive delays in
the Turkish Straights kept strong upwrd pressure on rate
levels. February was far less exhilirating for Suezmaxes
with West Africa rates slowly making their way
downwards from the high WS 180s/low WS 190s to levels
in the mid WS 120s by months end. These end month
levels were still respectable and provided at return of about
USD 35,000 per day. During February, delays in the
Turkish Straights declined sharply and this made more
vessels available, thus causing rates to fall from WS 190
down to WS 120 as the month wore on. During March
Suezmaxes in West Africa rebounded from the rather low
levels in the WS 120s seen at the end of February and
ended the month at rates in the mid WS 170s. The same
was also true of Suezmaxes in the Mediterranean where
rates improved from levels around WS 140 to levels in the
low WS 200s. Certainly, the re-opening of the terminal at
Ceyhan had a hand in increasing Suezmax activity during
March.
2003
2004
Fearnleys
Suezmax shipments ended down 4.7% 4Q03,

but 2003 ended at a high average quarterly
level at 105 mdwt, 5.3 mdwt up from the average in 2002.
Suezmax Market
80
ID: 166
SUEZMAX WS RATES
W.AFR-USG
300
MONTHLY AVERAGES
WS
ID: 1065
250
200
150
100
50
0
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
SUEZMAX FREIGHT MARKET

W. AFR-USG MODERN VESSEL
100000
MONTHLY AVERAGES
USD/DAY
ID: 484
80000
60000
40000
20000
0
1996
1997
1998
1999
2000
2001
2002
2003
2004
Fearnleys
April 2004 | 21
SUEZMAX
Period Business
There was hardly any Suezmax activity on the period front
during the quarter, and this was largely the result of a
general lack of concensus about what time charter rate
levels for modern Suezmaxes should be. Presumably, there
was also a fairly wide gap betweeen owners and
charterers rate ideas. Among the few deals which were
concluded during the first quarter was an 18 month charter
of an Italian-controlled modern Suezmax to a Norwegian
charterer at USD 31,000 pdpr for 18 months. A Swedish
operator is also reported to have secured a Chinese
newbuilding on a profit sharing basis for a period of one to
three years; this deal involved a fifty/fifty profit share for
results between USD 24,000 and USD 40,000 pdpr.
SUEZMAX SECOND-HAND PRICES

BY AGE
60
END OF MONTH
MILLION USD
ID: 984
55
150 000 DWT D/H 5 YRS
50
45
40
130 000 DWT S/H 5 YRS
35
30
25
20
15
130 000 DWT S/H 10 YRS
10
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
SUEZMAX
Suezmax Values
In the Suezmax segment we saw another wave of
consolidation this quarter when both Naviera Tapias and
Soponata were sold to Teekay and Genmar respectively.
SUEZMAX SECOND-HAND PRICES

BY YEAR OF BUILT
60
END OF MONTH
MILLION USD
ID: 983
140 000 DWT BUILT 92/93
50
SUEZMAX PRICE DEVELOPMENT.

Type
MT*
MT*
MT
MT
MT
MT*
MT*
ID:
227
Dw t
Built 03.02 03.03 01.04 02.04 03.04
150 000
NB 46.0 45.5 52.0 53.0 56.0
150 000 5 yrs 43.0 44.5 52.0 52.0 53.0
130 000 10 yrs 29.0 24.5 28.0 28.0 28.0
140 000 75/76
4.5
3.8
6.5
8.0
8.0
140 000 89/90 26.0 20.5 23.0 23.0 24.0
140 000 92/93 33.0 31.5 38.5 38.5 39.0
150 000 98/99 47.0 45.0 52.0 52.0 52.0
140 000 DWT BUILT 89/90
30
20
150 000 DWT BUILT 74/75
10
0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
Fearnleys
*Double Hull
SUEZMAX PRICE RATIO

5 YRS SUEZMAX IN PERCENT OF NEWBUILDING PRICES
110
40
PER CENT
END OF MONTH
SUEZMAX NEWBUILDING PRICES

130' DWT SH AND 150' DWT DH
75
MILLION USD
END OF MONTH
ID: 985
100
65
90
55
80
45
70
ID: 1072
35
60
1997
1998
22 | April 2004
1999
2000
2001
2002
2003
2004
Fearnleys
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
Dwarfed by these two deals, the only two sales recorded

this quarter were the sales of two ChevronTexaco, Brazilbuilt vessels. The vessels, built in 1992/93 were sold at
USD 37 million each which was very much in line with a
theoretical price-curve based on USD 60 million + for
a new ship.
Based on these sales and other sales in the marketplace,
the representative price for a 5-year-old 150,000 tonner
was adjusted upwards to USD 53.0 million. 10 year old
vessels of 130,000 dwt, were adjusted upwards to USD
28.0 million. For detailed price development please see
table below or on pages 69 and 70.
SUEZMAX EXISTING FLEET DEVELOPMENT

120 - 200 000 DWT
45
START OF QUARTER
MILLION DWT
ID: 1036
40
35
30
92
93
94
95
96
97
98
99
00
01
02
03
04
Fearnleys
SUEZMAX FLEET. AGE DISTRIBUTION

YEAR OF BUILD
NO. OF SHIPS
35
ID: 1052
ON ORDER
EXISTING
30
25
20
15
Suezmax Fleet
After a fairly slow 4Q03, ordering picked up in 1Q04,
albeit to a moderate level. 9 vessels were contracted
during the quarter, up 4 units on the previous quarter. At
the end of the quarter the order book represented 33% of
the existing fleet and consisted of 92 Suezmaxes, of 14.5
mdwt.
SUEZ M AX FL EET PROFIL E

In mdw t
1Q03
2Q03
3Q03
4Q03
1Q04

Fleet change
Order book (end)
Order book in %
A v erage age
42.2
2.5 %
10.2
24 %
9.6
42.5
0.6 %
12.7
30 %
9.5
43.0
1.1 %
14.5
34 %
9.4
43.0
0.0 %
14.3
33 %
9.1
44.0
2.3 %
14.5
33 %
8.8
1.4
0.4
0.4
2.2
0.6
0.4
0.8
3.1
0.9
0.4
0.4
2.7
0.9
0.9
0.4
0.8
1.6
0.6
0.7
1.8
1Q03
2Q03
3Q03
4Q03
1Q04
287
65
9
3
3
14
288
81
4
3
5
20
291
92
6
3
3
17
291
91
6
6
3
5
297
92
10
4
5
11
Deliveries
Deletions
Sold f or sc rap
Contrac ting
In no.
Order book (end)
Deliveries
Deletions
Sold f or sc rap
Contrac ting
10
5
0
74
76
78
80
82
84
86
88
90
92
94
96
98
00
02
04
06
Fearnleys
EXISTING AND FUTURE SUEZMAX FLEET

No.
(D W T IN '000)
Existing 1/1 2004
291
Deliveries 2004
10
Deletions 2004
4
Existing 1/4 2004
297
Order book Del.2004
21
Deletions 2004
9
Existing 1/1 2005
309
Order book Del.2005
33
Deletions 2005
10
Existing 1/1 2006
332
Order book Del.2006
24
5
Deletions 2006
8
Existing 1/1 2007
353
DWT
42986
1572
596
43962
3296
1400
45858
5194
1500
49552
3760
700
1200
52812
April 2004 | 23
SUEZMAX
Having said this, the purchase of the former was probably

more driven by Teekays taste for LNG carriers, rather
than for Suezmax tankers. On a fair valuation of the LNG
carriers (including long-term employment) of about USD
900 million, the enbloc value of the Suezmaxes is about
USD 450 million. It should be noted, however, that 5 of
the vessels are committed on lifetime period charters to
Cepsa. The other enbloc deal this quarter was the sale of
Portuguese Soponata to Genmar bringing the Genmar fleet
up to 55 ships. The Soponata purchase included 4
newbuilding contracts with delivery in 2006/07. Both
transactions point towards firming prices.
SUEZMAX FLEET CHANGES

SUEZMAX DELIVERIES 1. QUARTER 2004
TY
NAME
FLAG
DWT
DATE
OWNER
YARD
COUNTRY
CONT
CRUD CAP PIERRE
GRC
159 600
jan.04 METROFIN
SAMSUNG
KOR
CRUD NORDIC BRASILIA
BAH
159 600
jan.04 VIKEN S
SAMSUNG
KOR
jul.02
CRUD ATHENIAN OLYMPIC
MAI
159 000
jan.04 ATHENIAN SEA
HYUNDAI
KOR
des.02
CRUD ASTRO PHOENIX
GRC
159 000
jan.04 ALPHA TANKERS
HYUNDAI
KOR
jun.02
CRUD ASTRO PERSEUS
GRC
159 000
CRUD ATHENIAN GLORY
GRC
159 000
jan.04 ALPHA TANKERS

mar.04 ATHENIAN SEA
mar.02
HYUNDAI
KOR
jun.02
HYUNDAI
KOR
des.02
aug.02
CRUD ASTRO POLARIS
GRC
158 892
mar.04 ALPHA TANKERS
HYUNDAI
KOR
CRUD OLYMPIC FLAG
GRC
156 000
mar.04 ONASSIS
NAMURA
JPN
jul.01
CRUD ASIAN SPIRIT
LIB
152 000
jan.04 TEEKAY SHIPPING
HYUNDAI
KOR
feb.01
CRUD DESH SHAKTI

IND
149 840
feb.04 SCI
DAEWOO
KOR
jan.02
SUEZMAXES SOLD FOR SCRAPPING 1. QUARTER 2004
SUEZMAX
TYPE NAME
MT
MT
MT
OO
BLT
NOSTOS
SERENE SKY
ARTEMIS
LIBRA ALBACORA
81
76
76
77
DWT
LDT
155 211
154 934
135 900
132 007
21 900
27 215
20 175
24 332
PRICE
BUYER
COMMENTS
410.00
300.00
378.00
397.00
BANGLADESH
CHINA
CHINA
CHINA
ASIS SINGAPORE
REPRESENTATIVE SUEZMAX CONTRACTS 1. QUARTER 2004

TYPE
NO.
DWT
MT
MT
MT
MT
MT
MT
MT
MT
1
2
4
1+2
2
2
3
1
166 000
162 000
162 000
160 000
160 000
159 000
159 000
155 000
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
YARD
OWNER
DEL
PRICE est.
Brodosplit
HHI
Daewoo
Daewoo
HHI
H. Samho
H. Samho
Daewoo
T. Plovidba
Tsakos
Sovcomflot
Sonangol
Liquimar
K.G. Jebsen
Geden Line
Sonangol
2007
2007
06/07
2005
2007
4Q/07
2007
4Q/06
52
REMARKS
Ice 1A
Ice 1A
51
50
LoI
"old" contr.
During the first quarter this year the Suezmax fleet grew
by 6 vessels, or 0.96 mdwt, to 297 vessels totaling 44.0
mdwt. This represents an increase of 2.2%. For detailed
fleet information please see table below or on pages 63 to
69.
Fleet Forecast
The Suezmax fleet is estimated to increase by 6.7% during
2004, 8.1% during 2005 and 6.6% in 2006. The average
age of the Suezmax fleet is 9.1 years.
24 | April 2004
Suezmax Trades 4Q03

OIL SHIPMENTS 2003
TANK AND COMBINED CARRIERS 120-200 000 DWT
200
EXCL. SHORT SEA
MILLION DWT
ID: 356
175
ORIGIN
MEG/R.SEA
N.AFR/N.EAST
W. AFRICA
CARIBS
N.SEA
OTHERS
150
125
After two quarters with volumes above 12 mdwt,

Carribbean exports fell 3.8 mdwt, and ended at 8.3 mdwt.
North Africa had, for the 3rd quarter in a row, volumes
above 20 mdwt, and ended at 22.1 mdwt, down 4% from
3Q03. MEG had a modest increase of 3.2 %, up to 14.9
mdwt. West Africa increased 2 %, and ended at 25 mdwt,
the highest level since 1Q02.
South East Asia fell back 56% last quarter, but rebounded
and closed at the highest level ever for this area, with a
3.4 mdwt increase, winding up at 6.4 mdwt. Imports to
North America East Coast decreased 17 %, and ended at
24.9 mdwt. Most of the decrease was the result of a
decline in Caribbean volumes which decreased 3.3 mdwt
alone to the east coast of North America including US
Gulf. S.E. Asia volumes increased 110% and peaked at
an all time high level at 6.4 mdwt. Most of the volumes
came from MEG, but West Africa contributed also to these
historically high levels. N W Europe fell 13 %, and ended
at 9.6 mdwt; this was the case even though imports from
Other Areas to NW Europe increased almost 700,000
dwt. The largest contributor to the drop in European imports
was North Africa.
The combined carrier market in the Suezmax segment is
now down to an insignificant level of 600,000 dwt for the
last quarter. CC contributed to only 3.5% of the total
shipped Suezmax volumes for 2003. This, of course, is a
result of the extremely strong dry bulk market.
SHIPM ENTS BY DOUBLE HULL SUEZM AX VESSELS

In % of total trade
EXPORTS
MEG/R.Sea
N. E./N.A fr.
W.Af r.
N. Sea
Others
1999 2000 2001 2002 2003 1Q04
IM PORTS
Europe
A m.Atl.
Japan/F.Eas t
Others
39
21
43
70
43
0
37
37
60
71
49
0
36
52
64
78
54
0
39
65
68
80
70
0
47
77
69
91
85
0
53
77
69
92
90
0
46
60
15
39
56
72
16
40
67
69
23
38
73
82
32
47
79
83
41
54
81
86
39
56
Fearnleys
100
75
50
25
0
EUROPE*
N/C.AM.
*Inc. Total Mediterranean
JAPAN
DESTINATION
O.ASIA
OTHERS
Fearnleys
OIL EXPORTS BY AREA
TANK AND COMBINED 120-200 000 DWT

12
3M. AVERAGES
ID: 147
MILLION DWT
W. AFRICA
OTHER AREAS
9
N. EAST/N. AFR.
6
MEG/RS
3
BL. SEA
N. SEA
0
2000
2001
2002
2003
Fearnleys
OIL IMPORTS BY AREA

20
3M. AVERAGES
MILLION DWT
ID: 148
EUROPE
15
AMERICA
ATLANTIC
10
OTH. AREAS
5
JAPAN/F. EAST
0
2000
2001
2002
2003
Fearnleys
April 2004 | 25
SUEZMAX
After an all time high last quarter, Suezmax shipments fell

back 4.7 % to 104.8 mdwt. 2003 ended with an quarterly
average of 105.1 mdwt, which is 5.3 mdwt higher than
the average for 2002. Most of the decrease in volume
consisted of oil from the Carribean to the US Gulf.
Aframax
MARKET DEVELOPMENT AFRAMAX TANK
Aframax rates declined throughout the quarter,

albeit with strong volatility.
Continued high ordering activity of Aframax vessels.
A quite active second-hand market including some
newbuilding resales established a new, higher
pricelevel.
After growth in three consecutive quarters,
Aframax shipments declined. The total volume for
4Q03 ended at 195.9 mdwt, down 4% on 3Q03.
60
MILLION USD
'000 USD/DAY
* YEARLY AV. T/C EQ

2004: AVG. JAN-MAR
90
ID: 105
80
50
70
N/B 105' D/H
40
60
95'
5 YRS
30
50
40
80' 10 YRS
20
30
20
10
80' 15 YRS
10
T/C EQUIV. *
0
0
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Fearnleys
Aframax Market
AFRAMAX
Spot Rates
The first quarter Aframax market, although commencing
on a high note, was not as positive as the market seen in
the preceding quarter. During January, relatively high rates
were maintained in most sectors, although there were
considerable fluctuations. In the North Sea rates
fluctuated between WS 225 and WS 250, but in this area
rate levels were clearly subsidized by a strong and active
market in the neighboring Baltic. In the Mediterranean,
Aframax rates rose steadily in January from WS 270 to
WS 305. As usual, the Caribbean experienced stronger
fluctuations than other markets, and in January rates
moved between WS 250 and WS 400 during the course
of the month.
AFRAMAX WS RATES
MONTHLY AVERAGES
WS
400
ID: 1066
350
CARIBS - USG
300
250
200
150
100
N.AFR - CONT
UK - CONT
50
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
In February some Aframax markets experienced a great

deal of rate erosion as inquiry slowed. In the North Sea,
reliance on an active Baltic market eventually proved futile
since the Baltic also proved very quiet by months end.
Rates fell in the North Sea from WS 225 to WS 152.5 as
February unfolded. In the Mediterranean, there was little
activity to underpin rate levels and these fell from WS 240
to WS 100 during the course of the month. The Caribbean
was, as usual, more volatile with up-coast rates starting at
the WS 270 level and rising to a peak of WS 335 in the
middle of the month only to fall to a low of WS 185 by the
end of the month.
March was a mixed month for Aframaxes. In the North
Sea, rates remained fairly steady at around WS 150, but
fell to WS 140 at the end of the month. The Mediterranean
proved to be more balanced between tonnage and inquiry,
and rates remained quite steady, fluctuating between WS
205 and WS 215 throughout the month. The Caribbean
26 | April 2004
AFRAMAX FREIGHT MARKET

80000
MONTHLY AVERAGES
USD/DAY
ID: 986
PUERTO LA CRUZ-PHILADELPHIA
1990 BUILT
70000
60000
50000
40000
S.VOE-R.DAM
1990 BUILT
30000
20000
10000
SIDI KERIR-LAVERA
1990 BUILT
0
1998
1999
2000
2001
2002
2003
2004
Fearnleys
started slowly in March with low rate levels in the WS

160s, but activity soon picked up enough to produce levels
in the WS 240s for most of the month.
AFRAMAX SECOND-HAND PRICES

BY AGE
50
MILLION USD
END OF MONTH
ID: 460
Period Business
45
There were a number of Aframaxes fixed for period

business during the first quarter of 2004, although the major
topic of conversation seemed to be the discrepancy
between charterers and owners rate ideas. In an obvious
attempt to bridge this gap, a number of charterers opted
to take vessels for longer periods which usually resulted
in a discounted rate compared to what might be available
by taking a vessel for a year or less. This is because rates
demanded by owners for shorter periods tend to reflect
the rather high expectations owners have of the immediate
spot market. A good example of this was a 1999 built
Aframax reported fixed to Japanese charterers in March
for five years at USD 20,500, whilst a 1994 built vessel
was reported fixed in February for only 12 months at USD
23,000 pdpr.
40
35
95' DWT DH 5 YRS

80' DWT SH 5 YRS
30
80' DWT SH 10 YRS
25
20
15
80' DWT SH 15 YRS
10
5
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
AFRAMAX SECOND-HAND PRICES

BY YEAR OF BUILD
50
END OF MONTH
MILLION USD
ID: 455
45
95 000 DWT BUILT 92/93
40
ID: 228
Type Dw t
Built 03.02 03.03 01.04 02.04 03.04
MT* 105 000
NB 36.0 36.5 42.0 43.0 46.0
MT*
95 000 5 yrs 30.0 33.0 45.0 45.0 45.0
MT
80 000 10 yrs 20.0 20.0 22.0 23.0 24.0
MT
80 000 15 yrs 15.5 14.5 17.0 18.5 19.0
MT
80 000 80/81
6.0
4.0
5.5
7.5
7.5
MT
90 000 89/90 17.5 15.5 18.5 19.5 20.0
MT*
95 000 92/93 24.0 25.0 28.0 30.0 30.0
MT* 105 000 98/99 32.5 33.5 44.0 44.0 44.0
30
90 000 DWT BUILT 89/90
25
20
15
80 000 DWT 80/81 BUILT
10
85 000 DWT 75/76 BUILT
5
0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
Fearnleys
*Double Hull
AFRAMAX PRICE RATIO

5 YRS AFRAMAX IN PERCENT OF NEWBUILDING PRICES
110
35
AFRAMAX
AFRAMAX PRICE DEVELOPMENT
END OF MONTH
PERCENT
AFRAMAX NEWBUILDING PRICES

55
END OF MONTH
MILLION USD
ID: 457
ID: 1073
100
50
90
45
80
40
70
35
60
105 000 DWT D/H
80 000 DWT S/H
30
1996
1997
1998
1999
2000
2001
2002
2003
2004
Fearnleys
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
April 2004 | 27
Aframax Values
As new levels were set during 4Q03 through Niarchos
exit from shipping, a spectacular USD 53 million resale
was obtained for the two vessels sold at USD 45 million in
December. FELICITY and FINESSE were acquired at
this price by Target Marine. This price justified the sale
price paid for the NORD- GULF/ISLE/LIGHT/OCEAN
enbloc at USD 160 million, within Germany, earlier in the
quarter. The sales of AMMON (1999) and SEACHARM
(1993) in March at USD 43 million and USD 30 million,
respectively, were in line with recently established price
levels.
The second-hand value of a 5-year-old 95,000 tonner was
the quarter. A 10-year-old 80,000 tonner was adjusted up
the same amount to USD 24.0 million.
AFRAMAX EXISTING FLEET DEVELOPMENT

80 - 120 000 DWT
70
START OF QUARTER
MILLION DWT
ID: 1037
60
50
40
30
92
93
94
95
96
97
98
99
00
01
02
03
04
Fearnleys
For detailed price developments please see table on page

27, or pages 69 and 70.
AFRAMAX FLEET. AGE DISTRIBUTION
NO. OF SHIPS
AFRAMAX
YEAR OF BUILD
100
Aframax Fleet
High ordering activity of Aframax vessels continued into
1Q04. 20 vessels were contracted 14 crude carriers
and 6 product tankers. Scheduled deliveries are 2006/07
for most of the vessels but two were placed for 2008
delivery. At the end of the quarter the orderbook consisted
of 157 vessels of 17.0 mdwt or 28% of the existing fleet.
ID: 1051
ON ORDER
EXISTING
80
60
40
20
The Aframax fleet increased by 1.6% during 1Q04. 23

vessels were delivered while 9 vessels were deleted. For
detailed fleet information please see the table below or on
pages 63 to 69.
AFRAM AX FL EET PROFILE

In mdw t
1Q03
2Q03
3Q03
4Q03
1Q04

Fleet change
Order book (end)
Order book in %
A v erage age
56.8
3.9 %
14.7
26 %
11.2
57.6
1.4 %
15.7
27 %
11.0
58.9
2.4 %
16.9
29 %
10.6
59.8
1.4 %
17.3
29 %
10.3
61.4
2.7 %
17.0
28 %
10.0
2.7
0.5
0.3
2.7
1.5
0.7
0.7
2.5
2.3
0.9
1.0
3.4
1.9
1.0
1.2
2.3
2.4
0.8
0.7
2.2
1Q03
2Q03
3Q03
4Q03
1Q04
583
136
25
6
3
25
589
145
14
8
8
23
600
156
21
10
11
32
606
160
17
11
13
21
620
157
23
9
7
20
Deliv eries
Deletions
Sold f or s c rap
Contrac ting
In no.
Order book (end)
Deliv eries
Deletions
Sold f or s c rap
Contrac ting
28 | April 2004
0
73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07+
Fearnleys
EXISTING AND FUTURE AFRAMAX FLEET

No.
(D W T IN '000)
Existing 1/1 2004
606
Deliveries 2004
23
Deletions 2004
9
Existing 1/4 2004
620
Order book Del.2004
33
Deletions 2004
12
Existing 1/1 2005
641
Order book Del.2005
57
Deletions 2005
20
Existing 1/1 2006
678
Order book Del.2006
48
8
Deletions 2006
20
Existing 1/1 2007
714
DWT
59776
2442
811
61408
3588
1090
63906
6160
1900
68166
5234
880
2000
72280
AFRAMAX FLEET CHANGES

AFRAMAX DELIVERIES 1. QUARTER 2004
TY
NAME
FLAG
DWT
DATE
OWNER
YARD
COUNTRY
CONT
CRUD BRITISH CURLEW
IOM
114 760
jan.04
BP
SAMSUNG
KOR
sep.01
CRUD OVERSEAS CATHY
MAI
112 700
jan.04
OVERSEAS SHIPH.
SAMH
KOR
apr.01
CRUD AUSTRALIAN SPIRIT
BAH
111 942
jan.04
TEEKAY SHIPPING
HYUNDAI
KOR
feb.01
PROD SAKHALIN
RUS
108 000
mar.04
PRIMORSK
BRODO
HRV
des.00
des.00
PROD SAINT NICKOLAY*
RUS
108 000
mar.04
CRUD QUEEN RIVER
PAN
107 000
jan.04
PRIMORSK
BRODO
HRV
TAI CHONG CHEANG
IMABARI
JPN
CRUD RAFFLES RIVER
SNG
107 000
mar.04
jul.01
K.LINE
IMABARI
JPN
sep.02
CRUD PETROVSK
LIB
106 449
jan.04
PROD ALONISSOS
GRC
106 149
mar.04
SOVCOMFLOT
TSUNEI
JPN
jan.01
ELETSON
HYUNDAI
KOR
apr.01
CRUD SERENITY
LIB
105 200
jan.04
DYNACOM
SUMITO
JPN
sep.01
CRUD CELEBRITY
LIB
105 200
feb.04
DYNACOM LTD.
SUMITO
JPN
sep.01
CRUD SEASCOUT
MTA
105 000
jan.04
THENAMARIS
SAMH
KOR
jun.01
CRUD BUNGA KELANA 7
MAL
105 000
jan.04
MISC
SAMSUNG
KOR
sep.02
CRUD MINERVA HELEN
GRC
105 000
jan.04
MINERVA MARINE
SAMSUNG
KOR
apr.02
CRUD JAG LAVANYA
IND
105 000
jan.04
GREAT EASTERN
SAMSUNG
KOR
sep.00
CRUD MARE ADRIACUM
ITL
105 000
jan.04
D'AMICO
MITSUIEN
JPN
nov.01
CRUD BRITISH HOLLY
IOM
105 000
feb.04
BP SHIPPING
TSUNEI
JPN
mar.02
CRUD CERAM SEA
SNG
105 000
feb.04
TANKER PACIFIC
HYUNDAI
KOR
jun.01
CRUD ISABELLA
MTA
105 000
feb.04
THENAMARIS
SAMH
KOR
jun.01
CRUD MARE TIRRENUM
ITL
105 000
mar.04
D'AMICO
MITSUIEN
JPN
nov.01
CRUD MINERVA ZOE
GRC
105 000
mar.04
MINERVA MARINE
SAMH
KOR
jun.01
CRUD MINERVA ELEONORA
GRC
104 500
mar.04
MINERVA MARINE
SAMSUNG
KOR
apr.02
PROD ELKA VASILIKI
GRC
95 000
feb.04
EUROPEAN N.
BRODO
HRV
mar.01
AFRAMAXES SOLD FOR SCRAPPING 1. QUARTER 2004

TYPE NAME
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
BLT
OVERSEAS BOSTON
KRITI SEA
SPIROS
AFRAGEM
ANOPOLIS
AL BOURAIGH
VIVEKANANDA
SATYAMURTI
GULF DISCOVERY
MATCO CLYDE
74
74
78
84
76
75
74
75
81
82
DWT
LDT
123 692
123 436
116 783
113 957
98 930
89 702
89 367
89 347
88 725
81 944
19 330
20 129
19 232
20 580
16 756
15 800
16 608
16 800
15 244
16 000
PRICE
BUYER
COMMENTS
320.00
403.00
375.00
396.00
422.50
401.50
335.00
360.00
337.50
310.00
CHINA
BANGLADESH
CHINA
CHINA
BANGLADESH
BANGLADESH
BANGLADESH
INDIA
BANGLADESH
CHINA
OLD SALE
SCI TENDER
REPRESENTATIVE AFRAMAX CONTRACTS 1. QUARTER 2004

TYPE
NO.
DWT
MT
MT
MT
MT
MT
PC
PC
PC
MT
MT
MT
MT
2
2
1
2
2
1
1
2
2
2
4
2
116 000
115 000
115 000
115 000
115 000
110 000
110 000
105 000
105 000
105 000
105 000
105 000
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
YARD
OWNER
DEL
HHI
Samsung
Sasebo
Sasebo
Samsung
Dalian New
Dalian New
Sumitomo
Sumitomo
HHI
HHI
Tsuneishi
Interorient Nav.
Viken
Hakuyo
Domestic
Ceres H.
Torm
Torghatten T.
Japanese
Dorian
Novoship
Teekay
Teekay
2007
06/07
4Q/06
2006
06/07
2008
2007
2006
06/07
06/07
06/07
07/08
PRICE est.
REMARKS
Ice 1A
K-line tc
Lightering
April 2004 | 29
AFRAMAX
Fleet Forecast
Fearnresearch estimates a net fleet growth of 6.9% during
2004, 6.7% in 2005 and 6.0% in 2006.
OIL SHIPMENTS 2003

350
MILLION DWT
EXCL. SHORT SEA

ID: 347
300
Aframax Trades 4Q03
ORIGIN
MEG/R.SEA
N.AFR/N.EAST
CARIBS
S.E.ASIA
N.SEA
OTHERS
250
After three consecutive quarters of growth, Aframax

shipments declined in 4Q03. The total volume for 4Q03
ended at 195.9 mdwt, which is a decline of 4.3% since
3Q03. However, total Aframax shipments in 2003 ended
at 772 mdwt which is the highest level ever recorded, 4.5%
above 2002. Shipments by combined carriers declined as
well. Down 2.8 mdwt to 6.8 mdwt. Total shipments by
combined carriers in 2003 ended at 35.3 mdwt which is
the lowest volume recorded since the 1980s.
Although total quarterly volumes declined, geographical
distribution was mixed. Shipments from the Caribbean fell
from 65.9 mdwt to 59.4 mdwt. Most of this decline was in
shipments to the US which declined by 4.1 mdwt to 55.7
mdwt. Shipments from the Black Sea also declined and
were down 2.2 mdwt, or almost 14%. This was a result of
new sailing restrictions through the Bosphorus and
Dardanelles Straits that were imposed in November last
year. Periodically as many as 60-70 ships were queueing
for transits through the straits.
200
150
100
50
0
EUROPE*
N/C.AM.
JAPAN
O.ASIA
OTHERS
Fearnleys
DESTINATION
OIL IMPORTS BY AREA

30
3M. AVERAGES
MILLION DWT
ID: 1085
AMERICA ATLANTIC
25
EUROPE
20
AFRAMAX
15
Oil imports showed a general decrease all over, however

the decline in to the US Atlantic coast accounted for about
60% of the reduced volumes. Shipments to India rose by
about 1.0 mdwt from the Middle East Gulf. Shipments to
Other Far east and SE Asia fell by 1.0 mdwt each.
SHIPM ENTS BY DOUBLE HULL AFRAM AX V ESSELS

In % of total trade
EXPORTS
MEG/R.Sea
N. E./N.A f r.
W.A f r.
N. Sea
Others
IM PORTS
Europe
A m.Atl.
Japan/F.East
Others
1999 2000 2001 2002 2003 1Q04

35
18
63
47
36
0
39
35
77
67
38
0
38
58
77
70
43
0
44
58
78
78
45
0
49
77
84
95
62
0
51
83
87
92
67
0
JAPAN/FAR EAST
5
0
2000
2001
2002
2003
Fearnleys
OIL EXPORTS BY AREA

25
3M. AVERAGES
MILLION DWT
ID: 1082
CARIBBEAN
20
OTHER AREAS
15
N.EAST/N AFR.
10
31
65
50
26
48
77
50
28
61
78
50
27
64
79
55
29
74
86
56
39
80
89
56
44
Fearnleys
30 | April 2004
OTHER AREAS
10
M.E. GULF/RED SEA

5
NORTH SEA
BLACK SEA
0
2000
2001
2002
2003
Fearnleys
Product
MARKET DEVELOPMENT. MR PRODUCT

Product rates improved steadily until March
when the market lost momentum.
40
MILLION USD
'000 USD/DAY
* YEARLY AV. T/C EQ.

2004. AVG. JAN-MAR
ID: 98
Second-hand values continue to increase.
N/B 45' D/H

30
30
Continued high newbuilding contracting activity.
40' 5 YRS
20
20
T/C EQUIV *
US products imports continue to increase. Up

6.4% in March y-o-y.
30' 10 YRS
10
40
10
US gasoline stocks fell by 1.3% during 1Q04.

30' 15 YRS
0
0
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
Fearnleys
Product Market
Spot Rates
During January rates on the route from the Middle East

Gulf to Japan reached WS 265 for 30,000 m/t lots, WS
235 for 55,000 m/t lots and WS 205 for 75,000 m/t lots.
Shorter haul voyages on MRs from the Gulf to East Coast
India also proved profitable, reaching a level of WS 400
for 30,000 m/t lots. Short voyages within Asia also
commanded higher rates as January unfolded. In the
Atlantic 37,000 m/t movements from the ContinentMediterranean to the States saw rates rise from WS 290
to WS 385 on the back of a greater demand for heating oil
in America. In the Caribbean, rates for 30,000 m/t lots
up-coast reached WS 410, whilst 38,000 m/t lots reached
WS 315.
FREIGHT RATE DEVELOPMENT

PRODUCT CARRIER 30 000 DWT IN THE ATLANTIC
500
CAR-USNH 30'
MED-USA 30'
400
300
200
100
CARGOS IN '000 TONNES
0
1997
1998
1999
2000
2001
2002
2003
2004
Fearnleys
FREIGHT RATE DEVELOPMENT

PRODUCT CARRIER 30-55 000 DWT TO JAPAN
500
With the exception of a short lull during the I.P. week

festivities in London, rates continued to be strong for
product carriers during February. On the Middle East
Gulf to Japan route, rates improved substantially during
the month, reaching WS 350 for 30,000 m/t lots, WS 275
for 55,000 m/t lots and WS 240 for 75,000 m/t lots. Smaller
product carriers in the Far East became a scarce
commodity, and rate levels reached in excess of WS 400
for voyages from Singapore to the Pacific Islands with
30,000 m/t and WS 365 for 30,000 m/t from Singapore to
Japan. From the Continent to the States rates of around
WS 395 were paid for 37,000 m/t movements. Also in the
MONTHLY AVERAGES
ID: 178
WS
PRODUCT
Certainly, the product freight market had a far more

auspicious start to the year than that seen in the crude oil
transportation market. The first two months of the quarter
saw very strong rates being paid to product tankers virtually
across the board. March was, however, another story,
and rates weakened as a result of flagging inquiry during
this last month of the quarter.
WS
MONTHLY AVERAGES
ID: 177
MEG-JPN 30'
SING-JPN 30'
MEG-JPN 55'
450
400
350
300
250
200
150
100
50
CARGOES IN '000 TONNES
0
1997
1998
1999
2000
2001
2002
2003
2004
Fearnleys
April -2004 | 31
Caribbean, activity was brisk and 30,000 m/t up-coast

movements saw levels of WS 425, whilst 37,000 m/t
movements obtained WS 350.
During March product rates declined as activity diminished.
In the Middle East Gulf rates for 30,000 m/t movements
to Japan dropped from WS 380 to WS 250, whilst rates
for 55,000 m/t and 75,000 m/t movements fell from WS
270 and WS 250 to WS 230 and WS 210, respectively.
During March rates for 37,000 m/t cargoes from the
Continent to the States fell from WS 395 to WS 250. The
Carribean was no exception, and rates for 30,000 m/t
movements fell more than 100 WS points in the last ten
days of the month
PRODUCT PRICE DEVELOPMENT

Type
MT*
MT*
MT
MT
PC
PC*
PC
PC
PC*
PC*
PC*
MT*
ID:
229
Dw t
Built 03.02 03.03 01.04 02.04 03.04
45 000
NB 25.5 28.0 31.0 33.0 34.0
40 000 5 yrs 24.5 25.5 29.5 30.5 31.0
30 000 10 yrs 11.2 11.0 12.0 12.0 13.0
30 000 15 yrs
8.0
7.0
8.5
9.0
9.0
30 000 89/90 10.5
9.0
9.0
9.5
9.5
35 000 00/01 27.5 26.8 28.0 30.5 31.5
40 000 81/82
6.5
5.0
5.0
5.0
5.0
40 000 89/90 13.7 12.0 11.5 12.0 12.0
45 000 94/95 23.5 23.0 24.5 25.0 25.0
45 000 00/01 29.0 29.0 31.5 32.0 34.0
70 000 87/88 18.0 17.0 17.0 18.0 18.0
70 000 92/93 19.7 19.0 21.5 22.5 24.0
Fearnleys
*Double Hull
PROCUCT
Period Business
Relatively strong spot rates, particularly during the first
two months of the quarter, provided owners with an
opportunity to lock in good results, and there was a
considerable amount of period fixing during this period.
With rates falling in March, owners were far more reluctant
to accept the time charter rates being offered. During
January ST Shipping took a total of six product carriers of
various sizes on time charter; there were two LR1
newbuildings among them, the Kasper Schulte and the
Abram Schulte each of 73,000 dwt, and these were fixed
for five years at USD 16,500 pdpr. Shell was also reported
to have taken the 37,000 dwt newbuilding Sophie for two
years at USD 15,000 pdpr. In February, Saudi Arabian
Vela was reported to have fixed the Ocean Concord,
68,000 dwt, built 2003, at a rate of USD 20,000 pdpr for
twelve months. Military Sealift Command secured a short
30/60 day time charter on the Sanmar Serenade, built 2004,
at USD 39,000 pdpr. HMM of South Korea chartered
two vessels in February, the Argosy and the Admiral, both
40,000 dwt and built in 1991, for two years at USD 13,500
pdpr. As we mentioned, falling rates produced fewer deals
in March, but the Tula, 40,000 dwt built 1997 was reported
fixed to Kingfish for three option three months at USD
16,500 pdpr, and PDVSA secured the 69,000 dwt Aruba,
built 1980 for six months at USD 19,000 pdpr. Also during
March, ST Shipping obtained two ice class Panamax
newbuildings with delivery 2005 for three years at USD
23,000 pdpr.
PRODUCT SECOND-HAND PRICES

BY AGE
35
END OF MONTH
MILLION USD
ID: 1068
30
40,000 DWT 5 YRS OLD
25
20
15
10
5
0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
PRODUCT SECOND-HAND PRICES

BY YEAR OF BUILD
35
MILLION USD
END OF MONTH
ID: 176
30
40 000 DWT 89/90
25
20
15
40 000 DWT 81/82
10
30 000 DWT 81/82
5
30 000 DWT 74/75
0
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
32 | April 2004
PRODUCT PRICE RATIO
PRODUCT NEWBUILDING PRICES
5 YRS PRODUCT CARRIER IN PERCENT OF NB PRICES
45,000 DWT DOUBLE-HULL

40
MILLION USD
END OF MONTH
100
ID: 1069
MONTHLY
PERCENT
ID: 1075
95
90
35
85
80
30
75
70
25
65
60
20
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
1996
1997
1998
1999
2000
2001
2002
2003
2004
Fearnleys
Product Tanker Values

Finally, BRITISH ADMIRAL (+2 sisters) built 1990 were
sold at USD 11 million each. This price was more or less
in line with expectations and giverning market levels.
The price for a 5 year-old 40,000 dwt product carrier were
adjusted up by USD 3.0 million to USD 31.0 million. Older
vessels, i.e. 10-15 years have also strengthened their value
during the quarter.
The newbuilding price of a 45,000 dwt double-hull product
tanker is estimated to be priced at USD 34.0 million.
For detailed price developments please see table below or
on pages 69 and 70.
PRODUCT
Second hand prices rose, albeit the volume of transactions

was low this quarter. A few enbloc deals were concluded
in January and February whereas March was quiet.
Minerva bought a sextet of ice-classed 51,000 dwt product
carriers from Pietro Barbaro in January. These were rsales
and vthe vessels are scheduled for delivery in 2005/06
from STX. We presume the intended trade is in the Baltic
Sea. At USD 34.5 million each, we find the prices quite
reasonable taking into account newbuilding prices for
similar vessels. Furthermore, comparing to the sale of
PINK STAR (+2 sisters) at USD 34 million each, the
Minerva purchase looks even more favourable. It should,
however, be taken into consideration forward delivery.
April 2004 | 33
Product Fleet
PANAMAX TANKER FLEET DEVELOPMENT
Panamax fleet (50-80,000 dwt)

The interest for Panamax tankers surged in 1Q04 and a
total of 35 new orders were placed all of them product
tankers. Following the ordering spree at Chinese yards in
4Q03, the majority of the 1Q04 orders were placed in Japan
and Korea. At the end of March the order book consisted
of 173 vessels of 11.8 mdwt, or 63% of the existing fleet.
The Panamax fleet decreased by 0.7% during 2003. 24
vessels were delivered while 30 vessels were deleted. For
detailed fleet information please see table below or on pages
63 to 69.
50 - 80 000 DWT
25
START OF QUARTER
MILLION DWT
ID: 1038
23
20
18
15
92
93
94
95
96
97
98
99
00
01
02
03
04
Fearnleys
Fleet Forecast
Fearnresearch estimates a net fleet growth of 13.9% during
2004, 17.1% in 2005 and 5.7% in 2006.
10-50,000 DWT
OIL TANKERS 50-80 000 DWT
In 1Q04 we recorded a total of 50 new product orders.

Korean yards dominated the scene, with Hyundai Mipo
Dockyard, Hyundai Heavy Industries and STX Dockyards
as the most active yards. The order book now numbers
407 vessels of 15.3 mdwt or 34% of the existing fleet.
The active fleet numbers 1368 vessels of 45.0 mdwt. During

1Q04, a total of 32 vessels were delivered while 9 were
deleted, the fleet increased 2.4%
The fleet is estimated to increase 10.3% in 2004, 4.5% in
2005 and 0.6% in 2006.
NO. OF SHIPS
YEAR OF BUILD
80
ID: 1050
70
ON ORDER
EXISTING
60
50
40
30
20
10
0
72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06
PROCUCT
Fearnleys
PANAM AX FL EET PROFIL E

In mdw t
1Q03

18.0
Fleet change
-0.4 %
Order book (end)
6.5
Order book in %
36 %
A v erage age
15.8
Deliv eries
Deletions
Sold f or s c rap
Contrac ting
In no.
Order book (end)
Deliv eries
Deletions
Sold f or s c rap
Contrac ting
34 | April 2004
2Q03
3Q03
4Q03
1Q04
18.2
18.0
17.7
1.0 % -0.7 % -1.6 %
8.3
9.4
10.6
46 %
52 %
60 %
15.6
15.2
15.0
18.7
5.4 %
11.8
63 %
14.3
0.5
0.6
0.5
1.4
0.4
0.2
0.2
2.1
0.5
0.6
0.6
1.6
0.2
0.5
0.5
1.4
1.1
0.1
0.3
2.2
1Q03
2Q03
3Q03
4Q03
1Q04
282
93
7
9
7
20
284
119
5
3
4
31
280
135
7
11
10
23
278
153
3
8
8
21
288
173
15
2
5
35
EXISTING AND FUTURE PANAMAX FLEET

No.
(D W T IN '000)
Existing 1/1 2004
275
Deliveries 2004
15
Deletions 2004
2
Existing 1/4 2004
288
Order book Del.2004
35
Deletions 2004
15
Existing 1/1 2005
308
Order book Del.2005
72
Deletions 2005
25
Existing 1/1 2006
355
Order book Del.2006
39
8
Deletions 2006
30
Existing 1/1 2007
372
DWT
17738
1087
128
18696
2403
900
20199
4946
1500
23645
2580
576
1800
25001
PRODUCT TANKER FLEET DEVELOPMENT

10 - 50 000 DWT
50
TANKERS 25 - 40 000 DWT

NO. OF SHIPS
START OF QUARTER
MILLION DWT
YEAR OF BUILD
70
ID: 1039
60
45
ON ORDER
EXISTING
ID: 1088
50
40
40
30
20
35
10
30
0
92
93
94
95
96
97
98
99
00
01
02
03
04
-70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06
Fearnleys
Fearnleys
NO. OF SHIPS
YEAR OF BUILD
30
ID: 1087
ON ORDER
EXISTING
NO. OF SHIPS
YEAR OF BUILD
90
80
ON ORDER
EXISTING
ID: 1089
70
20
60
50
40
10
30
20
10
-70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06
-70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06
Fearnleys
PRODUCT FL EET PROFILE (10-50,000 DWT )

In mdw t
1Q03
4 2.4
2.5 %
12.3
29 %
13.6
2Q03
43.1
1.7 %
12.9
30 %
13.3
3Q03
43.4
0.7 %
13.7
32 %
13.0
4Q03
43.9
1.2 %
14.9
34 %
12.7
1Q04
45.0
2.4 %
15.3
34 %
12.5
1.3
0.3
0.2
2.3
1.2
0.5
0.6
1.8
1.0
0.7
0.7
1.8
1.1
0.5
0.5
2.2
1.3
0.3
0.4
1.7
In no.
1Q03
2Q03
3Q03
4Q03
1Q04
Existing Fleet (end)

Order book (end)
Deliveries
Deletions
Sold f or s crap
Contracting
1317
316
34
11
8
57
1329
332
32
20
24
48
1333
352
27
23
25
47
1346
389
31
18
18
67
1369
407
32
9
12
50
Existing Fleet (end)

Fleet change
Order book (end)
Order book in %
A verage age
Deliveries
Deletions
Sold f or s crap
Contracting
EXISTING AND FUTURE PRODUCT FLEET

10-25,000
No.
DWT
(D W T IN '000)
Exis ting 1/1 2004
354
5835
Deliveries 2004
1
19
Deletions 2004
2
28
Exis ting 1/4 2004
353
5801
Order book Del.2004
18
284
Deletions 2004
40
750
Exis ting 1/1 2005
331
5335
Order book Del.2005
20
297
Deletions 2005
35
650
Exis ting 1/1 2006
316
4982
Order book Del.2006
18
230
6
105
Deletions 2006
35
650
Exis ting 1/1 2007
305
4667
25-50,000
No.
DWT
992 38102
31
1307
7
237
1016 39197
112
4605
20
660
1108 43142
121
4987
75
2475
1154 45654
77
3220
9
345
90
2970
1150 46249
April 2004 | 35
PRODUCT
Fearnleys
PANAMAX / PRODUCT FLEET CHANGES

PANAMAX DELIVERIES 1. QUARTER 2004
TY
NAME
FLAG
DWT
DATE
OWNER
YARD
COUNTRY
CONT
PROD TORM ESTRID
DIS
75 000
jan.04 TORM POOL
HYUNDAI
KOR
PROD TORM ANNA
DIS
75 000
feb.04 TORM POOL
HYUNDAI
KOR
mai.02
mai.02
PROD NORDVENUS
LIB
75 000
mar.04 TORM POOL
HYUNDAI
KOR
mai.02
PROD CHEMTRANS MOON
LIB
74 500
jan.04 D'AMATO
HUDON
CHN
mar.02
PROD FOTINI LADY
GRC
73 000
feb.04 BYZANTINE MARITIME
STX
KOR
apr.02
PROD PETALI LADY
GRC
73 000
mar.04 BYZANTINE MARITIME
STX
KOR
apr.02
PROD KASPAR SCHULTE
CYP
72 718
feb.04 PACIFIC CARRIERS
SAMSUNG
KOR
mai.02
PROD ABRAM SCHULTE
CYP
72 700
feb.04 PACIFIC CARRIERS
SAMSUNG
KOR
sep.02
PROD STENA COMPANION
BER
72 000
jan.04 STENA BULK
DALIA
CHN
jun.01
PROD STENA COMPATRIOT
LIB
72 000
feb.04 STENA BULK
DALIA
CHN
jun.01
PROD IASONAS
GRC
71 498
jan.04 LIQUIMAR TANKERS MANAGEME STX
KOR
apr.01
PROD AMAZON BEAUTY
GRC
71 050
jan.04 SUN ENTERPRISE
HYUNDAI
KOR
mai.02
PROD SANKO COMMANDER
LIB
71 000
feb.04 DYNACOM
ONOMICHI
JPN
sep.02
CRUD CABO SOUNION
CYP
69 250
jan.04 STELMAR TANKERS, LONDON
DAEWOO
KOR
apr.02
PROD REYMAR
CYP
69 250
feb.04 STELMAR
DAEWOO
KOR
apr.02
PRODUCT DELIVERIES 1. QUARTER 2004
PROCUCT
TY
NAME
FLAG
DWT
DATE
OWNER
YARD
COUNTRY
CONT
PRCH SABREWING
PAN
49 323
jan.04 KOYO K
NAIKAI
JPN
mar.02
PRCH SCARLET IBIS
PAN
48 000
jan.04 NYK
IWAGI
JPN
des.01
PRCH STENA CONSUL
LIB
47 400
ULJANIK
HRV
jul.01
PRCH MERCINI LADY
LIB
47 396
CRO
HRV
okt.00
mar.04 NOVOSHIP
jan.04 BYZANTINE
PROD BAIZO
PAN
47 094
jan.04 STARGAS
ONOMICHI
JPN
jun.01
PROD OCTAVIA
PHI
47 000
jan.04 VANGUARD ENTERPRISES
ONOMICHI
JPN
jun.02
PROD OKHTA BRIDGE
LIB
47 000
mar.04 SOVCOMFLOT
HMDK
KOR
jul.01
PRCH SURFER ROSA
MTA
46 718
feb.04 MINERVA M.
HMDK
KOR
jan.02
PRCH RUDY
MAI
46 080
feb.04 NOVOROSSIYSK
HMDK
KOR
jan.02
PROD RESOLVE
SNG
46 048
jan.04 TRANSPETROL
STX
KOR
apr.02
PROD PRO GIANT
PAN
46 000
feb.04 SK SHIPPING
HMDK
KOR
aug.01
PRCH ALCESMAR
CYP
45 965
jan.04 TARGET MARINE
STX
KOR
feb.02
PROD ENDEAVOUR
SNG
45 800
jan.04 TRANSPETROL
STX
KOR
apr.02
PRCH ALCMAR
GRC
45 800
jan.04 TARGET MARINE
STX
KOR
feb.02
PRCH PIONEER SUNSHINE
PAN
45 800
feb.04 IINO KAIUN
SHINKU
JPN
mar.02
PRCH ANDROMAR
CYP
45 800
mar.04 TARGET MARINE
STX
KOR
feb.02
PROD PEARL EXPRESS
PAN
45 798
feb.04 MOL
MINAMI
JPN
feb.03
mar.04 ORIENT MARINE
feb.03
CRUD SAKURA EXPRESS
PAN
45 000
MINAMI
JPN
PROD CARIBBEAN SPIRIT
PAN
44 950
jan.04 NEPTUNE ORIENT LINES
SHINKU
JPN
okt.02
PRCH MOUNT MCKINNEY
CYP
39 500
jan.04 INTERSHIP NAV.
SAIKI
JPN
sep.01
PRCH BALTIC CRUSADER
IOM
37 340
PRCH GEESTESTERN
GEU
37 300
PRCH MS SOPHIE
LIB
37 000
PRCH ALICUDI M.
ITL
PRCH LOIRE
MAI
jan.04 INTERORIENT
HMDK
KOR
okt.01
JINLING
CHN
apr.02
jan.04 CHEMICALIEN SEETRANSPORT
SHINASE
KOR
nov.00
37 000
feb.04 D'AMATO
SHINASE
KOR
jun.01
37 000
feb.04 OMI
HMDK
KOR
des.02
mar.04 UNICORN
mar.04 RIGEL
PRCH SOUTHERN UNITY
LIB
37 000
SHINASE
KOR
nov.01
PRCH CAPE BRUNY
MAI
35 000
jan.04 COLUMBIA S.L.
HMDK
KOR
aug.01
PRCH J.SHARTAVA
MAI
35 000
feb.04 COLUMBIA S.L.
HMDK
KOR
nov.01
PROD RIBE MAERSK
DIS
35 000
feb.04 MOLLER,A.P.
GUANSHIP
CHN
mai.01
PRCH CHEMBULK BARCELONA
PAN
32 000
jan.04 RESTIS
SHINKU
JPN
jul.02
PROD JURMO
FIN
25 000
mar.04 FORTUM
JINLING
CHN
jun.01
PROD KIRANA DWITYA
SNG
18 773
NAIKAI
JPN
sep.02
jan.04 KIRANA TANKERS
36 | April 2004
PANAMAX / PRODUCT FLEET CHANGES Continued

PANAMAX / PROCUCT CARRIERS SOLD FOR SCRAPPING 1. QUARTER 2004
TYPE NAME
MT
MT
MT
MT
MT
MT
TT
MT
MT
MT
MT
MT
MT
MT
MT
MT
MT
BLT
USF 1
VOLGA
ADYGEJA
TITAN MERCURY
GEROI SEVASTOPOLOYA
VIKTORIO KODOVILJA
FREDRICKSBURG
BUNKER 2
CLAUDINE
ROVER
STARDROP
CORALI
MAYKOP
OCEAN CHARM
TALAVA
MOKRAN
ASEAN POWER
66
81
81
77
79
76
58
75
76
77
76
75
75
84
77
74
75
DWT
LDT
72 774
65 689
61 341
57 372
55 870
40 030
39 347
37 440
36 303
35 663
32 234
31 601
29 995
29 940
29 690
25 651
11 518
16 725
13 747
12 700
11 400
12 648
11 300
8 644
8 013
7 383
9 195
7 253
6 849
7 000
8 500
5 700
6 398
3 530
PRICE
BUYER
COMMENTS
230.00
376.00
407.00
415.00
381.00
329.00
425.00
300.00
285.00
328.00
361.00
INDIA
CHINA
BANGLADESH
BANGLADESH
CHINA
CHINA
BANGLADESH
INDIA
INDIA
CHINA
CHINA
BANGLADESH
CHINA
CHINA
INDIA
PAKISTAN
INDIA
STORAGE, ASIS CAMEROON
395.00
332.00
275.00
306.00
350.00
BLT USA
ASIS FUJAIRAH
OLD SALE
REPRESENTATIVE PRODUCT CONTRACTS 1. QUARTER 2004

NO.
DWT
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
PC
5
2
2
4
4
2
8+2
2
2
2
2
2
1
2
3
2
2
2
4
2+2
3+3
4
1
1
1
4
2
3+3
2
1
3+3
3
75 000
75 000
74 700
74 200
74 000
74 000
51 800
51 000
51 000
51 000
47 400
47 000
47 000
47 000
46 000
45 000
37 000
37 000
37 000
37 000
37 000
37 000
37 000
35 000
35 000
29 000
23 400
16 600
16 400
16 400
13 000
13 000
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
dwt
YARD
OWNER
DEL
Minami
Onomichi
STX
STX
Brodosplit
New Century
3Maj
STX
STX
STX
STX
STX
H. Mipo
STX
Bohai
H. Mipo
H. Mipo
H. Mipo
H. Mipo
H. Mipo
H. Mipo
H. Mipo
Shina
Dalian
Dalian
STX
3Maj
Qiuxin
Jiangnan
Jiangnan
KY H. I.
Kwang Yang
Mitsui
Mitsui
Parakou
Target Marine
Marinvest
Geden
Latvian Shpg.
P. Barbaro
Barbaro
Parakou
TMM SA
Dunya
OMI
Great Eastern
Nanjing
Dunya
Tsakos
Tsakos
Latvian
TEN
Barclay
Interorient Nav.
Chem Seetrans
Schulte
S. Neptun
Motia
C. Buttner
APM
Harren & Partn.
Stenersen
Greek
Unibros Shpg.
2006
2007
2007
2007
2007
2007
06/07
2006
2006
2007
1Q07
2007
4Q/05
2007
06/07
2006
2007
2Q07
2007
06/07
2007
2007
2006
2006
2006
2007
2006
06/07
05/06
2007
2006
05/06
PRICE est.
REMARKS
Decl. Options
39
41
33.5
31
31.5
30
31
31.5
Ice 1A
Decl. Option
Decl. Options
Decl. Options
Ice 1A
32
Decl.opt.
30
30
Ice 1A
Ice 1A
Ice 1A
28.8
Decl. Options
25
25
LoI
Options
LoI
Ice 1A/Opt.
25
April 2004 | 37
PRODUCT
TYPE
Product Trades
Panamax Tanker Trades
After the small positive increase in 3Q04, shipments by
Panamax tankers declined in the fourth quarter. Ending at
45.8 mdwt, shipments were down by 5.8 mdwt. Total
shipments in 2003 ended at 196.5 mdwt which was a
decline of 14.4 mdwt, or 6.8%, from the preceeding year.
Shipments by combined carriers fell to 3.2 mdwt this
quarter and to 21.4 mdwt for the year as a whole.
The most significant volume changes were in the Caribbean
region. Shipments from this declined 0.8 mdwt to 13.5
mdwt, however, we saw an increase in shipments to US
(Atlantic) during the period, up 0.7 mdwt to 15.9 mdwt. In
line with the other segments, shipments out of the Black
Sea declined due to daylight sailing restrictions imposed in
November. Down 1.1mdwt to 1.9 mdwt. Otherwise there
were only minor changes.
OIL SHIPMENTS 2003

125
MILLION DWT
EXCL. SHORT SEA

ID:541
ORIGIN
MEG/R.SEA
N.AFR/N.EAST
CARIBS
S.E.ASIA
N.SEA
OTHERS
100
75
50
25
0
EUROPE*
N/C.AM.
JAPAN
DESTINATION
O.ASIA
OTHERS
Fearnleys
SHIPM ENTS BY DOUBLE HULL PANAM AX VESSELS
Shipments to importing regions were mostly down, albeit

with only small volumes except for Europe. Shipments to
NW Europe declined by 2.7 mdwt and to the Med. by 1.4
mdwt. In other parts of the world only small changes were
noted. Shipments to SE Asia showed an opposite trend
and actually increased, rising 0.9 mdwt to 4.8 mdwt.
PROCUCT
Product Tanker Trades

U.S. gasoline stocks remain lower than at this time of the
year in 2003, however above the levels seen two years
ago. On average, gasoline inventories increased from
4Q03 to 1Q04, but end-March stocks were still 1.3% lower
than end-December levels. Gasoline imports were about
4.9% higher during 1Q04 compared to the preceeding
quarter and gasoline output fell 3.3%.U.S. demand for
transportation fuels (gasoline/jet fuel) has risen steadily,
increasing imports.
In % of total trade
EXPORTS
MEG/R.Sea
N. E./N.Afr.
W.Af r.
N. Sea
Others
IMPORTS
Europe
Am.Atl.
Japan/F.East
Others
1999 2000 2001 2002 2003 1Q04

24
21
23
46
19
0
22
32
26
42
28
0
19
29
26
39
36
0
25
32
31
49
37
0
27
65
30
74
49
0
28
73
30
94
53
0
25
24
28
15
33
28
39
18
34
29
49
22
35
33
46
29
52
38
45
41
57
43
45
42
Fearnleys
Based on two months statistics, Japanese products imports

declined from November/December 2003. Imports fell by
11.4%, and total stocks by almost 12%. Stocks were,
however, slightly higher than one year ago.
Towards the end of the quarter, U.S demand for gasoline
runs about 4% higher than one year ago and the peak
demand season is still a few months ahead. Extended
maintenance curbed output somewhat, however we expect
continued strong demand for gasoline imports to the USA.
Strong demand for jet fuel in Asia, and in China especially,
could also see more cargoes moving in this direction during
2Q04.
38 | April 2004
US AND JAPAN PRODUCT IMPORTS

1000 B/D USA
3000
GASOLINE AND DISTILLATE STOCKS
MILLION K/L JAPAN

8
ID: 1137
2500
1000
MILLION BARRELS
END OF MONTH
ID:163
USA
800
TOTAL MAIN AREAS
6
2000
600
5
1500
4
400
USA
1000
3
500
EUROPE
200
JAPAN
JAPAN
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
2001
Fearnleys
OIL EXPORTS BY AREA
3M. AVERAGES
ID: 142
2004
Fearnleys
MILLION DWT
2003
OIL IMPORTS BY AREA
10
2002
10
3M. AVERAGES
MILLION DWT
AMERICA
ATLANTIC
OTHER AREAS
CARIBBEAN
ID: 143
OTHER AREAS
4
N. EAST/N. AFR.
BLACK SEA
M.E. GULF/RED SEA

2
2
NORTH SEA
0
2001
2002
0
2003
Fearnleys
2000
2001
2002
2003
Fearnleys
PRODUCT
2000
JAPAN/FAR EAST
EUROPE
April 2004 | 39
Combined Carriers
Our Spot Indicator rose to USD 84,696 per day in January

and fell back to about USD 64,500 per day.
OBO SPOT INDICATOR

110 000 DWT, ATLANTIC COMBINATION TRADE
90000
MONTHLY AVERAGE
USD/DAY
ID: 1076
80000
The combined carrier fleet was unchanged during 1Q04.
Combined Carrier values doubled during the quarter.
70000
60000
50000
40000
Combined Carrier Values
30000
Continued strong earnings in both tanker and dry bulk

markets had a very positive influence on the Combined
Carrier values during 1Q. At the end of the quarter a vessel
of 75,000 dwt, built in 1982/83, was valued at USD 15.0
million, while a 70,000 tonner, built in 1979/80, was valued
at USD 11.0 million. Up 100% and 120%, respectively.
Combined Carrier Fleet
20000
10000
0
2001
BY YEAR OF BUILD
35
FLEET DEVELOPMENT
COMBINED CARRIERS 10 000 DWT +
START OF QUARTER
MILLION DWT
COMBINED
ID: 948
120-200'
80-120'
EST.
50-80'
200'+
0
93
94
95
96
97
98
99
00
01
02
03
04
05
06
Fearnleys
40 | April 2004
MILLION USD
END OF MONTH
ID: 1074
30
25
10
Oil shipments by combined carriers decreased dramatically

in 4Q03. Ending at 10.9 mdwt, shipments declined by about
47% from the preceeding quarter. The decrease in
shipments resulted in a decline of 22.0% from 2002 to
2003.
92
2004
75 000 DWT 82/83 OBO
15
Combined Carrier Trades
10-50'
2003
Fearnleys
20
10
2002
COMBINED CARRIER S-H PRICES
The combined carrier fleet remained unchanged during

this quarter. No deliveries and no demolition. One Suezmax
ore oiler was sold for demolition in March. The fleet
consisted of 121 units at the end of the first quarter
comprising 12.1 mdwt. There is currently none on order.
15
COMBINATION:
100 000/10% COAL, PTO.BOLIVAR-ARA
80 000 OIL, ARZEW-HOUSTON
70 000 DWT 79/80 OBO

130 000 DWT 74/75 OBO
0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
Fearnleys
EXISTING AND FUTURE COMBINED CARRIER FLEET

No.
DWT
(D W T IN '000)
Existing 1/1 2004
121
12076
Deliveries 2004
Deletions 2004
Existing 1/4 2004
121
12076
Order book Del.2004
Deletions 2004
4
360
Existing 1/1 2005
117
11716
Order book Del.2005
Deletions 2005
6
515
Existing 1/1 2006
111
11201
Order book Del.2006
Deletions 2006
9
796
Existing 1/1 2007
102
10405
COMBINED CARRIER DELETIONS
CONTRACTING AND DELIVERIES
TOTAL DELETION AND DEMOLITION SALES

4
MILLION DWT
TOTAL DELETION
DEMOLITON SALES
COMBINED CARRIERS
YEARLY
ID: 1077
2.5
2.0
YEARLY
MILLION DWT
ID: 1046
CONTRACTING
DELIVERIES
1.5
2
1.0
1
0.5
1.q.
0
83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04
1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004
Fearnleys
All size groups declined. The largest contribution to this

quarters fall came from the 120-200,000 dwt group, which
had a decline of 83%.
After the recovery in 3Q03, shipments from MEG/R.Sea
almost vanished and ended at 0.7 mdwt. West African
shipment vanished altogether although from an already
low level and North African shipments normally a major
area for combined carrier employment- decreased to a
meagre 2.9 mdwt.
Developments on the importing side naturally mirror the
changes in exports and European shipments to Europe
more than halved to 2.7 mdwt. Shipments to the US
Atlantic coast fell by almost 2 mdwt to 6.5 mdwt. This is
about half the average quarterly volumes in 2002.
The highly attractive dry bulk market has drawn the
attention of most of the available tonnage. The share of
oil being transported in these ships has gone down from
over 83% in the beginning of 2003, to 40% at the end of
2003. These numbers illustrates the attractiveness of high
rates offered for dry bulk cargoes.
The total number of ships over 50,000 dwt operating as
combined carriers decreased by 2, to 108 during the 1Q04.
Of the 110 vessels, 30 were transporting oil, 64 dry bulk
while 14 was involved in other commodities.
OIL EXPORTS BY AREA

COMBINED CARRIERS 50 000 DWT+
5
MILLION DWT
ID: 150
OTHER
AREAS
N. EAST/
N. AFR.
NORTH SEA
1
W. AFRICA
M.E. GULF/
RED SEA
2000
2001
2002
2003
Fearnleys
OIL IMPORTS BY AREA
COMBINED CARRIERS 50 000 DWT +

6
MILLION DWT
3M. AVERAGES
ID: 151
AMERICA
ATLANTIC
5
4
EUROPE
3
2
OTHER AREAS
1
JAPAN/FE
0
2000
3M. AVERAGES
COMBINED
The main reason for this decline is found in the

exceptionally strong dry bulk market and the share of
combined carriers employed in oil transportation declined
from 67% in 3Q03 to less than 40% in 4Q03.
Fearnleys
2001
2002
2003
Fearnleys
April 2004 | 41
APPENDIX NOTES
Crude Oil
All tables referring to production, prices, consumption, stocks, etc. are based on information provided by OECD (IEA),
U.S. Department of Energy (EIA), and Energy Intelligence Group (EIG).
Oil Products
All tables referring to production, prices, consumption, stocks etc. are based on information provided by OECD (IEA),
U.S. Department of Energy (EIA), and Energy Intelligence Group (EIG).
Oil Balance
This table intends to give a broad survey of general developments in oil production, trade and stock situation in main
market areas in order to sort out relevant patterns of balance and imbalance. Trade figures show total imports and
exports for each area and also include pipeline and overland transports.
Crude oil here includes NGL, feedstocks, etc. Oil products comprise all types, including LPG, petcoke and minor
products. Stocks reported are governmental and commercial, but do not include end user stocks or oil stocks of Middle
East owned oil in foreign countries.
Oil Shipments by Size and Type

Trade information for tankers is based on tracking of all individual tankers and combined carriers above 50,000 dwt.
Oil Shipments by Combined Carriers

Oil shipments by combined carriers are based on tracking of the movements of all combined carriers above 50,000 dwt
with assessment of loading and discharge. Combined carriers still represent a significant and highly volatile tonnage
supply element.
North Sea Oil Shipments

Oil shipments within the North Sea area are excluded from Fearnleys figures on international seaborne trade, but
included in figures for coastal trades.
Fleet Development
The information on fleet development is based on Fearnresearchs own continuously updated data base. Further
details and other size groupings can be extracted on request at reasonable prices. All tonnage figures are given in
metric tonnes. Only confirmed orders are taken into account, whilst undeclared options and order rumours are excluded.
Revised figures for new orders for previous periods are due to cancellation, conversion, adjustments, etc.
Deliveries and demolition of tankers are important indicators of the supply of trading tonnage, in combination with layup and storage tonnage. There is normally some time-lag between demolition sales and physical demolition. Furthermore,
losses, tonnage adjustments and reclassification are factors influencing net fleet development.
Combined Carrier Fleet
APPENDIX
The combined carrier fleet development is illustrated separately as this represents a volatile supply element in the
tanker trade. The combined carrier fleet consists of two main vessel types, ore/oil carriers and bulk/oil carriers (the
latter also called ore/bulk/oil carriers). Conversions to plain dry bulk carriers and even re-conversions back to combined
carriers again, have occured.
42 | April 2004
Fleet Operations
The table aims at illustrating long and short term development for oil tankers in lay-up and storage. Lay-up represents
obvious fleet overcapacity, whilst storage also represents a demand element when analysing the tanker market.
The table on combined carrier employment illustrates switching between oil and dry bulk employment, depending on
cargo on board and port of destination when in ballast. Other includes lay-up, storage, repairs and waiting or idle for
more than four weeks. The latest figures are preliminary and may be slightly changed in next edition. The table on
tonnage in coastal trades shows tonnage tied up in national and short sea trades, which represents demand in addition
to tonnage utilized in international seaborne trade. The table on load factors shows tendencies in cargo utilization; it is
based on reported tanker fixtures and shows the averages of reported cargo lots divided by the vessels dwt. The total
is a weighted average.
Freight Rates
The tables show timecharter equivalents of spot fixtures for representative tanker sizes on representative trade routes
and on the basis of shuttle trading without cargo combinations to reduce ballast ratio. Freight rates usually tend to
follow the same pattern in the various trades. However, more or less important differences between trades and areas
occur for shorter periods.
The timecharter equivalents illustrate the market for selected vessels built mid-1980s, early 1980s, mid-1970s and
1990s, respectively. T/C calculations are based on calculated optimal speeds within certain limits, always bunkering in
discharge area and no ballast shortening through combination trades. VLCC voyages MEG-West are calculated on a
Cape/Cape basis.
The economic results of Worldscale rates are influenced by bunker price fluctuations and adjustments of base rates.
Daily surplus for capital servicing will depend on daily operating costs which can vary significantly between owners
and vessels. Modern fuel-efficient vessels will get higher T/C results, but will also have to service a higher capital.
Vessel Prices
April 2004 | 43
APPENDIX
The price development tables for representative tanker sizes are based on Fearnsales continuous estimates for
newbuilding, second-hand and demolition prices. Individual prices may vary considerably from vessel to vessel, depending
on specifications and condition.
SEABORNE CRUDE OIL TRADE

Figures in million tonnes
To:
N/W
Europe
Mediterranean
North
America
South
America
Japan
Other
Asia
Others
Total
2002
59.2
4.0
8.7
11.2
6.3
5.1
62.0
35.8
33.3
54.2
28.6
12.9
8.7
66.0
117.8
8.5
10.9
67.4
183.2
6.6
66.8
20.1
9.8
1.0
3.2
6.9
18.7
1.0
11.8
172.1
11.6
0.7
15.5
3.5
294.0
1.4
2.8
43.0
6.0
24.0
5.4
19.8
32.4
0.6
1.0
2.7
0.5
16.0
0.1
5.4
721.1
48.8
80.8
171.4
228.3
62.1
87.1
188.6
Total 2002
156.5
239.5
481.3
52.4
203.4
396.4
58.7
1588.2
Exporting areas
1995
1996
1997
1998
1999
2000
2001
2002
Middle East
Near East
North Africa
West Africa
Caribbean
South East Asia
North Sea
Others
713.2
19.3
104.0
144.9
187.7
77.0
n.a
168.5
741.8
17.7
99.0
159.4
209.0
75.9
n.a
163.5
782.7
19.9
93.1
166.7
228.8
68.1
65.5
93.7
770.9
53.5
96.6
168.2
228.7
63.1
59.4
94.1
747.5
57.8
90.1
166.4
228.1
67.2
78.8
114.3
789.5
52.6
88.3
177.3
228.3
61.9
81.3
128.3
783.1
56.5
86.3
170.5
223.5
61.0
81.0
130.5
721.1
48.8
80.8
171.4
228.3
62.1
87.1
188.6
1414.6
1466.3
1518.5
1534.5
1550.2
1607.5
1592.4
1588.2
Importing areas
1995
1996
1997
1998
1999
2000
2001
2002
N/W Europe
Mediterranean
North America
South America
Japan
Other Asia
Others
179.9
221.8
380.1
68.9
224.2
n.a
339.7
157.1
229.1
402.1
70.4
220.8
n.a
386.8
151.5
239.0
427.7
67.0
226.8
347.6
58.9
160.5
251.3
442.5
66.5
212.2
340.1
61.4
156.7
236.2
456.4
66.0
208.7
361.3
64.9
145.9
241.7
481.5
62.8
210.2
404.2
61.2
142.9
246.7
477.1
58.8
208.1
395.0
63.8
156.5
239.5
481.3
52.4
203.4
396.4
58.7
1414.6
1466.3
1518.5
1534.5
1550.2
1607.5
1592.4
1588.2
From:
Middle East
Near East
North Africa
West Africa
Caribbean
South East Asia
North Sea
Others
Total
Total
SEABORNE CRUDE OIL TRADE, TONNE-MILES

Figures in billion t onne-miles
Figures in billion tonne-miles
Exporting areas
2000
2001
2002
Importing areas
2000
2001
2002
Middle East
Near East
North Africa
West Africa
Caribbean
South East Asia
North Sea
Others
Total
5484
101
152
1108
560
210
310
255
8180
5479
154
156
1020
530
200
312
223
8074
4991
126
164
1106
539
197
360
366
7848
N/W Europe
Mediterranean
North America
South America
Japan
Other Asia
Others
716
589
2601
274
1334
2493
173
706
611
2631
231
1332
2382
181
654
554
2512
232
1340
2389
166
Total
8180
8074
7848
APPENDIX
Notes: On the export side, Red Sea is in this table included under M.E. and N. Africa. In the subsequent tables based on vessel
movements, Red Sea is shown as a separate export area, and Black Sea exports are also shown separately. Trades between North Sea
countries and some other local trades are excluded.
Middle East exports exclude pipeline exports to Near East, which are counted as seaborne exports from Near East to final
destinations. Middle East exports through the SUMED pipeline, however, are included under Middle East origin.
44 | April 2004
OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 50,000 DWT +

Figures in million dwt . excl. coast al t rades
3Q2003
NW
Eur.
Mediterranean
Americas East Coast

North Central South
N.America
West Coast
Japan
Other
F.East
S.E.
Asia
South
Asia
S.E.
Africa
R.Sea
Africa
Others
Total
MEG
Near East
Red Sea
N. Africa
W. Africa
Caribbean
S.E. Asia
North Sea
Black Sea
China
Others
8.5
0.3
15.1
4.9
4.0
0.5
1.6
1.6
16.5
1.8
3.1
0.4
36.1
6.8
2.4
0.6
1.8
27.6
2.4
26.1
0.2
0.2
7.8
26.0
74.5
1.1
18.5
1.5
13.3
1.5
2.4
9.7
1.5
1.9
2.2
0.1
1.1
2.2
0.3
0.1
0.3
0.5
0.5
5.6
0.2
0.5
1.8
6.5
47.8
0.1
0.7
0.2
0.2
3.8
0.1
1.0
1.0
54.1
6.1
4.8
1.4
9.8
0.9
5.3
31.6
0.1
2.3
0.6
2.1
1.0
3.2
1.2
0.8
0.5
5.2
27.1
1.7
0.6
2.9
0.6
2.2
0.0
0.1
4.8
0.6
1.3
0.1
0.1
0.1
0.2
16.5
4.9
-
2.4
1.2
1.1
1.1
6.2
0.7
0.1
0.1
3.4
229.9
3.5
18.5
61.6
54.5
95.6
29.4
25.7
32.1
2.4
56.4
Total
53.0
83.0
169.2
17.0
7.2
14.6
54.8
82.3
48.6
35.2
7.2
21.4
16.4
609.7
4Q2003
NW
Eur.
Mediterranean
Americas East Coast

North Central South
N.America
West Coast
Japan
Other
F.East
S.E.
Asia
South
Asia
S.E.
Africa
R.Sea
Africa
Others
Total
MEG
Near East
Red Sea
N. Africa
W. Africa
Caribbean
S.E. Asia
North Sea
Black Sea
China
Others
9.0
0.2
0.1
11.0
3.8
2.8
1.7
1.6
16.1
3.6
3.6
0.2
38.0
7.6
1.7
0.3
1.6
24.3
2.8
26.9
0.1
7.4
22.0
67.4
0.3
14.1
0.2
13.4
0.3
2.1
8.5
1.1
1.6
1.3
1.2
1.6
0.1
0.3
0.2
4.8
0.2
0.6
1.2
5.2
52.4
1.4
1.5
0.1
5.1
0.2
1.0
1.8
58.6
0.1
4.8
0.4
9.9
0.4
8.1
1.3
0.2
1.1
4.9
31.3
0.2
2.6
0.8
1.9
0.7
2.8
0.1
0.8
0.5
5.1
27.3
2.5
0.2
5.3
0.6
2.0
0.0
0.1
0.2
5.0
0.2
0.8
0.3
0.1
0.1
13.1
4.9
-
2.2
1.4
0.8
1.0
6.0
1.6
3.7
235.7
4.2
18.0
59.1
57.2
84.2
25.9
21.7
27.5
2.5
54.8
Total
46.3
83.8
151.7
13.6
4.6
11.9
63.4
89.9
46.6
38.1
6.4
18.0
16.6
590.9
Figures in m illio n dwt . ex cl. co a st al t ra des
P e rio d
T o ta l
1998
1999
2000
2001
2002
2003
2 0 2 6 .1
2 0 7 6 .8
2 1 7 7 .4
2 2 5 3 .1
2 2 0 5 .7
2 3 5 0 .2
1 9 2 2 .6
1 9 7 8 .9
2 0 7 7 .5
2 1 4 5 .7
2 1 0 6 .4
2 2 7 2 .8
IM P O RT S
M EG /
R . Sea
N . E./
N . Afr.
Ca rib .
W .Afr
N . Sea
O thers
E uro p e*
1 0 3 .5
9 7 .9
9 9 .9
1 0 7 .4
9 9 .2
7 7 .4
8 5 7 .0
8 5 1 .8
9 2 8 .3
9 5 2 .5
8 6 8 .2
9 8 9 .0
2 8 6 .4
2 7 8 .7
2 7 4 .6
2 7 1 .9
2 6 2 .2
2 6 0 .5
3 1 0 .2
3 1 2 .8
3 2 2 .3
3 4 8 .0
3 6 2 .2
3 4 1 .7
1 8 5 .7
1 9 0 .2
2 0 2 .3
2 1 0 .8
1 8 8 .3
2 1 6 .3
9 0 .0
1 0 7 .9
1 0 8 .9
1 0 2 .8
1 1 4 .7
9 8 .3
2 9 6 .7
3 3 5 .3
3 4 0 .9
3 6 7 .1
4 1 0 .0
4 4 4 .4
5 0 0 .7
4 8 4 .0
4 9 1 .4
5 1 6 .7
5 2 0 .0
5 2 8 .3
6 3 0 .2
6 4 5 .0
6 7 5 .3
7 1 0 .2
6 8 0 .3
7 1 6 .0
4 7 0 .0
5 0 5 .7
5 3 7 .4
5 2 0 .0
5 2 0 .9
5 7 2 .5
4 2 5 .2
4 4 2 .0
4 7 3 .4
5 0 6 .3
4 8 4 .6
5 3 3 .4
T a n k Co m b .
Am . J a p a n/
Atl. F. Ea st
O the rs
2002
1
2
3
4
5 3 5 .1
5 4 2 .5
5 5 4 .5
5 7 3 .6
5 0 7 .8
5 1 7 .9
5 3 1 .9
5 4 8 .8
2 7 .2
2 4 .6
2 2 .6
2 4 .8
2 1 9 .9
2 0 6 .0
2 1 2 .5
2 2 9 .8
6 1 .5
6 3 .6
6 7 .9
6 9 .3
8 7 .9
9 0 .4
9 4 .9
8 9 .0
4 6 .7
4 5 .8
4 5 .4
5 0 .3
2 6 .2
3 1 .6
2 6 .1
3 0 .8
9 2 .8
1 0 5 .1
1 0 7 .7
1 0 4 .4
1 2 9 .8
1 2 5 .6
1 3 3 .8
1 3 0 .7
1 5 9 .9
1 7 5 .6
1 6 7 .6
1 7 7 .1
1 2 9 .0
1 2 0 .7
1 2 7 .0
1 4 4 .1
1 1 6 .3
1 2 0 .6
1 2 6 .0
1 2 1 .7
2003
1
2
3
4
5 5 5 .2
5 9 4 .4
6 0 9 .7
5 9 0 .9
5 3 0 .7
5 7 2 .8
5 8 9 .3
5 8 0 .0
2 4 .6
2 1 .5
2 0 .4
1 0 .9
2 4 0 .0
2 4 6 .8
2 4 8 .4
2 5 3 .8
6 5 .8
6 6 .2
6 5 .2
6 3 .3
7 2 .8
8 9 .0
9 5 .6
8 4 .2
5 1 .7
5 2 .9
5 4 .5
5 7 .2
2 2 .2
2 8 .7
2 5 .7
2 1 .7
1 0 2 .7
1 1 0 .8
1 2 0 .2
1 1 0 .6
1 2 7 .3
1 3 1 .5
1 3 7 .5
1 3 2 .0
1 7 0 .6
1 8 2 .2
1 9 3 .3
1 6 9 .9
1 4 0 .3
1 4 1 .8
1 3 7 .1
1 5 3 .3
1 1 7 .0
1 3 8 .9
1 4 1 .8
1 3 5 .7
1 8 2 .8
1 7 6 .2
1 9 6 .3
1 9 3 .0
2 0 8 .9
1 9 2 .4
2 0 1 .8
2 0 7 .0
2 0 0 .9
1 9 9 .1
1 9 2 .4
1 9 9 .4
1 7 4 .6
1 6 8 .7
1 8 7 .4
1 8 5 .2
2 0 2 .0
1 8 5 .6
1 9 3 .9
1 9 9 .4
1 9 6 .0
1 9 4 .7
1 8 8 .9
1 9 6 .4
8 .1
7 .5
8 .9
7 .8
6 .9
6 .8
7 .9
7 .7
4 .8
4 .4
3 .5
3 .0
8 0 .2
7 7 .5
8 2 .3
8 0 .9
8 6 .8
7 9 .1
8 2 .5
8 2 .9
8 3 .0
8 5 .4
8 3 .6
8 4 .8
2 1 .5
2 0 .1
2 4 .1
2 0 .9
2 2 .3
2 3 .1
2 2 .3
2 1 .9
2 1 .0
2 1 .7
2 1 .0
2 0 .6
1 9 .8
2 3 .9
2 9 .2
3 0 .5
2 9 .8
2 8 .8
3 1 .9
3 2 .4
3 1 .3
2 9 .7
2 5 .7
2 8 .9
1 7 .9
1 6 .3
1 7 .5
1 6 .7
1 9 .0
1 7 .2
1 7 .2
2 0 .1
1 7 .2
1 8 .4
2 0 .1
1 8 .7
8 .1
7 .1
7 .0
8 .7
1 1 .5
8 .4
8 .2
8 .7
8 .9
6 .6
6 .1
9 .0
3 5 .4
3 1 .3
3 6 .1
3 5 .3
3 9 .5
3 5 .9
3 9 .7
4 1 .1
3 9 .5
3 7 .3
3 6 .0
3 7 .4
4 1 .2
3 7 .8
4 8 .3
4 2 .0
4 6 .3
4 3 .1
4 5 .1
4 7 .2
4 5 .2
4 3 .6
4 2 .4
4 6 .1
5 2 .3
5 6 .5
6 1 .8
5 8 .8
6 2 .7
6 0 .7
6 4 .4
6 6 .3
6 2 .7
5 7 .7
5 5 .9
5 6 .4
5 0 .4
4 3 .9
4 6 .0
4 5 .2
5 1 .2
4 5 .4
4 7 .1
4 3 .9
4 6 .1
5 0 .8
4 9 .7
5 2 .8
3 8 .8
3 8 .1
4 0 .2
4 7 .0
4 8 .7
4 3 .2
4 5 .2
4 9 .7
4 6 .9
4 7 .0
4 4 .5
4 4 .1
2003
Jan
F eb
M ar
Apr
M ay
J un
J ul
A ug
S ep
O ct
Nov
D ec
Notes: This table, which is based on vessel tracking, contain double-recording of volumes first coming by vessels into the southern
end of this pipeline and subsequently leaving it in the northern end by other vessels.
*) incl. Black Sea, Total Mediterranean and Morocco. Import figures here relate to date of shipment from origin.
April 2004 | 45
APPENDIX
EX P O RT S
OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 50-80,000 DWT

Figures in m illio n dwt . excl. co ast al t rades
NW
Eur.
M editerranea n
M EG
Nea r Ea st
Red Sea
N. Africa
W . Africa
Caribb ea n
S.E. Asia
No rth Sea
Bla ck Sea
China
Others
0 .4
0 .1
1 .1
0 .3
0 .1
2 .1
0 .1
0 .2
0 .4
0 .1
0 .1
0 .1
2 .8
0 .4
0 .1
0 .2
0 .5
0 .5
8 .9
0 .1
1 .4
0 .2
3 .3
0.1
3.2
1.9
T otal
4 .1
4 .1
15 .2
5.2
NW
Eur.
M editerranea n
M EG
Nea r Ea st
Red Sea
N. Africa
W . Africa
Caribb ea n
S.E. Asia
No rth Sea
Bla ck Sea
China
Others
0 .1
0 .1
0 .7
0 .1
0 .5
0 .3
0 .1
0 .0
0 .1
0 .1
0 .1
0 .1
1 .7
0 .3
0 .1
0 .6
0 .3
9 .3
0 .1
1 .9
0 .1
3 .5
2.2
1.3
T otal
1 .4
2 .7
15 .9
3.5
3 Q2 00 3
4 Q2 00 3
Am erica s Ea st Co ast
N orth Central South
N .Am erica
W est Co a st
J ap a n
Other
F.Ea st
S.E.
Asia
So uth
Asia
S.E.
Africa
R.Sea
Africa
Others
To ta l
0.1
0.1
0 .2
0 .5
0 .1
3 .3
0 .6
0 .8
0 .5
0 .3
1 .1
0 .1
3 .4
0 .9
2 .0
0 .9
0 .1
0 .2
0 .6
2 .8
0 .1
1 .0
-
0 .1
0 .1
0 .1
0 .1
0 .1
0 .1
0 .0
-
0 .2
0 .1
1 .1
0 .2
0 .1
0 .1
1 .4
6 .1
0 .4
0 .4
2 .2
0 .8
1 4 .3
6 .1
1 .5
3 .0
1 .3
1 5 .5
0.1
4 .0
2 .1
7 .5
1 .7
3 .9
0 .5
3 .0
5 1 .6
Am erica s Ea st Co ast
N orth Central South
N .Am erica
W est Co a st
J ap a n
Other
F.Ea st
S.E.
Asia
So uth
Asia
S.E.
Africa
R.Sea
Africa
Others
To ta l
0.1
0.2
0.1
0.1
0 .2
0 .6
2 .8
0 .7
0 .0
0 .8
0 .7
0 .2
1 .2
0 .1
0 .1
0 .1
0 .1
2 .5
1 .0
1 .4
0 .7
0 .1
0 .2
0 .1
0 .2
0 .1
0 .4
3 .5
0 .0
1 .1
0 .0
0 .2
0 .1
0 .1
0 .1
0 .1
0 .0
-
1 .0
0 .1
1 .5
6 .5
0 .4
0 .4
1 .7
0 .7
1 3 .5
5 .0
2 .0
1 .9
1 .7
1 2 .1
0.5
3 .6
2 .4
6 .3
1 .9
4 .8
0 .3
2 .6
4 5 .8
Fig. in m illio n dwt . e x cl. c o a st a l t r a de s

EXP O RT S
P e rio d
T o ta l
1998
1999
2000
2001
2002
2003
Co m b .
M EG /
R. Se a
N . E./
Ca rib .
N . Afr.
N . Se a
O the rs
Euro p e*
Am .
Atl.
J a p a n/
F. Ea st
O the rs
2 1 6 .5
2 2 7 .2
2 1 8 .0
2 1 0 .1
2 1 0 .9
1 9 6 .5
1 8 4 .4
1 9 5 .4
1 8 8 .2
1 7 9 .2
1 8 3 .4
1 7 5 .1
3 2 .1
3 1 .8
2 9 .8
3 0 .9
2 7 .5
2 1 .4
2 3 .6
2 3 .1
2 1 .9
2 2 .5
2 3 .2
2 5 .3
1 7 .6
1 6 .8
1 3 .1
1 2 .0
1 2 .9
1 0 .2
6 3 .0
6 8 .3
6 3 .1
6 2 .8
6 1 .9
5 7 .1
1 1 .1
1 2 .5
1 3 .6
1 0 .9
8 .8
7 .1
1 0 1 .2
1 0 6 .5
1 0 6 .2
1 0 1 .8
1 0 4 .1
9 6 .8
3 7 .4
4 3 .4
3 6 .9
3 4 .6
3 8 .6
2 6 .8
9 6 .3
1 0 1 .7
9 3 .4
9 4 .7
8 9 .2
8 6 .3
3 5 .6
3 3 .4
3 4 .2
2 9 .7
3 1 .7
3 4 .6
4 7 .1
4 8 .7
5 3 .4
5 1 .2
5 1 .5
4 8 .8
2002
1
2
3
4
5 3 .0
5 3 .7
5 1 .4
5 2 .8
4 4 .9
4 6 .3
4 5 .8
4 6 .3
8 .1
7 .4
5 .6
6 .4
6 .8
5 .6
5 .0
5 .8
4 .2
3 .1
2 .4
3 .2
1 4 .5
1 6 .3
1 6 .1
1 4 .9
2 .5
1 .6
2 .2
2 .5
2 5 .0
2 7 .0
2 5 .7
2 6 .4
1 2 .3
9 .1
9 .2
7 .9
2 1 .2
2 4 .1
2 1 .2
2 2 .6
6 .4
8 .0
8 .6
8 .7
1 3 .1
1 2 .5
1 2 .3
1 3 .6
2003
- 1
2
3
4
4 9 .9
4 9 .1
5 1 .6
4 5 .8
4 3 .1
4 3 .4
4 5 .9
4 2 .7
6 .8
5 .8
5 .7
3 .2
6 .0
5 .8
6 .5
7 .0
3 .0
2 .5
2 .6
2 .1
1 4 .4
1 4 .9
1 4 .3
1 3 .5
1 .5
2 .1
1 .5
2 .0
2 4 .9
2 3 .8
2 6 .8
2 1 .3
7 .1
7 .2
8 .4
4 .1
2 4 .0
2 1 .9
2 0 .6
1 9 .9
7 .9
8 .3
9 .6
8 .7
1 0 .9
1 1 .7
1 3 .0
1 3 .2
1 6 .6
1 6 .5
1 6 .8
1 6 .6
1 6 .3
1 6 .2
1 7 .1
1 7 .7
1 6 .8
1 5 .8
1 5 .3
1 4 .7
1 4 .1
1 4 .4
1 4 .6
1 4 .8
1 4 .5
1 4 .1
1 4 .9
1 5 .6
1 5 .3
1 4 .7
1 4 .5
1 3 .5
2 .5
2 .1
2 .2
1 .8
1 .8
2 .1
2 .2
2 .1
1 .5
1 .1
0 .9
1 .2
2 .4
1 .7
2 .0
1 .7
2 .3
1 .8
1 .8
2 .2
2 .5
2 .4
2 .5
2 .1
1 .2
0 .8
1 .1
1 .0
0 .9
0 .7
0 .8
1 .0
0 .8
0 .4
0 .6
1 .0
3 .8
5 .2
5 .3
5 .5
4 .8
4 .6
4 .8
4 .9
4 .7
4 .9
4 .5
4 .2
0 .7
0 .3
0 .6
0 .8
0 .8
0 .5
0 .7
0 .5
0 .3
0 .7
0 .4
0 .8
8 .5
8 .5
7 .9
7 .6
7 .6
8 .6
9 .1
9 .1
8 .5
7 .3
7 .3
6 .6
2 .6
2 .0
2 .5
2 .4
2 .2
2 .7
2 .7
3 .2
2 .5
1 .3
1 .5
1 .3
7 .9
7 .9
8 .2
7 .4
7 .4
7 .1
7 .0
7 .0
6 .6
6 .8
6 .4
6 .7
2 .8
2 .3
2 .8
3 .1
2 .7
2 .6
3 .0
3 .2
3 .4
2 .8
3 .3
2 .6
3 .2
4 .3
3 .4
3 .8
4 .1
3 .8
4 .4
4 .3
4 .3
4 .9
4 .2
4 .1
2003
Jan
Feb
M ar
Ap r
M ay
J un
J ul
Aug
Sep
O ct
Nov
D ec
APPENDIX
T a nk
IM P O RT S
46 | April 2004

Figur es in m illion dwt . excl. co ast al t rades
3 Q2 0 03
NW
Eur.
M ed iterranea n
Am ericas Ea st Co a st
North Centra l South
N.Am erica
W est Coa st
J a pa n
O ther
F.East
S.E.
Asia
So uth
Asia
S.E.
Africa
R.Sea
Africa
O thers
To ta l
M EG
Nea r Ea st
Red Sea
N. Africa
W . Africa
Carib bea n
S.E. Asia
No rth Sea
Bla ck Sea
China
Others
1 .1
0 .2
3 .0
0 .2
2 .2
0 .2
0 .9
0 .5
12 .6
0 .3
3 .0
0 .2
21 .2
0 .3
1 .0
0 .3
0 .6
14 .4
1 .2
2 .8
0 .5
59 .8
0 .8
4 .4
0 .1
8 .2
1.8
0.4
-
0 .2
0 .1
0 .2
0 .2
0 .1
0 .1
0 .2
1 .6
1 .6
3.2
0.1
0.0
0.0
0.2
3.0
0.1
0.5
0.3
3.9
1.3
0.0
0.2
5.7
3.0
6.5
0.1
1.0
0.4
3.0
0.0
0.8
0.5
3.3
7.6
0.8
1.0
0.0
0.1
0.6
0.3
0.1
0.1
0.3
-
1.6
0.1
5.8
0.4
0.1
1.9
2 5 .5
3 .2
3 .9
2 7 .3
1 .1
6 5 .9
2 1 .6
6 .7
1 5 .9
1 .0
3 2 .6
T otal
20 .9
42 .6
76 .7
2.2
0 .9
3 .4
7.5
1 4.1
1 5.5
9.5
1.0
0.3
9.9
20 4 .6
4 Q2 0 03
NW
Eur.
M ed iterranea n
Am ericas Ea st Co a st
North Centra l South
N.Am erica
W est Coa st
J a pa n
O ther
F.East
S.E.
Asia
So uth
Asia
S.E.
Africa
R.Sea
Africa
O thers
To ta l
M EG
Nea r Ea st
Red Sea
N. Africa
W . Africa
Carib bea n
S.E. Asia
No rth Sea
Bla ck Sea
China
Others
1 .4
0 .1
0 .1
2 .7
1 .5
0 .9
0 .2
13 .1
0 .9
3 .5
0 .2
21 .3
0 .3
0 .8
0 .3
0 .5
12 .9
1 .8
3 .0
0 .4
55 .7
0 .2
4 .0
0 .1
8 .0
0.1
1.2
0.3
0.1
0 .1
0 .2
0 .1
0 .1
0 .9
0 .7
3.4
0.5
0.1
4.0
0.2
0.3
1.0
3.9
0.0
1.2
5.0
0.1
0.1
0.1
2.6
6.5
0.0
0.8
0.1
2.4
0.1
0.4
0.5
3.7
8.4
1.0
0.9
0.1
-
0.8
0.1
0.1
-
0.1
-
1.6
0.1
5.6
1.2
1.4
2 7 .2
3 .7
4 .0
2 7 .2
0 .9
5 9 .4
1 9 .2
7 .2
1 3 .7
0 .9
3 2 .5
T otal
20 .1
42 .4
71 .4
1.7
0 .4
1 .7
9.4
1 3.0
1 4.5
1 0.5
1.0
0.1
9.9
19 5 .9
F ig. in m illio n dwt . e x c l. c o a st a l t r a de s
P e rio d
T o ta l
1998
1999
2000
2001
2002
2003
T a nk
Co m b .
M EG /
R . Se a
N . E ./
Ca rib .
N . A fr.
IM P O RT S
N . Se a
O th e rs
Euro p e*
Am .
Atl.
J a p a n/
F . Ea st
O the rs
5 9 4 .2
6 3 8 .6
6 9 9 .2
7 1 9 .9
7 3 8 .9
7 7 2 .1
5 5 5 .0
6 0 1 .1
6 5 5 .2
6 7 4 .4
6 9 5 .4
7 3 6 .7
3 9 .2
3 7 .5
4 4 .0
4 5 .5
4 3 .5
3 5 .3
9 5 .9
1 0 3 .2
1 2 0 .2
1 1 3 .3
1 0 5 .0
1 1 8 .4
1 1 1 .0
1 1 6 .5
1 3 3 .1
1 3 3 .8
1 3 0 .3
1 2 8 .3
2 0 4 .8
2 0 0 .9
2 2 1 .6
2 3 6 .8
2 4 9 .3
2 3 2 .4
3 1 .6
3 9 .5
3 9 .2
3 6 .3
3 4 .8
3 0 .8
1 5 0 .9
1 7 8 .5
1 8 5 .1
1 9 9 .8
2 1 9 .5
2 6 2 .2
1 6 7 .6
1 7 7 .2
2 0 0 .3
2 2 2 .9
2 2 8 .1
2 4 8 .4
2 4 3 .5
2 4 9 .1
2 7 7 .7
2 8 1 .4
2 9 9 .3
2 9 5 .2
7 2 .4
8 5 .3
8 1 .2
7 8 .8
7 7 .7
8 5 .4
1 1 0 .6
1 2 6 .9
1 4 0 .1
1 3 6 .7
1 3 3 .9
1 4 3 .1
2002
1
2
3
4
1 7 6 .9
1 8 2 .8
1 8 8 .7
1 9 0 .5
1 6 5 .1
1 7 2 .1
1 7 7 .9
1 8 0 .3
1 1 .8
1 0 .7
1 0 .9
1 0 .2
2 7 .3
2 4 .9
2 5 .9
2 7 .0
2 9 .3
3 2 .1
3 4 .6
3 4 .3
6 3 .3
6 0 .4
6 2 .5
6 3 .0
8 .0
9 .7
7 .2
1 0 .0
4 9 .0
5 5 .8
5 8 .5
5 6 .3
5 3 .7
5 7 .9
5 9 .2
5 7 .3
7 1 .4
7 4 .6
7 6 .3
7 6 .9
1 7 .9
1 6 .6
2 0 .0
2 3 .2
3 3 .8
3 3 .6
3 3 .3
3 3 .2
2003
1
2
3
4
1 8 0 .0
1 9 1 .6
2 0 4 .6
1 9 5 .9
1 7 0 .5
1 8 2 .1
1 9 5 .0
1 8 9 .1
9 .5
9 .4
9 .6
6 .8
2 8 .6
2 9 .3
2 9 .3
3 1 .2
3 5 .0
3 2 .0
3 0 .4
3 0 .9
4 7 .2
5 9 .9
6 5 .9
5 9 .4
9 .4
7 .3
6 .7
7 .2
5 9 .7
6 3 .0
7 2 .2
6 7 .3
5 8 .7
6 1 .1
6 4 .5
6 4 .0
6 5 .6
7 6 .2
7 9 .8
7 3 .5
2 1 .0
2 0 .5
2 1 .6
2 2 .4
3 4 .7
3 3 .8
3 8 .6
3 6 .0
5 8 .0
5 6 .2
6 5 .8
6 3 .3
6 6 .4
6 1 .9
6 8 .0
6 7 .9
6 8 .7
6 6 .5
6 2 .0
6 7 .5
5 5 .1
5 3 .2
6 2 .2
6 0 .2
6 3 .2
5 8 .8
6 4 .1
6 4 .6
6 6 .2
6 3 .9
5 9 .4
6 5 .8
2 .8
3 .1
3 .6
3 .2
3 .2
3 .1
3 .9
3 .3
2 .4
2 .6
2 .5
1 .7
9 .3
8 .9
1 0 .4
1 0 .0
9 .4
9 .9
1 0 .6
8 .9
9 .8
1 0 .2
1 0 .1
1 0 .9
1 0 .9
1 1 .0
1 3 .1
1 1 .3
1 1 .1
9 .7
9 .9
1 0 .1
1 0 .4
1 0 .8
9 .6
1 0 .5
1 4 .6
1 4 .0
1 8 .7
2 0 .0
1 9 .9
2 0 .0
2 1 .4
2 2 .2
2 2 .3
2 0 .8
1 8 .3
2 0 .2
3 .7
3 .7
2 .1
2 .1
3 .0
2 .3
2 .0
2 .0
2 .7
2 .4
2 .2
2 .6
1 9 .6
1 8 .8
2 1 .4
2 0 .0
2 2 .9
2 0 .0
2 4 .0
2 4 .6
2 3 .6
2 2 .3
2 1 .7
2 3 .2
1 9 .3
1 7 .5
2 1 .9
1 9 .5
2 2 .6
1 9 .0
2 1 .5
2 1 .7
2 1 .4
2 1 .8
2 0 .0
2 2 .2
2 0 .6
2 0 .9
2 4 .1
2 4 .4
2 5 .5
2 6 .4
2 7 .2
2 6 .1
2 6 .6
2 5 .6
2 3 .4
2 4 .5
6 .4
6 .8
7 .7
6 .5
7 .4
6 .6
7 .6
7 .3
6 .7
6 .6
7 .8
8 .0
1 1 .6
1 1 .0
1 2 .1
1 3 .0
1 0 .8
9 .9
1 1 .7
1 2 .8
1 4 .1
1 2 .5
1 0 .7
1 2 .7
2003
Jan
Feb
M ar
Ap r
M ay
J un
J ul
Aug
Sep
O ct
Nov
D ec
April 2004 | 47
APPENDIX
EX P O RT S

NW
Eur.
Mediterranean
0.5
2.7
2.7
1.4
0.1
0.6
1.1
1.8
1.5
0.2
14.3
4.8
1.2
0.2
1.2
10.4
0.9
0.3
3.9
11.4
4.9
0.1
7.1
1.3
1.0
1.9
4.7
1.1
-
Total
11.0
34.6
29.9
7.7
4Q2003
NW
Eur.
Mediterranean
MEG
Near East
Red Sea
N. Africa
W. Africa
Caribbean
S.E. Asia
North Sea
Black Sea
China
Others
0.2
1.2
2.3
1.3
0.8
1.4
2.5
2.0
16.5
5.7
0.4
1.0
9.8
0.7
0.6
2.9
11.4
1.5
6.6
1.9
1.9
5.1
0.7
0.2
Total
9.6
36.1
24.9
7.8
3Q2003
MEG
Near East
Red Sea
N. Africa
W. Africa
Caribbean
S.E. Asia
North Sea
Black Sea
China
Others
Am ericas East Coast

North Central South
N.America
West Coast
Japan
Other
F.East
S.E.
Asia
South
Asia
S.E.
Africa
R.Sea
Africa
Others
Total
0.5
0.9
1.6
0.3
0.5
0.3
0.3
0.1
1.5
0.2
-
4.9
1.2
0.7
0.2
1.7
0.6
0.6
0.2
4.2
0.6
0.6
0.3
0.1
-
0.6
-
0.0
-
0.6
1.1
1.1
0.3
0.3
0.1
14.4
3.7
23.1
24.5
12.2
1.7
10.6
13.2
6.0
4.1
2.0
0.2
7.1
3.1
5.8
0.6
3.4
109.5

North Central South
N.America
West Coast
Japan
Other
F.East
S.E.
Asia
South
Asia
S.E.
Africa
R.Sea
Africa
Others
Total
0.6
0.8
0.3
-
0.3
1.7
0.6
-
4.6
0.9
0.1
0.3
0.6
0.2
0.3
4.0
0.7
0.7
0.7
0.3
-
2.5
0.4
0.1
0.7
-
0.5
-
0.4
-
0.6
1.3
0.8
0.3
0.4
0.8
14.9
3.9
22.2
25.0
8.3
1.2
9.5
11.8
8.0
1.7
2.0
0.6
6.9
6.4
3.8
0.5
0.4
4.1
104.8
F igur e s in m illio n dwt . e x c l. c o a st a l t r a de s

E XP O RT S
P e rio d
T o ta l
1998
1999
2000
2001
2002
2003
Co m b .
M EG /
R . Se a
N . E. /
W . Afr.
N . A fr.
N . Se a
O the rs
Eu ro p e*
Am .
Atl.
J ap an/
F . E a st
O th e rs
3 8 3 .0
3 9 6 .7
3 7 4 .8
3 9 7 .3
3 9 8 .9
4 2 0 .2
3 5 6 .2
3 7 6 .0
3 5 7 .3
3 7 7 .2
3 7 9 .0
4 0 5 .3
2 6 .7
2 0 .7
1 7 .5
2 0 .1
2 0 .0
1 4 .9
5 3 .8
5 5 .0
6 5 .0
6 6 .0
5 9 .1
7 3 .4
1 0 6 .2
1 0 2 .4
8 4 .9
8 2 .2
8 1 .8
8 7 .2
1 1 1 .1
1 0 6 .3
9 5 .6
1 0 9 .7
9 2 .4
9 7 .3
2 7 .8
3 4 .7
3 6 .7
3 3 .5
4 1 .6
3 7 .2
8 4 .0
9 8 .3
9 2 .6
1 0 5 .8
1 2 4 .1
1 2 5 .1
1 8 9 .9
1 8 5 .3
1 7 6 .3
1 8 8 .2
1 8 9 .2
1 8 0 .1
1 2 6 .1
1 3 1 .1
1 2 0 .1
1 2 2 .2
1 2 3 .6
1 4 6 .0
2 2 .2
2 7 .4
2 8 .1
2 4 .3
2 2 .7
2 9 .1
4 4 .8
5 2 .0
5 0 .4
6 2 .5
6 3 .4
6 5 .0
2002
1
2
3
4
9 6 .2
9 7 .4
1 0 0 .0
1 0 5 .4
9 0 .9
9 2 .6
9 5 .4
1 0 0 .0
5 .2
4 .7
4 .6
5 .4
1 4 .7
1 4 .2
1 3 .5
1 6 .7
1 7 .2
1 9 .8
2 0 .4
2 4 .4
2 6 .1
2 0 .4
2 2 .1
2 3 .7
9 .2
1 1 .4
9 .9
1 1 .1
2 8 .9
3 1 .5
3 4 .2
2 9 .5
4 7 .7
4 2 .3
4 9 .7
4 9 .5
2 7 .2
3 3 .7
3 0 .3
3 2 .5
5 .0
5 .9
5 .2
6 .7
1 6 .3
1 5 .5
1 4 .9
1 6 .7
2003
1
2
3
4
9 7 .5
1 0 8 .4
1 0 9 .5
1 0 4 .8
9 1 .9
1 0 3 .3
1 0 5 .9
1 0 4 .2
5 .6
5 .1
3 .6
0 .6
1 8 .5
1 8 .0
1 8 .1
1 8 .8
2 0 .9
2 1 .1
2 3 .1
2 2 .2
2 4 .6
2 3 .2
2 4 .5
2 5 .0
7 .3
9 .7
1 0 .6
9 .5
2 6 .2
3 6 .4
3 3 .1
2 9 .3
4 3 .6
4 4 .6
4 5 .8
4 6 .1
3 1 .5
3 8 .5
4 1 .7
3 4 .3
7 .2
7 .1
7 .3
7 .5
1 5 .2
1 8 .3
1 4 .6
1 6 .9
3 2 .1
3 1 .4
3 3 .9
3 7 .2
3 7 .2
3 4 .0
3 5 .6
3 8 .0
3 5 .9
3 6 .6
3 2 .2
3 6 .0
3 0 .2
2 9 .7
3 2 .0
3 4 .6
3 5 .9
3 2 .8
3 4 .3
3 6 .3
3 5 .3
3 6 .2
3 2 .1
3 5 .9
1 .9
1 .8
1 .9
2 .6
1 .3
1 .3
1 .3
1 .7
0 .6
0 .4
0 .1
0 .1
6 .8
5 .6
6 .2
6 .2
5 .5
6 .3
5 .2
6 .8
6 .1
6 .7
5 .2
6 .9
7 .0
7 .2
6 .7
7 .2
6 .4
7 .6
8 .5
7 .2
7 .4
7 .8
7 .7
6 .7
8 .5
8 .6
7 .4
8 .0
8 .6
6 .6
7 .7
9 .4
7 .4
9 .0
8 .9
7 .1
2 .2
1 .6
3 .5
3 .7
3 .5
2 .5
3 .4
3 .6
3 .7
2 .5
2 .3
4 .6
7 .6
8 .4
1 0 .2
1 2 .1
1 3 .2
1 1 .1
1 0 .8
1 1 .0
1 1 .3
1 0 .6
8 .1
1 0 .6
1 3 .8
1 4 .0
1 5 .8
1 5 .9
1 5 .2
1 3 .4
1 4 .9
1 5 .9
1 5 .0
1 5 .7
1 4 .2
1 6 .2
1 0 .2
1 0 .2
1 1 .1
1 2 .1
1 3 .4
1 2 .9
1 3 .8
1 4 .2
1 3 .7
1 2 .9
1 0 .4
1 0 .9
2 .2
2 .5
2 .5
2 .5
2 .9
1 .7
1 .5
2 .8
3 .0
2 .5
2 .1
2 .9
6 .0
4 .7
4 .5
6 .6
5 .7
6 .0
5 .3
5 .0
4 .3
5 .4
5 .5
5 .9
2003
Jan
F eb
Mar
Ap r
May
J un
J ul
A ug
S ep
O ct
Nov
D ec
APPENDIX
Ta nk
IM P O RT S
48 | April 2004
OIL SHIPMENTS BY TANK AND COMBINED CARRIERS 200,000 DWT +

NW
Eur.
M editerranean
6.6
8.3
2.0
-
0.0
0.1
1.6
-
25.7
0.2
0.6
13.6
0.9
5.7
0.7
1.5
0.3
-
Total
17.0
1.7
47.3
1.8
4Q2003
NW
Eur.
M editerranean
7.4
6.3
1.5
-
0.4
0.3
1.5
0.4
-
26.3
0.9
9.9
0.9
1.6
-
0.3
0.2
0.2
-
15.2
2.6
39.6
0.6
3Q2003
M EG
Near East
Red Sea
N. Africa
W . Africa
Caribbean
S.E. Asia
North Sea
Black Sea
China
Others
M EG
Near East
Red Sea
N. Africa
W . Africa
Caribbean
S.E. Asia
North Sea
Black Sea
China
Others
Total

North Central South
N.Am erica
West Coast
Japan
Other
F.East
S.E.
Asia
South
Asia
S.E.
Africa
R.Sea
Africa
Others
Total
1.5
0.6
-
5.1
-
44.1
0.6
0.3
44.2
3.5
4.7
1.2
-
22.5
0.7
2.1
0.6
1.2
1.2
12.5
0.3
2.6
0.6
-
4.1
0.3
0.6
-
16.2
4.9
-
0.0
-
184.0
10.5
9.1
28.0
3.3
6.9
2.3
2.1
5.1
45.0
53.6
28.3
16.0
5.0
21.1
244.0

North Central South
N.Am erica
West Coast
Japan
Other
F.East
S.E.
Asia
South
Asia
S.E.
Africa
R.Sea
Africa
Others
Total
1.2
0.3
0.6
-
4.7
-
48.4
0.3
1.5
0.3
0.6
49.0
2.7
0.3
9.5
0.3
1.2
0.6
20.1
0.9
1.2
0.6
0.3
0.9
12.9
1.0
4.5
0.6
-
4.0
0.3
0.3
-
12.5
4.9
-
0.0
-
187.1
9.7
8.1
30.6
3.1
0.6
3.0
2.1
2.1
4.7
51.0
63.6
23.8
19.0
4.6
17.4
244.3
Fig. in m illio n dwt . e x c l. c o a st a l t r a de s
P e rio d
T o ta l
1998
1999
2000
2001
2002
2003
T ank
Com b .
M EG /
R. Se a
N . E ./
W . A fr
N . Afr.
IM P O RT S
N . Se a
O the rs
E u ro pe*
Am .
Atl.
Ja p an/
F . E a st
O th e rs
8 3 2 .3
8 1 3 .4
8 8 5 .4
9 2 5 .8
8 5 7 .0
9 6 1 .4
8 2 6 .9
8 0 5 .6
8 7 6 .9
9 1 4 .9
8 4 8 .8
9 5 5 .6
5 .4
7 .9
8 .5
1 0 .9
8 .2
5 .8
6 8 3 .7
6 7 0 .0
7 2 1 .2
7 5 0 .6
6 8 0 .9
7 7 1 .9
5 1 .6
4 2 .0
4 3 .5
4 3 .9
3 7 .2
3 4 .7
6 8 .0
7 5 .1
9 6 .6
9 2 .8
8 8 .1
1 1 1 .8
1 9 .4
2 1 .1
1 9 .4
2 2 .1
2 9 .5
2 3 .2
9 .6
5 .2
4 .7
1 6 .4
2 1 .3
1 9 .8
1 0 5 .8
7 8 .2
7 7 .9
7 1 .0
6 4 .1
7 3 .0
1 6 4 .3
1 6 2 .1
1 8 4 .1
2 1 1 .7
1 6 8 .3
1 8 8 .5
3 3 9 .7
3 5 9 .5
3 9 4 .0
3 8 8 .1
3 8 8 .8
4 2 3 .4
2 2 2 .6
2 1 3 .7
2 2 9 .5
2 5 5 .0
2 3 5 .9
2 7 6 .5
2002
1
2
3
4
2 0 9 .1
2 0 8 .8
2 1 4 .3
2 2 4 .9
2 0 7 .0
2 0 6 .9
2 1 2 .8
2 2 2 .2
2 .1
1 .8
1 .5
2 .7
1 7 1 .2
1 6 1 .2
1 6 8 .2
1 8 0 .3
1 0 .8
8 .6
1 0 .5
7 .4
1 8 .4
2 3 .3
2 1 .7
2 4 .6
6 .6
8 .9
6 .8
7 .3
2 .1
6 .8
7 .2
5 .3
1 6 .1
1 6 .3
1 5 .7
1 6 .1
4 0 .2
4 3 .2
3 9 .9
4 5 .0
9 9 .7
9 0 .3
9 3 .2
1 0 5 .6
5 3 .1
5 9 .0
6 5 .5
5 8 .3
2003
1
2
3
4
2 2 7 .9
2 4 5 .2
2 4 4 .0
2 4 4 .3
2 2 5 .1
2 4 4 .0
2 4 2 .5
2 4 4 .0
2 .7
1 .2
1 .5
0 .3
1 8 6 .9
1 9 3 .7
1 9 4 .5
1 9 6 .8
6 .9
1 0 .6
9 .1
8 .1
2 4 .7
2 8 .5
2 8 .0
3 0 .6
4 .0
9 .4
6 .9
3 .0
5 .5
3 .0
5 .6
5 .8
1 7 .8
1 8 .7
1 8 .7
1 7 .8
4 9 .5
4 5 .5
5 1 .2
4 2 .3
1 0 4 .3
1 0 5 .8
9 8 .6
1 1 4 .7
5 6 .3
7 5 .2
7 5 .5
6 9 .6
7 6 .1
7 2 .0
7 9 .7
7 5 .9
8 9 .0
8 0 .3
8 1 .1
8 3 .5
7 9 .4
8 0 .2
8 2 .9
8 1 .2
7 5 .2
7 1 .4
7 8 .5
7 5 .7
8 8 .4
8 0 .0
8 0 .5
8 2 .9
7 9 .1
7 9 .9
8 2 .9
8 1 .2
0 .9
0 .6
1 .2
0 .3
0 .6
0 .3
0 .6
0 .6
0 .3
0 .3
-
6 1 .8
6 1 .3
6 3 .7
6 3 .0
6 9 .6
6 1 .1
6 4 .9
6 5 .0
6 4 .6
6 6 .1
6 5 .8
6 4 .9
2 .4
1 .2
3 .3
1 .5
4 .0
5 .1
3 .0
3 .7
2 .4
2 .7
3 .0
2 .4
8 .6
6 .7
9 .3
8 .3
9 .8
1 0 .3
8 .6
1 0 .4
9 .1
9 .0
1 0 .5
1 1 .1
1 .5
1 .5
0 .9
2 .1
4 .2
3 .0
2 .1
2 .6
2 .1
0 .9
1 .2
0 .9
1 .8
1 .3
2 .4
0 .9
1 .4
0 .7
2 .4
1 .9
1 .2
1 .5
2 .4
1 .9
5 .5
4 .2
8 .1
4 .2
6 .4
8 .0
6 .0
6 .4
6 .3
4 .8
6 .6
6 .4
1 3 .6
1 7 .4
1 8 .5
1 5 .0
1 6 .3
1 4 .3
1 6 .4
1 9 .0
1 5 .8
1 2 .4
1 5 .6
1 4 .2
3 9 .0
3 2 .3
3 3 .0
3 3 .1
3 8 .2
3 4 .5
3 4 .9
3 0 .5
3 3 .1
3 8 .9
3 6 .5
3 9 .2
1 8 .0
1 8 .2
2 0 .1
2 3 .6
2 8 .1
2 3 .5
2 3 .8
2 7 .6
2 4 .2
2 4 .1
2 4 .1
2 1 .4
2003
Jan
F eb
Mar
Ap r
May
J un
J ul
Aug
S ep
O ct
Nov
D ec
April 2004 | 49
APPENDIX
EX P O R T S
OIL SHIPMENTS BY COMBINED CARRIERS 50,000 DWT +

Fig. in m illio n dwt . ex c l. co a st al t ra des
BY SIZ E
EXP O RT S
T o ta l
50+
5080
80120
120200
200+
P e rio d
1998
1999
2000
2001
2002
2003
1 0 3 .5
9 7 .9
9 9 .9
1 0 7 .4
9 9 .2
7 7 .4
3 2 .1
3 1 .8
2 9 .8
3 0 .9
2 7 .5
2 1 .4
3 9 .2
3 7 .6
4 4 .0
4 5 .5
4 3 .5
3 5 .3
2 6 .7
2 0 .7
1 7 .5
2 0 .1
2 0 .0
1 4 .9
5 .4
7 .9
8 .5
1 0 .9
8 .2
5 .8
1 4 .2
1 2 .8
1 2 .5
1 3 .9
1 6 .2
1 3 .8
3 4 .7
2 8 .8
2 9 .3
2 7 .1
2 2 .7
1 8 .4
1 1 .6
1 5 .6
1 5 .9
1 2 .4
9 .2
6 .2
IM P O RT S
M EG / N . E./ N . Sea W . Afr.

R. Sea N . Afr.
O the rs
Euro pe*
Am . J a p a n/
Atl. F. Ea st
O the rs
9 .9
1 1 .2
8 .9
1 3 .5
7 .4
3 .8
3 3 .1
2 9 .5
3 3 .2
4 0 .5
4 3 .8
3 5 .3
3 5 .6
3 2 .5
3 1 .1
3 4 .2
2 7 .8
2 0 .5
5 8 .1
5 2 .4
5 3 .9
5 4 .4
4 9 .1
3 6 .7
4 .5
4 .7
4 .2
3 .4
6 .8
5 .8
5 .3
8 .2
1 0 .6
1 5 .4
1 5 .5
1 4 .5
2002
- 1
2
3
4
2 7 .2
2 4 .6
2 2 .6
2 4 .8
8 .1
7 .4
5 .6
6 .4
1 1 .8
1 0 .7
1 0 .9
1 0 .2
5 .2
4 .7
4 .6
5 .4
2 .1
1 .8
1 .5
2 .7
4 .4
3 .3
3 .7
4 .7
5 .6
6 .0
5 .4
5 .7
1 .8
2 .4
2 .3
2 .6
2 .0
2 .6
1 .1
1 .7
1 3 .5
1 0 .2
1 0 .0
1 0 .0
9 .2
6 .4
6 .9
5 .4
1 2 .5
1 2 .4
1 1 .3
1 2 .8
1 .8
1 .2
1 .5
2 .3
3 .8
4 .6
2 .8
4 .4
2003
- 1
2
3
4
2 4 .6
2 1 .5
2 0 .4
1 0 .9
6 .8
5 .8
5 .7
3 .2
9 .5
9 .4
9 .6
6 .8
5 .6
5 .1
3 .6
0 .6
2 .7
1 .2
1 .5
0 .3
6 .1
2 .5
4 .5
0 .7
5 .7
5 .0
4 .7
2 .9
1 .1
2 .1
1 .5
1 .5
1 .0
2 .0
0 .8
-
1 0 .6
9 .9
8 .9
5 .9
6 .3
5 .6
5 .9
2 .7
1 1 .3
1 0 .5
8 .4
6 .5
1 .7
2 .3
1 .3
0 .5
5 .3
3 .2
4 .8
1 .2
8 .1
7 .5
8 .9
7 .8
6 .9
6 .8
7 .9
7 .7
4 .8
4 .4
3 .5
3 .0
2 .5
2 .1
2 .2
1 .8
1 .8
2 .1
2 .2
2 .1
1 .5
1 .1
0 .9
1 .2
2 .8
3 .1
3 .6
3 .2
3 .2
3 .1
3 .9
3 .3
2 .4
2 .6
2 .5
1 .7
1 .9
1 .8
1 .9
2 .6
1 .3
1 .3
1 .3
1 .7
0 .6
0 .4
0 .1
0 .1
0 .9
0 .6
1 .2
0 .3
0 .6
0 .3
0 .6
0 .6
0 .3
0 .3
-
2 .3
1 .5
2 .3
0 .8
0 .8
0 .9
1 .6
1 .7
1 .2
0 .6
0 .1
-
2 .3
1 .7
1 .8
2 .0
1 .4
1 .6
1 .5
2 .1
1 .2
1 .1
1 .0
0 .8
0 .2
0 .5
0 .5
0 .5
1 .1
0 .5
0 .5
0 .5
0 .5
0 .5
0 .4
0 .5
0 .1
0 .6
0 .4
0 .7
0 .7
0 .6
0 .3
0 .3
0 .1
-
3 .4
3 .3
3 .9
3 .8
2 .9
3 .3
4 .0
3 .0
1 .9
2 .1
2 .0
1 .7
2 .2
1 .9
2 .2
1 .7
2 .1
1 .8
2 .5
2 .0
1 .4
0 .8
1 .0
0 .8
3 .2
4 .0
4 .1
4 .0
2 .9
3 .5
2 .9
3 .4
2 .2
2 .5
1 .9
2 .1
1 .0
0 .2
0 .5
0 .7
0 .5
1 .1
0 .4
0 .6
0 .4
0 .2
0 .2
0 .1
1 .8
1 .4
2 .1
1 .4
1 .4
0 .4
2 .1
1 .7
0 .9
0 .9
0 .3
-
2003
Jan
Fe b
Mar
Ap r
May
J un
J ul
Aug
Se p
Oct
Nov
Dec
Note: *) incl. Black Sea, Total Mediterranean and Morocco. Import figures here relate to date of shipment from origin.
COMBINED CARRIER EMPLOYMENT

Figures in million dwt
Start of
quarter
2002
2003
2004
50-80 000 dwt

Oil
Dry Other
80-120 000 dwt

Oil
Dry Other
120-200 000 dwt

Oil
Dry Other
200 000 dw t +
Oil
Dry Other
2
3
4
2.3
2.5
2.0
0.7
0.6
1.0
0.5
0.4
0.5
2.2
2.7
2.7
0.5
0.6
0.6
0.8
0.3
0.3
2.2
1.8
1.9
0.1
0.3
0.4
1.4
1.8
1.4
1.2
0.9
0.9
0.3
0.3
0.3
0.3
0.3
8.0
7.9
7.5
1.3
1.7
2.2
3.0
2.9
2.5
1
2
3
4
2.6
2.2
2.3
1.2
0.5
0.7
0.6
1.6
0.2
0.4
0.4
0.6
2.9
3.0
2.6
2.6
0.5
0.3
0.6
0.6
0.1
0.2
2.7
2.1
1.9
0.6
0.1
0.3
0.6
2.2
0.5
0.9
1.0
0.8
1.2
1.2
0.9
0.3
0.3
0.3
0.6
1.2
9.4
8.5
7.7
4.7
1.5
1.6
2.4
5.5
0.7
1.3
1.4
1.5
1.1
1.7
0.4
1.2
2.0
0.1
0.2
2.2
0.9
1.5
2.6
7.4
1.5
Oil
TOTA L
Dry Other
Figures in number of vessels

50-80 000 dwt
Oil
Dry Other
APPENDIX
Start of
quarter
80-120 000 dwt

Oil
Dry Other
120-200 000 dwt

Oil
Dry Other
200 000 dw t +
Oil
Dry Other
Oil
TOTA L
Dry Other
2002
2
3
4
33
35
28
9
8
14
9
7
8
23
28
28
6
6
6
8
3
3
14
11
12
1
2
3
10
13
10
4
3
3
1
1
1
1
1
74
77
71
16
17
24
28
24
22
2003
1
2
3
4
38
32
32
17
7
10
9
22
2
5
5
8
30
31
26
26
5
3
7
6
1
2
17
13
12
4
1
2
4
14
4
7
7
6
4
4
3
1
1
1
2
4
89
80
73
48
14
16
22
46
6
12
13
16
2004
16
24
12
21
14
30
64
14
50 | April 2004
OIL AND COMBINED CARRIERS EMPLOYED IN COASTAL TRADES

Size groups in '000 dwt

OIL TANKERS
Quarter
50-80
80-120 120-200
COMBINED CARRIERS
200 +
50 +
50-80
80-120 120-200
200 +
50 +
2001 - 1
2
3
4
3.5
3.2
3.3
2.9
9.0
9.1
8.9
8.4
6.4
6.3
6.4
6.3
0.4
0.5
0.8
0.9
19.3
19.2
19.4
18.4
0.1
0.1
0.2
0.1
0.1
0.0
0.1
0.0
1.1
1.0
1.1
1.2
1.3
1.1
1.4
1.3
2002 - 1
2
3
4
3.0
3.2
3.1
3.0
8.0
6.2
7.4
7.8
6.1
5.9
6.3
6.3
0.8
0.6
0.4
0.4
17.8
15.9
17.3
17.5
0.1
0.1
0.1
0.1
1.1
0.9
1.0
0.9
1.2
0.9
1.1
0.9
2003 - 1
2
3
4
2.9
3.1
2.9
2.9
7.8
8.1
7.6
7.8
6.4
6.0
5.6
5.9
0.4
0.3
0.5
0.2
17.5
17.6
16.7
16.8
0.6
0.7
0.7
0.6
0.6
0.7
0.7
0.6
Note: Tonnage employed in cabotage and short sea international trades not included in our survey on seaborne trade.
NORTH SEA OIL SHIPMENTS

To outside North Sea area
Period
5080
80120
120200
200+
Total
5080
80120
120200
200+
Total
Europe*
Am.
Atl.
Oth.
1998
1999
2000
2001
2002
2003
6.9
7.5
7.6
5.2
6.2
5.1
127.9
129.1
120.2
119.7
124.5
124.8
121.3
129.3
147.6
137.1
127.9
116.5
0.9
0.3
0.3
0.6
-
257.0
266.2
275.7
262.7
258.6
246.4
11.1
12.5
13.6
11.0
8.8
7.1
31.6
39.5
39.2
36.3
34.8
30.8
27.9
34.7
36.7
33.5
41.6
37.2
19.4
21.4
19.4
22.1
29.5
23.2
90.1
108.2
108.9
102.8
114.7
98.3
27.2
27.3
20.8
19.3
20.5
17.2
56.4
70.8
80.5
76.3
83.4
74.3
6.5
10.1
7.6
7.3
10.9
6.8
2002
1
2
3
4
1.6
1.5
1.5
1.6
33.2
28.4
29.7
33.2
32.4
33.1
29.8
32.6
67.2
63.0
61.0
67.4
2.5
1.6
2.2
2.5
8.0
9.7
7.2
10.0
9.2
11.4
9.9
11.1
6.6
8.9
6.8
7.3
26.2
31.6
26.1
30.8
5.5
5.0
3.8
6.1
16.6
23.0
21.3
22.6
4.2
3.6
1.0
2.1
2003
1
2
3
4
1.6
1.5
1.0
1.0
33.2
31.1
27.9
32.6
29.3
29.4
27.8
30.0
64.1
62.0
56.7
63.6
1.5
2.1
1.5
2.0
9.4
7.3
6.7
7.2
7.3
9.7
10.6
9.5
4.0
9.4
6.9
3.0
22.2
28.7
25.7
21.7
4.4
3.8
4.0
4.9
17.2
21.6
20.3
15.3
0.6
3.2
1.4
1.6
0.4
0.5
0.7
0.4
0.6
0.4
0.2
0.5
0.3
0.2
0.3
0.4
9.5
11.8
11.9
10.8
10.5
9.9
9.4
9.5
9.0
11.0
10.8
10.8
8.8
10.0
10.5
10.8
10.0
8.6
9.4
8.7
9.7
9.5
10.2
10.2
18.7
22.3
23.1
22.0
21.1
18.9
19.1
18.7
18.9
20.8
21.4
21.4
0.7
0.3
0.6
0.8
0.8
0.5
0.7
0.5
0.3
0.7
0.4
0.8
3.7
3.7
2.1
2.1
3.0
2.3
2.0
2.0
2.7
2.4
2.2
2.6
2.2
1.6
3.5
3.7
3.5
2.5
3.4
3.6
3.7
2.5
2.3
4.6
1.5
1.5
0.9
2.1
4.2
3.0
2.1
2.6
2.1
0.9
1.2
0.9
8.1
7.1
7.0
8.7
11.5
8.4
8.2
8.7
8.9
6.6
6.1
9.0
1.9
1.0
1.5
1.2
1.4
1.2
1.4
1.6
1.1
1.4
1.0
2.5
5.9
6.1
5.2
7.1
8.5
6.0
6.1
7.0
7.1
4.5
4.9
5.9
0.3
0.3
0.5
1.6
1.2
0.7
0.7
0.6
0.3
0.6
2003
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Based on Fearnleys tracking of all individual ships.
April 2004 | 51
APPENDIX
Within North Sea area
OIL SHIPMENTS BY DOUBLE HULL VESSELS

OIL SHIPMENTS BY VESSELS 50 - 80 000 DWT
PERCENTAGE OF DWT WITH DOUBLE HULL
EXPORT AREAS
MEG/
R. Sea
Period
1998
1999
2000
2001
2002
2003
N. E./ Carib.
N. Afr.
N. Sea
IMPORT AREAS
Others
Europe*
Am.
Atl.
Japan/ Others
F. East
15
24
22
19
25
27
25
21
32
29
32
65
26
23
26
26
31
30
39
46
42
39
48
74
17
19
28
36
39
49
27
25
33
34
31
52
25
24
28
29
33
38
23
28
39
49
46
45
10
15
18
22
32
41
2002
- 1
2
3
4
27
22
21
29
37
33
35
22
26
34
31
32
37
41
65
50
38
37
42
38
31
30
38
24
30
36
34
34
53
50
43
40
30
24
36
37
2003
- 1
2
3
4
23
21
37
28
34
66
88
73
32
32
29
30
48
69
84
94
46
47
51
53
42
51
60
57
34
37
39
43
45
43
45
45
40
38
45
42

EXPORT AREAS
MEG/
R. Sea
Period
APPENDIX
1998
1999
2000
2001
2002
2003
N. E./ Carib.
N. Afr.
N. Sea
IMPORT AREAS
Others
Europe*
Am.
Atl.
Japan/ Others
F. East
23
35
39
38
43
49
17
18
35
58
58
77
55
63
77
77
78
84
40
47
67
70
88
95
29
36
38
43
47
62
28
31
48
61
57
74
56
65
77
78
79
86
40
50
50
50
54
56
17
26
28
27
31
39
2002
- 1
2
3
4
43
44
41
46
52
60
58
63
76
80
81
75
85
84
90
92
42
48
49
47
51
59
57
60
78
80
81
78
54
50
58
54
31
34
29
30
2003
- 1
2
3
4
44
49
51
51
69
79
78
83
80
83
83
87
94
96
96
92
57
59
64
67
69
72
76
80
84
85
85
89
56
55
58
56
31
38
43
44
52 | April 2004
OIL SHIPMENTS BY DOUBLE HULL VESSELS

EXPORT AREAS
MEG/
R. Sea
Period
1998
1999
2000
2001
2002
2003
N. E./ W.Afr.
N. Afr.
N. Sea
IMPORT AREAS
Others
Europe*
Am.
Atl.
Japan/ Others
F. East
41
39
37
36
39
47
17
21
37
52
65
77
30
43
60
64
68
69
55
70
71
78
84
91
43
43
49
54
77
85
36
46
56
67
69
79
52
60
72
69
82
83
25
15
16
23
31
41
34
39
40
38
50
54
2002
- 1
2
3
4
38
39
37
43
58
68
70
62
61
67
73
71
80
83
80
92
77
78
81
74
65
71
75
66
79
81
81
86
39
29
22
36
45
51
53
52
2003
- 1
2
3
4
45
44
46
53
74
75
83
77
71
67
68
69
88
89
96
92
83
82
86
90
75
76
83
81
82
80
83
86
44
43
38
39
50
57
55
56
OIL SHIPMENTS BY VESSELS OVER 200 000 DWT

MEG/
R. Sea
Period
1998
1999
2000
2001
2002
2003
N. E./ W.Afr.
N. Afr.
N. Sea
IMPORT AREAS
Others
Europe*
Am.
Atl.
Japan/ Others
F. East
17
25
32
40
48
54
29
26
55
55
61
80
21
24
44
51
59
75
50
62
74
79
90
93
11
9
21
40
61
69
28
32
56
66
65
83
23
29
34
40
61
70
18
26
35
41
48
52
14
19
31
41
47
56
2002
- 1
2
3
4
46
46
50
50
67
55
61
62
49
65
56
64
77
93
100
88
42
59
71
72
69
57
66
68
49
60
67
66
47
49
47
49
43
46
53
47
2003
- 1
2
3
4
53
52
56
56
66
83
84
89
68
76
77
81
77
93
100
100
77
31
90
79
77
85
91
82
59
73
75
71
51
48
50
58
56
52
60
55
April 2004 | 53
APPENDIX
EXPORT AREAS
RUSSIAN CRUDE OIL SHIPMENTS

Source: PIW
Figures in '000 b/d

Sea bo rne
Average
Black Sea
1996
1997
1998
1999
2000
2001
2002
2003
Pipeline
in % of
total export
Baltic
Total
908
900
921
817
909
913
944
969
285
374
406
345
333
395
486
617
1193
1274
1327
1161
1242
1308
1429
1585
58
60
57
54
54
54
58
60
in '000 b/d
in % of
total export
Total
%
%
%
%
%
%
%
%
861
863
1005
1003
1064
1098
1037
1070
42 %
40 %
43 %
46 %
46 %
46 %
42 %
40 %
2053
2137
2333
2164
2306
2405
2466
2656
2002
2
3
4
966
1000
883
485
501
431
1450
1501
1314
60 %
59 %
55 %
983
1056
1056
40 %
41 %
45 %
2434
2557
2370
2003
1
2
3
4
930
1031
1031
882
511
593
604
759
1441
1624
1635
1641
57
61
61
60
%
%
%
%
1094
1046
1035
1106
43 %
39 %
39 %
40 %
2536
2670
2670
2747
2004
954
1016
1970
64 %
1109
36 %
3080
2003
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
881
818
1091
971
1024
1099
1024
1064
1005
933
736
976
448
570
516
608
587
584
587
565
661
576
855
846
1329
1388
1607
1579
1611
1683
1611
1629
1666
1509
1591
1822
54
57
59
60
62
61
62
61
61
58
59
62
%
%
%
%
%
%
%
%
%
%
%
%
1121
1044
1118
1050
1004
1084
1004
1049
1051
1103
1114
1101
46 %
43 %
41 %
40 %
38 %
39 %
38 %
39 %
39 %
42 %
41 %
38 %
2450
2432
2725
2629
2615
2767
2615
2678
2717
2612
2705
2923
2004
Jan
Feb
Mar
717
984
1162
975
988
1085
1692
1972
2247
61 %
63 %
68 %
1089
1158
1081
39 %
37 %
32 %
2781
3130
3328
LOAD FACTOR. OIL TANKERS

Figures show cargo as % of dwt for reported spot fixtures
APPENDIX
Quarter
50-80
80-120
120-200
200-320
320+
T otal
50+
2002
1
2
3
4
83.2
83.4
83.3
84.0
80.3
80.6
81.2
81.1
85.5
87.0
86.2
86.0
90.6
90.5
90.4
90.8
82.5
91.4
76.1
89.4
86.4
87.2
86.4
87.2
2003
1
2
3
4
83.8
82.3
80.9
82.2
81.2
81.2
81.2
80.1
86.6
86.7
87.1
86.9
91.6
91.4
91.9
90.6
82.6
85.8
88.9
86.3
87.4
87.3
87.6
86.7
2004
80.5
80.8
86.3
91.7
83.1
84.0
54 | April 2004
OIL DEMAND
Period
1995
1996
1997
1998
1999
2000
2001
2002
2003
World
OECD
Non-OECD
USA
OECD Eur
Japan
69.93
72.00
73.90
74.10
75.07
75.89
76.48
76.75
78.48
40.12
41.06
46.60
46.80
47.54
47.63
47.57
47.41
48.17
29.81
30.95
27.30
27.20
27.52
28.26
28.91
29.34
30.31
17.74
18.24
18.60
18.85
19.48
19.65
19.59
19.67
19.90
13.94
14.24
14.24
14.93
15.14
15.01
14.96
14.99
15.18
5.68
5.76
5.71
5.51
5.57
5.49
5.45
5.34
5.34
2002
78.24
48.70
29.54
19.80
15.40
5.90
2003
1
2
3
4
77.99
76.56
78.57
80.79
48.61
47.00
47.76
49.31
29.38
29.56
30.82
31.48
19.86
19.86
19.92
19.97
15.12
14.88
15.12
15.59
5.77
5.00
4.85
5.75
2003
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
77.65
76.64
75.65
77.41
77.45
78.71
79.56
80.14
80.70
81.53
48.89
47.23
46.56
47.21
47.15
47.72
48.40
48.64
49.14
50.15
28.76
29.40
29.09
30.20
30.30
30.98
31.16
31.50
31.55
31.38
19.88
19.90
19.28
20.40
19.92
20.67
19.18
19.90
19.95
20.07
14.73
14.92
14.77
14.95
15.27
14.64
15.46
15.75
15.66
15.36
6.09
5.13
4.91
4.95
4.81
4.85
4.90
5.18
5.69
6.37
2004
Jan
Feb
80.59
81.40
49.16
50.30
31.43
31.10
20.22
20.48
15.14
15.64
5.85
5.90
Period
OPEC
FSU
China
S. Korea
India
Brazil
Mexico
2002
6.19
4.35
4.93
2.31
2.06
1.96
1.91
2003
1
2
3
4
6.14
6.31
6.52
6.61
4.50
4.19
4.39
4.55
4.99
5.22
5.63
5.57
2.30
2.03
1.97
2.38
2.06
1.95
1.96
2.05
1.86
1.84
1.89
1.99
1.94
2.07
2.00
2.01
6.05
6.20
6.31
6.42
6.52
6.52
6.52
6.54
6.62
6.66
4.30
3.91
3.86
4.81
4.26
4.37
4.55
4.52
4.66
4.46
4.97
5.32
4.95
5.40
5.36
5.88
5.64
5.59
5.51
5.62
2.20
2.00
2.02
2.08
1.95
1.98
1.99
2.26
2.35
2.52
2.14
1.86
1.97
2.04
2.02
1.91
1.94
1.95
2.04
2.17
1.75
1.85
1.84
1.84
1.90
1.89
1.89
2.06
2.02
1.90
1.99
2.14
2.02
2.05
2.11
1.97
1.91
1.95
1.88
2.21
6.68
4.29
4.03
5.70
5.62
2.40
2.38
2.14
2.19
1.63
1.83
2.01
2.15
2003
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2004
Jan
Feb
Notes: Latest estimates for world demand for second latest month reported may differ from sum of latest reported detailed
country estimates for same month. Due to revisions latest reported quarterly estimates may not correspond directly with
monthly figures.
April 2004 | 55
APPENDIX
Figures in million b/d
OIL PRODUCTION
Avera ge
1996
1997
1998
1999
2000
2001
2002
2003
Figures in m illio n b/d
M .Ea st
O P EC*
O ther
O P EC*
T o ta l
O P EC*
U SA
Russia
N o rth
Sea
China
M exico
O thers
N o nO P EC
T otal
17 .25
18 .43
19 .17
18 .51
19 .74
18 .95
17 .49
18 .93
8 .6 6
9 .1 5
8 .7 1
8 .2 3
8 .3 9
8 .3 6
7 .9 9
8 .0 3
2 5 .9 1
2 7 .5 8
2 7 .8 7
2 6 .7 3
2 8 .1 3
2 7 .3 1
2 5 .4 8
2 6 .9 6
6 .4 7
6 .4 1
6 .2 4
5 .8 8
5 .7 1
5 .7 0
5 .7 0
5 .7 0
5 .9 1
5 .9 8
5 .9 5
5 .9 8
6 .2 4
6 .7 5
7 .4 0
8 .2 0
5 .8 2
5 .8 3
5 .8 1
5 .9 4
6 .0 2
5 .8 7
5 .7 1
5 .4 6
3 .1 8
3 .2 7
3 .2 0
3 .2 1
3 .2 4
3 .3 0
3 .3 9
3 .4 1
2.8 6
3.0 2
3.0 8
2.9 1
3.0 1
3.1 3
3.1 8
3.3 8
14 .42
14 .98
15 .14
15 .32
15 .56
15 .53
16 .29
16 .42
3 8 .6 5
3 9 .4 9
3 9 .4 1
3 9 .2 3
3 9 .7 8
4 0 .2 8
4 1 .6 7
4 2 .5 7
64 .56
67 .07
67 .29
65 .96
67 .92
67 .58
67 .14
69 .53
2003
- 1
2
3
4
19 .76
18 .41
18 .51
19 .05
7 .0 3
8 .1 0
8 .4 3
8 .5 7
2 6 .7 9
2 6 .5 1
2 6 .9 3
2 7 .6 2
5 .7 5
5 .7 5
5 .6 2
5 .6 7
7 .8 5
8 .0 6
8 .4 0
8 .5 1
5 .7 3
5 .2 4
5 .1 8
5 .6 9
3 .4 0
3 .4 4
3 .3 8
3 .4 3
3.3 2
3.3 3
3.4 1
3.4 3
16 .15
16 .08
16 .54
16 .90
4 2 .2 1
4 1 .9 0
4 2 .5 3
4 3 .6 3
69 .00
68 .41
69 .47
71 .26
2004
- 1
19 .37
8 .9 1
2 8 .2 8
5 .6 7
8 .5 3
5 .6 7
3 .4 6
3.4 1
17 .05
4 3 .7 9
72 .07
2003
Ap r
M ay
J un
J ul
Aug
Sep
O ct
Nov
D ec
18 .88
18 .60
17 .75
18 .17
18 .61
18 .74
19 .01
19 .08
19 .06
7 .8 0
8 .2 3
8 .2 7
8 .4 1
8 .3 9
8 .4 8
8 .5 4
8 .5 9
8 .5 8
2 6 .6 7
2 6 .8 3
2 6 .0 2
2 6 .5 8
2 7 .0 1
2 7 .2 2
2 7 .5 5
2 7 .6 7
2 7 .6 4
5 .7 6
5 .7 4
5 .7 5
5 .6 0
5 .6 4
5 .6 3
5 .6 7
5 .7 3
5 .6 2
7 .9 5
8 .0 5
8 .1 8
8 .3 2
8 .3 9
8 .4 9
8 .5 2
8 .5 0
8 .5 1
5 .4 7
5 .2 6
5 .0 0
5 .2 6
5 .0 7
5 .2 0
5 .5 5
5 .8 4
5 .6 9
3 .4 5
3 .4 3
3 .4 5
3 .3 8
3 .3 9
3 .3 7
3 .4 5
3 .4 2
3 .4 2
3.2 8
3.3 2
3.4 0
3.4 0
3.4 3
3.4 2
3.4 0
3.4 4
3.4 6
15 .97
16 .12
16 .15
16 .53
16 .47
16 .62
16 .63
16 .83
17 .23
4 1 .8 7
4 1 .9 1
4 1 .9 3
4 2 .4 9
4 2 .3 9
4 2 .7 3
4 3 .2 1
4 3 .7 5
4 3 .9 4
68 .54
68 .74
67 .95
69 .07
69 .39
69 .94
70 .76
71 .42
71 .58
2004
Jan
Feb
M ar
19 .39
18 .92
19 .79
8 .8 9
8 .9 3
8 .9 2
2 8 .2 8
2 7 .8 5
2 8 .7 1
5 .6 5
5 .6 8
5 .6 7
8 .5 0
8 .5 4
8 .5 5
5 .6 5
5 .7 1
5 .6 5
3 .4 2
3 .4 7
3 .4 8
3.4 2
3.3 6
3.4 7
16 .92
17 .00
17 .24
4 3 .5 7
4 3 .7 6
4 4 .0 5
71 .85
71 .61
72 .76
M ID D L E EAST O P EC *
Avera ge
APPENDIX
1996
1997
1998
1999
2000
2001
2002
2003
O T H ER O P EC *
Saud i
Arab ia
Ira n
Ira q
Kuwa it
U AE
Q atar
Ven.
N ig.
L ib.
Alg.
Indo .
T o ta l
8 .2 4
8 .6 4
8 .3 9
7 .8 3
8 .4 3
8 .0 6
7 .5 8
8 .7 2
3 .6 5
3 .6 3
3 .6 0
3 .5 2
3 .6 6
3 .6 4
3 .4 2
3 .7 4
0.63
1.21
2.16
2.50
2.55
2.40
1.99
1.33
2 .0 6
2 .0 8
2 .0 9
1 .9 0
2 .1 2
2 .0 1
1 .8 9
2 .1 4
2 .2 0
2 .2 5
2 .2 7
2 .0 9
2 .2 9
2 .1 7
1 .9 8
2 .2 5
0.48
0.62
0.66
0.66
0.70
0.67
0.64
0.76
3.0 1
3.2 8
3.1 3
2.7 9
2.8 9
2.8 3
2.6 0
2.2 7
2 .0 7
2 .2 2
2 .0 5
2 .0 3
2 .0 4
2 .1 6
1 .9 8
2 .1 6
1 .40
1 .45
1 .38
1 .32
1 .38
1 .36
1 .32
1 .44
0.8 1
0.8 5
0.8 2
0.7 7
0.8 0
0.8 2
0.8 6
1.1 4
1 .3 7
1 .3 6
1 .3 4
1 .3 2
1 .2 9
1 .2 0
1 .1 3
1 .0 2
2 5 .9 1
2 7 .5 8
2 7 .8 7
2 6 .7 3
2 8 .1 5
2 7 .3 2
2 5 .3 9
2 6 .9 6
2003
1
2
3
4
8 .9 0
9 .0 3
8 .5 8
8 .3 7
3 .6 8
3 .7 2
3 .7 5
3 .8 0
2.14
0.33
1.00
1.85
2 .0 9
2 .2 6
2 .1 0
2 .1 0
2 .2 1
2 .3 2
2 .3 0
2 .1 7
0.74
0.76
0.78
0.76
1.4 6
2.5 1
2.5 1
2.6 0
2 .0 6
2 .0 3
2 .2 7
2 .3 0
1 .40
1 .43
1 .44
1 .48
1.0 5
1.1 1
1.1 8
1.2 1
1 .0 6
1 .0 2
1 .0 2
0 .9 9
2 6 .7 9
2 6 .5 1
2 6 .9 3
2 7 .6 2
2004
8 .3 7
3 .7 8
2.16
2 .1 1
2 .1 8
0.76
2.6 2
2 .3 6
1 .49
1.2 0
0 .9 8
2 8 .0 1
2003
Ap r
M ay
J un
J ul
Aug
Sep
O ct
Nov
D ec
9 .4 7
9 .1 1
8 .5 1
8 .6 1
8 .6 1
8 .5 1
8 .5 0
8 .3 1
8 .3 1
3 .7 2
3 .7 2
3 .7 2
3 .7 5
3 .7 5
3 .7 5
3 .8 5
3 .8 0
3 .7 5
0.20
0.35
0.43
0.60
1.01
1.39
1.61
1.97
1.98
2 .3 9
2 .2 9
2 .1 0
2 .0 9
2 .1 1
2 .1 1
2 .1 3
2 .1 1
2 .0 6
2 .3 5
2 .3 8
2 .2 2
2 .3 5
2 .3 6
2 .2 0
2 .1 5
2 .1 5
2 .2 0
0.75
0.75
0.78
0.78
0.78
0.78
0.77
0.75
0.77
2.5 2
2.5 1
2.5 0
2.5 1
2.4 9
2.5 3
2.5 7
2.6 2
2.6 0
1 .7 4
2 .1 7
2 .1 8
2 .2 7
2 .2 5
2 .2 8
2 .3 0
2 .3 0
2 .3 0
1 .43
1 .43
1 .43
1 .43
1 .45
1 .45
1 .47
1 .48
1 .48
1.0 9
1.1 1
1.1 5
1.1 8
1.1 8
1.2 0
1.2 0
1.2 0
1.2 2
1 .0 3
1 .0 2
1 .0 2
1 .0 2
1 .0 3
1 .0 2
1 .0 0
0 .9 9
0 .9 9
2 6 .6 7
2 6 .8 3
2 6 .0 2
2 6 .5 8
2 7 .0 1
2 7 .2 2
2 7 .5 5
2 7 .6 7
2 7 .6 4
2004
Jan
Feb
M ar
8 .4 1
8 .3 1
8 .4 0
3 .8 0
3 .7 5
3 .8 0
2.11
1.88
2.48
2 .1 1
2 .0 8
2 .1 5
2 .2 0
2 .1 5
2 .2 0
0.77
0.76
0.76
2.6 3
2.6 3
2.6 0
2 .3 5
2 .3 7
2 .3 5
1 .48
1 .49
1 .49
1.1 8
1.2 0
1.2 3
0 .9 9
0 .9 8
0 .9 8
2 8 .0 2
2 7 .5 8
2 8 .4 4
*) Excluding condensates and NGL, excluding Gabon since Jan. 1996.
56 | April 2004
OIL STOCKS IN MAIN AREAS

Figures in millio n barrels
End of
perio d
USA
CRUDE OIL
Eur.* )
Jap an
USA
GASOLINE
Eur.*)
Ja pa n
MID-DISTILLATES
USA
Eur.* )
Jap an
Sub-to tal
20 01
1
2
3
4
3 09
3 08
3 09
3 12
38 0
31 8
32 9
32 9
136
141
128
129
194
221
206
210
102
96
94
103
27
26
26
21
1 05
1 14
1 27
1 45
19 1
18 5
18 4
19 0
41
42
58
49
148 4
145 1
146 1
148 7
20 02
1
2
3
4
3 31
3 13
2 70
2 78
31 4
32 1
30 4
29 6
130
128
121
122
213
216
207
211
109
99
90
96
26
27
23
23
1 23
1 31
1 27
1 34
20 4
21 8
22 1
20 7
42
44
52
44
149 2
149 7
141 5
141 1
20 03
1
2
3
4
2 80
2 83
2 84
2 68
31 9
30 9
31 4
32 3
136
142
134
131
200
206
192
207
101
89
85
93
24
26
25
23
99
1 12
1 31
1 37
19 0
18 9
21 6
20 6
38
48
51
43
138 7
140 4
143 2
143 1
20 02
Jul
Aug
Sep
Oct
Nov
Dec
3 03
2 95
2 70
2 87
2 88
2 78
32 6
31 1
30 4
32 8
31 1
29 4
126
127
121
122
116
122
214
204
207
192
206
211
96
94
90
89
90
93
25
23
23
23
23
23
1 33
1 31
1 27
1 20
1 24
1 34
21 4
22 8
22 1
21 7
20 8
20 4
49
52
52
53
49
44
148 6
146 5
141 5
143 1
141 5
140 3
20 03
Ja n
Feb
Ma r
Apr
Ma y
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2 73
2 70
2 80
2 89
2 84
2 83
2 81
2 80
2 84
2 94
2 80
2 68
30 3
29 1
31 9
34 2
32 5
30 9
32 8
31 8
31 4
32 6
32 5
32 3
125
126
136
126
132
142
141
133
134
125
115
131
212
203
200
206
208
206
203
193
192
191
203
207
97
97
101
100
94
89
84
83
85
86
92
93
24
24
24
25
25
26
25
26
25
26
24
23
1 12
97
99
98
1 06
1 12
1 19
1 28
1 31
1 33
1 37
1 37
19 7
17 8
19 0
18 7
19 5
18 9
19 8
19 6
21 6
20 1
20 4
20 6
43
39
38
44
49
48
53
47
51
48
51
43
138 6
132 5
138 7
141 7
141 8
140 4
143 2
140 4
143 2
143 0
143 1
143 1
20 04
Ja n
Feb
2 71
2 76
31 6
31 9
129
204
202
98
99
23
1 20
1 12
21 4
20 0
36
141 1
120 8
April 2004 | 57
APPENDIX
*) Europe includes European Union + Norway, but excludes strategic and government controlled stocks.
OIL CONSUMPTION
OIL CONSUMPTION BY PRODUCTS. MAIN AREAS
Main clean products
Quarter
Gasoline
Gas/
Diesel
Kerosene
Naphtha
Total
Heavy
fuel oil
Grand
Total
USA
2001
- 4
92.5
45.2
18.6
2.9
159.2
3.0
162.2
2002
- 1
2
3
4
89.0
95.2
96.2
94.4
44.6
44.0
44.3
47.3
18.9
19.1
19.6
20.0
2.8
3.7
3.5
3.1
155.3
162.0
163.6
164.8
7.4
6.8
6.3
7.7
162.7
168.8
169.9
172.5
2003
- 1
2
3
88.6
95.2
97.7
49.2
45.6
45.7
19.2
18.0
19.5
3.0
3.7
3.7
160.0
162.5
166.6
8.7
7.3
8.3
168.7
169.8
174.9
OECD EUR.
2001
- 4
31.3
72.2
11.5
10.2
125.2
18.1
143.3
2002
- 1
2
3
4
28.8
31.0
32.1
30.2
66.9
62.9
67.4
71.6
11.4
12.2
13.3
12.7
10.3
9.5
10.0
10.4
117.4
115.6
122.8
124.9
18.8
14.5
14.8
15.5
136.2
130.1
137.6
140.4
2003
- 1
2
3
27.5
30.6
31.4
69.6
66.3
66.9
12.4
12.6
13.7
11.0
10.0
10.2
120.5
119.5
122.2
15.4
13.3
14.6
135.9
132.8
136.8
2001
- 4
9.8
15.8
10.1
8.5
44.2
6.0
50.2
2002
- 1
2
3
4
8.9
9.3
10.5
9.7
15.4
13.4
14.1
15.5
11.7
5.6
5.8
11.1
8.8
7.9
9.1
9.4
44.8
36.2
39.5
45.7
6.0
4.8
6.0
7.5
50.8
41.0
45.5
53.2
2003
- 1
2
3
9.0
9.5
10.3
15.6
13.4
13.6
12.8
5.8
5.2
9.4
7.9
8.7
46.8
36.6
37.8
8.2
7.5
6.1
55.0
44.1
43.9
JAPAN
KOREA
2001
- 4
1.9
4.8
3.4
5.6
15.7
4.9
20.6
2002
- 1
2
3
4
1.8
1.8
2.1
1.9
4.7
4.6
4.4
5.4
3.8
1.7
1.8
3.9
6.2
5.5
6.1
6.0
16.5
13.6
14.4
17.2
5.2
4.3
3.8
4.7
21.7
17.9
18.2
21.9
2003
- 1
2
3
1.7
1.8
1.9
4.9
5.0
4.6
4.0
1.7
1.7
6.3
6.0
6.2
16.9
14.5
14.4
5.0
3.9
3.5
21.9
18.4
17.9
APPENDIX
Notes: OECD Europe now also includes Poland, Hungary and Czech Republic. The grand total does not include a variety of
products other than specified, such as LPG and petcoke.
58 | April 2004
OIL BALANCE
OIL BALANCE. MAIN AREAS
Crude oil
Quarter
Oil products
End stocks
Production
Imports
Exports
Imports
Exports
Crude
Products
Total
USA
2001
- 4
89.1
129.4
0.7
16.1
13.2
121.6
72.6
194.2
2002
- 1
2
3
4
86.7
88.7
86.6
84.8
122.8
129.7
130.5
131.8
0.9
0.8
1.0
1.2
17.3
19.6
19.1
19.5
12.0
11.5
12.8
13.8
126.0
126.4
123.3
123.0
66.7
69.8
67.3
65.3
192.7
196.2
190.6
188.3
2003
- 1
2
3
86.1
84.9
85.1
120.7
140.2
145.0
1.1
1.0
0.6
21.4
22.4
20.9
13.7
13.8
12.9
125.1
127.7
129.3
57.4
63.7
64.7
182.5
191.4
194.0
OECD EUR.
2001
- 4
83.1
162.4
68.7
64.7
53.8
67.6
105.0
172.6
2002
- 1
2
3
4
78.3
79.7
74.3
79.4
151.5
153.8
156.4
155.3
62.2
65.6
60.0
64.5
63.5
60.8
61.7
61.0
52.2
53.6
54.6
55.0
68.0
69.1
67.7
67.3
106.4
106.2
104.1
102.3
174.4
175.3
171.8
169.6
2003
- 1
2
3
78.1
72.2
71.2
156.1
153.7
160.8
56.2
56.8
55.7
59.4
63.1
62.0
55.4
59.2
55.8
73.1
70.8
70.2
99.8
100.6
103.6
172.9
171.4
173.8
2001
- 4
0.2
51.3
11.5
1.2
69.8
14.0
83.8
2002
- 1
2
3
4
0.2
0.1
0.1
0.1
53.2
45.8
48.0
54.4
12.5
10.7
11.1
14.1
1.3
0.9
1.0
0.9
70.1
70.4
68.5
68.3
13.3
13.5
14.4
13.1
83.4
83.9
82.9
81.4
2003
- 1
2
3
0.2
0.1
0.1
58.2
52.6
48.9
13.3
12.3
11.0
0.9
0.8
1.0
70.3
71.7
70.4
11.9
14.1
15.9
82.2
85.8
86.3
JAPAN
KOREA
2001
- 4
0.1
30.3
5.8
9.1
12.4
7.6
20.0
2002
- 1
2
3
4
0.1
0.1
0.1
0.1
28.8
26.5
25.4
27.3
6.8
6.7
6.1
6.9
7.8
7.4
8.6
7.2
12.6
12.7
12.8
12.2
7.5
8.9
8.0
7.1
20.1
21.6
20.8
19.3
2003
- 1
2
3
0.1
0.1
0.1
28.6
27.0
24.7
7.2
5.8
6.8
7.4
6.7
6.6
12.2
12.8
13.2
7.1
8.0
8.3
19.3
20.8
21.5
April 2004 | 59
APPENDIX
Note: OECD Europe now also includes Poland, Hungary and Czech Republic.
OIL TRADE STATISTICS

CRUDE OIL TRADE. MAIN AREAS.
OPEC
From:
To:
M.
East
Africa
Venezuela
Indo.
OECD
Eur.
N.
Amer.
Mexico
Ex.
USSR
China
Other
N/M.
East
Other
Africa Others
Total
USA
2001
- 4
35.1
11.3
18.9
0.4
8.1
19.2
20.0
0.3
0.1
7.0
9.0
129.4
2002
- 1
2
3
4
32.8
28.2
24.7
28.5
8.6
10.5
9.5
9.2
19.5
16.6
22.8
19.3
0.9
0.8
0.4
0.4
7.4
13.8
12.1
12.9
18.3
19.8
19.3
20.7
18.3
18.7
19.0
20.6
0.3
2.5
2.3
2.2
0.2
0.2
0.3
0.3
0.1
0.4
1.6
0.7
7.2
8.7
8.5
6.8
9.1
9.6
9.8
10.1
122.8
129.7
130.5
131.8
2003
- 1
2
3
32.6
33.1
26.6
11.7
14.6
15.2
11.7
22.3
22.1
0.2
0.3
0.3
8.9
10.3
10.8
19.7
19.0
21.0
18.4
19.6
21.4
1.7
2.8
4.4
0.2
0.1
0.3
0.3
0.8
0.9
6.9
8.7
11.1
8.3
8.7
10.8
120.7
140.2
145.0
OECD EUR.
2001
- 4
29.4
26.9
3.6
45.1
0.2
2.2
36.1
5.8
6.4
6.9
162.4
2002
- 1
2
3
4
23.3
25.8
29.5
31.5
21.9
19.8
21.1
21.7
3.3
2.1
2.5
1.8
42.3
40.3
39.6
42.5
0.2
0.3
0.1
2.0
2.3
2.5
2.7
39.1
42.4
44.4
40.6
5.0
6.0
6.5
5.7
8.9
6.2
4.9
5.4
5.8
8.8
5.2
3.2
151.5
153.8
156.4
155.3
2003
- 1
2
3
28.7
33.1
30.3
24.3
23.8
23.8
0.5
1.6
1.5
44.9
38.5
41.0
0.2
0.1
0.3
1.9
2.2
2.9
41.4
45.2
48.4
4.5
3.2
2.8
5.7
4.3
3.9
3.9
1.6
6.0
156.1
153.7
160.8
2001
- 4
42.8
0.4
0.2
1.8
0.2
0.1
0.7
3.3
0.2
1.6
51.3
2002
- 1
2
3
4
43.7
37.1
37.9
42.9
0.8
0.4
0.9
1.0
0.2
0.2
0.2
0.2
2.0
1.7
1.7
2.4
0.2
-
0.2
0.2
0.3
0.5
0.9
0.8
0.8
0.9
2.6
2.5
2.8
3.0
0.7
1.3
1.4
1.2
2.2
1.6
2.1
2.0
53.2
45.8
48.0
54.4
2003
- 1
2
3
45.7
44.1
41.3
2.1
0.4
0.5
0.1
0.1
0.3
2.5
2.2
1.9
0.3
0.2
0.3
0.3
0.7
0.9
1.0
0.8
3.6
3.0
1.5
1.2
0.9
0.8
1.8
1.9
1.1
58.2
53.7
49.3
JAPAN
APPENDIX
KOREA
2001
- 4
20.1
0.1
0.2
1.5
0.1
0.1
0.9
0.2
2.1
1.8
3.3
30.3
2002
- 1
2
3
4
18.1
17.3
16.3
18.0
0.1
0.1
-
1.4
1.9
1.2
1.1
0.4
0.7
-
0.1
0.3
0.6
1.0
0.7
0.4
0.2
0.4
0.3
3.6
2.1
1.8
1.7
1.0
0.8
1.1
1.7
4.0
3.2
2.8
3.6
28.8
26.5
25.4
27.3
2003
- 1
2
3
19.8
20.3
18.4
0.1
1.1
1.3
1.0
0.3
-
0.1
0.1
0.5
0.1
0.3
0.3
0.3
0.3
1.9
1.8
1.3
1.4
0.8
0.8
3.4
2.4
2.4
28.6
27.0
24.7
Notes: Crude oil here also includes NGL and refinery feedstocks. Please observe continuous revisions in figures for previous
quarters and that origin figures for the latest quarters are not comparable with previous periods for W. Europe and total OECD due
to incomplete data.
60 | April 2004
OIL TRADE STATISTICS continued

TRADE IN THREE MAJOR CLEAN PRODUCTS. MAIN AREAS
Gas/diesel oil, gasoline, napht ha

OPEC
From:
To:
M.East
Africa
Venezuela
Indo.
OECD
Eur.
E.Eur.
Ex.
USSR N.Amer.
Caribs
Other
Asia
Others
Total
USA
2001
- 4
0.1
0.3
1.7
2.4
0.2
2.7
0.7
0.4
1.2
9.8
2002
- 1
2
3
4
0.1
0.3
0.3
0.1
0.3
0.1
0.2
1.0
1.1
1.2
1.0
2.9
3.5
2.4
2.4
0.1
0.1
0.3
0.2
0.8
1.2
0.6
1.3
3.1
3.2
3.4
3.5
0.8
0.5
0.5
0.5
0.4
0.5
0.8
0.6
1.0
1.2
1.2
1.3
10.0
11.8
10.9
11.3
2003
- 1
2
3
0.3
0.5
0.4
0.1
0.2
0.4
0.2
1.1
1.0
3.6
3.9
2.6
0.1
0.3
0.1
2.5
0.9
0.9
3.6
3.7
4.0
0.7
0.6
0.6
0.4
1.1
1.1
0.9
1.4
1.3
12.4
13.7
12.4
OECD EUR.
2001
- 4
0.2
2.1
25.1
0.7
5.1
0.4
0.1
0.6
3.8
38.1
2002
- 1
2
3
4
0.2
0.1
0.2
0.2
1.6
1.7
2.2
1.7
21.9
22.3
23.4
23.1
1.3
1.2
1.1
1.0
5.9
6.6
5.4
6.0
0.8
0.7
0.3
0.2
0.1
0.1
0.1
0.1
0.8
0.2
0.4
0.7
4.0
1.8
2.2
3.8
36.5
34.7
35.3
36.9
2003
- 1
2
3
0.3
0.1
0.1
1.7
1.6
1.6
22.5
24.6
22.4
1.0
1.0
1.2
6.4
8.2
7.5
0.1
0.2
0.2
0.1
0.1
0.1
0.5
0.3
0.3
3.4
2.9
1.5
35.8
39.0
34.9
2001
- 4
2.4
0.4
0.1
0.1
0.1
2.6
0.1
5.8
2002
- 1
2
3
4
2.3
2.0
2.6
2.8
0.1
0.1
-
0.3
0.3
0.3
0.4
0.2
0.3
0.1
0.1
0.1
0.1
0.1
0.2
0.2
0.1
0.2
0.1
-
2.8
2.7
2.6
3.4
0.2
0.2
0.1
-
5.9
5.9
6.0
7.0
2003
- 1
2
3
2.9
2.1
2.7
0.3
0.3
0.4
0.1
0.2
0.1
0.2
0.2
0.2
0.1
0.2
0.1
2.3
3.2
2.1
0.1
0.1
0.1
5.9
6.3
5.8
JAPAN
KOREA
2001
- 4
1.9
0.3
0.1
1.0
0.1
3.5
2002
- 1
2
3
4
2.4
2.2
2.6
2.6
0.1
0.1
-
0.1
0.1
-
0.2
0.5
0.2
0.1
0.1
0.1
0.1
0.1
0.1
-
1.2
1.2
1.2
1.1
0.3
0.1
-
4.2
4.1
4.4
3.9
2003
- 1
2
3
3.0
2.2
3.2
0.1
0.1
0.1
0.2
0.2
0.2
0.1
0.2
0.2
1.2
1.2
1.1
0.2
0.2
0.2
4.7
4.1
5.0
April 2004 | 61
APPENDIX
Notes: Caribs incl. Mexico. Please observe continuous revisions in figures for previous quarters and that origin figures for the
latest quarters are not comparable with previous periods for W. Europe and total OECD due to incomplete data.
OIL TRADE STATISTICS continued

FUEL OIL TRADE. MAIN AREAS
OPEC
From:
To:
M.East
Africa
Venezuela
Indo.
OECD
Eur.
E.Eur.
Ex.
USSR
N.
Amer.
Caribs
Other
Asia
Others
Total
USA
2001
- 4
0.2
0.5
0.6
0.1
0.3
0.4
1.1
3.1
2002
- 1
2
3
4
0.1
0.1
0.1
0.3
0.4
0.6
0.7
0.1
0.1
-
0.4
0.5
0.2
0.3
0.1
0.2
0.3
0.3
0.6
0.6
0.7
0.4
0.7
0.6
0.8
1.3
1.2
1.6
1.8
3.1
3.8
4.1
4.3
2003
- 1
2
3
0.5
0.4
0.2
0.3
0.8
0.5
0.1
0.6
0.5
0.4
0.4
0.4
0.4
0.5
0.6
0.6
0.6
0.3
0.3
0.2
0.1
0.1
2.2
1.5
1.5
5.3
4.5
4.3
OECD EUR.
2001
- 4
0.7
5.1
0.2
3.3
0.6
0.2
0.9
11.1
2002
- 1
2
3
4
0.1
0.9
0.6
0.6
0.7
0.1
-
0.1
0.1
0.1
0.2
6.0
5.0
5.3
4.4
0.1
0.2
0.1
0.2
3.1
4.3
4.7
3.3
0.7
0.2
0.1
0.2
0.2
0.1
0.1
-
0.2
0.1
0.1
-
1.4
1.3
0.9
1.5
12.9
12.0
11.9
10.6
2003
- 1
2
3
0.4
0.8
0.8
0.1
-
0.1
0.1
0.2
5.6
5.2
5.7
0.1
0.1
0.2
2.3
2.8
2.7
0.1
0.1
0.1
0.1
0.1
0.1
0.1
1.0
1.3
2.2
9.9
10.5
12.0
2001
- 4
0.1
0.1
2002
- 1
2
3
4
0.1
0.3
0.1
0.4
0.1
0.1
0.1
0.7
2003
- 1
2
3
0.4
0.5
0.1
0.2
0.4
-
0.5
0.9
0.2
JAPAN
KOREA
2001
- 4
0.5
0.2
0.1
0.8
2002
- 1
2
3
4
0.5
0.6
0.3
0.3
0.1
0.1
0.1
-
0.2
0.7
0.3
0.4
0.7
1.4
0.7
0.8
2003
- 1
2
3
0.4
0.4
0.4
0.3
0.1
0.2
0.7
0.5
0.6
APPENDIX
Notes: Caribs incl. Mexico. Please observe continuous revisions in figures for previous quarters and that origin figures for the
latest quarters are not comparable with previous periods for W. Europe and total OECD due to incomplete data.
62 | April 2004
TOTAL TANKER FLEET DEVELOPMENT

AGE AND SIZE DISTRIBUTION. APRIL 2004
DWT
10-25
BUILT
1956-60
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
no
TOTAL
353
1
1
1
4
2
5
10
1
8
15
21
14
13
7
13
14
18
27
11
10
12
9
8
9
5
3
1
2
10
7
11
9
3
10
9
12
7
10
19
1
25-40
dwt
no
20
1
10
11
76
38
1
71
3
135
2
12
3
132
5
246
6
343 20
265 31
203 27
119 15
218
9
224 12
306 25
444 30
206 22
187 11
197 18
165 21
137 14
144 20
86 15
53 12
15
7
31 11
147 14
108 14
143
7
117 12
48
5
170 10
147 14
224 18
127 29
170 34
311 50
19 12
40-50
dwt
no
40
1
38
88
57
96
149
196
659
1030
1
888
1
509
1
300
1
391
2
845
9
927 22
731
6
360 10
577 13
621 11
491 15
691 13
508 10
379
9
206 18
372 20
479 10
470
9
218 17
384 33
170 21
307 26
467 36
647 23
1013 13
1189 31
1777 55
424 19
Figures in number of ships and '000 dwt
50-80
dwt
no
40
2
1
1
40
4
49
5
45
4
45
6
86 16
396 29
976 23
256 20
437 21
597 12
487
9
672
8
552
4
442
4
377
7
791
6
876
6
440 15
395
2
767
3
1464
3
946
1
1199
1
1647
9
1068 16
590
4
1421
9
2493 22
883 15
dwt
123
67
77
229
287
242
359
992
1787
1387
1222
1306
764
590
497
278
266
469
391
401
1021
136
200
192
70
73
626
1105
276
627
1549
1087
80-120
no
1
4
7
6
4
3
10
24
21
8
7
3
17
24
20
15
17
27
24
30
26
21
13
16
19
33
47
22
15
36
77
23
dwt
91
355
642
572
357
307
941
2130
1903
682
609
316
1509
2169
1811
1395
1597
2592
2363
2954
2520
2021
1234
1528
1939
3473
4985
2253
1567
3844
8306
2442
120-200
no
5
2
2
2
4
4
2
1
3
4
3
1
4
7
14
7
22
25
14
9
8
9
11
21
16
22
16
24
25
10
dwt
655
259
291
261
630
571
261
164
458
514
426
124
548
980
1972
1024
3253
3627
2011
1344
1128
1305
1587
3107
2365
3354
2444
3794
3934
1572
200-320
no
1
3
4
3
1
2
1
1
1
2
9
6
10
16
12
19
27
38
20
26
23
9
14
30
41
28
35
35
8
dwt
TOTAL
320+
no
dwt
273
764
1064
851
280
483
290
290
256
498
2206
1491
2569
4258
3187
5115
7391
10768
5789
7471
6704
2672
4192
8903
12114
8335
10679
10672
2317
1
3
1
2
3
1
-
5826 560 18697 456 20474 288 18696 620 61408 297 43962 425 121882
11
no
3
1
1
4
3
8
12
6
14
32
54
63
55
34
47
70
106
114
73
59
74
84
75
78
81
77
97
121
127
82
85
105
69
115
161
154
112
182
284
88
dwt
100
10
11
76
77
159
192
231
373
1792
2745
3914
2896
1852
3846
4084
6244
5164
4472
3289
4141
6363
5647
6608
9129
8081
12134
15653
17388
10263
11161
11694
7431
12521
19140
20765
14350
23029
29486
8743
4309 3010
295255
424
1132
361
645
1305
442
-
ON ORDER (SCHEDULED DELIVERIES)

10-25
no
dwt
25-40
no
2004
2005
2006
2007
2008
18
20
16
2
-
284
297
230
29
-
TOTAL
56
840 153
47
52
35
18
1
dwt
1626
1803
1209
657
37
40-50
no
65
69
44
20
-
5333 198
dwt
2979
3185
2010
957
-
50-80
no
35
72
39
27
-
dwt
2403
4946
2580
1843
-
80-120
no
33
57
48
17
2
dwt
3588
6160
5234
1834
215
9130 173 11772 157 17031
120-200
no
21
33
24
14
-
dwt
200-320
no
dwt
320+
no
TOTAL
dwt
no
dwt
3296
5194
3760
2261
-
21
28
16
16
-
6326
8508
4811
4835
-
240
331
222
114
3
20502
30092
19835
12416
252
92 14511
81
24481
910
83097
April 2004 | 63
APPENDIX
DWT
BUILT
CRUDE TANKER FLEET DEVELOPMENT

DWT
10-25
25-40
40-50
50-80
80-120
120-200
200-320
BUILT No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No.
1
20
1
40
1956-60
1961
1962
1963
1964
1965
1966
1
11
1967
3
57
1968
1
14
1
38
1969
2
31
1
28
1970
6
73
1971
1
12
2
66
1972
7
120
1
36
1
91
1973
10
152
2
68
1
67
4
355
5
655
1
1974
11
176
5
159
1
77
7
642
2
259
3
1975
11
223
8
267
2
112
6
572
2
291
4
1976
9
149
3
91
1
49
4
357
2
261
3
1977
2
42
4
159
1
45
3
191
3
307
3
504
1978
1
22
1
27
1
45
3
178 10
941
3
446
1
1979
1
15
2
64
1
43 11
660 23 2020
2
261
1980
1
20
2
65
1
41 16 1006 17 1538
1
164
2
1981
1
15
2
58
5
214 13
813
8
682
2
330
1
1982
2
60
2
87 13
803
6
522
3
383
1
1983
4
173 14
906
3
316
3
426
1
1984
1
20
3
82
5
337 13 1170
2
1985
1
11
2
125 18 1662
9
1986
2
29
2
72
3
193 13 1219
2
290
6
1987
2
157
7
663
5
727 10
1988
1
19
1
31
1
47
2
135
9
836 12 1730 16
1989
2
38
1
31
3
129
4
267 20 1947
7 1024 12
1990
3
132
2
123 18 1745 20 2958 19
1991
4
178
6
401 25 2448 24 3503 27
1992
1
16
4
145
1
45 13
875 14 1359 10 1467 38
1993
1
20
2
69
1
45
2
136 15 1446
9 1344 20
1994
1
35
3
139
3
200
9
842
5
745 26
1995
2
94
2
137
9
866
5
739 23
1996
1
18
1
36
1
46
9
953
8 1209
9
1997
6
106
1
30
1
73 28 2955 17 2600 14
1998
1
13
2
65
2
88
6
407 41 4343 12 1859 30
1999
9
614 16 1608 20 3102 41
2000
1
25
2
136 10 1058 16 2444 28
2001
3
208 31 3312 24 3794 35
2002
1
48 11
770 71 7692 23 3616 35
2003
2004
TOTAL
86
1441
55
1808
40
320+
273
764
1064
851
280
483
290
290
256
498
2206
1491
2569
4258
3187
5115
7391
10768
5789
7471
6704
2672
4192
8903
12114
8335
10679
10672
No.
1
3
1
2
3
1
2317
1771 156 10178 487 48494 257 38701 425 121882
11
45
69
19
2025
10
1572
DWT
TOTAL
DWT
424
1132
361
645
1305
442
No.
2
1
3
2
3
6
3
9
23
29
34
22
16
23
40
41
32
29
25
24
30
28
24
42
49
62
86
81
50
47
41
29
67
94
86
57
96
142
DWT
60
11
57
52
59
73
79
248
1570
2076
2952
1759
1249
3072
3063
3677
2402
2790
2076
2107
4004
3295
4115
7055
6622
10073
13922
14674
8849
9431
8540
4934
9956
15679
17439
11998
19298
23241
39
6028
4309 1517
228583
ORDERBOOK WITH SCHEDULED DELIVERIES

DWT
APPENDIX
BUILT
2004
2005
2006
10-25
25-40
40-50
50-80
80-120
120-200
200-320
No. DWT No. DWT No. DWT No. DWT No. DWT No. DWT No.
2
92
6
408 26 2847 21 3296 21
3
137 16 1122 44 4746 31 4894 28
- 12
858 33 3591 24 3760 16
2007
TOTAL
229
36
64 | April 2004
149
14
1504
2537 117 12689
12
TOTAL
320+
DWT No.
6326
8508
4811
-
DWT
No.
76
- 122
85
DWT
12969
19407
13020
1941
16
4835
44
8429
88 13891
81
24481
327
53826
PRODUCT TANKER FLEET DEVELOPMENT

DWT
10-25
25-40
40-50
50-80
80-120
120-200
200-320
1
40
1956-60
1961
1962
1963
1964
1965
1
10
1966
1967
1
20
1968
1
24
1969
3
40
2
60
1970
4
62
2
57
1971
1
30
2
123
1972
1
13
4
113
1973
5
95
4
128
1974
10
168 15
500
1975
3
42 23
763
1
40
2
118
1976
4
53 24
797
5
287
1977
5
77 11
350
1
51
1978
12
196
8
272
2
126
1979
13
209 10
327
1
43
5
332
1980
17
286 23
780
7
304 12
696
4
365
1981
26
429 27
829 17
762 10
573
1982
10
186 20
671
4
169
7
419
1
87
1983
10
187 11
360
6
264
7
401
1984
11
177 15
495 13
597
7
426
4
339
1985
8
154 21
621
9
390
7
466
6
507
1986
6
108 12
419 15
672
5
304
6
511
1987
9
144 20
691 13
552
2
121
8
732
1988
4
67 14
478
9
396
2
131
7
647
2
242
1989
1
15 11
348
6
248
3
202
6
532
1990
1
15
7
206 15
659
4
268
5
511
2
295
1991
2
31 11
372 16
698
2
193
1992
9
131 10
335
9
396
1
69 11 1070
2
297
1993
6
88 12
400
8
350
6
575
1994
11
143
6
184 14
628
4
392
1995
9
117 12
384 31 1369
1
55
6
575
3
432
1996
2
30
4
134 20
900
1
70 10
985
1997
4
64
9
277 26 1199
5
518
1998
8
134 12
401 34 1559
3
219
6
641
1999
12
224 18
647 23 1068
7
491
6
645
2000
7
127 28
988 13
590
2
139
3
301
2001
10
170 34 1189 31 1421
6
419
4
427
2002
19
311 50 1777 54 2444 11
779
5
510
2
318
2003
1
19 12
424 18
838 14 1018
4
417
2004
TOTAL 266 4365 504 16850 413 18557 129 8301 119 11481 11 1584
320+
DWT
-
No.
-
TOTAL
DWT
No.
1
1
1
5
6
3
5
9
25
29
33
17
22
29
63
80
42
34
50
51
44
52
38
27
34
31
42
32
35
62
37
44
63
66
53
85
- 141
49
- 1441
DWT
10
20
24
100
119
152
126
223
668
963
1137
477
594
911
2431
2594
1532
1212
2033
2138
2013
2240
1961
1346
1954
1294
2297
1414
1346
2932
2120
2059
2955
3075
2145
3626
6140
2716
61097

10-25
No.
DWT
25-40
No.
2004
2005
2006
2007
18
20
16
2
284
297
230
29
TOTAL
56
840 153
47
52
35
19
DWT
1626
1803
1209
694
40-50
No.
63
66
44
20
5333 193
DWT
2887
3048
2010
957
50-80
No.
DWT
80-120
No.
DWT
120-200
No.
DWT
200-320
No.
320+
DWT
No.
TOTAL
DWT
No.
DWT
29
56
27
25
1995
3824
1722
1694
7
13
15
5
741
1413
1643
545
320
164
207
137
73
7533
10384
6815
4239
8901 137
9235
40
4342
320
581
28971
April 2004 | 65
APPENDIX
DWT
BUILT
SHUTTLE TANKER FLEET DEVELOPMENT

DWT
10-25
25-40
40-50
50-80
80-120
120-200
200-320
1956-60
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1
126
1978
1
54
1
126
1979
1
110
1980
2
136
1981
1
40
1
128
1982
1
20
1
131
1983
1984
1985
2
97
1
124
1986
1
81
2
258
1987
2
253
1988
1
113
1989
1
113
1990
1
107
1991
3
313
1
124
1992
1
78
1
91
2
247
1993
1994
3
384
1995
1
87
1
135
1996
3
378
1997
4
507
1998
4
506
1999
2
252
2000
2
207
2001
1
105
2002
1
105
2003
2004
TOTAL
20
40
97
268
14
1433
29
3677
320+
DWT
No.
-
TOTAL
DWT
No.
DWT
1
2
1
2
2
2
3
3
2
1
1
1
4
4
3
2
3
4
4
2
2
1
1
-
126
180
110
136
168
151
221
339
253
113
113
107
437
417
384
222
378
507
506
252
207
105
105
-
51
5534

DWT
APPENDIX
BUILT
10-25
No.
25-40
DWT
No.
40-50
DWT
No.
50-80
DWT
No.
80-120
DWT
No.
120-200
DWT
No.
DWT
200-320
No.
320+
DWT
No.
TOTAL
DWT
No.
DWT
2004
2005
2006
2007
2
-
300
-
2
-
300
-
TOTAL
300
300
66 | April 2004
EXISTING TANKER FLEET BY HULL

NO. AND DWT. APRIL 2004
HULL
TYPE/ SIZE
CRUDE
10-25
25-50
PANAMAX
AFRAMAX
SUEZMAX
VLCC
ULCC
CRUDE Total
PRODUCT
10-25
25-50
PANAMAX
AFRAMAX
SUEZMAX
VLCC
ULCC
PRODUCT Total
SHUTTLE
DH
No.
10-25
25-50
PANAMAX
AFRAMAX
SUEZMAX
VLCC
ULCC
SHUTTLE Total
Grand Total
DS
8
24
69
293
180
252
4
DWT
136
1014
4684
30514
27495
75196
1747
830
No.
DB
DWT
No.
SS
4
9
37
11
5
-
149
581
3441
1608
1500
-
1
7
5
9
5
1
-
DWT
15
251
311
873
847
244
-
140787
66
7279
28
104
562
52
93
8
-
1663
22788
3661
9011
1142
-
5
29
12
11
-
68
1199
745
1033
-
819
38265
57
1
11
22
-
78
1097
2786
-
34
1683
No.
TOTAL
77
60
73
148
61
167
7
DWT
1290
2164
4603
13666
8751
44942
2562
2540
593
34
81
12
4
2
-
546
3172
683
447
295
-
3045
133
3960
183012
123
No.
86
95
156
487
257
425
11
DWT
1441
3578
10178
48494
38701
121882
4309
77978
1517
228583
123
246
52
11
1
-
2088
8298
3162
990
147
-
266
918
128
119
11
-
4365
35457
8251
11481
1584
-
5142
433
14685
1442
61137
3
4
-
137
510
-
1
3
3
3
-
20
190
336
382
-
1
3
4
14
29
-
20
137
268
1433
3677
-
646
10
928
51
5534
10324
168
8328
1036
93591
3010
295255
TYPE/ SIZE
CRUDE
HULL
DH
DS
DB
SS
Total
10-25
25-50
PANAMAX
AFRAMAX
SUEZMAX
VLCC
ULCC
6.0
8.6
8.1
4.6
5.5
4.5
1.7
15.5
18.2
15.4
14.4
11.4
29.0
25.7
20.9
22.9
23.7
15.0
27.9
22.9
21.8
20.6
17.2
14.1
24.2
25.9
18.8
15.3
10.2
8.9
8.1
15.1
4.8
14.6
22.5
16.9
9.4
7.0
6.0
4.2
8.3
7.9
21.4
15.8
18.9
15.9
21.2
19.6
22.2
13.8
13.0
22.4
21.5
20.9
19.4
11.0
16.4
11.2
13.4
10.1
9.2
6.4
16.7
19.3
21.3
11.6
21.0
21.0
19.2
19.9
10.5
11.0
CRUDE Total
PROD
10-25
25-50
PANAMAX
AFRAMAX
SUEZMAX
VLCC
ULCC
PROD Total
SHUT
10-25
25-50
PANAMAX
AFRAMAX
SUEZMAX
VLCC
ULCC
19.2
11.0
8.4
8.2
17.0
23.6
17.6
24.0
SHUT Total
8.3
17.5
21.5
11.6
Grand Total
5.2
20.1
17.6
9.9
15.2
April 2004 | 67
APPENDIX
AVERAGE AGE BY HULL. APRIL 2004
TANKER FLEET DEVELOPMENT continued

IN NO. OF SHIPS
Size gro up s in '0 00 dwt
1 0 -2 5
25 -40
4 0-5 0
EXIS TIN G FLEET
8 0 -1 2 0
1 2 0-2 00
2 0 0 -3 2 0
T o ta l
No.
3 20 +
Sta rt o f q ua rter
2 0 02
3
4
35 5
35 4
555
554
365
370
29 2
28 9
548
557
275
276
38 6
39 2
28
28
28 0 4
28 2 0
2 0 03
1
2
3
4
35 7
35 7
35 3
35 1
552
556
559
556
385
404
417
426
28 4
28 2
28 4
28 0
564
583
589
600
281
287
288
291
40 0
40 9
41 2
41 4
25
25
21
13
28 4 8
29 0 3
29 2 3
29 3 1
2 0 04
1
2
35 4
35 3
554
560
438
456
27 5
28 8
606
620
291
297
41 8
42 5
12
11
29 4 8
30 1 0
2 0 02
3
4
37
37
102
97
135
140
59
71
136
135
64
64
65
61
2
2
600
607
2 0 03
1
2
3
4
35
33
34
33
102
116
118
131
156
167
180
188
80
93
11 9
13 5
136
136
145
156
60
65
81
92
57
66
74
68
1
-
627
676
751
803
2 0 04
1
2
46
56
141
153
202
198
15 3
17 3
160
157
91
92
74
81
867
910
2 0 02
2
3
4
8
3
3
6
9
11
16
11
30
20
13
10
12
11
13
6
5
2
1
5
6
69
57
75
2 0 03
1
2
3
4
1
6
2
21
26
16
28
19
30
26
17
27
20
31
23
21
25
23
32
21
14
20
17
5
19
16
5
11
135
138
124
125
2 0 04
11
24
15
35
20
11
15
131
O R D ER B O O K
N EW O R DER S
D uring qua rter
D ELIV ER IES
D uring qua rter
2 0 02
2
3
4
2
3
5
8
14
6
3
6
16
5
1
1
9
12
12
6
5
6
6
9
10
1
1
40
50
57
2 0 03
1
2
3
4
3
5
3
8
12
14
15
9
19
13
9
14
7
5
7
3
25
14
21
17
9
4
6
6
11
8
11
5
1
-
87
63
72
62
2 0 04
12
19
15
23
10
88
D EM O LITIO N S A LES
D uring qua rter
2 0 02
2
3
4
3
6
3
12
15
8
1
1
3
5
7
9
1
5
2
4
3
7
2
2
4
3
2
40
37
31
2 0 03
1
2
3
4
2
10
6
6
6
14
17
12
2
-
7
4
10
8
3
8
11
13
3
5
3
3
2
9
5
1
6
5
-
23
56
59
43
2 0 04
10
32
S EC O N D -H A N D S A LES
APPENDIX
5 0 -8 0
D uring qua rter
2 0 02
2
3
4
n .a.
n .a.
n .a.
7
9
7
10
6
4
6
3
2
10
7
7
2
5
4
2
5
7
6
-
43
35
31
2 0 03
1
2
3
4
n .a.
n .a.
n .a.
n .a.
24
21
10
10
12
10
11
21
4
12
12
20
19
11
20
23
24
6
13
13
9
4
11
23
2
-
92
64
79
110
2 0 04
n .a.
11
10
21
10
14
6-
75
68 | April 2004
TANKER FLEET DEVELOPMENT continued

IN MILLION DWT
Size gro up s in '0 00 dwt
1 0 -2 5
25 -40
4 0-5 0
EXIS TIN G FLEET
5 0 -8 0
8 0 -1 2 0
1 2 0-2 00
2 0 0 -3 2 0
T o ta l
m d wt
3 20 +
2 0 02
3
4
5 .9
5 .9
18 .3
18 .3
1 6.3
1 6.5
1 8 .6
1 8 .4
52 .8
53 .8
4 0 .2
4 0 .4
10 9 .5
11 1 .4
11 .8
11 .8
2 7 3 .3
2 7 6 .4
2 0 03
1
2
3
4
5 .9
5 .9
5 .9
5 .8
18 .2
18 .4
18 .6
18 .5
1 7.2
1 8.1
1 8.7
1 9.1
1 8 .1
1 8 .0
1 8 .2
1 8 .0
54 .6
56 .8
57 .6
58 .9
4 1 .2
4 2 .2
4 2 .5
4 3 .0
11 3 .9
11 6 .7
11 7 .7
11 8 .6
10 .3
10 .3
8 .5
5 .3
2 7 9 .5
2 8 6 .5
2 8 7 .6
2 8 7 .2
2 0 04
1
2
5 .8
5 .8
18 .5
18 .7
1 9.6
2 0.5
1 7 .7
1 8 .7
59 .8
61 .4
4 3 .0
4 4 .0
11 9 .8
12 1 .9
4 .9
4 .3
2 8 9 .2
2 9 5 .3
2 0 02
3
4
0 .6
0 .6
3 .6
3 .4
6.2
6.4
4 .1
5 .0
14 .6
14 .5
1 0 .1
1 0 .1
1 9 .6
1 8 .4
0 .9
0 .9
5 9 .7
5 9 .2
2 0 03
1
2
3
4
0 .6
0 .5
0 .5
0 .5
3 .6
4 .1
4 .1
4 .6
7.2
7.7
8.3
8.6
5 .6
6 .5
8 .3
9 .4
14 .7
14 .7
15 .7
16 .9
9 .5
1 0 .2
1 2 .7
1 4 .5
1 7 .2
1 9 .9
2 2 .3
2 0 .5
0 .4
-
5 8 .7
6 3 .7
7 1 .9
7 4 .9
2 0 04
1
2
0 .7
0 .8
4 .9
5 .3
9.3
9.1
1 0 .6
1 1 .8
17 .3
17 .0
1 4 .3
1 4 .5
2 2 .3
2 4 .5
7 9 .4
8 3 .1
2 0 02
2
3
4
0 .1
0 .1
0 .0 4
0 .2
0 .3
0 .4
0.7
0.5
1.4
1 .4
0 .9
0 .7
1 .3
1 .2
1 .5
0 .9
0 .8
0 .3
0 .3
1 .5
1 .8
5 .0
5 .2
6 .2
2 0 03
1
2
3
4
0 .0 2
0 .1
0 .0 3
0 .3
0 .9
0 .5
1 .0
0 .6
1.4
1.2
0.8
1.3
1 .4
2 .1
1 .6
1 .4
2 .7
2 .5
3 .5
2 .3
2 .2
3 .1
2 .7
0 .8
5 .8
4 .8
1 .5
3 .3
1 4 .4
1 4 .3
1 1 .1
1 0 .0
2 0 04
0 .2
0 .9
0.7
2 .2
2 .2
1 .8
4 .5
1 2 .5
O R D ER B O O K
N EW O R DER S
D uring qua rter
D uring qua rter
2 0 02
2
3
4
0 .0 2
0 .1
0 .1
0 .3
0 .5
0 .2
0.1
0.3
0.7
0 .3
0 .1
0 .1
1 .0
1 .3
1 .3
1 .0
0 .8
1 .0
1 .8
2 .8
3 .0
0 .4
0 .4
5 .0
5 .7
6 .8
2 0 03
1
2
3
4
0 .1
0 .1
0 .0 5
0 .1
0 .4
0 .5
0 .5
0 .3
0.9
0.6
0.4
0.6
0 .5
0 .4
0 .5
0 .2
2 .7
1 .5
2 .3
1 .9
1 .4
0 .6
0 .9
0 .9
3 .4
2 .4
3 .4
1 .5
0 .4
-
9 .8
6 .1
8 .0
5 .6
2 0 04
0 .0 2
0 .4
0.9
1 .1
2 .4
1 .6
2 .3
8 .7
D EM O LITIO N S A LES
D uring qua rter
2 0 02
2
3
4
0 .1
0 .1
0 .1
0 .4
0 .5
0 .3
0 .0 4
0.1
0 .2
0 .3
0 .4
0 .8
0 .1
0 .5
0 .3
0 .6
0 .4
1 .8
0 .6
0 .6
1 .5
1 .4
0 .8
5 .1
3 .7
3 .0
2 0 03
1
2
3
4
0 .0 4
0 .2
0 .1
0 .1
0 .2
0 .4
0 .5
0 .4
0.1
-
0 .5
0 .2
0 .6
0 .5
0 .3
0 .7
1 .0
1 .2
0 .4
0 .8
0 .4
0 .4
0 .5
2 .4
1 .4
0 .3
2 .7
2 .1
-
1 .8
7 .4
6 .3
2 .9
2 0 04
0 .0 1
0 .3
0 .0 4
0 .3
0 .7
0 .7
0 .5
0 .4
3 .0
S EC O N D -H A N D S A LES
D uring qua rter
2 0 02
2
3
4
n .a.
n .a.
n .a.
0 .2
0 .3
0 .2
0.5
0.3
0.2
0 .4
0 .2
0 .1
1 .0
0 .7
0 .6
0 .3
0 .7
0 .6
0 .5
1 .3
2 .0
2 .1
-
4 .9
3 .5
3 .8
2 0 03
1
2
3
4
n .a.
n .a.
n .a.
n .a.
0 .8
0 .7
0 .3
0 .4
0.5
0.4
0.5
1.0
0 .3
0 .8
0 .8
1 .4
1 .8
1 .2
1 .8
2 .3
3 .5
0 .9
2 .0
2 .0
2 .4
1 .1
3 .1
6 .6
0 .6
-
9 .4
5 .1
9 .2
1 3 .6
2 0 04
n .a.
0 .4
0.4
0 .5
2 .1
1 .5
3 .9
0-
8 .7
April 2004 | 69
APPENDIX
D ELIV ER IES
COMBINED FLEET DEVELOPMENT

DWT
BUILT
1956-60
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
10-25
no
TOTAL
25-40
dwt
no
40-50
dwt
no
50-80
dwt
no
80-120
dwt
no
120-200
dwt
no
200-320
dwt
no
320+
dwt
no
TOTAL
dwt
no
dwt
1
-
15
-
1
-
28
-
1
1
1
2
1
5
-
49
43
49
87
48
240
-
1
1
1
11
6
6
5
9
1
1
3
1
-
64
55
71
834
416
438
273
661
65
65
225
75
-
1
2
2
1
1
3
8
4
2
3
3
4
-
116
165
165
98
97
286
775
352
166
330
330
439
-
1
1
1
1
1
3
2
2
1
5
3
2
-
132
123
134
134
134
420
291
316
152
846
507
242
-
1
3
1
-
291
927
306
-
1
2
3
3
2
14
9
10
5
10
5
7
3
6
8
14
5
2
3
3
4
2
-
49
147
216
305
204
1133
836
894
273
705
754
1264
419
305
1132
1508
427
166
330
330
439
242
-
15
28
11
516
46
3241
34
3320
23
3432
1524
121
12076
ON ORDER (SCHEDULED DELIVERIES)

DWT
APPENDIX
BUILT
2004
2005
2006
2007
TOTAL
10-25
no
25-40
dwt
no
40-50
dwt
no
50-80
dwt
no
80-120
dwt
no
120-200
dwt
no
200-320
dwt
no
TOTAL
320+
dwt
no
dwt
no
dwt
70 | April 2004
COMBINED FLEET DEVELOPMENT continued

No. of ships. Size groups in '000 dwt
Ex isting fleet
Start of
quarter
1080
80120
120200
200+
Order b ook
Total
mdwt
1080
80120
120200
200+
No.
No.
Total
mdwt
2002
3
4
64
64
37
37
25
24
5
5
131
130
13.0
12.8
2
2
2
2
0.2
0.2
2003
1
2
3
4
63
60
60
59
35
34
34
34
23
22
23
24
5
5
5
5
126
121
122
122
12.5
12.0
12.2
12.2
2
2
1
-
2
2
1
-
0.2
0.2
0.1
-
2004
1
2
59
59
34
34
23
23
5
5
121
121
12.1
12.1
No. of ships. Size groups in '000 dwt
Quarter
2580
80120
Sales for demolition
120- 200+
200
1080
80120
Deliveries
120- 200+
200
1080
80120
New orders
120- 200+
200
1080
80120
120- 200+
200
2002
2
3
4
2
3
-
1
-
1
2
1
1
3
-
2003
1
2
3
4
2
1
5
5
3
-
1
1
1
2
-
1
-
1
-
1
1
-
2004
April 2004 | 71
APPENDIX
Second-hand sales
LAY-UP AND STORAGE

OIL TANKERS
Start of
quarter
No. of vessels and mill. dwt
10-50

80-120
120-200
50-80
200-320
320 +
Total
LAY-UP
2002
- 3
4
4 4 -
0.08
0.08
1 1 -
0.05
0.05
4 5 -
0.6
0.8
2003
- 1
2
3
4
6
5
4
4
0.11
0.10
0.08
0.08
2 1 -
0.12
0.05
4 2 1 -
0.6
0.3
1 1 -
0.3
0.3
- 1
2
4 3 -
0.08
0.06
1 1 -
0.3
0.3
2004
0.2
1 5 -
0.4
2.2
10 15 -
1.1
3.1
5
1
1
2
2.2
0.4
0.4
0.9
17
9
6
8
3.0
0.9
0.8
1.4
5 4 -
0.4
0.3
STORAGE
2002
- 3
4
3 2 -
0.06
0.06
1 1 -
0.07
0.07
3 8 -
0.3
0.7
1 3 -
0.1
0.5
3 3 -
0.8
0.8
11 17 -
1.3
2.1
2003
- 1
2
3
4
2 2 1 -
0.06
0.04
0.03
1
1
1
1
0.07
0.07
0.07
0.07
4
5
3
2
0.4
0.5
0.3
0.2
3
2
1
1
0.4
0.3
0.1
0.1
2
2
3
3
0.5
0.5
0.8
0.8
12
12
9
7
1.4
1.4
1.3
1.2
2004
- 1
2
2 2 -
0.2
0.2
2 1 -
0.3
0.1
1 1 -
0.3
0.3
5 4 -
0.7
0.6
COMBINED CARRIERS
Start of
quarter
No. of vessels and mill. dwt
10-50
50-80

80-120
120-200
200-320
320 +
Total
LAY-UP
2002
- 3
4
2003
- 1
2
3
4
2004
- 1
2
APPENDIX
STORAGE
2002
- 3
4
2003
- 1
2
3
4
2004
- 1
2
Note: Lay-up comprises only those vessels reported to be laid up through lack of employment, and does not include vessels
awaiting berhts, repairing etc.
72 | April 2004
NEWBUILDING AND SECOND-HAND TANKER VALUES (BY AGE)

Figures in million USD
Product Carriers
Clean
Aframax
Crude
Suezmax
Crude
VLCC
Crude
Dwt
Built
45'
NB
40'
30'
30' 95'-105'* 80'-95'* 80'
80
150' 130'-150'* 130' 300' 250'-280'* 250' 250'
5 yrs 10 yrs 15 yrs
NB
5 yrs 10 yrs 15 yrs NB
5 yrs
10 yrs NB
5 yrs
10 yrs 15 yrs
end 1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
32.0
33.5
32.5
32.0
25.0
25.0
28.5
26.5
26.0
30.5
22.0
24.0
26.0
28.0
20.0
20.0
26.5
25.5
24.0
28.0
13.0
14.0
15.0
16.5
12.5
12.0
14.0
12.5
10.0
11.5
8.0
10.0
10.0
11.0
7.5
7.5
9.5
7.5
6.0
8.0
40.0
43.0
41.5*
41.0
33.0
33.0
41.0
37.0
34.0
41.0
30.0
31.0
37.0*
37.5
25.0
26.0
39.0
33.0
30.0
38.0
21.5
24.0
26.0
16.5
18.0
16.5
24.5
20.0
19.5
19.0
13.0
13.5
13.0
15.0
13.0
11.0
18.5
14.5
13.5
14.5
50.0
53.0
51.0
51.0
42.0
42.0
51.0
48.0
43.5
51.0
34.0
35.5
40.0
47.0*
37.0
36.0
49.5
43.0
41.5
48.0
21.0
26.5
30.0
31.5
27.0
26.0
34.0
28.5
25.5
26.0
80.0
85.0
83.0
82.0
70.0
68.0
76.0
72.0
63.0
75.0
49.0
55.0
67.0*
70.0
50.0
50.0
71.0
60.0
53.0
75.0
53.0
37.0
32.0
46.0
34.0
32.0
37.5
13.0
17.0
21.0
23.0
17.0
16.0
30.0
19.0
17.5
20.5
2003 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2004 Jan
Feb
Mar
26.5
28.0
28.0
28.0
28.5
28.5
28.5
28.5
29.0
29.0
30.0
30.5
31.0
33.0
34.0
24.5
25.0
25.5
26.0
26.0
26.0
26.0
26.0
26.5
26.5
27.0
28.0
29.5
30.5
31.0
10.5
10.5
11.0
11.0
10.5
10.0
10.0
10.0
10.2
10.2
11.0
11.5
12.0
12.0
13.0
6.0
6.0
7.0
7.0
6.5
6.5
6.5
6.5
7.5
7.7
8.0
8.0
8.5
9.0
9.0
35.0
36.5
36.5
36.5
36.5
36.5
37.0
37.0
39.0
39.0
40.0
41.0
42.0
43.0
46.0
32.0
32.5
33.0
33.0
33.0
33.0
33.0
33.0
33.0
34.0
36.0
38.0
45.0
45.0
45.0
20.0
20.0
20.0
19.0
18.5
18.0
18.0
17.0
17.2
17.2
18.0
19.0
22.0
23.0
24.0
14.5
14.5
14.5
13.0
11.0
10.0
9.5
9.0
11.5
12.0
13.0
14.5
17.0
18.5
19.0
44.5
45.0
45.5
45.5
46.0
46.0
46.0
46.5
47.0
48.0
50.0
51.0
52.0
53.0
56.0
41.5
44.0
44.5
44.5
44.5
45.0
45.0
45.0
45.0
45.0
47.0
48.0
52.0
52.0
53.0
24.5
24.5
24.5
24.5
24.0
23.5
23.5
23.5
23.8
24.0
25.0
26.0
28.0
28.0
28.0
65.0
65.5
65.5
65.5
65.5
66.0
66.0
67.0
67.5
69.0
71.5
75.0
77.0
80.0
84.0
56.0
57.0
60.0
60.5
60.5
60.5
60.5
60.0
60.0
63.0
70.0
75.0
75.0
76.0
77.0
33.0
33.0
33.0
32.0
31.0
30.5
30.5
30.0
32.0
32.5
36.0
37.5
38.0
39.0
41.0
18.0
18.0
18.0
17.5
17.0
16.5
16.5
16.0
17.5
18.0
19.0
20.5
21.5
27.0
27.0
April 2004 | 73
APPENDIX
Note: *) Please note change in dwt.

Please also observe that newbuilding prices are for double-hull vessels of 45 000/105 000/150 000 and 280 000 dwt.
SECOND-HAND TANKER VALUES (BY YEAR OF BUILD)

Figures in million USD
Product Carriers
Clean
APPENDIX
Dwt
Built
Aframax
Crude
Suezmax
Crude
VLCC
Crude
40'
89/90
40'
81/82
30'
81/82
30'
74/75
95'
92/93
90'
89/90
80'
80/81
85'
75/76
140'
92/93
140'
89/90
140'
75/76
end 1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
22.5
24.0
25.0
25.5
16.0
15.5
17.5
15.2
12.3
11.5
12.0
13.0
13.5
14.0
9.5
9.0
7.8
6.8
5.2
5.0
10.0
11.0
11.0
11.0
7.0
6.5
6.3
5.3
4.0
4.0
4.0
4.0
4.0
4.0
2.0
1.2
1.9
1.5
1.3
2.0
39.0
39.0
39.0
38.5
25.0
25.0
35.0
29.0
24.0
26.5
31.0
31.0
31.5
31.5
19.0
17.0
24.0
18.5
16.5
16.0
13.0
13.5
13.0
13.5
10.0
6.5
9.2
6.5
4.3
5.0
5.5
6.5
6.5
6.0
4.0
2.5
3.5
2.5
2.5
4.8
46.0
45.0
46.0
46.5
37.0
35.0
43.5
34.0
30.0
35.0
35.0
35.5
39.0
39.5
30.0
27.0
33.0
27.0
22.0
21.0
2003 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2004 Jan
Feb
Mar
12.5
12.0
12.0
11.5
11.0
11.0
10.8
10.5
11.0
11.0
11.5
11.5
11.5
12.0
12.0
5.0
5.0
5.0
5.0
4.8
4.8
4.6
4.5
4.8
4.8
4.8
5.0
5.0
5.0
5.0
4.0
3.8
3.8
3.8
3.8
3.8
3.8
3.8
4.0
4.0
4.0
4.0
4.0
4.0
4.0
1.3
1.3
1.3
1.3
1.3
1.3
1.5
1.5
1.5
1.5
1.8
2.0
2.0
2.5
2.5
24.5
25.0
25.0
26.0
26.0
26.0
26.0
25.5
25.5
25.5
26.0
26.5
28.0
30.0
30.0
16.5
16.0
15.5
15.0
14.5
14.5
14.0
14.0
14.2
14.2
15.0
16.0
18.5
19.5
20.0
4.0
4.0
4.0
4.0
4.0
4.0
4.0
4.0
4.2
4.2
4.5
5.0
5.5
7.5
7.5
2.8
2.8
2.8
2.8
2.8
2.8
3.0
3.0
3.2
3.2
4.0
4.8
5.2
6.8
7.0
30.5
31.0
31.5
31.5
31.5
31.5
31.5
31.0
31.0
32.0
35.0
35.0
38.5
38.5
39.0
21.5
21.0
20.5
20.0
19.5
19.5
19.5
19.5
20.0
20.0
21.0
21.0
23.0
23.0
24.0
74 | April 2004
300
94/95
280'
89/90
280'
75/76
350'
75/76
7.0
8.0
7.0
8.0
4.0
3.5
6.5
5.0
3.8
6.0
56.0
52.0
70.0
58.0
49.0
60.0
53.0
55.0
58.0
59.0
38.0
33.0
46.0
31.0
26.5
30.5
9.0
10.5
13.0
14.5
8.0
6.5
13.0
7.8
7.2
11.0
13.0
14.0
16.0
17.5
10.0
8.5
14.0
8.5
8.0
13.5
3.8
3.8
3.8
3.8
3.8
3.8
4.0
4.0
4.2
4.2
5.0
6.0
6.5
8.0
8.0
50.0
50.5
51.5
51.5
51.5
51.5
51.5
51.0
50.0
51.5
55.0
60.0
61.0
63.0
64.0
26.5
26.5
26.5
26.0
25.5
25.5
25.5
25.0
28.0
28.0
30.0
30.5
31.0
32.5
34.0
7.6
7.6
8.0
8.0
8.0
8.0
8.5
8.5
8.5
9.0
10.0
11.0
12.5
15.0
16.0
9.0
9.0
9.5
9.5
9.5
9.5
10.0
10.0
11.0
11.0
11.5
13.5
15.0
17.0
18.0
TANKER FREIGHT RATES

SPOT RATES AND T/C EQUIVALENTS
2002
Yearly Average
2003
03.02
03.03
44
52
54
53
81
101
103
99
33
34
35
41
108
140
143
141
28 300
25 300
22 900
23 300
26 400
28 900
24 800
24 200
66 000
58 000
49 700
49 400
58 900
63 100
61 600
57 600
13 900
12 700
14 700
15 300
18 100
20 000
10 600
11 300
83
90
138
155
27 500
22 600
24 200
23 700
121
118
131
Monthly Average
01.04
02.04
03.04
112
134
136
185
110
138
144
140
90
97
100
115
97 400
85 300
69 100
68 300
90 200
95 800
92 000
87 000
102 600
89 700
71 600
70 600
134 800
142 300
95 500
89 300
105 600
92 300
69 800
68 900
98 400
104 200
102 900
96 200
69 100
60 700
55 100
54 600
77 600
82 500
65 000
61 100
70
81
178
228
264
289
174
169
156
171
48 600
42 100
54 400
53 100
22 800
18 400
20 600
20 200
63 800
56 200
87 600
85 400
107 500
99 700
130 800
127 700
68 700
62 100
68 700
67 100
60 700
54 400
70 000
68 200
190
166
206
118
109
106
286
240
318
287
236
353
159
193
263
208
150
222
18 400
15 900
26 600
18 500
15 900
12 400
39 300
36 400
45 500
36 700
35 000
31 200
15 600
13 600
20 300
13 300
15 400
12 600
67 300
63 900
74 400
64 700
61 600
56 800
74 200
70 900
80 100
70 600
70 000
65 600
56 900
53 900
57 600
48 800
31 000
27 400
39 400
36 600
47 400
38 800
45 900
41 900
157
190
195
180
180
228
277
266
210
244
153
186
188
159
170
268
353
350
355
386
200
260
223
355
350
265
356
338
433
426
254
311
311
355
351
21 100
17 200
14 800
10 800
31 800
26 800
21 400
15 100
20 700
16 900
12 800
9 500
38 200
32 600
29 800
21 800
30 000
25 100
32 900
12 800
41 300
35 600
40 800
23 300
39 400
33 900
32 900
21 000
VLCC - Spot Rates (in WS)

280'
280'
260'
260'
MEG / West
MEG / Japan
MEG / Singapore
W.Afr / USG
VLCC - Earnings (in USD/per day)

300'
280'
300'
280'
300'
280'
300'
280'
R.Tanura / Yokohama*
R.Tanura / Yokohama'
R.Tanura / Loop*
R.Tanura / Loop'
Bonny / Loop*
Bonny / Loop'
R.Tanuara/Singapore*
R.Tanuara/Singapore'
Suezmax - Spot Rates (in W

130' W.Afr / USAC
135' Sidi Kerir/ W Med
Suezmax - Earnings (in USD/per day)

150'
140'
150'
140'
Bonny / Philadelphia*
Bonny / Philadelphia'
Sidi Kerir / Lavera*
Sidi Kerir / Lavera'
Aframax - Spot Rates (in W

80' N.Afr / Euromed
80' UK / Continent
70' Caribs / USG
Aframax - Earnings (in USD/per day)

110'
85'
110'
85'
110'
85'
S. Voe / Rotterdam*
S. Voe / Rotterdam'
Puerto L C / Houston*
Puerto L C / Houston'
Sidi Kerir / Lavera*
Sidi Kerir / Lavera'
Product - Spot Rates (in WS

55' MEG / Japan
30' MEG / Japan
30' Singapore / Japan
28.5' Caribs / USNH
33' UKC - Med / States
72'
70'
35'
40'
R.Tanura / Yokohama*
R.Tanura / Yokohama'
P.Cardon / Philadelphia*
Singapore / Yokohama'
* Built 1999, 'Built 1990, naphta
April 2004 | 75
APPENDIX
Product - Earnings (in USD/per day)
TANKER FREIGHT RATES continued

12 MONTHS TIMECHARTER RATES. Monthly averages
Figures in '000 USD/day
Product
Dwt
Built
Suezm ax
VLCC
40'
mo dern
80'
m odern
95'
m odern
15 0'
mo dern
280'
m odern
1998
1999
2000
2001
2002
2003
Av.
Av.
Av.
Av.
Av.
Av.
1 3000
1 1000
1 4000
1 6700
1 2800
1 3850
16200
13500
15900
25000
16600
17350
18 500
13 900
21 000
23 800
16 700
18 500
24000
18600
28200
30000
18300
24850
36500
26000
37800
41100
24000
33400
2002
Ap r
May
Jun
Jul
Aug
Sep
Oct
No v
Dec
Jan
Feb
Mar
Ap r
May
Jun
Jul
Aug
Sep
Oct
No v
Dec
Jan
Feb
Mar
1 3000
1 2800
1 3000
1 3000
1 2625
1 2500
1 2150
1 2313
1 3000
1 3600
1 3750
1 3750
1 3750
1 3750
1 3750
1 3900
1 4000
1 3500
1 3700
1 4438
1 4700
1 5063
1 5875
1 6000
16875
16000
16000
16000
15625
15500
15100
14875
15000
16400
17000
17000
17000
17000
17000
17000
17750
17500
17400
18375
18700
19313
23000
24000
16 625
16 500
16 500
16 500
16 500
16 375
16 300
16 000
16 875
17 300
17 813
18 375
18 500
18 000
18 500
18 500
17 750
17 750
18 200
18 938
22 600
25 000
25 000
25 000
18000
18000
18000
18000
18000
18000
18600
19000
19750
25200
27750
28000
24600
23500
24375
24000
23000
23000
23500
24250
27000
30250
32000
32000
24000
21000
21000
21500
21250
21000
23700
26500
29625
37700
40000
40000
34500
29500
30000
30000
28250
28375
29000
34500
39000
39250
40000
40000
2003
2004
APPENDIX
Afram ax
76 | April 2004
REPORTED TANKER SALES 1. QUARTER 2004
TYPE NAME
DWT
BUILT USD/M.
BUYER
REMARKS
JANUARY
MT
MT
MT
MT
MT
MT
MT
OBO
MT
PC
PC
PC
WORLD PROGRESS
NORDBAY
NAPA
COSMO VENUS
FINESSE + FELICIT Y
NORDGULF + 3 SIS.
CYPRESS
SKS BANNER
AT ALANDI
ST X BARBARO T BN X 6
WORLD T RUST /-T RUMPET
BRIT ISH ADMIRAL + 2 SIS.
318,000
300,000
285,000
249,000
110,000
105,000
97,000
96,000
95,000
51,000
48,000
41,000
2002
1999
1990
1986
2003
1998
1991
1992
1990
05/06
2000
1990
85.5
76
31.5
18.5
53
40
18
pvt
18.75
34.5
31.5
11
Dynacom
Essar
Hebei Ocean
Stealt h
T arget Marine
Koenig KG
Centrofin
Norwegian
Seacrest
Minerva Marine
European
Laliot is
300,000
285,000
275,000
260,000
250,000
136,000
135,000
106,000
98,000
93,000
81,000
37,000
2002
1990
1989
1993
1986
1993
1982
1999
1987
1981
1983
2003
86
32.5
29.5
30.7
20.3
37.0
15
43.0
23
7.5
14.5
34
Alpha Tankers
TMT
TMT
Cido Shipping
Hebei Ocean
Primal Tankers
Nobel Bulk
Undiscl.
Undiscl.
Fal Bunkering
Greece
Latvian Shpg.
305,000
300,000
260,000
250,000
240,000
105,000
90,000
45,000
35,000
2001
1999
1994
1992
1986
2003
1987
1991
2001
67.0
63.0
27.2
22.5
14.0
39.2
13.5
13.2
27.5
Alpha Tankers
Kristen Nav
Dynacom
Drytank
Stealth Maritime
Italy
India SS
Greece
German KG
PR China
D.Sides
Ice 1A
FEBRUARY
MT
MT
MT
MT
MT
MT
OBO
MT
OBO
MT
OBO
PC
MAJA
NEON + NESS
WORLD PROSPECT
ABLE DOLPHIN
GALAXY
CAPELLA VOYAGER
SNAPPER
AMMON
GLENBUCK
LMZ CHRISTINA
VATHY
PINK STAR + 2 SIS.
Incl.bal.bbcp. Exp
Brazil built
OBO
MARCH
Zeeland
Picardie
Tamba
Nichiw a
Otow asan
Namura resale
Gelibolu
Myriad
Nordscot
Oct dely
5 ytcb 13,000
April 2004 | 77
APPENDIX
MT
MT
MT
MT
MT
MT
MT
PC
PC
GLOSSARY AND ABBREVIATIONS

Aframax
A tanker of 80,000-120,000 DWT. Originally a vessel of 79,999 DWT, but the type has subsequently
grown and is today typically of 800,000 barrel capacity. Increasingly these vessels have coated
tanks and are capable of carrying clean products.
Ballast
Water carried instead of cargo in order to stabilise an empty vessel. Time spent not carrying cargo
is time in ballast.
Bareboat charter
(BB) An arrangement whereby a vessel is leased for a certain period. Under a bareboat charter,
the charterer has to cover crew and operating expenses.
Barrel
159 litres (42 US gallon) of oil. There are about 7.1 barrels in one metric ton of oil.
Bulk
Unpacked cargoes, such as coal, ore and grain.
Bunkers
Ships fuel, either diesel (in the case of vessels with motor propulsion) or heavy fuel oil (in the case
of vessels with turbine propulsion).
CCGT
Combined Cycle Gas Turbines.
Charter party (CP)
Contract agreement between shipowner and carrier specifying the lease terms for a voyage or hire
period.
Combination carrier
Ship capable of carrying alternating types of cargo. Often used synonymously with OBO carrier,
referring to a ship that can alternate between Oil, Bulk and Ore cargoes.
DB
Double bottom only.
DS
Doublesided only.
Demolition
Vessels that are past their useful lives are broken up and the steel and parts are sold. This is
dangerous, labour intensive work and mainly takes place in developing economies such as India,
Pakistan and Bangladesh.
Double hull (DD)
Double Sides, Double bottom.
APPENDIX
DWT (dead-weight tonne) A measure (normally in metric tons) of a ships carrying capacity, including bunker oil, fresh water,
crew and provisions.
Freight rate
The agreed freight charge, normally measured by metric ton of cargo, cubic meter of cargo, deadweight ton per month or days.
Lay-up
When rates are unprofitable a vessel can be laid-up. That is: She is anchored with a minimum
crew (often just a caretaker) and all systems turned off. Both entering and breaking lay-up the
owner will incur some costs. During the late 1970s and early 1980s there was significant lay-up of
modern tanker-tonnage.
LR
Large Range Product Tanker. (LR1: 50-80,000 dwt and LR2: Aframax size vessel)
Mb
Million barrels.
Mbd
Million barrels per day.
Mdwt
Million deadweight tonnes.
MEG
Middle East Gulf. Also Arabian Gulf (AG) or Persian Gulf (PG).
MR
Medium Tange Product Tanker. Typically a tanker of 40-50,000 dwt.
MT
Motor tanker. Denotes a tanker equipped with diesel-driven engines. Most modern tankers are
motor tankers. Compare with TT.
O/O, VLOO
Ore-Oiler, Very Large Ore-Oiler. See combination carrier.
OBO carrier
See Combination carrier.
Panamax
Ship in the 55,000 to 80,000 DWT range, but narrower in beam than 100 ft (32.2 metres), which is
the largest capable of navigating the Panama Canal.
Product tanker
Tanker that carries refined oil products. Tanks are typically coated.
Scrapping
See demolition
Spot
Short-term contracts, normally not longer than three months in duration. Typically spot-contracts
are for a single cargo/voyage and the shipowner must cover voyage costs for his own account. See
also WS
78 | April 2004
Suezmax
Tanker typically between 120,000 and 160,000 DWT, the largest vessels to pass the Suez Canal
fully laden (restricted draft). For modern vessel the capacity is at least 1m barrels.
SS
Single bottom, single sided.
TCE
Time-charter equivalent rate, i.e. gross freight income less voyage costs (bunker costs, port duties
etc.). See also Time charter
TT
Turbine tanker. Denotes a tanker equipped with steam turbine propulsion. Most T/Ts were built in
the 1970s when oil prices were low. Turbine machinery gives more power for the space occupied,
and has fewer moving parts, but is more costly in operation since it consumes more fuel than
diesel engines. The cost disadvantage depends on bunker prices.
Tonne-miles
Metric tonne (1,000 kg = 2,204lb) carried, multiplied by distance measured in nautical miles (1852
metres). A measure for transportation work. The relevance of the distance element is signifi
cant because trading patterns may vary over time.
ULCC
Ultra Large Crude Carrier. Historically, a term used to describe tankers larger than 300,000 DWT,
but today the typical 2m barrel VLCC is growing and 320.000 DWT is probably a more appropriate
llimit. Due to limitations to port facilities, few dedicated cargoes and fewer operators, no ULCCs have
been built since the late 1970s.
USAC
United States Atlantic Coast
US Gulf
The US portion of the Gulf of Mexico.
VLCC
Very Large Crude Carrier. A term used to describe tankers between 200,000 and 320,000 DWT
(originally 300,000 DWT, cf. ULCC above). A modern VLCC is a vessel of 2m barrel carrying capacity.
WS
Worldscale. An international freight indexing system for tankers, in which freight revenue is expressed as a percentage of a particular USD-based rate. Different voyages can be compared with
each other using this system. The WS principle is that a vessel at a given WS level should earn more
or less the same amount per day regardless of what ports or canal passages are included in the
voyage. WS indices are revised yearly.
April 2004 | 79
APPENDIX
Time charter or TC An arrangement by which a shipowner places a crewed ship at a charterers disposal for a certain
period. The charterer pays for all costs related to the specific voyage, i.e. bunkers, port duties etc.
FEARNLEYS A/S
JOINT MANAGING DIRECTORS
Home:
Sandersen, P.H.
6165 91 37 78 11
Steckmest, H.J.W. 6210 22 50 30 87
Clean:
Andersen, K.M.
Dahl, T.
Gilhuus-Moe, C. F.
Strno, P.
6225
6224
6221
6223
22 65 77 38
22 50 25 10
67 53 01 38
67 14 80 08
ADMINISTRATION
Due, I. M.
6101
Operations:
Brten, B.
Gjertsen, P.
Knudtzon, W.
6226
6229
6227
66 84 88 50
22 51 20 50
22 50 06 22
Accounts:
Stubergh, J. R.
6206
67 13 45 20
92 23 46 66
FEARNBULK fearnbulk@fearnleys.no
Nielsen, J.
6265 22 49 39 76
Dziemianczuk, W 6255 97 68 96 10
Eglin, I.D.
6261 22 43 78 75
Hargreaves,.T
6271 22 14 96 51
Hartmann, K.
6254 92 08 99 75
Kopland, T.
6275 91 34 43 72
Mohn, F
6273 95 14 57 70
Nielsen, J.
6265 22 49 39 76
Rynning, C.
6268 95 99 33 14
Rnneberg, H.
6270 22 50 85 20
Schwartz, R.
6264 22 56 73 41
Wang, T.
6272 67 59 13 65
Yoon, T
6294 22 69 56 65
Ro/Ro Team:
Klve, E.
Winsnes, P.C.
6285
6281
22 55 41 75
22 50 60 38
Operations/Accounts:
Helliesen, B.
6256
Hntorp, K.J.
6253
Johansen, S.N.
6288
66 80 16 48
66 99 50 55
33 07 87 20
Secretaries:
Dunholm, A.G.
Res, H.H.
91 19 37 91
91 51 14 99
6257
6258
FEARNGAS fearngas@fearnleys.no
Strte, R.
6135 22 52 27 36
Giertsen, A.
6137 22 14 31 22
Nss, P.
6134 22 49 07 66
Refsum, O. Chr.
6142 67 15 53 20
FEARNSALE fearnsale@fearnleys.no
Second Hand:
Sandersen, P.H. 6165 91 37 78 11
Bugge, L.V.
6175 92 80 08 40
Dahl, G.
6173 99 59 57 56
Psilander, M.
6170 90 63 53 99
Straume, E.
6161 90 55 52 66
Strm, Jrgen
6172 48 03 96 55
Newbuildings:
Iversen, N. Chr.
Greve, S.
Dong, J.
Haukenes, P.C..
Lund, J.
Staalesen, J.
6168
6126
6122
6124
6160
6123
90 61 76 94
95 13 67 64
91 83 15 88
95 07 19 46
90 58 43 29
90 10 15 09
FEARNTANK fearntank@fearnleys.no
Steckmest, H.J.W. 6210 22 50 30 87
Crude:
Frden, M.
Haraldsen, T.A..
Kittelsen, S.R.
Myhre, E.Chr.
Mller, J.E.
Nordsletten, G.
Vogt, L.P.
6216
6211
6212
6217
6213
6228
6220
67 58 30 90
66 91 22 54
97 09 04 15
22 49 00 17
22 50 66 81
90 64 68 16
90 60 64 20
FEARNLEY CONSULTANTS A/S

FEARNRESEARCH
fearnresearch@fearnleys.no
fearnleyconsultants@fearnleys.no
Svenning, S.B.
6121 67 10 45 29
Amriati, A.
6125 66 80 84 48
Haget, G.
6114 31 28 83 62
Hammer, J.
6111 67 07 19 64
Jensen, R.
6116 63 90 19 22
Krog, N.P.
6140 69 33 41 00
Linn, J.
6113 95 04 83 90
Osmanagic, A.C. 6117 40 20 42 74
Westlie, A.M.
6115 22 64 86 81
FEARNLEY CONSULTANTS HOUSTON
p.c.fett@fearnleys.no
Fett, P.C.W.
+1 713 629 7072
FEARNLEYS KOREA LTD
snp@fearnleys.co.kr
Tel.: +82 2 736 5550
Telefax:+ 82 2 720 6552/3
Lee, M. J. (Mallory)
+82 2 3476 3130
Newbuildings
Lee, C.
+82 2 874 2489
Jin, W.H.
+82 2 3421 9297
Sale and Purchase:
Lee, J.H.
+82 2 3462 0168
Lee, M.G.
+82 2 352 4134
Kim, J.C.
+82 2 963 1271
FEARNLEY SHANGHAI
fbulk.cape@fearnleys.no
Tel.: +86 21 63 75 66 99
Telefax:+ 86 21 63 75 66 70
Bin, H.X.
+86 13 70 16 25 79 4
Chan, P.
+86 13 68 18 22 38 3
Kung, D.
+86 13 68 18 78 66 9
FEARNLEYS (THAILAND) LTD
chartering@fearnleys.co.th
Tel.: +66 2 253 6160
Telefax: + 66 2 254 6799
Bruns, H.
+66 2 382 1777
Anggarp. G.
+66 2 252 5087
Harrison, C
+66 2 255 0770
Hariharan, C.S.
+66 2 653 3478
Liu, W
+66 2 711 1838
Srisahakarnkij, S
+66 2 221 9251
Vichachang, K.
+66 2 245 0953
RODSKOG SHIPBROKERS LTD

Hong Kong
sandp@rodskogshipbrokers.com
chart@rodskogshipbrokers.com
Tel.: +852 2541 7020
Telefax.: + 852 2541 7400
de Courcy Hughes,S.J.+852 9385 6996
Ingelgom, S. van .+852 6100 1295
Joo, S.L.
+852 2967 5210
Liu, J.
+852 2516 9637
Milner-Barry,P
+852 2580 1139
Poel, P.R.
+852 2817 5573
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Oil and Tanker Market Analysis

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Oil and Tanker Market Analysis

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April 2004

OIL AND TANKER MARKET

OIL AND TANKER MARKET

Over the quarter, the Baltic Dirty Tanker Index fell

Fearnresearch estimates world seaborne crude

High second-hand and contracting activity. Several enbloc deals concluded.

CRUDE FREIGHT MARKET

Seaborne oil trade by vessels over 50,000 dwt

CLEAN FREIGHT MARKET

SECOND-HAND TANKER PRICES

Clean Product Tankers

Oil and Tanker Market

TANKER NEWBUILDING PRICES

The value of a 5-year-old VLCC rose a little from USD

110 000 DWT

SECOND HAND SALES IN NUMBER

Oil and Tanker Market

ORDER BOOK DEVELOPMENT

TANK TONNAGE ON ORDER APRIL 2004

Sold for demolition

EXISTING AND FUTURE TANK FLEET

Oil and Tanker Market

T ANKER FL EET PROFIL E

Ex is ting Fleet (end)

Ex is ting Fleet (end)

World Oil Supply and Demand

WORLD OIL DEMAND AND SUPPLY

Oil Trade Development

TANKER FLEET AND SHIPMENTS

Oil and Tanker Market

ex coastal & storage

3750 BILLION DWT-MILES

VESSELS OVER 50 000 DWT

Seaborne Oil Trade 4Q03

OIL EXPORTS BY AREA

After a noticable reduction in oil imports in 3Q, Japanese

MEG / RED SEA

Shipments by tankers 50-80,000 dwt declined 5.8 mdwt to

OIL IMPORTS BY AREA

Elsewhere, Japanese imports showed a declining trend

JAPAN / OTH. F.EAST

Oil and Tanker Market

OIL BY TANKERS. TONNES

120-200 000 DWT

50-80 000 DWT

320 000 DWT+

OIL BY TANKERS. TONNE-MILES

320 000 DWT+

80-120 000 DWT

50-80 000 DWT

OIL BY COMBINED C. TONNE-MILES

OIL BY COMBINED C. TONNES

80-120 000 DWT

80-120 000 DWT

5080 000 DWT

120-200 000 DWT

200 000 DWT+

200 000 DWT+

Oil and Tanker Market

Strong upward revision of oil demand. Global oil

Crude oil tonne-miles forecast to increase 6.1%

EXISTING AND FUTURE OIL TANKER FLEET

FORECAST OIL DEMAND

TOTAL SEABORNE TRADE, TONNE-M ILES